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involved in inextricable difficulties. community have been paralized in To this cause may be ascribed the every town of England, commercial commencement of our commercial credit in Scotland has not been interembarrassments. The holders of such rupted; the banks have afforded the goods, unable to find purchasers with same accommodation as usual. The out submitting to an enormous sacri banks of Scotland, indeed, from the fice, obtained advances on them from excellence of their constitution, fulfil bankers and others, till advances could every purpose of such institutions, and be obtained no longer; their credit yet possess the unalterable confidence failed, and they were ruined. The of the public. They have fostered drain of capital which had been trade, encouraged manufactures, procaused by the loans, the Mining Com moted enterprise, and supported the panies, and the speculations in colo public credit of Scotland with a liberal nial and other produce, caused a but judicious hand. scarcity of money, which began now The Bank of England has been acto be seriously felt. For credit was cused of adding to the general distress shaken. The country bankers, in par- by suddenly contracting its issues by ticular, who, with a folly which it way of discount. But we doubt the fact appears no experience will cure, had. that such issue has been contracted. assisted such speculations, and con When that bank discounted at £4 per tinued to increase the issue of their cent. while money could not be obown notes, when gold was pouring tained elsewhere under £5, and with out of the country, were exposed to difficulty even at that rate, it is not pressing demands. They had to pro- surprising that it should be overwhelmcure gold in exchange for their own ed with applications, and consequently paper. And how was it to be pro that many should be rejected. cured ? — They had, perhaps, a con The usury laws have, no doubt, insiderable part of their capital in creased the difficulty of obtaining movested upon mortgage and in the ney during the late season of privation. funds; the former could not be imme It would have been most beneficial to diately obtained, and the latter could many to have obtained a loan, as a temnot be sold without a great loss. The porary accommodation, even at 9 or 10 consequence is, banks have failed in
per cent., but the law allows only 5 to all parts of the country. He who has be given. Some might have been innot lived in a district where bankers duced to have sold stock to have adissue their own notes, can have but a vanced by way of loan, could they have faint conception of the distress which been repaid by competent interest. In such a failure occasions. The honest Hamburgh the average rate of interest labourer, who has with difficulty col is about 4 per cent., but in times of lected his little rent, finds that his temporary distress it has risen to 12 hoard is worthless. The business of and 14 per cent., and there can be no the petty dealer, whose customers pos doubt but that the total ruin of many sess no credit, is seriously interrupted. is prevented by the advantages which But it is useless to particularize-all the freedom of interest affords. The feel the shock. When we consider the existence of the usury laws in this enfrequent recurrence of such disasters, lightened age, is another instance of it is impossible not to be surprised at the apathy of the commercial world. the apathy of the people of England, An adherence, indeed, to a fixed rate in not calling importunately upon the of interest, is a thing so palpably ablegislature to abolish such pestiferous surd, that it is surprising any can be monopolies. It is indeed surprising, found to advocate it. The wants of with ihe example of Scotland before mankind may ebb and flow; profits our eyes, that strenuous exertions are may vary from one extreme to another; not made to obtain the same banking but the value of money, which depends system as she has; a better proof of upon the urgency of those wants, and its superiority could not be adduced, the extent of those profits, is to remain than the undoubted fact, that during the same! The defenders of this systhe late season of alarm and distress, tem urge the antiquity of the law, and in which the exertions of the trading the wisdom of our ancestors. With
out pretending to impugn that wisdom, written the foregoing in the past tense; we may observe, that this argument is for we trust that the panic and distress, seldom deserving of attention; for we have attempted to describe and such are the variations in human affairs, account for, are pust. Confidence is and all laws are intended for exist in a great measure restored; but some ing circumstances,-that we can never time must yet elapse before commerce be certain that our ancestors would will resume its usual course. The have thought that law, which they re large stocks of goods which have been commended in their own day, fit for accumulated will gradually find a the age in which we live. But in the market, though at very reduced prices; present case the argument is most un --the original speculators paying the happily chosen; for when the statute forfeit of their property for their imwhich assigns 5 per cent. as the limit prudence. The supply will thus beof legal interest was passed, the market come equal to the demand, and trade rate was about 4, and the legal rate will be relieved from the burden which was fixed at 5, on the very ground that oppresses it. We have indeed nothing the legal rate should be above the mar to fear. So long as Great Britain is ket rate. To have been consistent, blessed by Providence with peace, and then, these sticklers for the wisdom of is governed by honest and enlightened our ancestors, should, when the market men, the indestructible energies of her rate of interest reached 5 per cent. dur people will triumph over every diftiing the late war, have endeavoured to culiy, and will bring back the nation have had the legal rate raised to 6. to a stale of security and prosperity.
It will be observed, that we have
UNIVERSITY AND CLERICAL INTELLIGENCE.
DOCTOR IN DIVINITY.
MASTERS OF ARTS.
BACHELORS OF ARTS.
DOCTOR IN CIVIL LAW.
