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amongst which they spread in the early ages of Christianity. The natives of Greece and Rome, though renowned for their extraordinary attainments, were plunged in the most shameless and odious vices, such as cannot now be named without a blush. Their most distinguished heroes and philosophers partook of these abominations, and avowed them with unreserved approbation. The people, so far from being loyal to their government, and obedient to their rulers, were for ever agitated by the most tremendous and sanguinary contests.

Let it not then continue to be repeated as often as it is refuted, that education is the source of national insubordination. It is not true of individuals; it therefore cannot be true of nations. We have seen in military service, as well in the army as the navy, that in the hour of trial the men most to be depended upon, are those who have been educated in the principles of the gospel. They are the steadiest under fire-the most trusty on general duty; and if the natives of Scotland are peculiarly distinguished for their orderly behaviour under arms, it is simply because few Scotsmen are to be found who have not received a bible education in their youth.

Our readers will observe, that, in asserting the advantages of national education, we have carefully defined it as the means of promoting Christian knowledge. We acknowledge no principles of instruction, public or private, but those of the bible. Education, without regard to these, is indeed a dangerous and fatal experiment. To furnish those who occupy the humber stations of life with the means of acquiring unlimited knowledge, without the controul of religion, is to render them dissatisfied with the condition in which they are born; to delude them with hopes of raising themselves to stations beyond their reach, and to suggest to them schemes of advantage which are utterly impracticable.

The institutions founded by Mr. Lancaster and Mr. Owen in these kingdoms, and by M. Fellenberg in Switzerland, exclude religious instruction from their

plan, under the plea of leaving every one to his own peculiar opinions, and thus abandon the youthful scholar to the designs of the infidel, or the temptations of the profligate. The distinguishing feature in the system of national education, established in London, and now rapidly extending throughout the world, is Christianity. So long as this is made the basis of all which is taught; so long as Christian motives are carefully inculcated as the guide of human conduct, and salvation through Christ is carefully kept in view as the object of all our hopes, education must prove the highest blessing we are able to bestow,-the great means of reformation, the true source of public contentment. The National Society of London was founded with the sincere desire of spreading Christian knowledge throughout the land. If their instruments sometimes fail; if the instructor is occasionally found more eager to teach the system than to convey the knowledge of the bible, let us not impute the blame to the institution, but endeavour to provide the remedy by our own watchfulness and exertion.

The patrons of national schools, established in almost every considerable town in England, will bring a curse instead of a blessing on their poorer neighbours, unless they carefully select the master and mistress who are to convey instruction to the children. These persons must be deeply impressed with the solemn truths they teach, or it will be worse than lost labour, whatever zeal or activity they may exhibit in their office. The patrons and guardians of these institutions must assist the pious exertions of the instructor, by frequent visits to the school, cheering them by their presence and support, and encouraging good behaviour among the children by well-timed approbation and reward. The parents of such children will observe with delight these marks of affectionate interest displayed by persons of a higher condition. These benevolent visits will promote mutual kindness between the rich and poor. humble man will be raised and comforted by the protection of his patron: who, on his part, will acquire

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more scriptural views of the relative duties of Christians, by perceiving how closely the happiness and welfare of each class of society are linked together.

L.

THE FUNDS.

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.

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.

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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 £5 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 66 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 take it off their hands; and thus all persons (if they are willing to give the 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 negociated. 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

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paid off at any time the Government thinks fit, the creditor has no right to demand the principal so long as the interest is paid.

Although money in the Funds is only a perpetual annuity, the creditor may transfer to another the property so invested; and this gives occasion to the buying and selling of Stock. When a person wishes to 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 creditors of the nation, and his name is then entered upon the books at the Bank, specifying against it the sum thus transferred. As a private 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. Stock-Brokers are always at hand on such occasions, who make it their business to bring the parties together. They charge a small commission for their trouble. These, however, are not officers of the Bank, nor are their services indispensable, though, from their knowledge and experience in such affairs, strangers derive great accommodation.

There is another description, of persons, called "Stock-Jobbers," 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 fall of stocks. They do not actually transfer stock, but they buy and sell" for time;" that is, an engagement is made to deliver so much stock on a given day, at a fixed price; and when the time arrivesthe difference 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 to much of the false news circulated in London. The temporary report of a great victory will raise the price, and thus benefit one party; while an unfounded rumour of some great public misfortune may secure a large profit to another.

These Jobbers influence the price of the Funds still more powerfully by combinations among themselves, secretly buying up large quantities of Stock, and

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