involved in inextricable difficulties. To this cause may be ascribed the commencement of our commercial embarrassments. The holders of such goods, unable to find purchasers without submitting to an enormous sacrifice, obtained advances on them from bankers and others, till advances could be obtained no longer; their credit failed, and they were ruined. The drain of capital which had been caused by the loans, the Mining Companies, and the speculations in colonial and other produce, caused a scarcity of money, which began now to be seriously felt. For credit was shaken. The country bankers, in particular, who, with a folly which it appears no experience will cure, had assisted such speculations, and continued to increase the issue of their own notes, when gold was pouring out of the country, were exposed to pressing demands. They had to procure gold in exchange for their own paper. And how was it to be procured? They had, perhaps, a considerable part of their capital invested upon mortgage and in the funds; the former could not be immediately obtained, and the latter could not be sold without a great loss. The consequence is, banks have failed in all parts of the country. He who has not lived in a district where bankers issue their own notes, can have but a faint conception of the distress which such a failure occasions. The honest labourer, who has with difficulty collected his little rent, finds that his hoard is worthless. The business of the petty dealer, whose customers possess no credit, is seriously interrupted. But it is useless to particularize-all feel the shock. When we consider the frequent recurrence of such disasters, it is impossible not to be surprised at the apathy of the people of England, in not calling importunately upon the legislature to abolish such pestiferous monopolies. It is indeed surprising, with the example of Scotland before our eyes, that strenuous exertions are not made to obtain the same banking system as she has; a better proof of its superiority could not be adduced, than the undoubted fact, that during the late season of alarm and distress, in which the exertions of the trading community have been paralized in every town of England, commercial credit in Scotland has not been interrupted; the banks have afforded the same accommodation as usual. The banks of Scotland, indeed, from the excellence of their constitution, fulfil every purpose of such institutions, and yet possess the unalterable confidence of the public. They have fostered trade, encouraged manufactures, promoted enterprise, and supported the public credit of Scotland with a liberal but judicious hand. The Bank of England has been accused of adding to the general distress by suddenly contracting its issues by way of discount. But we doubt the fact that such issue has been contracted. When that bank discounted at £4 per cent. while money could not be obtained elsewhere under £5, and with difficulty even at that rate, it is not surprising that it should be overwhelmed with applications, and consequently that many should be rejected. The usury laws have, no doubt, increased the difficulty of obtaining money during the late season of privation. It would have been most beneficial to many to have obtained a loan, as a temporary accommodation, even at 9 or 10 per cent., but the law allows only 5 to be given. Some might have been induced to have sold stock to have advanced by way of loan, could they have been repaid by competent interest. In Hamburgh the average rate of interest is about 4 per cent., but in times of temporary distress it has risen to 12 and 14 per cent., and there can be no doubt but that the total ruin of many is prevented by the advantages which the freedom of interest affords. The existence of the usury laws in this enlightened age, is another instance of the apathy of the commercial world. An adherence, indeed, to a fixed rate of interest, is a thing so palpably absurd, that it is surprising any can be found to advocate it. The wants of mankind may ebb and flow; profits may vary from one extreme to another; but the value of money, which depends upon the urgency of those wants, and the extent of those profits, is to remain the same! The defenders of this system urge the antiquity of the law, and the wisdom of our ancestors. With out pretending to impugn that wisdom, we may observe, that this argument is seldom deserving of attention; for such are the variations in human affairs, -and all laws are intended for existing circumstances,—that we can never be certain that our ancestors would have thought that law, which they recommended in their own day, fit for the age in which we live. But in the present case the argument is most unhappily chosen; for when the statute which assigns 5 per cent. as the limit of legal interest was passed, the market rate was about 4, and the legal rate was fixed at 5, on the very ground that the legal rate should be above the market rate. To have been consistent, then, these sticklers for the wisdom of our ancestors, should, when the market rate of interest reached 5 per cent. during the late war, have