nthusiasm moderated down to a just coincidence with
our means.

During all this torrent of speculation, what is the Currency doing? No
man seems to know. The nation has found a paper of its own quite as
effective as that which is doled out by the chartered bank. The
brokers are, in fact, becoming bankers, and payments of all kinds are
readily made in scrip. This is an instructive fact, and may somewhat
tend to disturb the triumph of the theorists who uphold the doctrine
of a restrictive trade in money. We do not rely on the safety of the
system, but we look upon it as a strong proof that our monetary
regulations are wrong, and that there is not only a wish, but several
practical ways, effectually to evade its fetters. We are not, however,
going into that question, though it is by no means unconnected with
our present subject. At the same time we should like to see this same
article of scrip, which is fast approximating to notes, a little more
protected. Has it never occurred to the mind of the Chancellor of the
Exchequer, or to the Premier, who has a most searching eye, that a
very profitable source of revenue to the public, and one which would
hardly be grudged, might be derived from the simple expedient of
requiring that _all scrip should be stamped_? There is no practical
difficulty in the matter. Companies already formed, if they do not
desire the benefit of a stamp--the best, and indeed at present the
only security against the forger--may be called upon to pay their
quota, corresponding to the number of their shares, from the fund of
their Parliamentary deposit. New companies, again, might be
imperatively required to issue stamps; and we confidently believe that
no tax whatever would be more cheerfully assented to. Let the currency
doctors do what they will, they never can drive scrip from the market.
Would it not, then, be a measure of good policy to enlist it as a
serviceable ally?

Whether these observations of ours may stand the test of another
year's experience, is certainly matter of doubt. The period of a
single month makes wild changes in the prospects of the system, and
involves us not only in new calculations but in a newer phase of
things. At any rate it can do no harm, in the present period of
excitement, to preach a little moderation, even though our voice
should be as inaudible as the chirp of a sparrow on the house-top. The
speculative spirit of the age may be checked and controlled, but it
cannot