Professor of Common Law, Grand Com,
MASTERS OF ARTS,
BACHELORS OF ARTS.
DOCTOR IN DIVINITY.
DOCTOR IN CIVIL LAW,
MASTERS OF ARTS.
BACHELORS OF ARTS.
Palmer, John Nelson, St. John's Coll. The funds of the Public Library are to Grand Compounder.
be increased by a quarterly contribution of Palmer, William, St. Mary Hall.
one shilling and sixpence from each member Parry, John, Brasenose Coll.
of the University, excepting Sizers. Pilkington, Roger, Exeter Coll.
The 6th regulation of the previous examiRiddell, Thomas, St. Edmund Hall.
nation was rescinded, and the following Sale, Thomas, Demy of Magdalen Coll. substituted : Smyth, George Arthur, St. Edmund Hall.
That every person, when examined, shall December 1.
be required, Charles Bellamy, Esq. B. C. L., Fellow (1) To translate some portion of each of St. John's College, was unanimously of the subjects appointed as aforesaid : elected Vinerian Fellow of Common Law. (2) To construe and explain passages of The Rev. Charles John Meredith, B. A.
the same : was elected Fellow of Lincoln College.
(3) To answer printed questions relating James Garbett, M. A. was elected Fellow to the Evidences of Christianity. of Brasenose.
The examination was put under the December 2.
superintendence of the Pro-Proctors for the James Dayman, B. A. was elected Fellow time being, and an additional day allowed. of Corpus Christi College.
Charles Eckersall, M. A., of Corpus
Mr. Hughes of Emmanuel College was The subjects for the Chancellor's Prizes appointed an Examiner for the Classical for the ensuing year are
Examination in January, instead of Mr. Latin Verses-Montes Pyrenæi.
Law of St. John's College. Latin Essay - Quibus præcipue de Mr. Warren of Jesus College, Mr. causis, in artium liberalium studiis, Ro Chevallier of Catharine Hall, Mr. Hughes mani Græcis vis pares, ne dum superiores of St. John's College, Mr. Ramsay of evaserint.
Jesus College, Mr. Fennell of Queen's English Essay-Is a rude or a refined College, and Mr. Porter of Christ's College, age more favourable to the production of were appointed Examiners of the Questionworks of fiction ?
ists in January next. Sir Roger Newdigate's Prize—Trajan's
December 22. Pillar.
A Grace passed the Senate, “to affix the Theological Prize, instituted June 2,
University Seal to a letter addressed to Sir 1825—The operation of human causes only John Richardson, requesting him to dewill not sufficiently account for the propa termine, after hearing Counsel, the manner gation of Christianity.
in which the Professors of Mineralogy,
Botany, and Anatomy, are in future to CAMBRIDGE.
be elected." Degrees conferred December 7.
Sydney Gedge, Esq. B. A. of Catharine DOCTOR IN PHYSIC.
Hall, was elected a Foundation Fellow of Seymour, Edward J. Jesus Coll.
that Society, BACHELOR IN DIVINITY.
The Rev. Wm. Clarke, M. A., Professor Faulkner, Rev. R. R., St. John's College, of Anatomy, is elected a Senior Fellow of Compounder.
James Bailey, Esq. M. A. is elected Cornwell, William, Jesus Coll.
Master of the Perse Grammar School. Rawson, Thos., Trinity Coll. Compounder. The subject for the Vice-Chancellor's BACHELORS IN CIVIL LAW.
English Prize this year is—Venice.
Burton, T. M. A. of Rastrock, to Mrs. BACHELORS OF ARTS.
J. P. Tudway, Esq. M. P.
Duncomb, Edward, to Susan, daughter of Powley, William, Jesus Coll.
the late Rev. C. Mainwaring, of Otely December 7.
Park, Shropshire. Professor Starkie, Mr. Tindal of Trinity Francis, Philip, M. A. to Eliza, second College, and Mr. Alderson of Caius College, daughter of Guy Lloyd, Esq. were appointed Counsel to the University. Gilly, W.S. M. A. Rector of North Fam
MASTERS OF ARTS.
bridge, Essex, to Jane Charlotte Mary, Hayman, Henry, B. A. of Wilton. only daughter of Major Colberg.
Heyes, J. L. Rector of Bushey, Herts, Hatton, Daniel Heneage Finch, to Lady
aged 63. Louisa Greville.
Hoit, Geo., Rector of Broughton, Wellow, Hawks, Wm., Rector of Gateshead Fell, to and Staunton, Nottinghamshire.
Anna, eldest daughter of J. Crosier, Esq. Johnson, William, Vicar of Bilsby, LincolnOwen, E. Pryce, Vicar of Wellington, to shire, aged 25.
Miss Darby, only daughter of the late Kelly, H. Vicar of Bishop's Burton, YorkS. Darby, Esq. of Coalbrook Dale.
shire. Perceval, Hon. Arthur, to Charlotte Ann, Lamb, Matthew, Rector of Eydon, North
he eldest daughter of the Hon. and Rev. amptonshire. Augustus George Legge.
