f establishing, in conjunction with him, the
government on a durable foundation."[19] The influence of these urban
constituencies is not likely to decrease under the increasing
embarrassments of the landed producers, and the augmented stimulus to
certain branches of trade from foreign importations. And, in
consequence, as the revenue melts away under the effect of successive
repeals of the indirect taxes, the question will, ere long, force itself
on the government and the country, How is the interest of the debt to be
paid? How are the charges of the national establishments to be defrayed?
The extraordinary prosperity of the last two years, the result of the
three fine harvests which had preceded them, cannot be expected to
continue. A railway mania is not immortal;--like every other violent
passion it must soon wear itself out. Peace cannot much longer be relied
on;--the clouds are already gathering in more than one quarter. A
recurrence to general indirect taxes is not to be thought of in these
days of restricted currency and unrestricted importation. The only
alternative is, either a reduction of the interest of the national debt,
or a great increase of direct taxation.

[18]

County Members. Borough Members.
England, 162 336
Scotland, 30 23
Ireland, 66 39
---- ----
258 398

Or as 2 to 3 nearly.

[19] Guizot's Essais Sur l'Hist. de France, 475, 476.

It is not probable that a forcible reduction of the national debt will
be attempted, at least till the other alternative has been tried and
failed. The public funds are the great saving bank of the nation. Out of
192,970 persons who received the half-yearly dividend at the Bank of
England in the year 1841, no less than 158,735 drew dividends under L50
half-yearly, of whom 58,000 were under L5; while those above L50 and not
exceeding L200 were only 10,094, and those exceeding L2000 only 125![20]
This is the great security for the public funds in England--the extent
to which shares in them are held by persons composing that middle
commercial class, in whom, under the present constitution, supreme power
is practically vested.

[20] Porter's Parliamentary Tables, xii. 6.

Nor is it only the actual holders of the public funds who would be
immediately struck at by an invasion of th