decisively proved by the fact that, notwithstanding the vast extent of
the railway and other undertakings of a public character going on both
in Great Britain and Ireland, government has borrowed the loan of
L8,000,000 for the relief of Ireland at L3, 7s. 6d. per cent. The three
per cents are about 90, yielding about the same return for money. But is
_currency_ equally abundant? So far from it, the bankers are charging
six, and the persons making advances on railway concerns seven per cent.
The holder of capital is glad if he can get three and a half per cent;
but the holder of currency will not let his notes or sovereigns out of
his hand for less than six or seven per cent. Can there be a more
convincing proof that the currency of the country has been unduly
drained away, and that the present monetary system, which forbids any
extension of it in paper when the specie is abstracted, is based on a
wrong foundation? Nor is it surprising that the currency should be
straitened when it is notorious that every packet which goes out to
America takes out vast sums to that continent to pay for the immense
quantities of grain which are brought in. That drain only began to be
felt in a serious manner within the last two months, because the great
shipments from America took place in November and December last, when
the failure of the potato crop in this country was fully ascertained;
and consequently, the payments made in bills at three months, required
to be made in February and March. And when it is recollected that the
quantity of grain imported in seven months only--viz. from 5th July
1846, to 5th February 1847--exceeded _six millions_ of quarters, at the
very time that all our exports were diminishing; it may be imagined how
prodigious must have been the drain upon the metallic resources of the
country to make up the balance.[8]

Sorely perplexed with results so diametrically opposite to all their
doctrines as to an increase of importation being necessarily attended
with a proportionate increase of exportation, and of all apprehension of
an undue pressure thence arising on the money market being chimerical,
the Free-Traders lay it all upon the famine at home or abroad. The
potato-rot, it is said, has _concealed_ the effects of free-trade:
distress in foreign nations has disabled them to purchase our
manufactures in return for their rude produce; the increase of British
importation has come too soon to operate as yet on their pu