authority; and, in proof of this, he chose his disciples from the lowest of the people, as if to convince them that no human arts could possibly be employed in establishing the doctrines he taught. Then again, on a comparison of doctrines,with what subtle contrivance did the impostor Mahomet address his preaching to the prejudices and passions of his hearers. He was a man of profound penetration; he had travelled much, and marked the peculiarities of different sects; his own nation was without an established religion; and, by inventing a creed which admitted the authority of the Jewish and Christian dispensations, he sought to bring over to his party the believers in those Holy Scriptures from which he found it convenient to pillage a large portion of the Koran. He saw his countrymen grossly addicted to sensual pleasures.. These, therefore, he fully sanctioned, both by his precept and by his profligate example; and he promised such as the eternal reward of their fidelity to him, captivating their loose imaginations by the most obscene picture of the joys of Paradise. How glaring is the difference between false and true religion. Our blesed Lord and his Apostles set themselves in direct opposition to all such depravity; Jesus demanded the absolute surrender of the will to God. He would permit no compromise with sin. "Repent and believe," were the first words with which he addressed his hearers, and these were the inseparable terms upon which he would consent to admit them as his disciples. All who would enter the service of Christ were required to part with those darling sins in which they habitually indulged, as the condition upon which they would be received; nor would he give credit to any professions of faith, unaccompanied by these tokens of sincerity.

Wherever the Gospel was preached by his Apostles, it was directly opposed to the reigning idolatry and prevailing vices of those nations. It was preached in the very teeth of public opinion. In the refined and powerful cities of Athens and Rome, where a false philosophy and a depraved idolatry had united to sanction the grossest impurities, the inspired preachers of the Gospel boldly attacked the prevailing superstition and corruption. The power of the Spirit controlling the minds of these holy men, prompted their eloquence and animated their courage. The gracious purposes of Divine Wisdom were thus accomplished by the ministry of the humblest instruments. Twelve illiterate fishermen and mechanics converted the world.

We think some general information relative to the Funds may prove acceptable to our readers; for we have often had occasion to remark the profound ignorance of many otherwise well-educated people on this important subject, and have been surprised at the indifference with which it is treated by those who would be ashamed to be found unacquainted with affairs of much less concern to the national welfare, ha

The Funds are the debt due by the nation to individuals, who lend their money for its service, under an engagement, on the part of the public, to pay them a certain rate of interest on such sums borrowed, so long as they may be required for the use of the State. This money is not lent to the Government, but to the People. Every one, therefore, who lends his money in this manner looks to the nation at large for his security.

The debt of the nation is precisely of the same character with the debts of individuals. If a man's expenses are greater than his income, he is often induced to borrow money, with the hope of repaying it when his expenses are lessened, or his income shall be increased. For the use of this money the creditor commonly receives 57. a year for every 100%. so lent; and this is the highest rate of interest the law allows. The income of the nation has often fallen short of the expenditure, ,particularly during war, when the fitting out of fleets and armies adds greatly to the ordinary expenses of the State. The revenue, or income of the nation, arises chiefly from taxes; but when these taxes do not produce enough to meet the public expenses, the ministers who manage the affairs of the nation, in the name and by the authority of the King, rather than lay on additional taxes to make up the sum wanted for the year, have sometimes thought it better to borrow the money of any who would be disposed to lend it, with a hope that this debt might be paid off at a future time. On such occasions it is said Government requires a Loan." As it would be impossible to collect all the money,' in small sums, from the public, persons who have the command of large resources come forward to advance the whole which is wanted. They bid against each other, and the Minister takes the lowest offer. As the sums thus lent amount to several millions, it would be highly inconvenient to any number of partners to be out of their money for a long period; they therefore dispose of it to others' who may be willing to

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take it off their hands; and thus all persons (if they are willing to give thero price demanded) may become creditors of the nation for such sums as they choose to employ in this manner. If the price paid be greater than that given by the contractors for the loan, it is said to be at a premium; if lower, at a discount. This does not always show that the original bargain with Government has been good or bad; for the value may be affected by the plenty or the want of money in the market, or by other causes. The portions of the loan thus sold are known by the name of Omnium, a word which implies the union of the different species of stock in which the loan is commonly negotiated. When loans are so raised, an engagement is usually entered into by the Government to repay the amount at a fixed period; but, if this be found impracticable, sometimes another loan is opened to pay off the first, or else the creditors consent to have the amount added to the standing debt of the nation, when it becomes "Stock," and then it is said to be funded; "the Funds" or "the Stocks" being different names for the National Debt.

When the loan is funded no engagement for the repayment is given to the public creditor. All the nation undertakes is to pay interest on the sum lent. It is merely an annuity to the holder, and is expressly so called in the stock receipt; but, though it may be paid off at any time the Government thinks fit, the creditor has no right to demando the principal so long as the interest is paid. nsol star

Although money in the Funds is only a perpetual annuity, the cré-b> ditor may transfer to another the property so invested; and this gives a occasion to the buying and selling of stock. When a person wishes too dispose of the whole or any part of his property in the Funds, he can only do so by getting another to stand in his place, as one of the credi-}{ tors of the nation, and his name is then entered upon the books at the ar Bank, specifying against it the sum thus transferred. As a private i person might not readily meet with one who was disposed to deal with...{ ̧ him upon his own terms, the transfer of stock has become a distinct ⠀⠀ profession. People called Stock-Brokers are always at hand on sucht! occasions, who make it their business to bring the parties together.v They charge a small commission for their trouble. These, however, Į are not officers of the Bank, nor are their services indispensible, u though, from their knowledge and experience in such affairs, strangers derive great accommodation.

