on a
footing with the other portions of the United Kingdom, if in any a sense
of injustice were experienced; but to the honest menaces of the Young
Irelanders, and the hypocritical reliance on moral persuasion of
Conciliation Hall, the people of Great Britain only gave their ear from
curiosity, perfectly regardless of any power which any faction or union
of factions might put forth. Great Britain awaited the outburst of
passion which was in Ireland so rapidly coming to a crisis,' as unmoved
as the crag abides the eddies of the current which bubble and burst
against it.

GENERAL STATE OF AFFAIRS IN GREAT BRITAIN.

This year was one which, in many respects, tested the power and
resources of Great Britain. In her colonies she had conflicts to wage
of great magnitude. Ireland was smitten with famine and disease, and
turbulent. In the Highlands of Scotland the hardy peasantry suffered
from the scarcity of provisions caused by the failure of the potato and
other crops during 1846.

The commercial embarrassments of the year were felt from the beginning,
and continued, with more or less pressure, to the close. From the
operations of various causes, money was dear both on the European and
American continents. Early in January, so severely was this circumstance
felt in Paris, that the Bank of France applied to that of England for
aid, which was granted; but the consequence, of course, was a rapid rise
in the rate of interest in Great Britain and Ireland. This continued
until all speculative transactions were paralysed. The timely increase
in the price of accommodation by the Bank of England did much to
mitigate the evils of the crisis. These were produced by recent bad
harvests, and the failure of the potato crop. The great extent to which
railway transactions had been carried, and the consequent drainage of
capital; the wild speculations which began to prevail in France, and
were so marvellously developed in England, also conduced to the monetary
disturbance. Besides the operation of all these causes, there was an
uneasy feeling on the continent connected with political affairs, which
communicated itself to England, and made capitalists timid.

During the month of September panic pervaded the monetary and commercial
world. Failures in every branch of business in London and in the
provinces were numerous and disastrous. The following were among the
most extensive in London:--