f the greatest
magnitude can communicate; but when that event was followed by a series
of continental revolutions, destroying the old European system, and
convulsing nearly all the great monarchies, commercial affairs were
nearly paralysed. The threatened disturbances in Ireland, and the
chartist agitation at home, aggravated the evil effects which so many
other causes produced. Banking accommodation was extremely difficult of
attainment, and the funds fell very low. About the end of March affairs
assumed some hopefulness, and the funds rose; but so many events crowded
on in rapid succession, like dark clouds impelled by the storm, that
these encouraging indications were checked. Still, public confidence in
the stability of British institutions sustained public credit, and the
disturbed state of other countries likewise caused the investment of
capital in England to a surprising extent, keeping up the funds,
and extending commercial transactions. As soon as the great chartist
demonstrations of April were over, and the safety of the government
placed beyond doubt, monetary and mercantile matters rapidly
improved; and although English merchants and bankers suffered from the
fluctuations of credit on the continent, yet the security of England
reacted upon all European commerce, and caused the continental losses of
our capitalists and traders to be far less than could have been expected
in a season so politically tempestuous.

THE COBDEN TESTIMONIAL.

Soon after the repeal of the corn laws, it was resolved by certain
friends of that measure to give Mr. Cobden a testimonial of national
gratitude for his services. The public knew his deserts, but they did
not know that he had consumed his fortune in their behalf. The business
of Mr. Cobden was that of a calico-printer, which he carried on in
the neighbourhood of Manchester. By the excellence of his colours, his
execution, and the novelty and good taste of his patterns, he created
a vast and distinctive trade, which he necessarily neglected while
conducting the agitation against the corn laws; and the result was
perilous to his business and ruinous to his purse. Viewed in this
respect the national testimonial was but an act of justice, apart from
any consideration of the great services which he rendered to the cause
of free-trade. None but those immediately cognizant of his efforts could
conceive his herculean labours to promote the repeal of the corn laws.
His eloquen