In speaking of credit, then, we naturally turn to the only foundation upon which credit rests--the security of property. Commercial men, who know how easily credit is destroyed by individual guilt or imprudence, also know how easily it is interrupted, generally by a combination of circumstances over which an individual, apart from a nation, has no control. The instant that any circumstances take place which weaken the general confidence in the security of property, credit is withdrawn. The plant remains--the tools and warehouses stand--the shops are open; but production languishes, labour is suspended. The stocks of consumable commodities for the maintenance of labour may still in part exist, but they do not reach the labourer through the usual channels. Then men say, and say truly, confidence is shaken; the usual relations of society are disturbed. Capital fences itself round with prudence--hesitates to go on accumulating--refuses to put its existence in peril--withdraws in great part from production-- "Spreads its light wings, and in a moment flies." Within these six years we have had before our eyes a fearful example of the universal evil created by the sudden loss of confidence in the security of property; The revolution of 1848, which overthrew the government of Louis Philippe, was associated with a general belief that the whole fabric of society was about to be shaken in the overthrow of capital. The capital was instantly withdrawn from circulation; there was no exchange; there was no labour. The more immediate sufferers were the workmen themselves; and the mode in which the ruling power relieved them by giving forced employment was wholly unavailing, except as a temporary expedient. After several dreadful months of tumult and bloodshed, a little confidence was restored by the pressure of an armed force; and when at length a government was established that rested upon security of property, it was hailed as the greatest of all blessings, although accompanied with some evils to which Englishmen, especially, cannot shut their eyes. When capital and labour could once more work in a safe union, France quickly developed those great natural resources with which she is blessed; and the ingenuity of her people was again called into activity, to carry forward and perfect those resources by higher and higher exertions of science and skill.