This limit is determined by the cost of substituting for each other metal money and one of its representatives,--viz., that species of paper currency which is called Bills of Exchange. When this representative becomes scarce in proportion to commodities, and thereby mounts up to a higher value than the represented metal money, with the cost of transmission added; metal money is transmitted as a substitute for Bills of Exchange, and the course of Exchange is reversed and restored to par. Even the range of variation above described is much contracted by the operations of dealers in bills of exchange, who equalize their value by transmitting those of all countries from places where they are abundant to places where they are scarce. A self-balancing power being thus inherent in the entire system of commercial exchange, all apprehensions about the results of its unimpeded operation are absurd. ------------------------------------------------------------------------ ILLUSTRATIONS OF POLITICAL ECONOMY. ----------------------- No. XVII. THE LOOM AND THE LUGGER. PART I. =A Tale.= BY HARRIET MARTINEAU. ----------------------- LONDON: CHARLES FOX, 67, PATERNOSTER-ROW. --- 833. LONDON: PRINTED BY WILLIAM CLOWES, Stamford Street. THE LOOM AND THE LUGGER. PART I. =A Tale.= BY HARRIET MARTINEAU. ------------------ LONDON: CHARLES FOX, 67, PATERNOSTER-ROW. --- 833. CONTENTS. CHAPTER PAGE 1. Taking an Order 1 2. Giving an Order 16 3. Dumb Duty 26 4. An Afternoon Trip 45 5. Morning Walks 63 6. A Night Watch 92 7. Hear the News! 113 ------------------------------------------------------------------------ THE LOOM AND THE LUGGER. PART I.