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a thousand arguments." Mr. Huskisson, Lord 

 Goderich, when Chancellor of the Exchequer, and 

 other authorities on political economy, held out to 

 the people that there was almost an indefinite capa- 

 bility of promoting our wealth, and enlarging our 

 resources by means of our commerce ; that over- 

 production was not known in the nomenclature of the 

 improved science of political economy ; and that if 

 we would disregard the hampering and over scrupu- 

 lous cautions of experience, and be directed by the 

 new lights of this science, our prosperity would 

 increase, and be perpetual. These splendid visions, 

 however, were not realized. These high expectations 

 were soon disappointed. Unfortunately, however, 

 declarations emanating from such authority were 

 believed and acted upon by the people. Additional 

 capital,, and fictitious capital too, flowed into the 

 great channel of commerce, and every accessible 

 market in every part of the globe was glutted with 

 British merchandize. And the faith which the 

 people placed in the knowledge of these statesmen 

 and political economists, who made these declarations, 

 and propounded these doctrines, led to this state of 

 things. The panic of 1825 and 1826, which fol- 

 lowed this overtrading, will never be forgotten. And 

 we may learn, if the lessons of experience are to be 

 regarded, that " there is a limit to the extension of 

 trade which we cannot overpass." " Foreign trade," 

 says Dr. Chalmers, " is but the exchange of the 

 articles of our manufactures for foreign articles, and 

 the importation of these foreign articles must be 



