ful congratulations upon your elevation to the Episcopal See of Barbadoes and the Leeward Islands, and upon your safe arrival in this part of your dio cese. "We gratefully acknowledge it as a distinguished instance of our Sovereign's paternal care over his subjects in this remote part of his dominions, that he has been graciously pleased to extend to us the benefits of a resident episcopal establishment, and we hail, with unfeigned satisfaction, your Lordship's appointment as the commencement of a new era in the West Indies; when under your Lordship's zealous, but prudent superintendence, we look for a more general diffusion of religion among the various classes of our population, and for the ultimate attainment of all those advantages which have been contemplated from this measure of christian benevolence. "These confident anticipations are founded upon the concurrent testimony of our friends in England, as to those moral and intellectual endowments which combine to form your Lordship's character; they are founded also upon the signal proof you have given, by your acceptance of an office attended with so much toil and difficulty, of that devotedness of heart to the good of others, which is an earnest of success in the cause in which you have engaged. "We beg leave to assure your Lordship of the faithful and zealous co-operation of the Clergy of this island, and of the respectful deference and attention with which they will, at all times, receive such instructions as your Lordship may judge proper to convey to them, in the administration of your diocese. "May the Almighty vouchsafe to your Lordship his especial care and protection, endue you plenteously with the gifts and graces of his Spirit, and ever guide and support you in the discharge of your episcopal functions." Signed by all the Clergy of the island. present their congratulations on your safe arrival in this island. We recognize, with gratitude, the paternal care of his Majesty, in the appointment of an episcopal authority to this valuable part of his dominions. We hail it as a happy means afforded us of defeating the designs, and refuting the calumnies, of our self-interested enemies; and from the selection of a gentleman of your Lordship's high character and attainments, to fill this important and dignified situation, we anticipate for our country the incalculable benefits of an active and conscientious discharge of the pastoral office. "We assure your Lordship, that we shall be ever found willing, in our legislative capacities, to promote the interests of religion, according to the doctrines and under the government of the true church. While thus expressing their own feelings of respect and gratification, the Representative Body are sensible that they only echo the sentiments with which your Lordship's arrival has been welcomed by all classes of their constituents in this his Majesty's most ancient and loyal Colony." By Order of the House, House of Assembly, March 8, 1825. TRINIDAD. ADDRESS OF THE CABILDO. "We, His Majesty's dutiful and loyal subjects, the Alcaides in Ordinary, the Regidors, and Syndic Procurador General of the Cabildo of the town of Port of Spain, beg leave to approach your Lordship, to offer our unfeigned congratulations upon your Lordship's safe arrival in this island; and deeply impressed as we are with the importance of your Lordship's sacred mission, we cannot but admire the noble sacrifice your Lordship has made, in quitting the land of your fathers, to become the head of the Protestant Church in these islands. "We regard your Lordship's installation to the See of Barbadoes as a peculiar mark of our gracious Sovereign's paternal consideration for his faithful subjects in this portion of his dominions. And it is with feelings of the most lively interest we anticipate the manifold benefits which these colonies cannot fail to receive from your Lordship's pious labour in the cause of Christianity. "That the Almighty may long guard and protect your Lordship in health amongst us, and that the arduous duties your Lordship has been selected by his Majesty to fulfil, may be crowned with success, is the fervent prayer of those who have now had the honour to address your Lordship. (Signed) "James Cadett, First Al cade; A. Pinto, Second Alcade; Joseph Graham, P. R.; W. Roberts, P. P; George Sherlock, Regidor; Jasper Lyon; C. Got; P. Almandoz; Henry Gloster, Proc. Synd.; Henry Murray, Dep. Su. Cab." GRENADA. ADDRESS OF THE COUNCIL AND THE HOUSE OF ASSEMBLY. "May it please your Lordship, "We, the Members of His Majesty's Council, and the Representatives of the People of these islands, beg leave to approach your Lordship with an expression of the sentiments with which we are impressed on the auspicious event of your Lordship's arrival in this colony, and to offer an unfeigned tribute of that respect which is due to your sacred and exalted station. "The most lively feelings of gratitude have been excited in our breasts towards our gracious Sovereign, by so estimable a proof of his paternal regard for his subjects in this part of his dominions, in the appointment of a Prelate to superintend our religious establishment; and we highly appreciate His Majesty's wisdom in the selection of a Divine whose virtues and learning so eminently qualify him to discharge the duties of that momentous trust. "Under your Lordship's fostering care, and through the influence of your pious example, we look forward with confidence to an extension of the blessings of our religion, and to the increase of morality amongst all classes of this community. "We entreat that your Lordship will be pleased to accept our most cordial VOL. VIII. NO. 1. wishes that every happiness may attend your Lordship, and that you may hereafter enjoy the gratifying reflection, that your exertions in your important ministry have been conducive to the welfare of your fellowcreature, and merit the approbation of our benevolent Sovereign. (Signed) "Geo. Gun Munro, President. P. T.; James Hoyes, Speaker of the Assembly.” ST. VINCENT. ADDRESS OF THE HOUSE OF ASSEMBLY. My Lord, "At a time when these Colonies were oppressed by many evils, and threatened with great danger, the House of Assembly of St. Vincent received, with confidence and satisfaction, the information that His Majesty's Government had wisely determined to extend the advantages and blessings of an efficient and responsible Church Establishment to the