The great and lasting relief to the nation which this gradual but certain rise in the money price of every species of produce cannot fail to produce, is the sensible diminution it will occasion in the weight of debts and taxes. If prices return, as in all probability they will, to the war level, there will be no greater difficulty in raising an adequate revenue for the State than there was during its continuance. The excuse that we cannot afford to defend ourselves, from our having become so very poor amidst our boasted Free Trade riches, will no longer avail. The taxes of £50,000,000 a-year will be practically reduced to £25,000,000; the debt of £800,000,000 to £400,000,000. The private debts, mortgages, and bonds, of £1,000,000,000, will be virtually reduced to £500,000,000. These are immense blessings, the consequence of Nature having reversed Sir R. Peel’s monetary policy, which, by rendering the sovereign, as the _Times_ boasted, worth two sovereigns, had to all practical purposes doubled those burdens; and they are worth tenfold more, even in a pecuniary point of view, than all that the Liberal party by their cry for economy have effected for the country during the last half-century. But the very magnitude of these blessings which are in store for the nation, if it is not cheated out of them, renders it the more necessary that the _utmost vigilance_ should be exerted, lest, by cunning on the one side, and supineness on the other, they are lost. Rely upon it, the monied class who have seen their realised capital doubled in value and practical amount, during the last thirty years, by Sir R. Peel’s artificial scarcity of the currency, will do their utmost to prevent the effects of the extension of it by Nature. Possibly they may endeavour to do this by withdrawing a large part, if not the whole, of the five-pound notes from circulation. Possibly they may attempt it by altering the standard, as by increasing the weight and quantity of gold in a pound. There is little danger of their succeeding in the first, because the inconvenience of carrying about large sums in so heavy an article as gold, will soon, as was the case with the abolition of the Sunday delivery of letters, compel their re-issue. But there is much more danger that they will succeed in the last, and, by increasing the quantity of gold in a pound sterling in proportion to the fall in its value, succeed in keeping prices at their present low level, notwithstanding all the addition which California and Australia have made to the circulating medium of the globe. Sir Robert Peel said that he could not, by any effort of his understanding, attach any other idea to a pound sterling, but “a certain determinate weight of gold bullion.” But that was when gold was every day becoming scarcer and more valuable, and therefore the value of all realised fortunes measured by that pound was daily increasing. Now that it is daily diminishing, we venture to