wards it derived credit from the government. There is a natural tendency in men to follow the example of the government under which they live: the government is the largest, most important, and most conspicuous entity with which the mass of any people are acquainted; its range of knowledge must always be infinitely greater than the average of their knowledge, and therefore, unless there is a conspicuous warning to the contrary, most men are inclined to think their government right, and when they can, to do what it does. Especially in money matters, a man might fairly reason, "If the government is right in trusting the Bank of England with the great balance of the nation, I cannot be wrong in trusting it with my little balance."

Second. The Bank of England had till lately the monopoly of limited liability in England. It was an exception of the greatest value to the Bank of England, because it induced many quiet merchants to be directors of the Bank, who certainly would not have joined any bank where all their fortunes were liable, and where the liability was not limited.

Third. The Bank of England had the privilege of being the sole joint-stock company permitted to issue bank notes in England. Private London bankers did indee. suc notes down to the middle of the last century, but no joint stock company could do so. Its effect was very important: it in time gave the Bank of England the monopoly of the note issue of the metropolis. No company but the Bank of England could issue notes, and unincorporated individuals gradually gave way and ceased to do so.

With so many advantages over all competitors, it is quite natural that the Bank of England should have far outstripped them all. Inevitably it became the bank in London; all the other bankers grouped themselves round it and lodged their reserve with it. Thus our one-reserve system of banking was not deliberately founded upon definite reasons: it was the gradual consequence of many singular events, and of an accumulation of legal privileges on a single bank which has now been altered, and which no one would now defend.

A MEDITATION UPON A BROOMSTICK.

A BURLESQUE BY SWIFT.

[JONATHAN SWIFT: the greatest English prose satirist; born in Dublin, November 30, 1667; died October 19, 1745. He was graduated from Trinity College, Dublin; was for many years secretary to Sir William Temple in England, and in 1695 became a priest, being made dean of St. Patrick's in 1713. From the beginning of his literary career his brilliant and iconoclastic satires attracted attention in the literary world, his writings, though often coarse and usually brutal, being always powerful and artistic. His more famous works include: "Battle of the Books" (1697), "Tale of a Tub" (1704), "Argument to prove the Inconvenience of abolishing Christianity" (1708), "Project for the Advancement of Religion" (1708), “Sentiments of a Church of England Man 19 (1708), "Conduct of the Allies" (1711), "Advice to the October Club" (1712), "Remarks on the Barrier Treaty" (1712), "Cadenus and Vanessa " (1713), "Public Spirit of the Whigs" (1714), "Drapier's Letters" (1724), "Gulliver's Travels " (1726), and "A Modest Proposal" (1729).]

THIS single stick, which you behold ingloriously lying in that neglected corner, I once knew in a flourishing state in a forest; it was full of sap, full of leaves, and full of boughs; but now, in vain does the busy art of man pretend to vie with nature, by tying that withered bundle of twigs to its sapless trunk; 'tis now, at best, but the reverse of what it was, a tree turned upside down, the branches on the earth, and the root in the air; 'tis now handled by every dirty wench, condemned to do her drudgery, and, by a capricious kind of fate, destined to make other things clean, and be nasty itself: at length, worn to the stumps in the service of the maids, it is either thrown out of doors, or condemned to the last use, of kindling a fire. When I beheld this I sighed, and said within myself, Surely man is a Broomstick! Nature sent him into the world strong and lusty, in a thriving condition, wearing his own hair on his head, the proper branches of this reasoning vegetable, until the ax of intemperance has lopped off his green boughs, and left him a withered trunk he then flies to art, and puts on a periwig, valuing himself upon an unnatural bundle of hairs (all covered with powder), that never grew on his head; but now, should this our broomstick pretend to enter the scene, proud of those birchen spoils it never bore, and all covered with dust, though the sweepings of the finest lady's chamber, we should be apt to ridicule and despise its vanity.

VOL. XV.-22

:

Partial judges that we are of our own excellencies and other men's defaults!

But a broomstick, perhaps you will say, is an emblem of a tree standing on its head; and pray what is man, but a topsyturvy creature, his animal faculties perpetually mounted on his rational, his head where his heels should be, groveling on the earth! and yet, with all his faults, he sets up to be a universal reformer and corrector of abuses, a remover of grievances, rakes into every slut's corner of Nature, bringing hidden corruption to the light, and raises a mighty dust where there was none before; sharing deeply all the while in the very same pollutions he pretends to sweep away; his last days are spent in slavery to women, and generally the least deserving, till, worn out to the stumps, like his brother besom, he is either kicked out of doors, or made use of to kindle flames for others to warm themselves by.

