market to the competition of the foreigner, who is less taxed and cheaper fed than our own redundant population, each recurrence of it is a blow to our commercial prosperity, which if often repeated would bring us to the verge of ruin. The first measure, therefore, which ought to be taken--and we entreat the serious attention of every man who understands the currency question to this--is to emancipate the Directors of the Bank of England from their present false position, by removing the restriction of their paper issues, or at least by fixing these at a point which will enable them to supply the ordinary wants of the community, without reference to an accidental or inevitable drain of bullion, so that the internal trade and production may never be checked so long as there is a remunerative demand. A similar regulation must of course be made with regard to the country bankers; and were this done, we have very little fear indeed that any crisis at all equal to the present one could arise. But we must not be left in absolute dependence for our circulation upon the state of the harvest, or cripple labour at the very season when employment is most urgently required. We do not say that the repeal of the Act of 1844, or the increase of the paper issues to a larger fixed point, can set the question of the currency at rest. No thinking man who has devoted his time and energies to the study of our monetary history, would be bold enough to make so rash and confident an assertion: on the contrary, we think that the time is not far distant, when the leading theories of the bullionists must be thoroughly probed, and the consideration of the expediency of a fixed gold standard most seriously and deliberately resumed. The experience of some thirty years of peace has furnished data to us which were not known to the older political economists, and we are now far better enabled to explain the phenomena of commercial fluctuation. But it would be extremely unwise at the present moment, when a palpable and tangible evil is before us, to attempt too wide a reformation, and so to peril the chance of a present amendment, on the necessity of which we are all most thoroughly agreed.