gradation, and the consciousness of growth. The dependence of Turkey upon Christendom has constantly increased throughout this century; and in a corresponding degree has increased the difficulty and consequent responsibility of "preserving its independence." Its improved prospects at the end of the Crimean war have been bitterly falsified by experience; and we utterly protest against the notion, that with the extinction of Abdul Aziz it has got rid of its incurable misgovernment, its deep-seated demoralisation and corruption. The great interests involved in what is called the Eastern Question alone account for the continuance of the Ottoman Empire; and those interests will be seriously compromised if, while the Empire is maintained, the lasting animosity and hatred of its growing populations are excited by its chivalrous defenders. The protectorate or good government of the Christian population is the question of the future, and is quite as important as the integrity of the Sultan's dominions, which is in reality a thing of the past-a mere symbol of opposition to Muscovite supremacy. If every succeeding disturbance in the East serves to establish Russia's position, not merely as the foe of the Turk, but also as the friend of the Christian, Russia will be strong in the loyalty of growing numbers, and in the distant future will eventually triumph.

We assert, then, that if the result of these treaties of guarantee, coupled with the peculiar form of Russian agression, is that insurgent provinces of Turkey are the theatre of international struggles, and insurgent Rayahs are first their tools and then their victims, ultimate policy as well as humanity and justice must enlarge the duties of the guaranteeing Powers from those of repelling external aggression to

those of effecting the settlement of internal disturbances. Otherwise the issue of Russian supremacy and Turkish independence becomes exactly commensurate with the issue of Rayah independence and Mussulman tyranny. In the days of the Crimean War all sorts of vague and contradictory expressions were used about the protectorate of the Christians. It ought to be recognised that if Russia establishes, by our fault or her good fortune, the exclusive title to the sympathy of the Rayahs, she will command the future; for time is on her side, and power accrues to those who dare responsibility. If England has taken the foremost part in repelling her aggression, in vindicating what is called the independence and integrity of the Ottoman Empire, she incurs the chief responsibility for completing that task which is scarcely second to it in importance

viz., the effective amelioration of the status quo.

If, then, the guaranteeing Powers cannot fall back into inaction, unless either the disturbances are to be renewed with increased virulence, or the unlucky inhabitants of Bosnia and Herzegovina are to be handed over to the tender mercies of the party represented till lately by Hussein Avni, Western statesmen, and particularly the British Ministers, must enforce the pacification of the revolted provinces on the lines of the Andrassy Note. If the Sultan's Government can and will be virtually their agents effectively to carry out such settlement under their eye, and in accordance with their approval, well and good: if not, we must fall back upon the drastic remedies suggested by Lord Stratford de Redcliffe. Either way, it ought to be distinctly understood that "the pride of national independence must for the time give way to considerations of welfare and necessity." "Where there is weak

ness, there must be support; when confidence within is exhausted, securities must be called in from without." The insurrection itself is only the fragmentary exponent of evils as wide as the Empire, and the remedies and reforms should be equally extensive. Observers on the spot and well-informed statesmen at home are frequently heard to say that their effective execution can only be secured with the aid of international conventions, by the effective superintendence of a commission in which the Ottoman Government shall not have the preponderating influence. Public opinion in England will at least agree that the rescue of whole provinces from tyranny and degradation is intrinsically as important as the retention of Ottoman sovereignty. And it would be shortsighted policy in regard to Russia to leave to her the empire over the sympathy of millions, while we content ourselves with our diplomatic ascendancy over a phantom court. The right of interference flows from the duty of protection, the long series of unfulfilled engagements on the part of the Sultan's Government, the blood and treasure expended in the Crimean War.

If the paramount claims of the Christian inhabitants of Turkey can be enforced in no other way, we hope that the influence of the English Government and opinion will be thrown into the scale in favour of autonomy, the erection of these insurgent and discontented and ill-governed provinces into vassal tributary states. It may turn out that that is the most remedial measure, the most easy of execution, the most permanent pacification. From the first outbreak of the insurrection this scheme has been suggested, and it has grown in favour as time has advanced. If it should be

