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in their manners. They are drunken almost for a history of the old town, but has failed alwithout exception, and lazy beyond parallel ; the together in turning them to good account, and poor are honest so long as you have no dealings arranging them in an attractive form. Still there with them, but predacious cheats in every kind of is so much of romance mingled with the historical bargain or contract. There is no society worth facts here jumbled together, that we cannot choose the name in the whole island, and very little but read to the end in spite of the author's want literature but what is borrowed from other people. of author-craft. This, however, is not the The only attraction is the wild, magnificent and greatest want which Mr. Calton exhibits. Want of volcanic phenomena of the soil; and he who cannot decency is want of sense,” says the poet. For find a compensation in the contemplation of these what earthly reason Mr. Calton should append to for the absence of all even the most trivial com- the history of the chivalrous warriors who made forts of civilised life, will do well to steer clear of Calais the scene of their prowess and magnanimity Iceland as long as he lives. Madame P. visits a narrative of the disgusting exploits of honourable and describes everything remarkable, and her book drunkards, rakes and spendthrifts, and the doings may serve the double purpose of gratifying curiosity of a filthy Spanish trull, who sold her favours to on the subject of the wildernesses, volcanoes, and the highest bidder, we are at a loss to conceive. boiling springs, and warning people away from Does he wish to insinuate that the aristocracy of any attempt to visit them. The volume is hand- the present day are a degenerate race, a mixture somely got up, and illustrated with tinted engrav- of the bully, the jockey, and the blackguard, disings; and the appendix contains a dissertation on honestly flying from their creditors to find a refuge the ancient Icelandic literature.

in the very spot where their forefathers lavished their blood for England's welfare? We must

object, too, to the publication of the memoir of Ivar: or the Skjuts: Boy. By Emile CARLEN. Lådy Hamilton. It would have been better to

Translated from the Swedish by Professor A. L. have left her name to the oblivion of the timberKrause. London: Office of the Illustrated Lon- yard at Calais. Her reputation will gain nothing

don Library, 227, Strand. 1852. We cannot agree in the opinion of the translator from the memoir of our author. In spite of all of this amusing story as to the relative merits of the palliations he can produce, it is sufficiently Miss Carlen and Frederika Bremer. The writings of gross profligacy from her girlhood, all the less

led a of the latter appear to us to be of a far higher excusable that she was a woman of talent and class than those of the former-judging at least by the romance before us. Miss Carlen describes accomplishments. She wrought her own ruil,

and could not justly complain. Swedish life with much grace and naïveté, but she dwells too much on trivialities, incidental to all societies and interesting in none. The characters The Diggins; Poetically and Pictorially Displayed. of Virgivia and her husband have the aspect of From the Log-book of Lubin Landsinan, late of sheer inventions, and are such as are only to be Limehouse, London. Dean and Son, Threadneedlemet with in the imaginations of the northerns; to street; G. Mann, Cornhill, London. 1852. an Italian or a Spaniard both would appear as WHOEVER wants a good laugh on the subject of monstrous and unwholesome absurdities. Ivar, the diggings, cannot do better than procure this the hero of the piece, is cruelly thrashed, when comically dulorous ballad, with its yard and a half a lad, by an impetuous noodle nobieman; the in- of clever illustrations. Poor Lubiu is put through sult rankles in his breast, and eighteen years the whole process secundum artem, and suffers all afterwards he avenges himself by marrying the sorts of miseries before he makes the grand disnobleman's daughter, and humbling the pride of covery, that he is but a fool after all. Once en. the father by declaring himself a " tanner,” and lightened on this point, he avails himself of the pretendedly renouncing his nobility. The renun- first chance to scamper home again, and there is ciation, however, turns out a joke, and the business an end of his history; which will be the history of winds up to the satisfaction of all parties. At the thousands. true character of Ivar it is difficult to guess, when all is over, as there is not sufficient incident in the Links in the Chain of Destiny. A Poem in various story to develope it. The happiest delineations

By RONALD CAMPBELL. London: 83, are the Chamberlain de Goesse, a most amusing Newman-street, Oxford-street. 1852. grandiloquent blockhead and despairing, suitor, THESE “ Links,” we are afraid, are not destined to and the scandal-loving Mademoiselle Nyquist, be very generally understood. The poem is a whose tongue is enough to set a whole city on fire. novelty in composition ; there is nothing like it

that we have ever seen, unless it be the “ Lily Annals and Legends of Calais. With Sketches of and the Bee;" and that, like these “ Links," was

