from the laying of the first stone, if he could foresee, that in the instruction to be given in the building, there would at any future time-at present there is no danger of it-be a departure from those properties of our system, in doctrine, in discipline, and in worship, which in the sixteenth century were cleared from superstition by the leaders in the English Reformation,-were brought to the Colonies by the early emigrants of the Church of England,were recognized by us in the organization of our American Church,-and, under the influence of the grace of God, have been persevered in by us to the present day.

"These principles will be in the mind of him who now presides, when, agreeably to the office committed to him by the Trustees, he shall lay his hand on the stone before him, accompanying the gesture with the saying of Scripture Other foundation can no man lay, than that is laid, which is Jesus Christ.' Also, there is taken the liberty of requesting every person present, at the repetition of those words, to put up a mental prayer to the Bestower of all good, so to govern the minds of those who now, or who may hereafter, superintend the studies of the Institution, as that they may furnish the gold, the silver, and the precious stones of sound doctrine, to the exclusion of the wood, the hay, and the stubble of human imperfection; and that the labours to be here bestowed may endure the fire of that great day, which shall try every man's work of what sort it is.'

"Under the influence of this sentiment, let us call on God for his blessing on our present undertaking.

"Our Father, who art in Heaven, Hallowed be thy Name; Thy Kingdom come; Thy Will be done in Earth, as it is in Heaven; Give us this day our daily bread; And forgive us our trespasses, as we forgive those who trespass against us; And lead us not into temptation; But deliver us from evil: For thine is the Kingdom, and the Power, and the Glory, for ever and ever. Amen.

“O Almighty God, who hast built thy Church upon the foundation of the Apostles and Prophets, Jesus Christ

himself being the head corner-stone; grant us so to be joined together in unity of Spirit by their doctrine, that we may be made an holy temple acceptable unto thee, through Jesus Christ our Lord. Amen.

'Almighty and everlasting God, by whose Spirit the whole body of the Church is governed and sanctified; receive our supplications and prayers, which we offer before thee for all estates of men in thy holy Church, that every member of the same, in his vocation and ministry, may truly and godly serve thee, through our Lord and Saviour Jesus Christ. Amen.

"Almighty God, who showest to them that are in error the light of thy truth, to the intent that they may return into the way of righteousness; grant unto all those who are admitted into the fellowship of Christ's religion, that they may avoid those things that are contrary to their profession, and follow all such things as are agreeable to the same, through our Lord Jesus Christ. Amen.

"Most gracious God, who, by thy blessed Son, didst command the Apostles, and, in them, a succession of pastors to the end of time, to 'go into all the world, and preach the Gospel to every creature;' we implore thy blessing on all endeavours for the supplying of thy Church with faithful and able ministers. Especially we commend to thy fatherly care the Seminary, on the concerns of which the Trustees, the Professors, and the Pupils, are here assembled in thy name and presence. May the hearts and the hands of thy people be open in liberal supplies for the carrying of all the laudable designs of the Institution into effect; and may all employed in its concerns be protected by thy providence, guided by thy grace, and have an abundant blessing on their labours. Prosper, we beseech thee, the work to be this day begun, with the view of its being hereafter appropriated to study and devotion; and may all who shall be here employed, be protected in the dangers incident to their respective occupations. Finally, we pray that in this, and in all our doings, we may seek thy glory, through Jesus Christ our Lord. Amen."

COMMERCE.-Treaty of Commerce and Navigation between France and Great Britain. This treaty relates only to the shipping of the two countries, and not to their produce or manufactures. Its object is, to place the shipping employed in the intercourse between the two countries, on the same footing. Thus a French ship is only to be liable in a British port to the same charges as a British ship, and vice versa. All merchandize, which can be legally imported into Great Britain from France, may be imported in French vessels on payment of the same duties which British vessels are subject to, and vice versa. All merchandize which can be legally exported from either of the two countries, shall pay the same duties on exportation, whether it be by French or British vessels, provided they respectively proceed directly from the ports of the one to those of the other. Similar provisions are adopted with respect to the Colonies of the two countries. This treaty, it will be observed, is founded on the basis of reciprocity, neither party seeking to obtain from the other an advantage which it is unwilling to give. The golden rule of morality has at length been adopted in diplomacy. And is not this the best means of ensuring the friendship of nations? For if a country, by the skill of its negociator, obtain an advantage over another, is such a treaty observed longer than necessity obliges? Is it not the origin of envyings and hatred, and does it not inevitably lead to war? In a reciprocal commerce the field is open, and that nation which possesses the most skill and industry, will reap the greatest benefits.

