the State of Poyais, after the eleventh day of June, and the same together with all duties now levied, or which may hereafter be levied upon such imports, and also the proceeds of all sales of land to settlers or otherwise by the said government shall be and are hereby specially charged and pledged with and for the payment of the interest of the said loan and the redemption of the principal thereof; And that Treasurers General for the time being shall be authorised directed and bound, to collect and keep separate for the purposes hereinmentioned, the said duties upon imports and proceeds of sales of land, and shall not apply any of the said duties upon imports to the ordinary and extraordinary purposes of the state, until the sum necessary for the half yearly remittance to England, of the interest and provision for the sinking fund hereinafter mentioned, shall be completed and ready for transmission; and not more than fivesixths parts of the clear proceeds from sales of land shall be applied to those purposes until the debt for the time being under this present security shall be discharged. And if from any cause a deficiency shall occur at the end of any half year in the amount of the said duties upon imports, so especially pledged as aforesaid, then and in every such case the said treasurers general for the time being, shall be authorised directed and bound, to make good such deficiency out of the general revenues of the state; and no part of such general revenues shall be applied to the ordinary or extraordinary purposes of the state until the interest and sinking fund of the said loan shall be fully and punctually provided for at the end of every half year. And in order to provide for the redemption of the principal sum of the said loan, the sum of £2000 sterling shall be appropriated in the first year from the date hereof, and the sum of £1000 shall be remitted to England in every succeeding year by equal half yearly payments, together with one sixth part of the net proceeds of all sales of land as the same shall be made from time to time by the said government to settlers or otherwise, to be applied as a sinking fund in the redemption of the bonds in circulation at or under par; and the first of such half yearly payments, amount ing to £500 sterling to be applied as a sinking fund, shall be made on the first day of January. The treasurers general for the time being shall be especially charged with the execution of this article in all its parts, and with the remit tances under the direction and at the expense and for the account and use of the Goverment of Poyais to the bankers in London, in the name of the agent and commissioners for the time being for the management and redemption of this loan in London of the necessary 'unds for the payment of the half yearly interest and provision for the sinking fund aforesaid; which said remittances shall at all times be forwarded from Poyais at least two months before the said payments shall severally fall due and become payable in London.

THIRD. The sums engaged to be provided by the foregoing article shall be appropriated in the following manner: that is to say, the amount

necessary to pay the interest of the said loan shali be appropriated and applied in the manner set forth in Article I. The amount engaged to be provided for the sinking fund shall in the first instance to the extent of such provision, be employed in the purchase of bonds; and all future half yearly remittances for the same purpose, as hereinbefore provided for, together also with the amount of the interest of all bonds redeemed, shall be applied to the further redemption of outstanding bonds, within the period of the half year next following every such remittance until the final redemption of the said lean. And if at any time the said special bends shall he above par, exclusive of the dividend then due, in order that the sinking fund may continue in due operation, the agent for the time being acting in the said loan, or some other person duly authorised by the government of the said state of Poyais, shall in such manner and form as they may think proper, cause it to be determined by lot, to be drawn by the said agent, which of the outstanding bonds shall be paid off at par; and the bonds this determined to be paid off shall not exceed the amount of the then unapplied produce of the sinking fund for that half year; and the numbers of bouds so to be paid off, shall be advertised in the London Gazette, and be paid on demand, with interest for the half year current at the time of such advertisement; And all further interest on the same shall thenceforth cease, and all bonds so paid off shall be thereupon cancelled, and deposited at the said banking-house in London, and remain so deposited until the whole of the said loan shall be paid off; and the numbers of the bonds so paid off and cancelled in each half year shall be advertised in the London Gazette,

FOURTH. That the holders of the said special bonds shail be at any time and a all times entitled to have and take a portion or portions of land in the said state of Poyais in exchange for any bond or bonds of which they may so be the holder or holders, and to the amount thereof at par, at the rate or price at which such land shall be selling at the time of such exchange, if greater than the present price, but at no less rate of price than two dollars per acre, at which the same is now selling: and the land so to be taken in exchange to be drawn by lot by the agent resident in London for the sale of the said land, out of any allotment or allotments thereof which shall then be on sale, but subject to a feudal duty of one cent of a dollar per acre.

