But the financial disturbance is of some years' standing, although it has gradually been getting worse. It dates from the Crimean war, which drained the resources of Russia, both in men and treasure, to an extent which the government has been reluctant to admit. The difficulty was met at the time by the increased issue of paper-money, which government has never been able to redeem. The crisis was not much felt until the Polish insurrection again taxed the energies of the government, while it was still languishing under the effects of the Crimean war, and unprepared for this fresh demand on its resources. This was probably the real reason why the government was so slow to meet the emergency in Poland with adequate means. More paper-money had to be issued, unrepresented by bullion, and unconvertible. The paper currency became depreciated twelve to fifteen per cent. below its ostensible value, and in the uncertainty that prevailed as to the future, business was for a time brought almost to a stand. All the financiers of Russia have been labouring to restore the equilibrium, but as yet their best laid schemes have failed, for none of them has discovered the means of replenishing the bank treasury. The most casual observer cannot fail to mark the respect in which all classes in Russia hold the Emperor. In the most distant provinces, indeed, the peasants regard the Czar as a kind of demi-god who, if he could only be informed of their grievances, would set all to rights. But in Petersburg, where his majesty may be seen any day in the street, divested of ethereal attributes, the people love him. The contrast between the reign of the present emperor and that of his father is very striking. Formerly the interests of agriculture, manufactures, and commerce were sacrificed to the ambitious schemes of the Czar. The military glory of the empire, and the imperial projects of aggrandisement absorbed the energies of government; and to promote these ends the substance of the country was wasted. That is all changed now. The Emperor Alexander II. from the time of his accession has devoted his energies to the amelioration of the condition of the people, to the encouragement of native industry, to the economising of the national resources, and to promoting the efficiency of the executive. Reforms have been set on foot in all departments of the state,--military, legislative, financial, and social. Success has attended many of these new measures; many are still in progress; but the great work is only begun. It is an important step gained, however, that the government has become alive to the need of administrative reform, and if the life of the present monarch be spared to the age of his father, he will have left his country a century in advance of where he found it.