A Treaty of Amity, Commerce, and Navigation between Great Britain and Colombia. This treaty is more general in its objects than the preceding, for it is to be the basis upon which the extensive intercourse, already established between the countries, is to be carried on. The inhabitants of either country residing in the other, are to enjoy the most complete protection for their persons, their property, and their commerce, subject only to the laws of

the State in which they live. And particularly" the subjects of his Britannic Majesty residing in the territories of the State of Colombia, shall enjoy the most perfect and entire security of conscience, without being annoyed, prevented, or disturbed, on account of their religious belief. Neither shall they be annoyed, molested, or disturbed in the proper exercise of their religion, provided that this take place in private houses, and with the decorum duc to divine worship, with due respect to the laws, usages, and customs of the country." Provision is also

The

made for the burial of the dead. Colombians may exercise their religion here, agreeably to the established system of toleration. We have great pleasure in referring to the thirteenth article. "The Government of Colombia engages to co-operate with his Britannic Majesty, for the total abolition of the Slave Trade, and to prohibit all persons inhabiting within the territories of Colombia, in the most effectual manner, from taking any share in such trade." It is provided, that between the two States there shall be "a reciprocal freedom of commerce." The vessels of both are to be subject in the ports of either to the same duties. With respect to exports and imports, each is to be allowed by the other the same privileges as are allowed to the most favoured nation.

THE CURRENCY.-There are few periods in our history, in which the deliberations of Parliament have been more anxiously watched than in the present. Great distress prevails in the commercial world; credit scarcely exists. All have been anxious to learn the causes which induced the widespreading calamity which has befallen this country; to know what remedy the Legislature would devise, if not to alleviate the present, yet to prevent the recurrence of similar distress. Over-trading is generally assigned as the cause; the madness with which all classes rushed into the market to become purchasers. But, then, the question recurs, did any thing contribute to feed this passion for specula

tion? Did not the Banks in all parts of the country, by too great freedom of discount, contribute to it? We think it impossible to say they did not. This confidence of the Bankers no doubt arose from the general prosperity of the country; our manufacturing and agricultural interests flourished, and the prospect of new markets in the Western Hemisphere gave a fresh stimulus to our commerce. If this be a correct view of the subject, it is plain, no measures of Government could remove the cause of our embarrassments; for it exists in the energy and enterprise of the people. So long as we are a commercial nation, we must be subject to such reverses. Commerce cannot exist without enterprise, and enterprise is not always calculating and prudent. But although it be impossible to bind down the commercial spirit of the country by certain rules, and to restrain it within certain limits, yet it is possible, in some measure, to protect the poorer classes amidst the general calamity: and this has been the object of the recent measures of the Legislature. It is clear that paper money is indispensable in the present state of commerce, and it is true, as a general proposition, that a currency, at all times payable in gold, cannot be injurious. But the circulation of 17. and 21. notes is an exception. And why? Because they circulate amongst poor and ignorant people, who are not always free agents in their dealings; who are not free to take or refuse the notes offered to them. For great must be their distress when their little hoard -the produce of their labour, the provision for illness or old age-is rendered worthless by the failure of a bank! But, besides the occurrence of such misery as this, there is another reason, which concerns all classes, why 17. and 21. notes should not be allowed to circulate. Such a currency is, of all things, most likely to produce a panic, even if no reasonable grounds exist for apprehension. Whenever the least whisper of the insecurity of a bank is heard, the poor man, trembling for the safety of his little store, is, naturally enough, the first to be terrified by it; his first feeling is, of course, a desire to exchange his notes for gold; and thus is commenced that panic, which,