FIFTH. That the holders of the said special bonds shall at any time and at all times be entitled to pay one half the duties due by any one individual ship to the customs in Poyais, in the aforesaid special bonds, which shall be taken and received at par

SIXTH. That, as an additional security for the due payment of the interest, and for the redemption at any time of all or any part of the principal of the said loan, one-tenth part of the net proceeds of all special bonds sold, shall be set apart and laid out in the purchase of four per cent, annuities in England, or deposited with the bankers of the said loan, they allowing interest

for the same in the name of the said agent for the time being, for the said loan, or of commissioners to be appointed for that purpose, to be from time to time applied by him or them to any of the purposes or stipulations of this general bond, as may become necessary or expedient.

'SEVENTH. That if, at the expiration of thirty years from the day of the date hereof, any of the said bonds should remain not discharged, or unredeemed by the sinking fund, exchange in land or payment of duties at the customs in Poyais as aforesaid, then and in that case the government of the said state of Poyais shall pay off all and every of such bonds at par.

'EIGHTH. That this present instrument or general bond shall be deposited and remain in the said banking-house in London until the final redemption of the said loan.

"And I, the said Gregor McGregor, for and in the name of the said government of Poyais, declare, that in raising the said loan, it was stipulated and agreed, and I do as Sovereign Prince of the said state of Poyais hereby engage and agree that I shall not raise a contract for any new loan in Europe, unless one-eighth part of the present loan shall have heen previously redeemed, or unless in the contract for such new loan it is stipulated that the first proceeds of and from such new loan, or a competent part of such proceeds shall be applied in or towards the discharge of the debt then remaining unpaid upon the present loan at par within twelve months from the date of such contract.

'And I do, as Sovereign Prince of the said state of Poyais, and as fully representing the same, hereby bind myself my heirs and successors, together with the government and all the public authorities thereof which now do, or may hereafter exist, to perform and fulfil faithfully and truly all the foregoing engagements and conditions, and for no reason and on no pretence whatsoever, at any time, or under any circumstances, to refuse, evade or delay, the full and ample performance and fulfilment, as in me may lie and be practicable of the aforesaid engagements and conditions on the part and behalf of the said state, or any of them.

And I do, by these presents, declare the said government responsible, and legally and solemnly bound to all persons collectively intrusted in the said loan of £200,000 sterling, and individually to each of them for the amount of the special bonds and interest for which for the time being they may be the holders.

In faith whereof I, the said Gregor McGreg; or, as such Sovereign Prince, of and for, and on behalf of the said government of Poyais, have signed the present general bond, and have affixed thereto the seal of state.

GREGOR MAC GREGOR, P.' This was the security offered, and upon this and this alone, however incredible it may appear, nearly a hundred and fifty thousand pounds were in a short time actually raised!

While, however, the 'Loan' was progressing, His Highness lived in magnificent style; every thing about him was of a character the most

superb, and during his stay in Paris, which he honored with a visit, as a matter of business solely, he never appeared in public but in his carriage of state, drawn by six richly caparisoned horses. Upon the Parisians this well sustained grandeur had a powerful effect, and more especially as his breast was always studded with orders; they hailed him as a prince! he was indeed in their view most distingué! and being firmly resolved to keep alive the sensation he had created, he lived at the rate of fifty thousand a year, although he had been but a few months previously starving in a prison.

This monstrous extravagance at first partially opened the eyes of George; but as they were ingeniously closed again by His Highness, he proceeded with indefatigable zeal to accomplish the object proposed. From the dawn of day until midnight he was at it without intermission; he may be said to have set his soul upon the business in hand, for all the energies of his mind and body were devoted exclusively with a view to its success.

