unwisdom of founding a colony to be ruled by an absentee proprietary, earning its revenues by a trading monopoly. The history of the United States was full of examples of this species of folly, and both Lord Lincoln and Mr. Hume argued their case with the greatest ability. But they spoke to no purpose, for just as Mr. Hume was warming to his work the House was counted out! In these days, when the air is full of schemes for Imperial Federation, and Home Rule, it is interesting to note how, in 1849, the battle of Colonial Reform was fought by a combination of Conservative Peelites and “stalwart” Radicals, against the Whigs, who were jealously opposed to all extensions of Colonial autonomy. After Colonial policy, and not long after it in point of interest, came Finance. The erratic schemes of the Chancellor of the Exchequer in the preceding year, together with the distress which afflicted the country, had made everybody dissatisfied with the financial policy of the Government. The Protectionists were always at hand to suggest that the pressure of taxation was due to Free Trade. The Free Traders were never weary of retorting that it was due to extravagant expenditure, and could be remedied by retrenchment. Mr. Cobden and Mr. Bright thus felt that their mission in life did not end with the Repeal of the Corn Laws. If they were to keep the ground they had taken, it seemed to them they must start an agitation to reduce public expenditure. Mr. Bright rather favoured the notion of agitating for an extension of the Franchise, on the supposition that, if more taxpayers had votes, Government, in deference to their prejudices, would be chary of augmenting public burdens. Ultimately, however, they agreed to combine the two agitations,[1] and work with each other as before. The popular feeling in favour of economy was first manifested by the formation of Financial Reform Associations in the large towns--that of Liverpool being especially energetic--and they were soon busy discussing a practical plan, which emanated from the fertile brain of Cobden, for the remission of the Malt Tax and other public burdens. Cobden’s scheme was simply to effect retrenchment by going back to the scale of expenditure that was deemed adequate in 1835, and in this way he proposed to reduce taxation by about £10,000,000 sterling. Quite a flutter of excitement ran through the [Illustration: ST. GEORGE’S CHAPEL, WINDSOR.] House of Commons when, on the 26th of February, he brought his plan under its notice. He contended that military expenditure had caused the increase of £10,000,000, which he desired to reduce. Therefore he moved that the expenditure under this head be diminished with all practicable speed. The insular position of England was itself a sure defence against her enemies. [Illustration: JOHN BRIGHT (1857).]