162 REPORT — 1856, 



American economists who disputed the very fundamental principles of political economy 

 as laid down by Adam Smith and Ricardo, and he should be glad if the members of 

 the British Association would make this subject their study. In reviewing the papers, 

 he particularly alluded to the paper on the ' Credit Mobilier ' of France, and expressed 

 his fear that it would lead to the wildest speculations, such as could not occur in any 

 country without creating the greatest social disorganization. The Credit Mobilier 

 had this peculiarity, that it was not like the great commercial crises which had fallen 

 in our own time, which had arisen from over-employment of capital in public works 

 by the authors and promoters of these works ; the speculators were ruined, but the 

 works remained. This was not the case with the Credit Mobilier, which encouraged 

 speculations for the advantage of a mere body of capitalists, who, by their very system, 

 liberate themselves from all personal responsibility and all interest in the works under- 

 taken, and thus give encoui-agement to every extravagance, without even the pretence 

 of any permanent public utility. He believed the greatest political danger was likely 

 to result from evils of this kind, and hoped that British capitalists would take no part 

 in so unsound a system. He also commented on the papers on social subjects which 

 had been read, especially on those connected with the reformation of young offenders, 

 for which object he had brought a Bill into Parliament ten years ago, and which was 

 now bringing forth abundant fruit. Crime might, under certain circumstances, as had 

 been shown, be increased by national prosperity, but it might be diminished by moral 

 training and true education. 



MECHANICAL SCIENCE. 

 On the Manufacture of Iron and Steel without Fuel. By H. Bessemer. 



On the Manufacture of the large-wrought Iron Gun, and other Masses of 

 Iron made at the Mersey Iron Works, Liverpool. By W. Clay. 



On the Application of Corrugated Metal to Ships, Boats, and other Floating 

 Bodies. By Major V. Eyre. 



On a Method of uniting Iron icith Iron or other Metals tvithout welding, 

 invented by M. Sisco of Paris. By Dr. Greene. 



On a New Railway Break, invented by M. Sisco of Paris. By Dr. Greene. 



On the Inundation of Rivers. By Professor Hennessy. 



Explorations through the Valley of the Atrato to the Pacific in search of a 

 Route for a Ship-canal. By F. M. Kelley, of New York. 



Several surveying expeditions have been sent b}' Mr. Kelley into this region, and 

 nuich valuable information has resulted. But the chief result is a conviction of the 

 feasibilit)' of a ship-canal through the isthmus. The most recent of Mr. Kelley 's ex- 

 plorers, Mr. Kennish, proposes to enter the Atrato by the Caiio Coquito. The great- 

 est depth on the bar is about 4 ft. at low water; the soundings gradually deepen, and 

 become 30 ft. within 2 miles, when the depth increases to 47 ft., and is nowhere less 

 up to the Truando. The width varies from a quarter of a mile to 2 miles, and the re- 

 moval of the bar would allow of the transit of the largest steamers. The confluence 

 of the Truando is about 63 miles from the Gulf, and that river forms the channel of 

 the proposed line for 36 miles. The line then follows the valley of the Nerqua through 

 rock-cutting, and )>asses the summit by a tunnel of 3^ miles. It reaches the 

 Pacific through the valley of a small Ktreaui, and debouches at Kelley 's Inlet. In the 



