And thus not only is there no direct barter between the grower of the wine and the manufacturer of the hardware, but the wine and the hardware are each paid for without any direct remittance of coined money from France to England, but by a transfer of the debt due from one person to another in each country. By this transfer, the transaction between the buyer and the seller is at once brought to maturity; and by this operation the buyer and seller are each benefited, because the exchange which each desires is rendered incomparably more easy, because more speedy and complete. The same principle applies to transactions between commercial men in the same country. The order for payment, which stands in the place of coined money in one case, is called a Foreign bill of exchange; in the other an Inland bill of exchange. The operation of credit in a country whose industry is in an advanced state of activity, is extended over all its commercial transactions, by the necessity of obtaining circulating capital for the carrying forward the production of any commodity, from its first to its last stages. A manufacturer has a large sum expended in workshops, warehouses, machinery, tools. This is called his plant, or fixed capital. He has capital invested also in the raw material which he intends to convert into some article of utility. He works up his raw material; he makes advances for the labour required in working it up. The article is at length ready for the market. The wholesale dealer, who purchases of the manufacturer, sells to a retailer, who is in the habit of buying upon credit, long or short, because the article remains a certain time in his hands before it reaches the consumer, who ultimately pays for it. From the time when a fleece of wool is taken from the sheep's back in Australia, till it is purchased in the shape of a coat in London, there are extensive outlays in every department, which could not be carried on steadily unless there were facilities of credit from one person concerned in the production to another person concerned in the production,--the whole credit being grounded upon the belief that the debt contracted in so many stages will be repaid by the sale of the cloth to the consumer. The larger operations of this credit are represented by bills of exchange, or engagements to pay at a given date; and these bills being converted into cash by a banker, furnish a constant supply of consumable commodities to all parties concerned in advancing the production, till the produce arrives in the hands of the consumer. To judge of the extent to which credit is carried in this country, it is only necessary to mention, that five millions sterling are daily paid in bills and cheques by the London bankers alone; that the Bank of England alone, in 1853, discounted bills to the amount of twenty-five millions sterling; and that the note circulation of the United Kingdom is about forty millions. Credit, undoubtedly, if