For some time past the sages of the Money-market have
foretold that a period of great difficulty was approaching. Some, indeed, have said that the next year would not come in without a "regular panic," like that of 1825. The symptoms of danger are increasing every week in force and number. Gold continues to leave the country ; while, what with Bank of England notes, paper depending on Joint Stock Banks, and floating Exchequer Bills, there was never perhaps so much paper. moneyin Great Britain. When paper-money is in excess and legally convertible into coin, every moment is full of danger; but when the coin is going away without any diminution of the paper, then, unless the process be stopped, a crash cannot be far off. We have beard that the Chancellor of the Exchequer was long ago warned of what might be expected, and .urged to" fund" a mass of Exchequer Bills,—that is, remove so much paper. money from the overloaded market. Ile did nothing—Whig-like; and now, when the soundest commercial men dread a great monetary convulsion, he is gone or going to Ireland !
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