Emigré Notabilities, and Memoir of Lady Hamilton. rather above our comprehension. For want of a By Robert Bell Carton. London: John Russell standard by which to judge this strange producSmith, 30, Soho-square. 1852.

tion, we shall give a couple of extracts so that the This neat volume will be found a useful companion reader may judge for himself. There are some to the visitor at Calais. The author has indus- good thoughts in the book, as well as some wild triously collected a pretty large fund of materials fancies; whether they are expressed in poetry or

verse.

prose we leave the public to decide. The follow-| plan. The author visits the Great Exhibition, and ing is an uncomfortable truth :

sees in its various marvels of human industry and There be a kind of benefits

talent the fulfilment of Scripture prophecies. To That crush the mourner's heart

his view, art becomes the handmaid of religionMore grievously

science the exponent of Holy Writ; and he is imThan all the dire extremities

pressed with the solemn significancy of the lesson Of bitter want ! Such have I known:

which, under this aspect, they are calculated to My loaded soul bath groaned

teach. His book is not unlike the Crystal Palace Beneath its domination;

itself; it is a voluminous exhibition of all the Cast upon the mercy

important manufactures and inventions which have Of a merciless succour!! Like a struggling swimmer, weary and undone-

signalised human progress from the earliest ages Flung by remorseless waves, upon the breast

of the world; and it contains a number of brief and Of some cold rock,

pithy treatises upon the different branches of proLess comforting than death

ductive industry; it is crammed with information But yet compelled to greet its stony heart, With one sad smile of gratulation,

upon a vast variety of subjects, every one of which Where no other help appeared

is made the text

for a brief homily, enforcing the To save him from the ugly bloody jaws

duty of man to God, to his neighbour, and to himOf grim despair.

self. It will be seen that such a book is peculiarly To economise space, we shall give the next adapted for the family-circle and the perusal of the extract as though it were prose. The reader may young: it was no doubt written very much with amuse himself if he choose in splitting it up so this object, and we cordially recommend it to the as to make two pages of verse.

heads of families as a useful and desirable addition Some minutes of suspense had passed away; my friend to the domestic library. did not return, and all again was still : 80 I resumed my previous task. I raised my head—without a sound the door moved slowly, and a figure glided in. The stole that BOOKS RECEIVED.-NOTICES DEFERRED. covered it was black—its face was pale; at once with horror I was struck! I knew the face; it was a mortal being's, cluding a Narrative of the Political Movements in Italy

The History of the Pontificate of Pius the Ninth ; inbut I hardly felt that it was mortal. Never shall I forget during the last five years. By G. B. Nicolini. Edinthose eyes, that glared with wild astonishment to find me burgh: James Nicol; London : J. Nisbet and Co. 1832. there ; then with a flash, as one awaking from a fever's dream, fixed them on me with hatred's calm deter- and 3. Edinburgh: James Nicol; London: J. Nishet

History of the Jesuits. By G. B. NICOLINI. Nos. 1, 2, mined gaze, and said, “We cannot both remain within

and Co. 1852. these walls." I quietly showed I could not acquiesce with

Ecclesiography ; treatment so ungenerous. The duty which I owed myself delineated. By G. Manly. London: Partridge and Oakey,

the Biblical Church analytically was incompatible with every wish to satisfy the humour of

Paternoster-row. 1852. this fantasy. I could not ratify with colour such injustice; ignorant alike of me and of the policy where with to deal the Story of My Life." By SANduam Elly. Dablin:

Ostentation : or, Critical Remarks on “Qaakerism; or, with such an exigence.

Hlodges and Smith, 1852. We have seen all manner of chains, from the Fourth Annual Report of the Eastern Archipelago rocky chain of the Alleghanies to the chain of Company. the industrious fleas, but never met with the

Scotch County Courts. Edinburgh : Paton and Ritchie, Chain of Destiny, and cannot therefore say what and Son, &c., &c.

3, Hanover-street; Glasgow: Murray and Son, and Smith it is like. Our printer's devil suggests that it is A Discourse delivered in St. Mary's Catholic Church, the chain which is coiled round the tail of the Edinburgh, July 8, 1852, at the Funeral Service of the sea-serpent to confine him within the American Right Rev. Father in God, Andrew Carruthers, D.D.,

Bishop of Ceramis, and Vicar Apostolic of the Eastern latitudes, and that it is made of “yarn." It may District of Scotland. By the Rev. Joux Strais. Edinbe 80—we don't know what to make of it.

burgh: Marsh and Beattie, 13, South Hanover-street. 1852.