accompanied with the measure which Lord Stratford de Redcliffe recommends in fairness to the Turkish proprietors, of giving facilities to such of the inhabitants as wish for it to sell their houses and lands and to obtain settlements elsewhere, the result would probably be a gradual and voluntary deportation of Mussulmans southward, the diminution of religious and race rivalries, so fatal to an autonomous state, and an increasing contraction of the space assigned to the Turks in Europe. It is of no importance how far the actual dominions of the Sultan are diminished, so long as in alliance with us he continues to hold Constantinople and to command the Bosphorus. And as regards the position of Russia, in spite of the predominant influence which she has recently shown herself capable of exercising in Servia, the extension of these selfgoverning tributary states would in reality increase the material barrier between herself and Turkey. However great the ascendancy of Russia may be over their population, her opportunities of mischief must necessarily be diminished by converting mutinous disloyal subjects into self-governing and contented inhabitants. In any event it is not the country, but the men who live in it, not the institutions and the form of government, but the wishes and sympathies of the inhabitants, which determine destiny and policy. We shall never exclude Russian ascendancy by lending our aid, however indirectly, to perpetuate the degradation and misery of these unfortunate populations, and it would be a high crime and misdemeanour against the whole human race to do so if we could. These tributary states, if the provincial and detached administration suggested by the Andrassy Note cannot be carried into effect, should be formed in future as here

tofore under the protection and guarantee of the great Powers. Although the recent insurrections may have been fomented by the aid and through the instrumentality of Servia and Montenegro, still the effect of the material barrier has been visible to all. It would have been a violation of Roumanian territory for Russia to march an army into Turkey, and all Europe would at once have called her to account. The wider the belt of autonomous provinces becomes, the more durable and assured will be their independence; and as greater industry and the acquisition of ports and outlets for commerce increase their wealth, the more complete will be their loyalty to the cause of order and tranquillity, and the less ardent will be their sympathy with the aims of a disturber. What ever course may be open to us to take in the future development of events, we trust that we shall not act as if the repulsion of Russian intrigue was our only policy, and as if every possible change within the Turkish Empire, or every possible curtailment of Turkish authority, would necessarily conduce to the fulfilment of Russian designs.

It does not appear to us that the dethronement of the Sultan, or even the assassination of so many of the new Ministers who were known to be in favour of rigorous repression, affords any well-founded hope of a really renovated Empire. The result of the Crimean War and of European gold has been to give a vigorous impulse to the growth of despotism and corruption in Constantinople. The consequence is that while the Sultan and his Ministers have revelled in maladministration, new opposition has sprung up on the part of "patriotic Mussulmans," who are probably identical with what are called the conquered Mussulmans, in whom the iniquity of

misrule has for the time produced a fellow-feeling for the Christians. On the other hand, the oppression of the Rayahs is increased; the ill-concealed hostility of the tributary States forms a new element of Turkish disorder; and internal disturbances are nourished with ease and success. The policy which maintains the integrity and independence of the Ottoman Empire must have regard to these new incidents of the situation. At present, during the pause which recent events have produced, the alternative to the further creation of autonomous states is the policy which Midhat Pasha is credited with the power to execute. His party, if we may attribute to them the sentiments expressed in the remarkable letter of the 9th March last to the Ministers of England and France, appear to think that a Constitutional Government in Turkey would in six years carry it to the front rank amongst the nations of Europe; that all that has hitherto been done by the ex-Sultan's decrees of reform has been to exasperate the relations of Mussulman and Christian to no purpose; and that if their party is supported, not merely will all the effects of Ottoman misrule be cancelled at home, but there will be provided for the capital of Europe le plus magnifique débouche. The promises are indeed magnificent; but Western statesmen as well as capitalists might answer with Lord Chatham that confidence is a plant of slow growth in their experienced bosoms. The only hope of a satisfactory solution under the changed circumstances of the Turkish Government is that Russia, feeling that the check recently put upon her schemes is due quite as much to the vis major of uncontrollable events as to the action of the English Government, will agree to cancel the unpublished Berlin

Note as unsuited to altered circumstances, and join with the other Powers of Europe in establishing such relations between the new Sultan and his rebellious subjects and tributaries as may afford a hope of lasting peace and of a durable settlement.

