From some quarters we have heard an expression of extreme surprise that the late Premier, who cannot but be awake to the mischief which he has so wantonly caused, should have been so obstinate and inflexible in his adherence to the restrictive system. Very little consideration indeed is requisite to discover the reason. Upon this question of the currency the whole character and repute of Sir Robert Peel as a financial minister are staked, and he dare not abandon his measure of 1844, without tacitly admitting that he has committed a most serious and unpardonable blunder. Accident has intervened to postpone any actual test of the efficiency of his other measures. We do not yet know what effect the alteration of the corn laws may produce upon the welfare of the nation in an ordinary year, or whether any of the blessings so abundantly promised may be realized to the poor without a more than corresponding depression. The tariffs abroad continue still hostile and unrelaxed, and although the smaller manufacturer, artisan, and workman, are already beginning to feel the baneful effects of foreign competition in the home market, their cry is not yet loud enough to excite a large share of the popular commiseration. Two great events stand prominently forward in the aspect of the present year--the scarcity and high price of food, and the want of commercial accommodation among ourselves. The first is the act of Providence. No human foresight, no political skill, could have prevented it, and the scourge has mercifully fallen at a time when the demand for labour has materially lessened its severity in Great Britain. But that same scarcity, by leading to an exportation of the precious metal, has been undoubtedly the means of testing the soundness of our monetary system. As the prosperity of these islands, and our wonderful ascendency in the great markets of the world, depend upon the state of our trade and our manufactures at home, it was obviously the duty of a minister, who, more than any other, professed his intimacy with commercial principles, to take care that the evil of a scarcity should not at the same time be combined with the still greater one of a monetary crisis. If gold must be paid away in order to purchase the necessary supply of food for our population--if in addition to our own wants we are compelled to ward off starvation from the thoughtless and unenterprising Irish--we were doubly bound to take care that our great staple resources, our trade and our manufactures, should not suffer from any cause over which we had the evident control. And yet, how do we stand at the present moment? No sooner does the drain of bullion begin, than the Directors of the Bank of England, placed by this odious and uncalled-for measure of Peel’s in sudden jeopardy of their charter, begin to put on the screw. The country bankers, who must take their cue from, because they are rendered entirely subordinate to the