confide in the affections, in the confidence, in the force of an English people? What does he find us, when he puts us to the proof of what English interest and English honor demand? It is as furnishing an answer to these questions that I consider the circumstances of the loan. The effect on the enemy is not in what he may speculate on our resources, but in what he shall feel from our arms. The circumstances of the loan have proved beyond a doubt three capital points, which, if they are properly used, may be advantageous to the future liberty and happiness of mankind. In the first place, the loan demonstrates, in regard to instrumental resources, the competency of this kingdom to the assertion of the common cause, and to the maintenance and superintendence of that which it is its duty and its glory to hold and to watch over,--the balance of power throughout the Christian world. Secondly, it brings to light what, under the most discouraging appearances, I always reckoned on: that, with its ancient physical force, not only unimpaired, but augmented, its ancient spirit is still alive in the British nation. It proves that for their application there is a spirit equal to the resources, for its energy above them. It proves that there exists, though not always visible, a spirit which never fails to come forth, whenever it is ritually invoked,--a spirit which will give no equivocal response, but such as will hearten the timidity and fix the irresolution of hesitating prudence,--a spirit which will be ready to perform all the tasks that shall be imposed upon it by public honor. Thirdly, the loan displays an abundant confidence in his Majesty's government, as administered by his present servants, in the prosecution of a war which the people consider, not as a war made on the suggestion of ministers, and to answer the purposes of the ambition or pride of statesmen, but as a war of their own, and in defence of that very property which they expend for its support,--a war for that order of things from which everything valuable that they possess is derived, and in which order alone it can possibly be maintained.