There is another description of persons, called "Stock-Jobbers," t who may be described in plain terms as gamblers in the Funds. Their transactions are a sort of wager one with another as to the rise and falle of stocks. They do not actually transfer stock, but they buy and sellma "for time;" that is, an engagement is made to deliver so much stock A on a given day, at a fixed price; and when the time arrives, the dif» A ference between the then price of stocks in the market and that pledged) by the buyer is paid by the loser. This immoral traffic gives occasion 95 to much of the false news circulated in London. The temporary reportıq a great victory will raise the price, and thus benefit one party; {

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while an unfounded rumour of some great public misfortune may secure, a large profit to another. The price of Stocks (that is, the money to be paid by any one for getting his name written down in the books of the Bank certaill amount of stock, instead of another,) is regulated, like any other article for sale, by various considerations. If there be a great number desirous of buying, stocks will rise; for those who are stock-holders will take advantage of the great demand, and ask a higher price. If, on the contrary, the sellers are more numerous, stocks will fall; for the pur chasers, having many offers, will beat down the price as low as they can. The disposition to buy and sell is, as already stated, much affected by the public opinion of the national welfare. For example, a dread of invasion, or the alarm of rebellion, would at once lower the Funds, because calculating men might think there was less security that the interest would thenceforward be regularly paid, and many timid people would hasten to withdraw their property from the Funds, at any price, rather than risk its total loss. The opening of a new loan has generally the effect of lowering the Funds; for speculators expect to make a better bargain for themselves, and would make large sales of stock to raise the supplies, for the purpose of subscribing to it. On the other hand, if it is expected that, in consequence of peace, or any other cause of improvement in the public interests, the Minister will require no more loans; or if there is a prospect of his paying off part of the old debt, stocks will immediately rise; for, in that case, there will be less stock in the market for sale, and more solid security for the property of the public creditor.

The management of all this immense concern requires a large establishment of clerks, cashiers, &c. The Bank of England, where the whole of this is transacted, was established in the reign of William III. It is not a department of Government, as many people suppose, but, like any other bank, is a concern belonging to private persons, who undertake to keep the accounts of the Funds, and pay the interest to the stock-holders, under certain advantages allowed them by the Government. But if the Bank of England were to break to-morrow, the proprietors of stock would not lose their money; for their security is upon the nation at large, of whom Parliament is the representative, and without whose authority not one shilling can be borrowed.

Money has been obtained at various rates of interest, according to the terms upon which such loans could be procured; and some times, in a state of public prosperity, the holders of Stock have consented to receive a reduced rate of interest rather than be repaid the sums they had advanced. Thus there are the Five per Cent. Annuities, the Four per Cents., and the Three per Cent. Consolidated, Annuities (two funds united into one). There is also the Three per Cent. Reduced Annuities; a Stock which once bore interest at four perd cent., and was reduced, with the consent of the proprietors, to its present standard, by the able management of Mr. Pelham, after the peace of 1748.

When 100%. Stock, bearing interest at three pounds a year, can be

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bought for 751., that Stock is said to be at 75, and so of the other Funds. If these Three per Cents. are at 60, they are said to be at par (or equal), that is, the person who holds such Stock gets fives per ercent. for his money 31. a year for every 60%, or 41. a year for every 801., being the same rate of interest as 51. for 100%. A bas Besides these there are Funds at 3 per cent., South Sea Annuities, b&ce There is also a Fund called the Long Annuities, granted for 80 years, which will expire in 1860. The mode of sale of this species of al Stock is by estimating their value at so many years' purchase. There are other kinds of Government Securities, consisting of bills issued 9 from the Exchequer, the Navy, or Ordnance departments, for the purpose of procuring money in anticipation of the produce of the taxes. These form part of what is called the unfunded Debt, until they are either paid off, or are added to the Funded Debt of the nation. These bills bear a daily interest, and are therefore transferable, with almost as much facility as a bank note. Sol to node stil neden od 200 Independent of the several public Funds above-stated; we should mention Bank Stock and East India Stock Bank Stock is the Fund of the Company o of the Bank of England; who have from time to time lent large sums to the State. Every proprietor of Bank Stock becomes apartner in the concern, and shares in all the profits of the banking 9 business. Such also is the East India Stock; every holder of which, 9 being one of the partners of the Company, partakes of the profits 31 made by trading ng to the East Indies, and in the revenue derived from the British possessions in those countries. 亨 of boɔuber Having thus given a slight account of the several descriptions of Stock, and explained the manner in which the business is transacted, bur readers will be desirous to learn something of the origin and progress of the National Debt.

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Although the annals of this country offer abundant sproof of the difficulties which have occurred at various periods in providing for the Ypublic expenditure, the growth of that enormous Debt, which now engrosses so large a portion of our annual revenue, is not of very long 2 date. It arose at the period of the Revolution, in 1688. The contest for the throne at that time brought upon the nation very heavy expenses; which, added to previous embarrassments, rendered the income of the State unequal to the demands of the public service. Under the pressure of these difficulties the Ministry resorted to the hazardous expedient of borrowing money, in anticipation of the produce of the taxes, and commenced the funding system; which, step by step, step, has accumulated upon this country a debt of 800 millions of money. At the close of the reign of King William, in 1702, the National Debt amounted to 16 millions. The following reign of Queen Anne added largely to this debt, owing to the long Continental wars in which she was engaged. At her death, in 1714, the Public Debt amounted to 52 millions.

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n of George I. added nothing to the Debt; large sums were borrowed and re-paid; so that at the accession of George II., in 1727, it stood nearly as before. But during the reign of the latter