1825.) 
viduals; in the eventual explosion of the 
bubbles.) We allude, of course, to those 
joint Stoek Companies which are at this 
time’endemic in the money-market of 
the: Steck’ Exchange ; are spreading in 
every direction, and etasping at the mo- 
nopoly’ of aliiost every species of con- 
eern. 3 
“This: is a topie to which our attention 
hasbeen ‘for some time seriously di- 
fected; upon which we have already be- 
fore us more communications than we 
have had time to read, and have col- 
lected, from various quarters, facts and 
documents as bases for the calculations 
by which part of the subject must be 
illustrated ; and, if attention to other 
arrangements necessary to the further- 
ance of those improvements, which, we 
trust, it will be apparent are in progress 
in this, miscellany; had afforded leisure 
to digest the materials accumulated, we 
should have ‘entered upon it in the pre- 
sent number: But these circumstances, 
together ‘with the want of space, com- 
pel us to adjourn to. the next the expo- 
sure of a system of moonlight specula- 
tion, which, in filling the pockets of 
projectors at the expense of unhappy 
dupes, beats the philosopher’s stone all 
to nothing, and puts to shame the fables 
of fairy gold and the wonders of Pro- 
spero’s wand. A 
2 
To the Editor of the Monthly Magazine. 
Sir? 
N this speculating, scheming, ac- 
quiescing, and unthinking age, in 
which the periodical: press has become 
a pandering.,instrument to every pre- 
vailing scheme, and to every assertion 
emanating from the authority of money 
influence, as well as to every prurient 
and vicious taste, I have, I believe, in 
common with the greater portion of the 
readers of the Monthly Magazine, been 
in the habit of viewing it as an honour- 
able and distinguished exception to the 
prevailing perversion, and time-serving 
character, of the press in general. It 
has, therefore, been with pain that I 
have noticed, in the two or three last 
numbers of your work, a destitution of 
that characteristic ‘of “ thinking’ for 
yourself,” which has, from its very 
commencement, ‘formed its peculiar, 
interesting, and most important fea- 
ture. 
‘Tam no. flatterer: nor do I mean to 
say that, in thinking, diflerently, you 
alone haye always thought correctly; 
but,dogmatical and erroncous as your 
inferences and conclusions: have, some- 
Observations on Editorial Responsibility. 
483 
timés, been, they have never failed to 
throw additional light, on the subject to 
which they referred. 
I beg to be understood, as not. at all 
applying these observations to that part 
of your publication, composed of the 
communications of your correspondents, 
but exclusively to that part, for which it 
is usual to consider the Editor, alone, 
responsible: and in this department 
there are three articles in your Novem- 
ber number, to which I cannot refrain 
from re-directing your attention. The 
first is at page 359, relating to a pam- 
phlet of Mr. Say; the second (p. 360) 
relating to what you haye been pleased 
to term (by copying) the Poyais bubdle ; 
and the third, at page 370, under the 
head of * Political Affairs.” 
The first, relating to Mr. Say, has 
been copied nearly verbatim from a daily 
paper, as unworthy for the asserting and 
presuming tone, in which it promulgates 
Its dogmas, as it is for the insolent 
tone, in which it so frequently indulges 
against individuals... It is not, however; 
to the privilege of availing of matter or 
of information, which may ‘appear'in 
any cotemporary publication, of which 
I complain: with that I have’ no tight 
to interfere; nor do IT make the pre- 
tension:—it is to the utter unwor- 
thiness of the subjects, that I wish my 
observations to be considered as apply- 
ing. Mr. Say is held forth, as “ one,of 
the ablest political economists’ in’ Hu- 
rope,” (on the continent, you have ex- 
pressed it): it is true that’the  ternr 
“ political economist”’ is somewhat of 
undefined import, respecting which no 
two persons will be found to agrée, if 
two'ever can bé found to give any de- 
finition at all—which, by the bye, judg- 
ing from all that we have seen and 
heard on the subject, is, problematical. 
Assuming, however, that, by. political 
economist is, meant one who under- 
stands the relations and the right admi- 
nistration of the varied interests. of 
society : if, confornvable to this position, 
Mr. Say’s understanding is to be judged, 
it is hardly possible to adduce a stronger 
instancé of presumption and false con- 
clusion than that which he has exhi- 
bited in the pamphlet adyerted to. 
~ Mr. Say’s conclusion is, that, by the 
possession. of India, the East-India 
Company lose two millions, more ‘or 
less, annually; whilst-its' servants gain, 
perhaps, to the amount of half a mil- 
lion. In d¥awing’ this’ conclusion, Mr. 
Say’s understanding has obviously been 
confined to the mete governing relation 
3 Q 2 to 
