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the capital which was taken out of the mong the monied men, mistake the market in this way, never more to ap- effect for the cause. The speculations pear, is now left in the hands of the in the money market are produced by merchant and inanufacturer to accu the supply of money increasing in promulate ; and this includes, not only portion to the demand; in consethe immense sums which were raised quence of which, it becomes difficult in the way of loan, but all the taxes to find out any profitable mode of inwhich have been remitted to the vesting it. All the ordinary channels country in consequence of the resto- of commerce being amply supplied, ration of peace, namely, the property. the surplus naturally flows to the

tax, the war malt-tax, and several capital, which is the centre of all the others of less importance. During money transactions of the kingdom, the latter part of the war, also, the and where the immense mass of gocountry was distracted by mercantile vernment securities affords continual embarrassinents, and by the decline scope for every species of pecuniary of its agriculture. There was a great adventure. The accumulation of this loss both of commercial and agricul- superfluous capital in the metropolis, tural capital, from the depreciation of creates a demand for the public anstock, as well as from the convulsions nuities; the price rises, and the moand bankruptcies which shook every ney market becomes a lottery in which order of the mercantile community, adventurers are eager to speculate. and diffused a spirit of universal dis- But those speculations do not occasion trust. All these causes, therefore, the rise of the funds. They are themconcurred, with the waste occasioned selves the effects of the same cause, by the war, in preventing the accu- namely, the increasing plenty of momulation of capital, and in rendering ney, which raises the value of the money scarce. So many unpropitious funds as well as every other species of circumstances were at work to coun- annuity. 'teract the efforts of productive indus The necessary tendency of this in. try, that, for some time, the capital creasing plenty of money, is to infuse of the country was rather diminish- new life and vigour into the languishing than increasing. But these evils ing industry of the country. As the appear now to have spent their force. additional capital comes gradually to According to the observation of Hume, be distributed throughout the differthere is a point of depression below ent branches of commerce and agriwhich human affairs cannot remain culture, it will create an increased defor any length of time ; and our af- mand for labour, of which the wages

fairs, froin a combination of untoward will of course rise, and it will thus circuinstances, having ebbed to this contribute essentially to the comfort point, the current now begins to flow of the great mass of the community. in an opposite direction. The efforts It will also raise the value of land. of individual industry, in accumulat- The smaller the revenue yielded by ing capital, being no longer counter- money lent, the greater will be the acted, begin to be felt, and the gene- inducement to invest it in land,—the ral result is marked by the increasing value of which will rise in proportion plenty of money, and the restoration to the increased demand. Part of the of commercial confidence.

additional capital accumulated will To this cause, and not to any spe- also be laid out in agriculture, and culations of adventurers, is to be im- will operate as a stimulus to improveputed the sudden rise in the value of ment in this important branch of infunded property. It is scarcely ne- dustry. Hence will arise a new decessary to remark, that government mand for labour; while, by an ina secưrities, differing in no respect from crease of production, in consequence any other species of annuity, their of extended or improved cultivation, price necessarily rises as the supply of the funds necessary for its support capital increases, and the interest of will be provided. That such will be 'money declines. The increase of ca the result of the accumulating capital pital, therefore, which has lately taken of the country, cannot well be quesplace, is the great and general cause 'tioned. But time will be necessary to of the late rise in the value of the develope all those beneficial consepublic securities, and those who as- 'quences. It is vain to suppose that cribe it to artificial combinations a the commerce or agriculture of the

BORDER SKETCHES.

country can be instantaneously reno John Leyden, father of the lamentvated into its former state of vigour. ed Dr John Leyden, a inost respectThe great arrangements of society are able and intelligent old man, relatslow and gradual, nor can they be ac- ed to me a curious tradi.ion about celerated, though they may be thwart- another enormous worme which, in ed or retarded, by the contrivances of former times, is said to have infested politicians. But although human af- the banks of the Oxnam Water, and fairs may not advance with so rapid a which was also overcome and slain in progress as we may think desirable, single combat by a doughty Tinker we may rest assured of this, that so or Gipsey, who, after the manner of ciety contains, within itself, the true the old Grecian worthies, attacked and principles of perpetual improvement. destroyed it with a knotiy club. May That powerful motive which is con not the authority of these and innumertinually impelling every man to ex- able other traditions of a similar deert himself for the bettering of his scription be received for the existence condition, will never allow human of large suakes in this country at a affairs to stand still ; and trusting, fermer period? or are we to suppose therefore, to this principle, of sure that all such legends are mere local and everlasting operation, we may, in variations of the old story of St George the course of no very long period, ra and the Dragon ? tionally look forward to a state of pro Truquair. - I was much disappoint, gressive improvement in the condi- ed here, when they pointed out to tion of the country.