For ourselves, we watch every indication in that direction with hope. There is nothing in what has hitherto passed to sow the seeds of distrust or difference between England and Russia. It is the fortunate result of timely action to prevent misunderstanding, while there is yet time for reconsideration. All that has been done is, that England has refused to concur in a Note which subsequent occurrences alone would have rendered inapplicable. The English Cabinet has deservedly reaped a high reward for its spirit and decision, in the increased credit and confidence which it everywhere commands. Neither they nor their supporters need to exaggerate, for political purposes at home, the character of their diplomacy. On the other hand, according to all accounts, the growing complacency of the Turks, their tendency to applaud their own position as impregnable, and to treat Russia with open scorn, ought to be firmly repressed. Whatever securities for peace we may find in Russia's financial and political position, in her relations both in Europe and Asia, we cannot forget that if Russian officials are intriguing and ambitious, the Emperor Alexander has been for twenty years the friend of peace, has emancipated the serfs, and has drawn close his personal alliance with England. Except for our mastering considerations of public policy, the consciousness of divergent public interests, our ties of friendship with the Russian Government are far closer than any which

bind us to a Mussulman sovereign and his wicked instruments. The traditional policy of England in upholding the integrity and independence of the Ottoman Empire must be modified by its increasing difficulties, and the growing liability which it entails of interference in its internal affairs. The traditional policy of Russia in asserting her exclusive protectorate over the Christian population has been and is undergoing a change, as the increasing difficulty of attainment manifests itself in every succeeding attempt. The traditional character of Turkish rule will probably undergo some modification in the hands of a Government whose only raison d'être is vigorous reform, its decisive contrast to the rule which it displaced. A strong Government is established in England; a wise and humane ruler holds the sceptre of Russia; Europe looks on with sympathy and marvellous unanimity. It is under such circumstances that we hope to see some beginnings made of a satisfactory settlement, some honest attempt made to mitigate the wretched misgovernment of the Turkish provinces. The redress of internal grievances was, acccording to Mr Gladstone in his speech on the first night of the session, the condition on which the Crimean War was entered into. We are as much interested in it as Russia, and Europe is equally interested with

us.

The present is, unless we misread the signs of the times, a favourable opportunity for conjoined action; and we trust that no undue jealousy of Russia, and no undue reluctance to take our part in necessary interference in the affairs of a dependent and decaying Empire, will diminish the fame of the English Cabinet, or the satisfaction with which its conduct of foreign affairs has inspired all classes in the country.

IN a few days my brief and stormy career will finally close. I can calmly, and even thankfully, contemplate this premature extinction of an existence which has ruined reputations, shattered fortunes, and carried want and misery into hundreds of humble homes; for I am wearied and worn out with the effort it has caused me to achieve these deplorable results, and utterly disgusted with the advanced state of civilisation which has made me the victim of its immoral tendencies. As far as my exhausted and feeble condition will allow me to feel anything, I think I can honestly say I am conscious of being in a repentant frame of mind. What philosopher can explain to me the nature of the causes of which I am the vile effect? It was not my own fault that, like those who first hatched me, I was conceived in sin and shapen in inquity, and became almost immediately the means of demoralising every one who came into contact with me, of deceiving those who trusted in me, and of crushing those who opposed me, until my own turn came, and I fizzed out in a gutter of fraud like a bad squib. Depraved though I am, I regret to say that, knowing as much as I do of the merits of the other members of my fraternity who still exist and flourish, I may yet hope that a process of natural selection is in progress, and that joint-stock companies, like the human race, are to rise into new and better conditions through the "survival of the fittest." At the same time, I know that I am not altogether bad; for I always found myself in sympathy with the few honest men upon my board. Now and then I experi

enced the novel and delightful sensation of awakening conscience, forming good resolutions-which at one time I intended to keep; and I looked forward to a calm and serene old age, soothed by the reflection that thousands would be rendered happier by my existence, and that my own health and well-being would be a source of amiable anxiety to numbers of respectable shareholders.

How the moral element thus temporarily infused into my system was afterwards expelled, and my whole nature became even worse at the end than it was at the beginning, is part of the thrilling story of my life to which I invite the attention of the reader; and I address myself to all without distinction, for all will be the wiser by the perusal of this most timely and instructive warning. I address myself to you, my innocent clerical friends in remote country parishes

for I know of no more ignorant and confiding class of investorsand though you may not think that the life and fortunes of a jointstock company (limited) can interest you whose vocation lies in such a very different direction, as long as you have little earnings which you blindly invest on the faith of neatly-addressed circulars and prospectuses, you are interested, deeply interested, in the story I have to tell. I address myself to you, fair readers, especially widows and spinsters; for however capable you may think yourselves of enjoying the franchise, I am able from my own knowledge to declare that you are utterly unfit to manage your own money-matters, and I should never have been able to enter upon my fraudulent career