Cabinet of Reason. Why do the Clergy avoid DiseasArt and Faith ; or, the Harmony of Science and sion, and the Philosophers discountenance it? By G. J.

Scripture. By GEORGE TROUP. London: James HOLYOAKE. London: Watson, Queen's Head-passage, Blackwood, Paternoster-row. Edinburgh : J. Men

Paternoster-row. 1852. zies. Glasgow: W. Collins. 1852.

School Economy: A practical book on the best modes

of Establishing and Teaching Schools, &c. By J. SIMONS, This is a rather singular book upon a singular / A.B. London: Parker, West Strand. 1852.

or,

LIFE ASSURANCE COMPANIES. Church of England Life and Fire Assurance those of any previous year, especially amongst the clergy, Institution.-The annual meeting of the proprietors of while the claims paid were less than the receipts on the this institution was held on Wednesday at the offices, 5, lapsed policies. In the fire department the results were Lothbury ; Major James Oliphant, H.E.I.C., in the chair. equally favourable, the losses being under 10 per cent. of From the statement of the transactions of the company sub- the receipts. After the report had been read, the retiring mitted by the Secretary, it appeared that the new life-poli- Directors, Captain J. P. Macdougall and James Lamb, Esq., cies issued during the past year considerably exceeded and the auditors, R. S. Cahill, Esq., and M. R. Scott, Esq., were unanimously re-elected; John Carnac Morris, Esq., the present year, the number of policies effected amounted and the Rev. Edward Carr, being elected to fill the two to 81, assuring £50,686. Within the last four months, vacancies. Resolutions, expressive of the high estimation 65 of the new policies for assuring £43,558 had been in which the services of the directors and secretary (Mr. effected. On the other hand, the claims by death had been Emmens) were held for their able management, were then remarkably low, extending only to the three policies, not passed, and after a vote of thanks to the chairman, the exceeding' £1,200; while the amounts cancelled by surmeeting separated.

render and forfeiture were so small that the policies reBritish Mutual Life Assurance Society.-We maining in force on the 30th of June had increased to extract the following from the report of this society :- 1,428, assuring a sum of £909,583, producing annual pre“During the past year the business transacted has exceeded miums £30,300 Os. 4d. The actuary stated that, since that of any previous year, 261 policies having been issued, the 1st of January last, the amount assured had increased assuring £14,108 15s., apon lives averaging the age of by upwards of £35,000. The income of the society had thirty-four years, and securing an annual income in pre- increased £2,000 per annum, and the invested capital miums of £1,224 1s. 2d. Since the accounts were made amounted to upwards of £186,000. up, 73 more policies have been issued, assuring £14,095 Alfred Life Assurance Association.-At the annual 103., making a gross total assured, since the commence. general meeting of the members of this association, held ment of the society, of £238,214 4s. ; deducting the assu- at the Offices, Lothbury, the Hon. E. T. Yorke, M.P., in rances which have lapsed, and the claims which have been the chair, a report was read, of which the following is the paid, the amount now assured will be found to be £185,451 substance :-"Gentlemen,--At the close of another finan14s., the annual premiums upon which amount to £5,087.cial year your Directors attend as usual to report the proOs. 11d. In addition to these, there are now 27 proposals gress made by the Society since they last had the pleasure for assurances, amounting to £7,599, which have either of meeting you with that object. You may remember that been accepted and are not yet completed, or are under con- on the last occasion it appeared that the Society had as. sideration. The deaths during the year have been but surances in force for £539,138, yielding an annual income three, involving claims amounting to £600, which were im- ' of £18,656. These, your Directors are glad to say, have mediately admitted and paid; and it may be here worthy of been increased during the year to £611,097, and paying remark, that of these three claims one was a case in which premiums amounting to £22,173 188. 11d. From this the assurance was effected to secure the repayment of a total, however, the assurances lapsed during the year by debt, and that, in the other two instances, the benefits' death and other causes have, of course, to be deducted. resulted to the widows and orphans of the assured; and at. The number of policies lapsed by death is 15, and the a cost only of about £4 s. 80. per cent, upon the amount amount payable in respect of them is £9,451 28. 8d., inthey received." The directors refer with satisfaction to cluding the additions made by way of bonus to the sum the progress made by the British Mutual Subscription Loan' assured. Your Directors have had frequent occasions to Assurance Classes established in connexion with this remark on the very low rate of mortality observable among office. Forty of these classes are now in operation, and the lives assured with the Association, and the experience many thousands of pounds have been subscribed and lent of the past year warrants their again congratulating the out, to the advantage of many deserving persons; while members on that head. The office expenditure still mainonly a trifling loss has been incurred by bad debts. tains its very moderate character, the amount for the past