Norris, Thomas, M. A. Rector of Harby, Stratton, Joshua, M. A. Minor Canon of and Vicar of Granby cum Sutton, aged 55. Canterbury, to
Susannah, youngest Orman, Nicholas, Vicar of Great Barton, daughter of Mr. W. Head.
Suffolk, aged 67. Whyley, G. E. M. A. Vicar of Eaton Bray, Plumptre, Jolin, D. D. Dean of Gloucester,
to Jane, daughter of M. Morrah, Esq., and Vicar of Stone and Wichenford, Young, B. B. A. of Watling, Sussex, to Worcestershire, aged 71.
Elizabeth Susanna, eldest daughter of Powys, Littleton, Rector of Thorpe ApJohn Holloway, Esq.
church, aged 79.
Poyntz, Newdigate, B. C. L. Rector of CLERGYMEN DECEASED.
Rector of East Thorpe, Essex, aged 69. house, aged 40.
School, aged 70.
Stedman, Thos., M. A. Vicar of St. Chad's, Deane, Richard, Rector of West Harling, Shrewsbury, aged 79. Norfolk, aged 83.
Thomas, Thomas, B. D. Rector of Isham, Forby, Robert, Rector of Fincham, Norfolk, Northamptonshire, aged 85. aged 66.
White, Sampson, M. A. Rector of Maidford, Gabbitas, W. M. A. Rector of Rodmill and Northamptonshire, and Vicar of Uphaven,
Oving, and Prebendary of Chichester, Wilts. aged 49.
Wingfield, John, D. D. Prebendary of Hayter, Geo. Gerrard, Rector of Compton Worcester and Rector of Bromsgrove. Bassett, Wilts, aged 73.
Wisdome, T. Rector of Timsbury.
NOTICE TO CORRESPONDENTS. A Correspondent inquires of us, in reference to a passage in our review of Mr. Lloyd's “Inquiry, &c.” (pp. 639, 640,) whether we intend thereby to express our approbation of extempore preaching. The question surprised us not a little, for we had no idea that such a construction could be put on that passage. For his information, however, we answer decidedly, NO. We are sure that if extempore preaching were adopted at large among our Clergy, or to any extent, it would tend to the deterioration of gospel truth and gospel piety. This is enough for us to say in this place on the subject. On a future occasion we may give our reasons for such an opinion. The only drift of the passage in question, as far as extempore preaching is concerned, is to inculcate that we are not necessarily to conclude against the ministerial usefulness of a Clergyman because he is an extempore preacher. An equitable consideration of such a nature is quite consistent with an abstract hostility to that mode of preaching.
The lines of Benevolus and Philochrestus have been received.
We presume that the writer on the subject of Church Music is the same as the “ Constant Reader" who addressed us on that subject some time ago. That, however, is the only communication which has reached us from him. So far from making light of the subject, we consider it of very great importance, and shall be glad to hear what he or any other correspondent may have to say on it.
The wish of Clericus Hantoniensis is quite in accordance with our plan and wishes. The omission has been only accidental amidst the pressure of other matter. At the same time we are influenced in great measure in regard to the reports in question, by scruples as to their authenticity and accuracy, their entire value depending on these points.
We hope to take up the subject of clerical visitation to a penitent criminal under sentence of death in our next, and to satisfy the inquiries of our correspondent, who requests our opinion respecting it.
REVIEW OF NEW PUBLICATIONS,
Discourses, preached before the University of Cambridge. By the
jealous eye the progress of what are called " rational" opinions in religion, in this country. The pretensions made to that distinctive appellation, we have always regarded as most absurd and unwarrantable. To whatever distinction Unitarianism and the kindred forms of misbelief may lay claim, we cannot conceive the smallest ground on which they can pretend to that of being peculiarly or exclusively rational. If indeed the title of rational be fairly conceded to any system in proportion to the loudness of its clamours in favour of the pre-eminence of reason, or of any illusion claiming the name of reason, then indeed we might admit that the system of explaining away and softening down every scriptural truth, until it is brought to the level of some low conception of an ill-disciplined mind, is a rational system. And if the principle of rejecting or discrediting facts, because they may stand in the way of a favourite hypothesis, be a part of true philosophy, then we may assign to Unitarianism and the schemes of similar character, the name of philosophical speculations.
But, however improperly the distinctive title may be assigned, the system which assumes it is one of the most dangerous and insidious character. We are accustomed to view it merely as displayed in the fantastic reveries of Unitarianism : but it clearly admits, and has in fact received, a much more extensive application. We are persuaded that, even in our own country, the application of it is carried to a much greater extent than many seem willing to believe; that there are large numbers, especially among that numerous class who have received a certain degree of liberal education, who, though not openly professing Unitarianism, are carried away with the flattering idea, that they can reduce religion to a rational system, without impairing its practical essentials, and thus set themselves above the prejudices of the vulgar, without any glaring offence to public decency and established institutions. At the same
VOL. VIII. NO. II.