The "tables," however, are now turned, and therefore we shall not say any more for the present about the blue-book and ledger system. Let us go back to Mr Cobden, whom we still find rather uselessly employed in protesting his total inability to command the clemency of the seasons. We have already shown, by papers published in this Magazine in December last and January of the present year, that our exports have lamentably fallen off, and that the balance of trade is against us. Such, we maintained, and we continue still to maintain, must be the effect of the new theories, especially under the restricted operation of the currency. We are glad to see that upon this latter point, at all events, we are supported by a large majority of the press. Mr Cobden, however, denies the evils of the currency; so that he must fall back upon something else to account for the unexpected defalcation. Such is our position at home and abroad; and if we have been guilty of a digression, which we cannot altogether deny, we shall plead our motive in justification. When Mr Cobden comes forward with his views of foreign policy, with his ideas of the social progress of the universe, and with his notions as to the policy which hereafter may be adopted by great and ambitious foreign states,--when, after delivering his opinion upon these very weighty matters, he arrives at the inference, not only that we require no addition to our national defences, but that our present establishment of a standing army and navy is absurd, extravagant, and superfluous, we are entitled to inquire into the success with which his first experiment in legislative agitation has been crowned. Of the abundance of good things which he promised, how many have been realised, how many are like to emerge from the dark experimental gulf? If writhing colonies, diminished exports, want of employment, distress at home, enormous failures, monetary restriction, and vast depreciation of property, have followed in the wake of free-trade--if ministry are at present racking such brains as they possess to discover some means of keeping up the revenue to its ordinary level, and if they are forced to lay on a direct additional war-tax in times of the profoundest peace,--surely we shall not incur a charge of fickleness or ingratitude, if we should receive this new oracle of the free-trading Mokanna with some symptoms of dubiety and distrust.