West Indies. The nomination of an eminent and learned Divine, as the head of that establishment, is a source of additional satisfaction; and the House looks forward with much confidence, under the wise and benevolent pastoral superintendence of your Lordship, to the increase of piety, the improvement of morals,and the general diffusion of religious knowledge. Towards the attainment of such salutary and vitally important ends, you will always find the House of Assembly and the people generally of this colony sincerely and heartily concurring. And the House trusts that this great and praiseworthy undertaking, on the part of our mother country, may be received as a pledge of the interest which the Government and the unprejudiced portion of our fellow-subjects in Britain still take in the prosperity of the colonies. "The House offers your Lordship a sincere welcome, and congratulates you on your arrival in this part of your diocese. The House regrets, in common with the inhabitants, that your time will not permit of their offering other marks of the respect they entertain for your Lordship, or to evince their joy on the occasion of the colony being honoured with the I presence of the first Dignitary of the Church of England by whom it was ever visited. "JOHN DALZELL, Speaker." ST. KITT'S. ADDRESS OF THE LOUSE OF ASSEMBLY. 'My Lord, "We, the Members of the Commons House of Assembly of St. Christopher, beg leave to approach your Lordship with our warmest congratulations upon your arrival at this island, and to assure your Lordship that we are animated with feelings of peculiar gratitude to our beloved and gracious Sovereign, for the wise and salutary measure that has been adopted in establishing an episcopal jurisdiction within these colonies; and we appreciate most sensibly the Royal consideration in nominating to this high and important trust, a member of our holy religion, who is recognized, at once, as pious, zealous, and intelligent. Misrepresented as we have been, in common with our sister colonies, as regards religious and moral instruction, we will not venture to offer any opinion in refutation thereof, other than what your Lordship shall pronounce, upon a full and minute enquiry into all those establishments which exist amongst us; and we anticipate, with pride and satisfaction, that we shall be found not to have been unmindful of those christian duties which we are enjoined, to the best of our abilities, to perform. "We are, nevertheless, aware that much, in addition, may be suggested by the enlightened mind of your Lordship, for the furtherance of religious instruction to that class of our population, whose welfare and interest we have, at all times, been most anxious to promote; and we shall receive your Lordship's recommendations, upon this important and interesting subject, with peculiar gratification, disposed, as we are, to co-operate with your Lordship in effecting so desirable a measure. "We regret extremely that your Lordship's stay has not been longer, as we should have been gratified to have evinced to your Lordship the high esti mation the Assembly of this island entertain for your person and holy office. "W. WHARTON RAWLINS, Speaker." Assembly Room, June, 1825. ANGUILLA. ADDRESS OF THE COUNCIL AND INHABITANTS. "May it please your Lordship, Impressed with the most sincere sentiments of loyalty and duty to our gracious Sovereign, and attachment to our excellent constitution, and the established religion of the realm; We, the Lieutenant Governor, the Members of the Council, and principal Inhabitants of the Island of Anguilla, hail with joy the auspicious event of your Lordship's arrival in this colony, in the firm conviction, that it is precursory to the extension of the blessings of our religion, and the increase of morality and instruction in this little community. "We will not damp the happiness which the circumstance occasions, by the expression of the privations we have endured; but we will venture to hope that this is an era from which our prospects will brighten, and look up to our beloved Monarch as to a father, in whose affections we shall from this time stand higher. We feel the visit of your Lordship as a mark the most convincing of his paternal care, and the choice of the individual he has selected to perform the pious mission confirms us in our sentiments. "Your Lordship finds us poor, and requiring all your pastoral care and attention; but we beg to assure you, that our limited mite shall be cheerfully contributed to the furtherance of your benevolent object. "We entreat your Lordship's acceptance of our cordial sentiments of respect, and our best wishes for your welfare. (Signed)" William Richardson, Lieut. Governor; Benjamin Gumbs, POLITICAL RETROSPECT. COMMERCE.-Calamitous are the events in this department, which it falls to our lot this month to record. Confidence, the soul of commerce, seemed for a time to have utterly forsaken us. Mistrust and suspicion pervaded all ranks; each man dreading the result, sought to save his own property from the general wreck, and thus increased the danger and the panic. The beautiful system of commercial credit, resting upon confidence, and built up and strengthened by numerous and well-connected interests, cannot be injured in one of its members without the whole perceiving the injury; cannot be deranged in one of its parts, but the whole must be affected. Most absurd and mischievous, then, it is to suppose, that public credit can be benefited by being attacked, can be purified by a convulsion. If, however, it be supported by the wealth and neverfailing productive powers of a people, though a storm may for a time suspend its operations, it cannot destroy its energy. Great and extensive, indeed, has been the ruin which has been caused simply by the suspension of credit. Many who possessed property far exceeding the amount of their engagements, have been unable to fulfil those engagements,—and why? Because no man could be trusted. Who could calculate the depreciation of property? Who could say, that he could dispose of his pledge, and realize his capital advanced? The capitalist and the borrower are both injured by an interruption of confidence; neither can profit by the opportunities afforded him. If there be any one, indeed, so weak as to imagine, that the affairs of society could be conducted without the intervention of credit, he can have but little knowledge of