National Loan Fund Life Assurance Society.-' year being no more than £2,657 178. 4d. After payment The adjoumed annual meeting of this society was held on of the claims, and all other outgoings, the sum of the 12th July, to receive the report of the Committee of In- £6,109 3s. 2d. has been carried to the credit of the vestigation, appointed on the 12th of May. The Committee surplus fund, which now amounts, as will be seen, to consisted of three gentlemen, strangers to each other, elected ' £62,801 5s. 11d." from the general body of shareholders. After a strict and United Kingdom Life Assurance Company.--At laborious investigation of a month's continuance, they have the annual meeting of the above society, held on the 15th admitted the substantial correctness of the directors' of July last, the secretary read a report, comprising a report in every material point; viz.-An annual income statement of the company's affairs—from which we select of £73,690, being nearly double of what it was in 1816, the following particulars :-“ As required by the deed of at which time the society had been ten years in operation. settlement, the directors laid a statement before the meetAn addition of new policies during the last three years, 'ing of the receipts and disbursements, and the funds of the averaging about one thousand annually, covering assurances company up to the 31st December, 1851. The number to the aggregate amount of a million and half sterling, and of policies issued in each of the last three years, the gross the number of which, during the past six months of the amount assured, and the amount of the new premiums in current year, have increased in a ratio of above 40 per, each year, were as follows, viz.:cent. And even allowing a wide margin for “some com.

Number of Amount

Amount of paratively (as to the whole) immaterial assets,” a balance

New Policies.

New Premiums. in favour of the society exceeding £100,000, after deduct

1849
590

£382,670 £13,253 ing the present value of all liabilities from that of the in

1850
517
371,998

13,859 vestments, and the income from annual premiums;

1851
561
395,326

12,409 enabling the directors, after entirely extinguishing the remainder of the £21,000 set down for preliminary expenses, The reduction in the amount of premiums is accounted und laying by a handsome reserve for future profits, to for by the age of the parties insured, the number of polideclare to policy-holders a cash bonus of 15 per cent., or a cies and sums insured being the true criterion of the reversionary bonus varying from 22 to 52 per cent. on the business done. The increase in the company's assets premiums, and to the proprietors a bonus of 3} per cent., during the year 1851 was £35,395 3s. Od. The number of n addition to the regular interest of 5 per cent., making a claims, with the amount assured in each of the last three lividend of 84 per cent. per annum on the paid-up capital. years, has been as follows, viz:From the account of the receipts and expenditure of this

Number of Claims. Amount Assured. lociety, for the six months terminating on the 30th of June

1819

£68,137 ast, it appeared that £1,794 Is. 3d. had been received for

1850
31

39,307 remiums on new assurances, £15,752 ls. 6d. for pre

1851
63

47,131 niums on renewals, £3,462 for dividends on stock in the unds, and £2,501 4s. for interest on mortgages and other These claims have all been promptly admitted, and the

The company's lianvestments. The amount paid for claims (the greater part amounts discharged without delay

The gross amount ocurred during the last year) was £6,750, and the addibilities show a steady, gradual increase. ions added to those policies amounted to £1,009. Com of the premiums received in each year also indicates a fair aring the corresponding six months of last year with those average proportion of good business, viz :f the present year, it would be found that a large increase

Net amount of liabilities. Gross amount of premiums. ad taken place, not only in the number of policies, but in 1849

£2,622,599

£86,672 le sums assured. The number of policies effected up to 1850

2,773,043

98,615 ne 30th of June, 1851, was 63. In the same period of 1851

2,970,560

07,119

Assured.

