operate, solely for the benefit of the exporting houses, to the ruin of all other interests in the country; but was it in any way necessary to tell the country that? These are the sort of speeches which are playing the mischief with us. How can we attempt to bamboozle the shopkeepers who are losing custom, and the artisans who have little or nothing to do, and the small tradesmen who are verging towards the Gazette, if members of our own party will have the consummate imprudence to tell them that they are merely parts of a general holocaust--infinitesimal faggots of a grand pile of British industry which is to be fired, in order that the aged phoenix of cotton-spinning may be regenerated, and soar, triumphant and alone, from the heart of the smouldering ashes? Our game is to keep all these things in the background. Three years ago, at one of our private Manchester conferences, I indicated the course which we should pursue. My advice was--on no account to break with the farmers. I represented that, when agricultural distress arrived, as it must do immediately, our first business was to attribute that entirely to exceptional causes--such as a good harvest, which we could have little difficulty in doing, considering the deficiency of agricultural statistics. That, I said, would gain us a year. Next, we could fall back upon the subject of rent, and sow dissension in the bucolic ranks, by alleging that the whole loss might be met by a remission on the part of the landlords, and that they were in fact the only parties interested. I explained that this line of policy, if properly and dextrously pursued, could not fail to add enormously to our strength, since, by radicalising the farmers, we must separate them entirely from the landlords, and make them ready tools for our grand final move--which, I need not say, is the repudiation of the National Debt. My advice was not only applauded, but adopted. We surmounted the difficulties of the first year pretty well; and, but for the folly of some of our own men, we should by this time have had the farmers clamouring on our side. Cobden, however, reviled them in all the terms which his choice and polished imagination could suggest; others told them to go to Australia or to the devil, whichever the might think best; and now Sandars deliberately comes forward, and lets the cat out of the bag! I ask you, Dunshunner, if it is not enough to make any man of parts and intellect as rabid as a March hare, when he sees his finest and best-adjusted schemes utterly ruined by such deplorable bungling? Our only chance is to gain time. Give me another year, or eighteen months more, at the utmost, of the present Parliament, and, I trust, the death-warrant of the Fundholder will be sealed. If we can extend the suffrage in the mean time, so much the better. We have managed to get up a tolerable hatred of taxation. The anti-excise party is very powerful, and, by giving them a lift, we might knock off