wherever begun, becomes contagious, and spreads with rapidity through all ranks. The principle of the measure of withdrawing the small notes from circulation at the expiration of three years, has been not much objected to. The opposition has been as to the time which ministers have chosen to carry the measure into effect. This period, however, has been thought, by the majority, to be extremely favourable; for the circulation of the country banks is at present much smaller than usual: should, therefore, the announcement of the measure cause a run, the bankers will be less inconvenienced by it, than they would be at another time; and there is reason to suppose, that if the announcement of it now had such an effect, the announcement of it at another period would have a similar effect. Besides, the nation is now so thoroughly convinced, by the late disasters, of the propriety of such a measure, that it is anxious to have it carried into effect. If it were deferred till a season of prosperity, we should be told to leave well alone; that speculations were often dangerous, and always deceitful; that we were well as we were, and why should we try any new schemes to improve what was evidently good? We should be told, that we ought not to depart from that rule, which with our ancestors was held sacred-" learn to know when you are well; if you try to be better, the chances are that you will be worse." And in any future season of difficulty and embarrassment, we should be told to put off the cousideration of such a measure, until better times should render its accomplishment more easy, and its beneficial effects more certain.

It is vain and idle to consider the measure as a remedy; it may prevent much misery hereafter, but it cannot remove the present distress. Ministers have been solicited to issue exchequer bills, and have refused; but they have empowered the Bank of England to buy up the exchequer bills in the market. Time, indeed, seems the only effectual remedy. The disease has taken too powerful a hold of the constitution to be driven out instantaneously, and we fear the shock must be borne-it cannot be avoided

the circle of mercantile distress must be completed, however extensive it may be. We trust it has now passed two-thirds or three-fourths of its revolution; but a week or a day may alter the prospect. Commerce is in the state of an earthquake. Every man stands still, looking aghast at his neighbour, and wondering whom the convulsion will next overthrow. The issue of exchequer bills would apparently remove, in some measure at least, the present difficulties; but ministers, with a firmness and a disregard for popularity, which, whatever view may be taken of the subject, is highly creditable, have resolutely refused. They refuse to make a precedent for that which is certainly objectionable in principle; and they distinguish the present case from those in which such relief has been granted. We must look, then, to other sources for relief. The low price of all commodities, caused by the great accumulation, will bring purchasers from abroad, while the actual consumption in this country will cause a demand. This is a slow

OXFORD.

Degrees conferred February 3.

BACHELOR IN DIVINITY.

Miller, Rev. Robert M. Wadham College.

Feb. 4.

DOCTOR IN DIVINITY.

Miller, Rev. Robert M. Wadham College.

DOCTOR IN CIVIL LAW.

Worsley, Rev. Henry, St. Mary Hall.

DOCTOR IN MEDICINE.

Wootten, John, Balliol College.

BACHELOR IN CIVIL LAW.

Lascelles, Hon. Edwin, Fellow of All Souls College.

MASTERS OF ARTS.

Irvine, Robert, Magdalen Hall.

West, Rev. Joseph, Chaplain of New Coll.

BACHELORS OF ARTS.

Bosanquet, H. F. Balliol College.
Freeman, John, Balliol College.
Hodge, Henry Vere, Exeter College.
Lambert, William George, C. C. College.
La Trobe, John Antes, St. Edmund Hall.

Matthews, James Pardoe, Wadham College.
Neville, William Latimer, Queen's College.
Parker, Henry, Worcester College.
Parr, Samuel, Exeter College.

Percy, William, Exeter College.
Robinson, John, Brasenose College.
Seagram, Charles, Brasenose College.

Small, Nathaniel Pomfret, St. Mary Hall.
Talbot, Hon. A. C. Christ Church.
Terry, Charles, Jesus College.

Trueman, Edward, Worcester College.
Walpole, Thomas, Balliol College.
Wheeler, Daniel, St. Edmund Hall.
Wools, Charles, Pembroke College.

Feb. 16.

MASTERS OF ARTS.

Bowen, Rev. J. St. V. Brasenose College. Cerjat, William Woodley, Trinity College, Grand Compounder.

Childe, Rev. George, Magdalen Hall. Grove, Rev. C. H. University College, Grand Compounder.

BACHELORS OF ARTS.

Butcher, Mark Grigson, Brasenose College.
Kenyon, Hon. Lloyd, Christ Church.
Roy, Edmund, Pembroke College.
Wright, R. J. W. Trinity College.