FLAX-SPINNING. 



307 



That liberal movement produced some good results ; but, 

 after all the exertions made, it appeared that, in the middle 

 of the above-named month, only one-half the usual quantity 

 required for sowing had arrived in the country. Rates for 

 American Flax-seed at the Dublin market were then eighteen 

 guineas, say £22 in bank-notes per hogshead.* 



The history of the corn trade in the spring of 1847, and 

 that of the Flax-seed speculation in 1809, present many 

 features of similarity. Immense sums were realised by those 

 who took early advantage of the market, and were satisfied 

 with the ample margin of profit then to be had by holders. 

 On the other hand, numbers that refused to sell in the early 

 spring were ultimately obliged to part with their stock, at a 

 considerable disadvantage to themselves, before the end of the 

 season. The speculators of 1809, like those of 1847, did 

 good service to the country by the additional supplies which 

 their transactions were the means of introducing into the 

 markets; yet, when any of those merchants went down, 

 their fall was exulted over by many of the stupid and un- 

 thinking, as though they had been the greatest enemies of 

 society. No doubt, great evils have arisen through excess of 

 speculation; but what would the world of commerce have been 

 had the cool and the calculating, and they alone, acted as 

 pioneers in mercantile campaigns ? Where might we have 

 looked for our railroads, our ocean steamers, and vast factory 

 system — nay, our agricultural as well as our commercial 

 progress, if the much-abused stimulus, speculation, had 

 not infused its life-blood into all the arteries of trade and 

 commerce ? 



The author of the above brief but well-written sketch of 



* The difference between payments made in gold and those made in paper 

 currency was very material for some years previous to the close of the war with 

 Napoleon. It was quite usual with the Belfast merchants and traders of those 

 days to offer g oods at a certain sum if paid in gold, and a very different figure 

 if paid in bank-notes. 