United Mutual Life Assurance Society.- The | The project of a new feature in the company's operations ibird annual meeting of this society was held at the office, was spoken of in the last year's report, viz., the establish54, Charing-cross, London, on Thursday, the 22nd July. The ment of an “Operatives' Fand," having particularly in report was to the following effect: During the present year, view the carrying out of prudent, economical and tempe. 317 proposals have been received, and 215 policies issued, rate habits among the industrious classes of society. This assuring sums amounting to £50,464, and yielding an addi- feature has now been successfully adopted, and the sum of tion to the previous annual income from premiums of £1,770 £144 3s. 7d. had been received from 1,076 persons assuring 7s. Id. The total number of assurances completed to the in that fand. The report then alluded to the retreneb. end of the financial year is 605, for an aggregate amount ments which had been made in various directions, and of £166,482, being an average of nearly £300 per policy. concluded by calling upon the shareholders and proprietors Four policies only have become claims since the com- to aid in bringing before the public the advantages arising mencement of the society. The sums assured thereby from the practice of life-assurance. amount to £1,100, of which £600 had been paid at the Royal Insurance Company.-At the annual meeting time of closing the accounts, and the remaining £500 has of this society, held at the offices, North John-street, on been paid since, thus evincing by a prompt settlement of Wednesday, the 4th inst. Mr. Dove, the manager, read a these claims the great advantage of an indisputable policy. report, from which we select a few important items. The directors have conducted their operations with a strict "The accounts of the company for 1851 afford satisfac. regard to economy, feeling convinced that, by so acting, tory evidence of the advancement and success of the con. they have been laying the foundation of great future pros. pany in each of its departments. perity. The balance sheet contains a statement and valu

“FIRE DEPARTMENT, ation of the assets and liabilities of the society to the 31st May last; and it appears therefrom that, after providing for

“Notwithstanding the progress of increased competition, the payment of the sums assured, and the outstanding and the consequent reduction of premiums which it has accounts, there remained at that period a balance of £7,835 produced both in England and abroad, the business of the 14s. 5d. in favour of the society.

company has again made another progressive step, the preNational Assurance Company of Ireland.-On miums of the year, which amount to £19,110 17s. 5d., exthe 15th July, the half-yearly stated general meeting of this ceeding those of 1850 by upwards of £5000. The statecompany was held in the board-room, College-green, Dub- ment in the last report, showing the premiams of that lin ; Thomas Pim, Esq., in the chair. The secretary read a year to have been actually 40 per cent. in excess of (the statement of accounts, showing that the affairs of the com- year) 1848, euhances the value of the still further increase pany were in a highly satisfactory condition. The chairman now announced. said that he felt much pleasure in slating that the directors

“LIFE BRANCH. were in a position to recommend a dividend of six per cent. " The amount of new business in this department for the Mr. Ferrier proposed that the statement of accounts should year 1851 likewise contrasts favourably with that of the be adopted by the meeting, and entered on the minutes of preceding year, showing an increase of the sum assured the company. Mr. Connolly seconded the motion, which amounting to £20,000. It is, however, in the present year Was passed unanimously. Mr. Ferrier proposed a reso- more especially that the rapid advance of the business er. lution to the effect that the recommendation of the directors ceeds what the previous experience of the board could have should be acted upon, and that a dividend of six per cent. anticipated. The announcement that assurances effected on the paid-up capital, being equal to £l 10s. per share, during the current year will participate in the division of should be declared, and that payment of the same should profits to 31st December, 1854, has obviously drawn the commence on Monday, the 9th of August next. The motion attention of the public to the wisdom of its selecting this having been seconded by Mr. Robert Milner, was passed. company for life-assurance purposes, and the result is

Catholic Law and General Life Assurance Com- strongly exhibited in the fact that the premiums on new pany.-The usual annual general meeting of the above policies received during the last six months are greater in assurance company was held at the company's office, , amount by upwards of 10 per cent. than the whole sum of New Coventry-street, Leicester-square, on Thursday, the new premiums for the entire twelve months included in the 22nd July. The attendance of proprietors and sharebolders last report. was more numerous than on former occasions. Shortly " The accounts of the company for the year under revies after one o'clock the chair was taken by the Right Rev. Dr. exhibit an amount to the credit of profit and loss of Morris, who, after reading the notice calling the meeting, £26,463 19s. 5d. The directors are therefore of opinion proceeded to read the report of the directors, of which the ful that a dividend of 38. per share be declared for the past lowing is an epitome. The report began by alluding to the year, but as there will still be a sum of nearly £13,000 deep loss which the directors had sustained in the death of remaining on the account after this operation, they would one of their most valued and laborious colleagues, James further recommend that on the present occasion a bonus of Marshall, Esq. After adverting to the necessity, the utility 1s. per share be likewise paid to the proprietors, both free and practicability of life-assurance, the report went on to of income-tax." state that, agreeably to the resolution passed at the general After the report, the chairman said that the directors meeting in 1850, a call was made in October, of that year, recommended a dividend of five per cent., or 3s. per share, of £l per share, of which £5,790 had been received by the and Is. per share in the shape of a bonu3. The declaradirectors, there yet remaining due by the shareholders to tion of the dividend and bonus was subsequently moved complete the call, L3,062. The application for policies by the chairman, seconded by Mr. Mozley, and carriedwas for the amount of £40,202 18s., of which sum £29,772 the same to be payable on the 21st August inst. free of has been taken, giving, in annual premiums, £632 11s. 10u.) income tax.

