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PRE FACE.

Though the year 1825 presents many events of historical importance, no marked change has taken place in the current of political events. Political combinations remain as they were; save only that, in the natural progress of the course which England has pursued, her connections with the South American states have acquired increased strength and a more decided character. The cause of Greek independence still hangs poised in the balance ; and the surmises to which the death of the emperor of Russia gave rise, though they have not entirely subsided, have not as yet ripened into hopes or fears.

A remarkable feature in the annals of this year, is the change, which, towards its close, took place in the money market, and in the state of commercial credit and manufacturing activity throughout Europe, but more especially in England That change is a new aspect of those arrangements and

combinations of society, which it is the province of the political economist to describe and to develope: but it is at least within the sphere of history to mention the succession of circumstances by which the change manifested itself, and in which its operations were displayed.

May 20, 1826.

CONTENT S.

CHAPTER II.

CHAPTER III.

.

CHAPTER V.

CHAPTER VI.

CHAPTER VII.

CHAPTER VIII.

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