means our intention to offer any disrespect to the intellectual powers of M'Gregor, for whom, indeed, we entertain a high degree of veneration, similar to that which is manifested by the Mussulman when he finds himself in the company of a howling derveesh. We merely wish to reproduce to you one phantom of the golden dream, which, five or six years ago, when the fever of gain was epidemical, possessed the slumbers of so many; and having done so, to ask you, now that the fever is gone, whether it was not indeed a phantom? We are wiser now--at all events, we have had more experience--and the producing classes tell us very distinctly, and quite unanimously, that they have derived no benefit whatever from the commercial changes which have taken place. Capital, whether invested in ships, factories, mines, or land, is less profitable, and therefore less valuable, than it was before; and in some instances, where the depression has been most heavy, it has been almost annihilated. These are not our statements, but the statements of the several interests, as put forward by their own representatives. They are statements which emanate alike from the Free-Trader and the Protectionist. Men may differ as to the cause, but they all agree as to the grand fact of the depression. So that, when we hear ministers congratulating themselves and the country upon its general prosperity, and, _pari passu_ with this congratulation, find the accredited organs of each of the great branches of productive industry vehemently asserting that they are exceptions from the general rule, an anxious believer in the probity of all parties has his faith somewhat rudely shaken.