After all, perhaps, British subjects might be content to submit themselves to the loss, and be thankful that it was no worse. But what shall we say to the forced taxation of property belonging to foreigners, and invested in the British Funds? What interest or concern had _they_ in experiments upon British manufactures? Just let any of our readers suppose that he has invested the whole of his property in Dutch bonds, and that, after receiving two or three dividends, he is informed that, for the future, one half of his annuity will be retained by the Dutch Government, because, in order to "stimulate" the internal industry of Holland, it has been thought advisable to drain the Zuyder Zee! Would Lord Palmerston, if such a case were brought under his notice, sustain the plea of the Dutchman? We trow not--at least we hope not; for such a claim for redress would certainly proceed upon far better grounds than any which were urged by Don Pacifico. The two cases are precisely similar. The Dutch Government would have as much right to appropriate the dividends belonging to British subjects for the purposes of stimulating the internal industry of Holland, as the British Government has to retain any part of the dividends belonging to foreigners, for the declared object of stimulating British manufactures. If this free-and-easy mode of "conveyance" is to become general, there is an end of public credit. Henceforward it will be but decent for us to use a moderate tone while speaking of Pennsylvanian defalcations. American swiftness may have outstripped us in the repudiatory race; nevertheless, we have gone far enough to recognise the principle, and to appropriate sevenpence in the pound.