l a portion of the public, and were desirous to
retrace their steps as soon as they could do so with a good grace,
for before a month had passed measures were taken to that effect. The
following letter was addressed by the cabinet to the governors of the
Bank:--

"Her majesty's government have watched with the deepest interest the
gradual revival of confidence in the commercial classes of the country.
They have the satisfaction of believing that the course adopted by the
Bank of England on their recommendation, has contributed to produce this
result, whilst it has led to no infringement of the law. It appears,
from the accounts which you have transmitted to us, that the reserve of
the Bank of England has been for some time steadily increasing, and now
amounts to L5,000,000. This increase has in great measure arisen from
the return of notes and coin from the country. The bullion exceeds
L10,000,000, and the state of the exchange promises a further influx
of the precious metals. The knowledge of these facts by the public is
calculated to inspire still further confidence. In these circumstances
it appears to her majesty's government that the purpose which they had
in view in the letter which we addressed to you on the 25th October has
been fully answered, and that it is unnecessary to continue that letter
any longer in force."

The harvest of 1847 was such as to restore confidence in some degree,
and from that and other causes, especially the cessation of all
speculative undertakings, money became easier. The government, however,
claimed credit for their plan, which, in the opinion of so many
qualified to judge, did more harm in some directions than it did good in
others. If the number and magnitude of the different commercial failures
were to be taken into account, there appeared as much necessity for the
government measure when it was withdrawn, as when, twenty-eight days
before, it was introduced. The following were announced to the end of
November:--

IN GLASGOW. Liabilities.

Campbell of May......................... L600,000

A. and J. Bournie...................... 200,000

IN LIVERPOOL.

Ashburner ............................ 30,000

Napier of Camlachie..................... 40,000

IN NEWCASTLE.

Carrand Co.............................. 70,000

IN MANCHESTER.

David Ainsworth ........