me the Bush ahoon Traquair, -or rather what is called the New Bush; which is nothing else than an ugly

square clump of Scotch firs, planted MR EDITOR,

on the side of a bleak hill, at a disDuring a late excursion through tance from every thing in the landsome of the Border districts, I jotted scape that is pleasing or poetical. The down a few brief notices of such things rest of the scenery, however, abundantas struck me, at the time, as curious ly compensates for this piece of bad or interesting. Of these memoranda taste.-- The situation and appearance of I now send you a sample, which, if the old mansion of Traquair is beautinot too trivial for the nature of your ful and interesting in the highest deMiscellany, may perhaps serve to amuse gree. But what very, particularly some of your readers in the absence of struck me, was the wonderful resemmore valuable materials.

blance in the whole aspect of the gateWormeden. This place, which is a way, avenue, and house itself, to the sort of marshy hollow, or recess, in semi-gothic bear-guarded mansion of the north-east side of Greenlees Hill, Tulley-Veolan, as described by the au(Roxburghshire,) is said to have for- thor of Waverley. It is true, indeed, Jerly been the lair of a worme, or ser- that, in place of the multitudinous repent, which has been celebrated by presentations of the Bear, so profusely Dr Leyden in his Scenes of Infancy, scattered around the environs of Bradand by Walter Scott in his notes to wardine, we have here only the single the ballad of Kempion. From this re- pair which adorn the gate at the encess, (which, by the bye, retains strik- trance of the avenue, -and that the ing vestiges of having once been fo- avenue itself cannot pretend to match rest ground,) the worme was wont to the broad continuous shade through issue forth, as the story goes, to lay which Waverley approached the castle waste the country around, till at last of the hospitable and redoubted Baron, it was destroyed by the adventurous -and also that several other import“ Laird of Lariston," who slew the ant features are wanting to complete monster by thrusting down its throat the resemblance ; yet, if I be not ala fiery peat on the point of his spear. together imposed upon by my own An ancient piece of rude sculpture fancy, there is a likeness sufficiently on the church wall of Linton, still strong to support the idea, that this commemorates this notable achiev- scene formed the original study of the ment; . another, and somewhat less more finished and bold-featured picexaggerated account of which may gure of the celebrated novelist. also be found in the Memorie of

E, the Somervilles.”

REVIEW OF NEW PUBLICATIONS.

The Secret and True History of the James the Sixth gave occasionally a

Church of Scotland, from the Re- cold and reluctant support ; but he storation to the year 1678. By the did not conceal the jealousy with which Rev. Mr JAMES KIRKTON. 4to. he regarded it; and, although he did Edinburgh, John Ballantyne, 1817. not, whilst he remained in Scotland,

directly attempt its subversion, he exALTHOUGH few subjects are really erted his influence in making such more interesting than the history of changes as, by restraining the honest the Reformation in Scotland, yet it is and manly independence of some of only of late that much attention has the most eminent ministers, would, been paid to it, and that many who he trusted, render it subscrvient to the had taken it for granted that the re views and the designs of the court. formers were foolish, and violent, and After he had ascended the throne of detestable enthusiasts, have, with some England, and had been gratified with astonishment, discovered that they the obsequiousness of the bishops, who displayed, in their efforts to introduce exhibited, to be sure, in this respect, the Protestant faith, an intrepidity, a a very marked, and to him a very dezeal, and an elevation of principle, lightful contrast

, to the rugged plainwhich we cannot too highly venerate. ness of his former ecclesiastics, he de

The Reformation in this country termined, as the most effectual mode was, from its infancy, interwoven with of strengthening the prerogative, to political freedom. It was, at its com- introduce Episcopacy into his native mencement, strenuously opposed by kingdom; and, to attain his object, the united energy of the monarch and he had recourse to means which alienthe church ; and it thus became ne ated the affections of a vast proporcessary to gain the esteem and support tion of his subjects, which still more of the people, in order to counterba- endeared to them the principles to lance the resistance which threatened which they had been eviously atto render its accomplishment impos- tached, and inspired then with the sible. It was, through the prudence conviction that it was a duty which it of those who conducted it, gradually would be impiety to neglect, to dedisseminated; and it at length was so fend, even against the sovereign himextensively embraced, that it com- self, these principles. pleted its triumph, by obtaining the His infatuated and unfortunate son, sanction of the legislature. Still, when he at length turned his attenhowever, much ground was left for tion to Scotland, resolved to go far bediversity of sentiment; and various yond what his father had effected, causes united in producing a state of and to compel his countrymen to subthe public mind which gave rise to mit to a perfect uniformity of faith the most memorable events --events and polity with their southern neighwhich powerfully affected ourcivil con- bours. The rashness with which he dition, and the complexion of the na-" made the attempt, his disregard of the tional character.

