inspires confidence among moneyed men._ It diminishes the terror of the withdrawal of the precious metals, which, when it once seizes them, is productive of such unbounded calamities; and thus renders the granting of accommodation on their part both more abundant and more regular. Paper becomes more plentiful, because gold, on which it is based, has flowed into the coffers of the banks in larger quantities, and thus at once augmented their own treasures, and diminished the risk of their being drained away by the necessities of other men. The effect of this change in a commercial and manufacturing community is incalculable. We can form a clear idea from woeful experience, of what it is. It is precisely the converse of Sir R. Peel's measure. It is impossible to give a better picture of what this great Currency Extension Act of Nature will do for industry in all countries, and especially the commercial, than by saying that it will as nearly as possible _reverse_ the effects which Mr Cobden, the great advocate for the cheapening system, said, in his evidence before the Committee on Bank Issues in 1840, he had experienced in the preceding years in his own business from the contraction of the currency consequent on the great importation of grain in 1838 and 1839:-- "I could adduce a fact derived from my own experience that would illustrate the heavy losses to which manufacturers were exposed in their operations, by those fluctuations (in 1837) in the value of money. I am a calico printer. I purchase the cloth, which is my raw material, in the market; and have usually in warehouse three or four months' supply of material. I must necessarily proceed in my operations, whatever change there may be--whether a rise or a fall in the market. I employ six hundred hands; and those hands must be employed. I have fixed machinery and capital which _must_ also be kept going; and, therefore, whatever the prospects of a rise or fall in price may be, I am constantly obliged to be purchasing the material, and contracting for the material on which I operate. In 1837 I lost by my stock in hand L.20,000, as compared with the stock-taking in 1835, 1836, and 1838; the average of those three years, when compared with 1837, shows that I lost L.20,000 by my business in 1837; and what I wish to add is, that the whole of this loss arose from the depreciation in the value of my stock.