This McGregor well knew; he knew besides that if the real object were to appear he should be deprived at once of his valuable services and hence his anxiety to keep him in the dark.— George firmly believed that all was just and legitimate, and acting upon this belief he vieweď the object as being most noble in its character, and therefore resolved to do all in his power to promote it.

advertisements appeared in the newspapers daily, As the special bonds were eagerly secured, some for vessels, some for implements of husbandry, others for provisions; in short, estimates for every thing essential to the foundation of a new settlement were constantly demanded, which gave an eclat to the whole affair, and kept up the price of the bonds not in London alone, but in Amsterdam, Paris, and Hamburg.

their attention to this land of promise, to which Emigrants especially were directed to turn arrangements had been made to convey them advantages they were to derive were portrayed on terms the most liberal, while the collateral description, agricultural laborers, butchers, in the most tempting colors. Mechanics of every bakers, grocers, grooms, brickmakers, schoolbrilliant success, while persons of small capital masters, and barbers were assured of the most received peculiarly pressing invitations to go out, not because His Highness imagined that the importance of Poyais in the scale of nations, their capital would have a tendency to increase but because he was anxious both to let them have land at the rate of two dollars per acre, and to oblige them by exchanging their surplus cash for the notes of the National Bank of Poyais.

Half pay officers were also invited, with medical men and curates, who imagined that mitres would become them: clerks were moreover solicited to fill lucrative offices in the customs and excise, for which of course they were expected to pay premiums here. A lieutenantgovernor was appointed, with instructions to raise a mighty army-a treasurer-general; a

D. C. Johnston.

The preparatory establishment for young gentlemen to which our hero had been sent was situated on Clapham-rise. Joey did not think it prudent to walk in the direction of London; he therefore made a cut across the country, so as to bring him, before seven o'clock in the morning, not very far from Gravesend. The night had been calm and beautiful, for it was in the month of August; and it had for some time been broad daylight, when our hero, who had walked fifteen or sixteen miles, sat down to repose himself; and, as he remained quietly seated on the green turf on the wayside, he thought of his father and mother, of the kindness of the M'Shanes, and his own hard fate, until he became melancholy and wept; and, as the tears were rolling down his cheeks, a little girl, of about ten years old, very neatly dressed, and evidently above the lower ranks of life, came along the

road, her footsteps so light as not to be perceived by Joey; she looked at him as she passed, and perceived that he was in tears, and her own bright, pretty face became clouded in a moment. Joey did not look up, and, after hesitating awhile, she passed on a few steps, and then she looked round, and observing that he was still weeping, she paused, turned round, and came back to him; for a minute or two she stood before him, but Joey was unconscious of her presence, for he was now in the full tide of his grief, and, not having forgotten the precepts which had been carefully instilled into him, he thought of the God of Refuge, and he arose, fell on his knees, and prayed. The little girl, whose tears had already been summoned by pity and sympathy, dropped her basket and knelt by his side -not that she prayed, for she knew not what the prayer was for, but from an instinctive feeling of respect towards the Deity which her new companion was addressing, and a feeling of kindness towards one who was evidently suffering. Joey lifted up his eyes, and beheld the child on her knees, the tears rolling down her

cheeks; he hastily wiped his eyes, for, until that moment, he imagined that he had been alone, and he had been praying on account of his loneliness; he looked up, and he was not alone, but there was one by his side who pitied him, with out knowing wherefore; he felt relieved by the sight. They both regained their legs at the same time, and Joey went up to the little girl, and, taking her by the hand, said, 'Thank you.' "Why do you cry?' said the little girl. 'Because I am unhappy; I have to home,' replied Joey.

'No home!' said the little girl; it is boys who are in rags and starving, who have no home, not young gentlemen dressed as you are.'