plainest indications of aversion to his From the connection which Knox measures, the violence of the bishops had with Calvin and the other illus- whom he selected, and the disgust of trious divines of Geneva, he was led, the nobility excited by his marked as soon as the ascendancy of the Re- partiality to the prelates, and his conformation was secured, to give to the ferring upon them some of the most ecclesiastical polity, which was to be splendid civil offices, soon formed a introduced, a popular form; and his general resolution to oppose his innoviews were carried fully into effect, vations; the opposition was identified, after his death, by Melvil, who suc. in the public estimation, with reliceeded in overthrowing the modified gion itself, and by the most awful and system of Episcopacy wbich he found striking oaths, administered with whatexisting, and in establishing the Pres- ever could increase their efficacy, thc byterian discipline. To this discipline enemies of Episcopacy bound theme

selves to exterminate Prelacy, and to declared his purpose of supporting the re-establish that form of polity which, religion established by law, in lanfrom numberless associations, they guage, about the meaning of which regarded with the utmost reverence, no honest man could hesitate, and and which they were prepared to de- which, if it were extended to deceive, fend with the most ardent zeal. The fixes indelible infamy both upon the limits to which we must be confined, king and the men who advised him, render it impossible to give even a soon directed against presbytery the faint sketch of the part which they fury of an iron government; he aboaeted in the civil commotions that lished its judicatories, and by virtue terminated in the execution of the of his prerogative, forced episcopacy king; but it may be evident, from in a form much more obnoxious than what has been already stated, that it had previously assumed in Scotthe feelings of the people must have land, upon a nation penetrated with been strongly excited, and it cannot the conviction, that submission to it be matter of wonder, that, accus was impiety, and little disposed to umed as they were to consider their venerate authority which had not cause as the cause of God, almost scrupled to contaminate itself by hayconstantly employed in those exer- ing recourse to the meanest dissimueixes of devotion in which they im- lation, and by forming an union with plored his blessing upon it, and sti- the basest apostacy. We must read mulated by the homely, but energetic the history of the dire persecutions, addresses of their beloved pastors, must read the shocking details which, many of them yielded to the fervour in sad abundance, have been transmite of a heated iinagination, and were ted, and which are so authenticated infuenced by what, when the causes that prejudice and scepticism must which produced it have ceased to ope- admit their reality, to have an ade rate, must appear to be the wildness quate conception of the profligacy, the of enthusiasm. This was the un- cruelty, and the vile oppression which avoidable effect of the circumstances prevailed in Scotland; the heart sickens in which they were placed,-it was at the dismal narration, and we must the excess into which the weakness have extinguished every feeling of huof our nature, under these circum- manity and patriotism, if we do not stances, could scarcely fail to be be- sympathize with the unhappy Presbytrayed; but wemust penetrate through terians and Covenantérs, who were it to appreciate their character, and tortured, because they would not abwe shall find, that the great body of jure a cause implicated with the free. them were actuated by the most he- dom of their country, and, as they rcic attachment to freedom, and by were satisfied, with the eternal salvathe firmest determination not to bow tion of its inhabitants. It is to a contheir necks to the crushing oppression siderable part of this melancholy peof the most savage despotism. Dur- riod that the work now before us ing the period which elapsed be- relates; the author, after a concise tween the death of Charles and the and fair sketch of the earlier stages of restoration of his son, they split, as the Reforination, entering fully upon might have been anticipated into par- what happened between the Restoraties, and there was certainly, amongst tion and the sixteen hundred and many of those who assumed the appel- seventy-eight, or upon the miseries lation of protesters, a degree of fana- in which he saw those whom he veneticism which bewildered their under- rated involved, and of which he was standings, and which, when aggravat- doomed to have an ample portion. ed, as it afterwards was, by the hor We have given this short view of turs of persecution, did lead to the the history of the Covenanters, be. Trost lamentable departure from duty cause we conceive, that, without atand from humanity; but this, under tention to it, we cannot justly estia gentle administration, would have mate the merit and tone of Kirkton's gradually yielded to the milder spi. book, and many of the sentiments and rit of their brethren, whilst the acti- peculiarities of opinion which it convity, and earnestness which distin- tains. He was himself a Covenanter, guished their ministy might have re- and, from being a minister, he took mained.

