TOPICS OF THE DAY.
A FEW FACTS ON THE "STATE OF THE NATION."
Tuts time last year the state and prospects of the country occa- sioned universal uneasiness : in what respect have they itnproved? Last year's causes of alarm were—the stagnation of trade, the small stock of bullion in the Bank of England, the expectation of a deficient harvest, and the unsettled state of Foreign and Colonial politics. Commerce is certainly not more thriving in 1840 than in 1839, Merchants, manufacturers, bankers, and all who depend upon these classes of capitalists for support, speak in the same tone of de- spondency. We might fill columns with reiterations of their com- plaints.
The Bank of England returns, from the 2d of April to the 25th of' June 1839, gave the stock of bullion at 4,344,0001.; and the table published last week for the corresponding period of 1840, showed an increase of only 00,0001.—the figures being 4,43=1,0001. To meet a large demand for bullion, the Baulk is therefore almost as unprepared now as then.
This, however, would not be so material could we look with con- fidence for an abundant harvest. On this point we are at issue with the .,Thirtting Pus! ; but the continued rise in the price of wheat, the unsettled state of the weather, and the general tent= of the accounts from the provinces, confirm our apprehension that the crops are in jeopardy, and that the yield will fill' below an average. The Mark Lane price of " superfine " wheat on July 5th 1839 was 74s. ; yesterday it was 78s.—the price of inferior qua- lities was 3s. higher than last week. The average in 1839 was 69s. 4d.; and it is now 67s. 7d. Under these circumstances, large purchases of foreign wheat will probably be made, and paid for in gold. The consequences of this operation must be the same as heretofore—pressure upon all classes of society, but especially on those engaged in manufhetures and commerce.
Colonial and Foreign politics are in the same unsatisfactory con- dition. Little or nothing has been done towards settling the Eastern question ; and though the Jamaica planters are pacified, the Colo- nial Office has contrived to get into an ugly quarrel with the proprietary of Demerara. The state of the West Indies gene- rally is calculated to excite serious apprehension ; and as for the North American Provinces, the most sanguine anticipate a long season of difficulty and dispute with the Mother-country, to end in separation. An extended empire in India and a " great war" with China arc only maintained by the grievous taxation of our impoverished subjects in the East. If in relation to the various points we have touched our con- dition and prospects are not more cheering than last year, in some respects they are worse. The distress of the Irish peasantry, and of the working people in the large towns of England, was never so severe in summer ; and just at this time it has been found neces- sary to increase the imposts on most articles of consumption, and to exact more rigid payment of the assessed taxes. There are se- veral indications of the (dissatisfaction occasioned by this annoying process.
Meanwhile, the Government and the House of Commons sink lower in the public estimation. The deplorable want of capacity for business daily becomes more striking ; and many weeks are de- voted to party strife by men who defeat by clamour every attempt to procure a discussion of the " condition-of-England question." It is partly because this question receives no attention in Parliament, and that the newspapers generally avoid matters so distasteful to the classes they address, that we have thought it useful to bring a few filets together tending to exhibit the actual state of affairs. To our minds they suggest considerations quite as interesting as the atrocities of foreign valets and crackbrained potboys.
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