LONDON : SALISBURY AND CO., PRINTERS, BOUVERIE-STREET AND PRIMROSE-HILL, FLELT-STREET.

TAIT'S EDINBURGH MAGAZINE.

OCTOBER, 1852.

THE GOVERNMENTS OF CONTINENTAL EUROPE.

VII. SPAIN.

There all were noble save nobility,

None hugged the conqueror's chains save fallen chivalry.-CHILDE HAROLD. The Government of a country which owes her first, by prohibiting the entrance for home conMajesty's subjects more than £130,000,000 ster- sumption of the raw products, and most of the ling, and which Government, whoever may be in fabrics, of any country except those of her colonial power, makes no effort whatever to pay the interest empire; and, secondly, by forcing the latter to of the money due to English creditors-feels no consume no manufactured article, and none of food, shame under the disgrace of national dishonesty- except those exported from certain ports in Spain. cherishes no sentiments of gratitude towards those This pernicious legislation was grounded on the who delivered their country and their people from specious policy that, as all the precious metals the despotism of Napoleon Bonaparte--and throws would necessarily be transported to the mother every conceivable obstruction in the way of British country, they would remain in Spain if they were commerce, must be a Government in which the not required to pay for foreign commodities--that people of the United Kingdom ought to feel inte- the precious metals constituted riches, and that rested; and in regard to which they can only wealth constituted power. speak as being the dupes of Spanish duplicity and But in defiance of this fallacious policy, the gold, dishonour.

silver, and precious stones flowed off to foreign Before the reign of Charles the Fifth, the Cortes countries, both from the colonies and from Spain, of Castile and of Aragon fixed a stringent limit nearly as rapidly as they were robbed from the on the power of their kings; and vestiges of civil natives of Hayti, Mexico, and Peru, or drawn from liberty were preserved until some time after the mines by the millions of American and African Louis XIV. placed his grandson, Philippe V., the slaves, who have been exterminated under the first of the Bourbons, on the throne of Spain. cruel toils to which they were by avarice and Louis was enabled to carry into execution that tyranny doomed. favourite object of his ambition in defiance of the The effects which resulted from the Spanish wars of William III. and Anne of England, and conquests in the islands and on the continent of of the policy of the House of Hapsburg. The America are remarkable. Into no country did power of Spain declined rapidly under the Bour- such immense treasures flow as into Spain. bon dynasty. The advantages and strength which country was there so little money to be found, Spain was supposed to gain and possess from her either in circulation or in the royal treasury. There dominions in America proved utterly fallacious. was neither order nor economy in the finances of

The home and the colonial policy of Spain the Government; and unless it were among the was selfish, intolerant, restrictive and fallacious, labouring-classes, there was no frugality in the exfrom the foundation of the first settlement in penditure of individuals

. Money was borrowed Hayti until the expulsion of Spanish power from at usury. The gold and silver which the galleons the Continent of America. This policy excluded brought annually to Cadiz from the New World all but Spaniards from those regions, and confined did not suffice to pay the debts which Spain owed the trade to a direct intercourse with Spain. in the Old Agriculture at home and in the coloAgriculture was discouraged in order that Spain nies was despised and neglected; other branches of might possess the monopoly of supplying with industry decayed, and several disappeared altofood all the people of the vast territory conquered gether. The Indies, instead of strengthening the by her adventurers in the West. Spain, haughty power of Spain, rendered that monarchy gradually and intolerant, based her commercial and colonial impotent in Europe. This poverty and weakness system on possessing and securing within herself was chiefly caused by the genius of the Spanish all articles of necessity, all kinds of luxury, all the policy. In order to retain conquests the natives materials of wealth, all the elements of power :

-were exterminated. The spirit of government was VOL. XIX.—NO. CCXXVI.

In no

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