[In the yearly visits which Swift made to London, during his stay there he passed much of his time at Lord Berkeley's, officiating as chaplain to the family, and attending Lady Berkeley in her private devotions; after which the doctor, by her desire, used to read to her some moral or religious discourse. The Countess had at this time taken a great liking to Mr. Boyle's Meditations, and was determined to go through them in that manner: but as Swift had by no means the same relish for that kind of writing which her ladyship had, he soon grew weary of the task: and a whim coming into his head, resolved to get rid of it in a way which might occasion some sport in the family; for which they had as high a relish as himself. The next time he was employed in reading one of these Meditations, he took an opportunity of conveying away the book, and dexterously inserted a leaf, on which he had written his own "Meditation on a Broomstick"; after which he took care to have the book restored to its proper place, and in his next attendance on my lady, when he was desired to proceed to the next Meditation, Swift opened upon the place where the leaf had been inserted, and with great composure read the title, "A Meditation on a Broomstick." Lady Berkeley, a little surprised at the oddity of the title, stopped him, repeating the words, "A Meditation on a Broomstick! What a strange subject! But there is no knowing what useful lessons of instruction this wonderful man may draw from things apparently the most trivial. Pray let us hear what he says upon it." Swift then, with an inflexible gravity of countenance, proceeded to read the Meditation, in the same solemn tone which he had used in delivering the former. Lady Berkeley, not at all suspecting a

trick, in the fullness of her prepossession, was every now and then, during the reading of it, expressing her admiration of this extraordinary man, who could draw such fine moral reflections from so contemptible a subject; with which, though Swift must have been inwardly not a little tickled, yet he preserved a most perfect composure of features, so that she had not the least room to suspect any deceit. Soon after, some company coming in, Swift pretended business, and withdrew, foreseeing what was to follow. Lady Berkeley, full of the subject, soon entered upon the praises of those heavenly Meditations of Mr. Boyle. "But," said she, "the doctor has been just reading one to me, which has surprised me more than all the rest." One of the company asked which of the Meditations she meant? She answered directly, in the simplicity of her heart, "I mean, that excellent Meditation upon a Broomstick." The company looked at each other with some surprise, and could scarce refrain from laughing. But they all agreed that they had never heard of such a Meditation before, "Upon my word," said my lady, "there it is, look into that book, and convince yourselves." One of them opened the book, and found it there indeed, but in Swift's handwriting; upon which a general burst of laughter ensued; and my lady, when the first surprise was over, enjoyed the joke as much as any of them.-THOMAS SHERIDAN.]

THE TWO BROTHERS.

BY SIR JOHN VANBRUGH.

(From "The Relapse.")

[SIR JOHN VANBRUGH, English dramatist of the Restoration period, was born about 1666; died in London, March 26, 1726. His best-known comedies are "The Relapse" and "The Provoked Wife," both of date 1697. He wrote also, among others, "The False Friend" (1702), "The Confederacy" (1705), and the unfinished "Journey to London," completed by Colley Cibber.]

Scene: Whitehall. YOUNG FASHION, LORY, and Waterman.

Young Fashion-Come, pay the waterman, and take the portmanteau.

Lory-Faith, sir, I think the waterman had as good take the portmanteau, and pay himself.

Young Fashion- Why, sure there's something left in't. Lory-But a solitary old waistcoat, upon my honor, sir.

Young Fashion - Why, what's become of the blue coat, sirrah?

Lory-Sir, 'twas eaten at Gravesend; the reckoning came to thirty shillings, and your privy purse was worth but two half-crowns.

Young Fashion - 'Tis very well.

Waterman Pray, master, will you please to dispatch me?
Canst thou change me a

Young Fashion - Ay, here a

guinea?

Lory [aside]-Good.

Waterman Change a guinea, master!

honor's pleas'd to compliment.

Ha, ha, your

Young Fashion - I'gad I don't know how I shall pay thee then, for I have nothing but gold about me.

Lory [aside]- Hum, hum.

Young Fashion-What dost thou expect, friend?

Waterman

Why, master, so far against wind and tide, is richly worth half a piece.

Young Fashion - Why, faith, I think thou art a good conscionable fellow. I'gad, I begin to have so good an opinion of thy honesty, I care not if I leave my portmanteau with thee, till I send thee thy money.

Waterman-Ha! God bless your honor; I should be as willing to trust you, master, but that you are, as a man may say, a stranger to me, and these are nimble times; there are a great many sharpers stirring. [Taking up the portmanteau.] Well, master, when your worship sends the money, your portmanteau shall be forthcoming. My name's Tugg, my wife keeps a brandy shop in Drab Alley at Wapping.

Young Fashion-Very well; I'll send for't to-morrow.

[Exit Waterman. Lory So Now, sir, I hope you'll own yourself a happy man, you have outliv'd all your cares.

-

Lory Why you have nothing left to take care of.

Young Fashion - Yes, sirrah, I have myself and you to take care of still.

Lory Sir, if you cou'd but prevail with somebody else to do that for you, I fancy we might both fare the better for't.

Young Fashion- Why, if thou canst tell me where to apply myself, I have at present so little money, and so much humility about me, I don't know but I may follow a fool's advice.