an active part in the events which he Charles the Second, although he witnessed. His work, upon this ac.

count alone, would be interesting, be- atheism ; so Scotland found godliness wi. cause he must have been acquainted thered under their shadow, and wickedness with circumstances which later his- overspread the land first and last. They torians might overlook; and because, had a sting for no man but a puritan or a 2 : writing from what was passing before presbyterian ; beside, they knew well that hin, he could scarcely tail to give a

the bishops, having perjured themselves true delineation of the feelings and gels did, --endeavour to corrupt mankind

most solemnly, would do as the fallen anmanners of the era which he records. By involving all Scotland in their own sin, But he does much more than this; that so their personal sin might be excushe displays a vigorous and an observ- able as being the sin of the times. They ing mind;-he narrates the events hade also seen a curse attend almost all the 15 which he was anxious to transmit in bishops' persons and families, and all that language, natural, perspicuous, and were active to introduce them were plagued far from devoid of energy ; and he

as these that rebuilt Jericho, and such as 1:1 does so in general, as his editor ad- these they loved not. It was also found inits, with a candour, which, consider by experience, that as episcopacy is a ing his situation, reflects the highest branch of popery, so it led alwayes to the credit upon him as a man and a his

root, and therefore bishops · were looked at torian. He has not, indeed, escaped the people of Scotland were heart enemies

as the papists harbingers. So the body of from the influence of prejudices, to bishops ; and even those of the ministry which he would have been more than

who joyned with the bishops in their pre. a) a human being had he surmounted : tended synods and presbyteries, protested he sometimes gravely details, as mat theinselves enemies to episcopacy, protesting. ter of fact, what modern writers they believed what they did inight well conwould reject as the delusions of super- sist with the principles of a presbyterian, stition; he views his opponents and they kept themselves in place only that through too dark a medium, attri- they might be in condition to oppose the buting to them occasionally worse

bishops course, which they alleadged the ***

ministers turned out could not so wel motives than those which actually

doc." swayed them ; whilst he speaks with natural partiality of the friends with We should have had much pleawhoin he acted, painting, in the fair- sure, had our limits admitted of it, iu est colours, the merit which they liad, presenting to our readers several more and reluctantly, aclmitting, now and extracts, but we must go on to pay. then not admitting at all, the errors

little attention to the manner in and the faults of which they were which the secret History of the Church guilty. His book, therefore, should of Scotland has been given to the pub rather be considered as supplying va- lic. luable materials for history, than as It might have been very naturally history itself, as it would be unsafe supposed that the manuscript having to forin, from it alone, our opinions of fallen into the hands of some admirer the age to which it relates, or of the of the Covenanters, he was anxious to men of that age. The following ac- favour the world with a document count of the state of the public mind which he conceived likely to dissemias to episcopacy, at the period of the nate his admiration. But the case Restoration, will give soine idea of the happens to be far otherwise. Mr K. nature of the work.

S. is one of the old school in respect Episcopacy hade never been popular to the Reformation in Scotland, -he in Scotland, not in the dayes of ancient iy. is quite satisfied that Knox was a li. norance ; but since the Reformation, in centious man, and as a preacher, was regarde Scotland was reformed by a sort of “almost totally devoid of sound doc missionaries from Geneva, bishops were trine, solid learning, and common alwayes looked at with a frown. Indeed, sense,” and that those who succeeded the people of Scotland (leaving the argu- lvim were ignorant and deluded, and ments from Scripture and the testimonies of Jeroin to schollars) used much to insist To establish all this, he has not

not very well principled, enthusiasts. upon a sort of popular concrete arguments. The bishops hade almost all been both pa

scrupled to repeat what trones of sin and paterns of profaneness; and

known was the contemptible tale of if a man in repute turned bishop, it was ob

slander, not believed even when it served he changed both fraine and practice was audaciously published ; and when 10 the worse ; and, as Beza had foretold, he does not go this length, he gives bishops would introduce epicurisme and the lie to the author whom he has

a

might have

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