the wants and business of men. It is not too much to say, that, without credit-without confidence, mankind would be a community of savages, each a solitary labourer for his own subsistence. There are two periods in our history which may be referred to, as in some respects similar to that which is scarcely passed. In 1792, the commerce of the country suffered much privation: but then the cause was apparent. We had before us an expensive war, and the minister called for new loans and taxes; our relations with Foreign Powers were either interrupted or dissolved; and, while Europe was convulsed from one end to the other, it was uncertain who should be the Governor of one of its fairest provinces. Again, in 1797, commercial credit was much shaken, and the 3 per cent. consols were as low as 46. The war had then spread far and wide; with diminished resources we were called upon to increase our exertions; and yet the termination of the struggle could not be expected. Ireland, too, amidst the general distress, exhibited symptoms of rebellion. The future historian must relate, that, in December, 1825, when the country enjoyed a profound peace; when her commercial relations with Foreign Powers were uninterrupted; when new markets were opening for the produce of her capital and industry, he must relate, that then her commerce was suspended from the failure of credit: that bank ing-houses in London, of undoubted solvency, were beset by multitudes demanding their deposits: that some of such establishments, though possessed of property far exceeding the amount of their liabilities, were compelled to suspend their payments on account of the impossibility of procuring advances on their securities, however ample: that the bills of merchants, of acknowledged credit, could not be discounted that the Government securities were much depressed in value that sales of merchandize in general could not be effected at any rate: that the alarm spread throughout the country, disarranging commercial affairs, and that many country bankers were unable to sustain the great and unexpected demands made upon them. What, then, was the cause of this violent convulsion? This it will be our endeavour to explain as concisely as possible. The interest of money depends entirely upon the average rate of the profits of capital. In an old and prosperous State like England, the profits of capital are necessarily small, comparatively speaking; in every branch of trade there is much competition, and in most of them there is but little room for improvement, so that additional capital is not required. It is evident, if the capabilities of employing capital be not increased, the profits of capital must gradually diminish as the amount of capital increases; hence the interest of money will diminish. This has been the course of events in this country since it recovered from the derangements caused by the late war. On good security, money could easily be procured at 3 per cent. and sometimes lower. Hence, then, opportunities for more beneficial investments were eagerly sought after by the capitalists. The New States of South America, having achieved their independence, solicited loans to establish and confirm their power, and to develope their resources. Such loans promised to afford about 9 per cent. interest. This opportunity was not allowed to pass, and our capitalists accordingly have advanced about twenty millions of money to those States.Again, the working of the gold and silver mines of America, which had been suspended during the struggle with the mother-country, and which could not be resumed by the independents from their want of capital, seemed to offer beneficial employment for surplus wealth. Accordingly several millions have already been embarked in this speculation. But still our capitalists were not content with the opportunities which the New World afforded for the employment of their wealth. To satisfy the craving of the public, new schemes were daily organized for the investment of capital in projects at home. Docks were to be formed; bridges built ;— canals dug ;-rail-roads made;-as if any profit could be derived by producing that for which there was no demand. But this was not all; our domestic economy was to be materially benefited by Companies. them we were to be provided with unadulterated bread, pure milk, and By clean linen. They were established no doubt on the assumption, that such things could be better managed by clerks and servants, than by a number of individuals, each entirely dependent on his own conduct and exertions for success; a manifest absurdity. The amount of capital expended upon these home projects is, perhaps, of not much importance in the general view we are taking; the majority of them are fast passing away, exciting only our surprise, we do not say, that they were supported, but that they were for a moment tolerated. The remembrance of such speculations is, however, in one respect most painful. They created a spirit of gambling which was not confined to its proper abode, the StockExchange, but which pervaded all ranks of the community, from the peer to the humblest commoner. The high and honourable character of a British merchant was sullied by par ticipation in illicit gain; the usual routine of business naturally appeared flat and unprofitable compared with the course which the folly of the people rendered it easy to pursue. That "sabbathless" pursuit of wealth, with which we have been reproached, was no longer necessary; wealth was promised to, and seemed to be within the grasp of all. But the foregoing were not the only means resorted to for the employment of capital. Many articles of commerce became the objects of general competition. Men, who possessed no knowledge either as to the supply or demand, but who knew only that large fortunes had been gained by similar speculations, rushed headlong into the market. This was particularly the case with respect to wool and cotton; but the same spirit prevailed to a considerable extent with regard to other articles. Such competition naturally raised the price abroad; such a profuse and inconsiderate supply lowered the price at home. Our imports, too, exceeding our exports, we had more to pay to foreign countries than we had to receive: the difference was of course to be paid in gold. This added to the cost of the articles. What then was the consequence ?They who had speculated largely were |