statements--he yet moves them at his pleasure, and leads them at his will. And perhaps the ascendency of one man over many is seldom _more agreeably seen_ than when, standing before a huge expectant audience, he enlivens the platitudes of one with some light epigrammatic touch, answers another with a clear tabular statement, _or replies to a third with some fallacy so like a fact_ that the recipient sits contentedly down, about as wise as he was before." This is, to say the least of it, an equivocal sort of panegyric. We all know what is implied by the term "fallacies" in railway matters, and some of us have suffered in consequence. According to our view, this interchange of fallacies between directors and shareholders is a custom by no means laudable, or to be held in especial repute. In pure matters of business, the less frequently fallacies are resorted to, the better. They are apt, in the long run, to find their way into the balance-sheet--until, as we have seen in some notorious instances, the assumed fact of a clear balance, to be applied by way of dividend, turns out also to be a fallacy. In the case before us, we are willing to believe that Mr Francis is altogether mistaken, and that the statements of Mr Glyn, made in his official capacity, which appeared to the blundering reporter to be fallacies, were in reality stern truths. But what sort of estimate must we form of Mr Francis' moral perception, when we find him selecting such a trait as the subject of especial commendation? He has, however, like most other great men, large sympathies. He does battle in behalf of Mr Hudson with considerable energy; though, after all, taking his conclusions as legitimate, his defence simply resolves itself into this--that Mr Hudson's conduct was not more blamable than that of others. So be it. We never joined in the wholesale censure directed against the quondam railway monarch, because we knew that the whole tone of the morals of society had been poisoned by the villanous system engendered by railway speculation; and because we saw that many of his accusers, if their own conduct had been sifted, might have been arraigned equally with him at the bar of public opinion. Therefore we have no desire to interfere with the operations of Mr Francis, when he appears with his pot of whitewash. Nay, we wish that the implement were more roomy than it is, and the contents of less questionable purity--for assuredly he has a large surface of wall to cover, if he sets himself seriously to the task of obliterating the traces of past iniquity.