Villiers, was the amount of the depreciation in a single year; and as the net rental of Great Britain and Ireland is under £59,000,000, it is plain that, _supposing all rents were abolished_, the tenantry must expect to draw £32,000,000 less than formerly, a depreciation which evidently would leave no room for taxation whatever. We must, however, upon the supposition above stated, that all customs duties are abolished, (and we shall include also the excise,) deduct from this latter sum the amount of the labourer's consumption of articles formerly taxed. In order to avoid cavil, we shall estimate the number of the agricultural labourers, with their families, at 10,000,000; and as the customs and excise duties together amount to about £30,000,000, we take off £11,500,000 as the labourer's proportion. This is greatly above the mark; but it will serve for illustration. It reduces the tenant's loss, after extinction of the rents, to £20,500,000 annually. Next, let us see what manufactures would or could do for maintaining our public establishments, and discharging our engagements to the national creditor. It will, we think, be shortly conceded, if it is not so already, that agricultural distress cannot possibly stimulate the consumption of manufactures in the home market. That market, indeed, depends entirely upon agriculture, because we have no other very important branch of produce which can furnish it with customers. Without agriculture the home trade must utterly decay; and as for the foreign trade, it is enough to observe, that in the very best year we have yet known (1845) we exported goods from this country to the value of just £60,000,000, being only £5,000,000 more than the amount of our yearly revenue, independent altogether of the large local taxation. This is a simple sketch of Free Trade, worked out from ascertained and unquestionable statistics. The reader may like it or not, according to his preconceived political or economical impressions, but "to this complexion it must inevitably come at last." What we are doing, and have been doing for the last five or six years, is to reduce the value of all kinds of British produce as much as possible, and that by admitting foreign produce, which is in fact foreign labour, duty-free; and still we expect to maintain our revenue--all derivable from British produce--at the same money value as before! Such is the besotted state of political opinion, that a Ministry holding these views, and daily plunging the country deeper into ruin, can command a majority in the House of Commons; and whenever an intelligent and clear-sighted foreigner, like the American Minister, ventures to express an opinion, however carefully and cautiously worded, in favour of agricultural protection, the whole pack of the Ministerial press assails him open-mouthed, yelling and yelping as though he had committed some atrocious and inexpiable crime.