'But I have left my home,' replied Joey. "Then go back again-how glad they will be to see you!'

'Yes, indeed they would,' replied Joey, 'but I

must not.'

'You have not done anything wrong, have you? No, I'm sure you have not-you must be a good boy, or you would not have prayed.'

'No, I have done nothing wrong, but I must not tell you any more.'

Indeed, Joey was much more communicative with the little girl than he would have been with anybody else; but he had been surprised into it, and, moreover, he had no fear of being betrayed by such innocence. He now recollected himself, and changed the conversation.

'And where are you going to?' inquired he. 'I am going to school at Gravesend. I go there every morning, and stay till the evening. This is my dinner in my basket. Are you hungry?'

'No, not particularly.'

Are you going to Gravesend?'

did not alter his attire. This he resolved to do immediately; the only idea which had presented itself to his mind was, if possible, to find some means of getting back to Captain O'Donahue, who, he was sure, would receive him if he satisfied him that it was not safe for him to remain in England; but, then, must be confess to him the truth or not? On this point our hero was not decided, so he put off the solution of it till another opportunity. A slop warehouse now attracted his attention, he looked into the door after having examined the articles oatside, and seeing that a sailor boy was bargaining for some clothes, he went in as if waiting to be served, but, in fact, more to ascertain the value of the articles which he wished to purchase. The sai lor had cheapened a red frock and a pair of blue trousers, and at last obtained them from the Jew for 14s. Joey argued that, as he was much smaller than the lad, he ought to pay less; he asked for the same articles, but the Jew, who had scanned in his own mind the suit of clothes which Joey had on, argued that he ought to pay more. Joey was, however, firm, and about to leave the shop, when the Jew called him back, and, after much haggling, Joey obtained the dress for 12s. Having paid for the dress, Joey begged permission to be permitted to retire to the back shop and put it on, to ascertain if it fitted him, to which the Jew consented. asks no questions where a penny is to be turned; who Joey was he cared little; his first object was to sell him the clothes, and having so done he hoped to make another penny by obtaining those of Joey at a moderate price. Perceiving that our hero was putting his own clothes which he had taken off into a bundle, the Jew asked him whether he would sell them, and Joey immedi

A Jew

'Have you a father and mother?'

more

'And your mother-?'

-Lives with grandmother, at that house you see there through the trees-And what are you Will you come going to do with yourself? home with me? and I'll tell my mother all you have told me, and she is very kind, and will write to your friends.'

do?'

'No, no; you must not do that, I am going to seek employment.' "Why what can you "I hardly know,' replied Joey; 'but I can work, and am willing to work, so I hope I shall not

starve.'

With such conversation they continued their way, until the little girl said, "There is my school, so now I must wish you good bye.'

"Good bye; I shall not forget you, Emma,' replied Joey, although we may never meet again. Tears stood in the eyes of Joey, as they reluctantly unclasped their hands and parted.

Joey, once more left alone, now meditated what was the best course for him to pursue.The little Emma's words, 'Not young gentlemen dressed as you are,' reminded him of the remarks and suspicions which must ensue if he

ent costume.

To this our hero consented, and thus was the bargain concluded without Joey having parted with any of his small stock of ready money. No one who had only seen him dressed as when he quitted the school, would have easily recognized Joey in his new attire.Joey sallied forth from the shop with his bundle under his arm, intending to look out for a breakfast, for he was very hungry. Turning his head right and left to discover some notice of where provender might be obtained, he observed the sailor lad, who had been in the shop when he went in, with his new purchases under his arm, looking very earnestly at some prints in a shop window; Joey ranged up alongside of him, and inquired of him where he could get something to eat; the lad turned round, stared, and, after a little while, cried, 'Well,now, you're the young gentleman chap that came into the shop; I say, arn't you after a rig, eh? given them leg bail I'll swear. No consarn of mine, old fellow.Come along, I'll show you.'