Mr. Thompson appealed to the courts of law; but law and equity rarely go hand in hand. The defendants contended that six per cent. was usurious; the justice of the case was one thing, but international law was another; and it was, therefore, a triumph,—but one which few would envy,—when the Vice-Chancellor “confessed that the case appeared such as would entitle the plaintiff to the equitable relief prayed; but, as contracts for loans were illegal if the contractors were at war with an ally of England, it could not be entertained as a subject of suit.” It is not to be wondered at that this willingness to lend found a corresponding willingness to borrow. It was not alone the South American states that came into the market; nor was it only republican dictators who were anxious to borrow. Denmark accepted £3,000,000, Portugal took £1,500,000, and Russia £3,500,000. From this period up to 1825, loans to foreign places—foreign powers they cannot be called—were very frequent. Brazil borrowed £3,686,200 in 1824, and in 1825 two millions more. Buenos Ayres followed the good example, received one million, and then omitted to pay the dividend; while Mexico took £6,400,000. The emancipation of this country from the yoke of Spain was a fair specimen of the liberal principles of the Liberals of this period. Augustin Iturbide matured a plan to emancipate Mexico; and, having expelled the Spaniards, established a regency, nominated by himself, formed of his own creatures, and controlled by his own will. The army was with him, the usurpation of the throne followed, and the dictator was proclaimed emperor. The crown was made hereditary, his sons were to be princes, a million and a half of dollars were settled on him, and all the accessories of royalty were established. A million and a half of dollars were more easily voted than procured. Money was scarce, and the new emperor exacted it with severity. The people grew disgusted; the opposition saw its time; disaffection spread to the troops; and Iturbide tendered his resignation to the senate he had formed. It need scarcely be added, that the dividends were as difficult to get from Mexico as they were from Peru. But the Greek loan was the most extraordinary feature of the period; and with it is concluded the present rapid sketch of the bubbles of 1825.