endeavoured to have had the legal rate raised to 6. It will be observed, that we have written the foregoing in the past tense; for we trust that the panic and distress, we have attempted to describe and account for, are past. Confidence is in a great measure restored; but some time must yet elapse before commerce will resume its usual course. The large stocks of goods which have been accumulated will gradually find a market, though at very reduced prices; -the original speculators paying the forfeit of their property for their imprudence. The supply will thus become equal to the demand, and trade will be relieved from the burden which oppresses it. We have indeed nothing to fear. So long as Great Britain is blessed by Providence with peace, and is governed by honest and enlightened men, the indestructible energies of her people will triumph over every difficulty, and will bring back the nation to a state of security and prosperity. UNIVERSITY AND CLERICAL INTELLIGENCE. OXFORD. Degrees conferred December 1. DOCTOR IN DIVINITY. Penfold, Rev. G. Saxby, Merton College, Grand Compounder. MASTERS OF ARTS. Davenport, John, Worcester Coll. Hanson, Rev. G. Lowdon, Queen's Coll. BACHELORS OF ARTS. Bull, Peter Brett, Queen's Coll. Jacob, Philip, Corpus Christi Coll. DOCTOR IN CIVIL LAW. Williams, Philip, of New College, Vinerian Professor of Common Law, Grand Com pounder. BACHELORS OF ARTS. Gillbee, Charles, Queen's Coll. Lewis, Arthur, Trinity Coll. Lewis, Richard, Magdalen Hall. Monnington, George, Worcester Coll. December 17. DOCTOR IN DIVINITY. Niblock, Rev. Joseph White, St. Edmund Hall. DOCTOR IN CIVIL LAW. Cursham, Rev. Thomas Leeson, Lincoln College, Vicar of Mansfield. MASTERS OF ARTS. Brooke, William De Capell, Brasenose Coll. Cornish, Rev. Sidney William, Fellow of Exeter Coll. Sanderson, Rev. Stephen, Pembroke Coll. Wright, John, Brasenose Coll. Grand Compounder. BACHELORS OF ARTS. Brooks, William George, Christ Church. Palmer, John Nelson, St. John's Coll. Charles Bellamy, Esq. B. C. L., Fellow of St. John's College, was unanimously elected Vinerian Fellow of Common Law. The Rev. Charles John Meredith, B. A. was elected Fellow of Lincoln College. James Garbett, M. A. was elected Fellow of Brasenose. December 2. James Dayman, B. A. was elected Fellow of Corpus Christi College. December 8. Mr. William Cripps was elected to the Vinerian Scholarship, vacant by the election of Mr. Bellamy. The subjects for the Chancellor's Prizes for the ensuing year are Latin Verses-Montes Pyrenæi. Latin Essay-Quibus præcipue de causis, in artium liberalium studiis, Romani Græcis vix pares, ne dum superiores evaserint. English Essay-Is a rude or a refined age more favourable to the production of works of fiction? Sir Roger Newdigate's Prize-Trajan's Pillar. Theological Prize, instituted June 2, 1825-The operation of human causes only will not sufficiently account for the propagation of Christianity. CAMBRIDGE. Degrees conferred December 7. DOCTOR IN PHYSIC. Seymour, Edward J. Jesus Coll. BACHELOR IN DIVINITY. Faulkner, Rev. R. R., St. John's College, Compounder. MASTERS OF ARTS. Cornwell, William, Jesus Coll. Rawson, Thos., Trinity Coll. Compounder. BACHELORS IN CIVIL LAW. Burnaby, John Dick, Emmanuel Coll. Gane, Rev. William, Trinity Hall, Compounder. Good, Rev. Henry, Trinity Hall. BACHELORS OF ARTS. Humphrey, Wm. Cave, St. Peter's Coll. BACHELOR OF ARTS. Powley, William, Jesus Coll. December 7. Professor Starkie, Mr. Tindal of Trinity College, and Mr. Alderson of Caius College, were appointed Counsel to the University. (3) To answer printed questions relating to the Evidences of Christianity. The examination was put under the superintendence of the Pro-Proctors for the time being, and an additional day allowed. December 14. Charles Eckersall, M. A., of Corpus Christi College, Oxford, was admitted ad eundem. Mr. Hughes of Emmanuel College was appointed an Examiner for the Classical Examination in January, instead of Mr. Law of St. John's College. Mr. Warren of Jesus College, Mr. Chevallier of Catharine Hall, Mr. Hughes of St. John's College, Mr. Ramsay of Jesus College, Mr. Fennell of Queen's College, and Mr. Porter of Christ's College, were appointed Examiners of the Questionists in January next. December 22. A Grace passed the Senate, "to affix the University Seal to a letter addressed to Sir John Richardson, requesting him to determine, after hearing Counsel, the manner in which the Professors of Mineralogy, Botany, and Anatomy, are in future to be elected." Sydney Gedge, Esq. B. A. of Catharine Hall, was elected a Foundation Fellow of that Society. The Rev. Wm. Clarke, M. A., Professor of Anatomy, is elected a Senior Fellow of Trinity College. James Bailey, Esq. M. A. is elected Master of the Perse Grammar School. The subject for the Vice-Chancellor's English Prize this year is-Venice. CLERGYMEN MARRIED. Burton, T. M. A. of Rastrock, to Mrs. Wheatley. Coney, T. B. Rector of Chedyoy, Somersetshire, to Jane, eldest daughter of J. P. Tudway, Esq. M. P. Duncomb, Edward, to Susan, daughter of the late Rev. C. Mainwaring, of Otely Park, Shropshire. Francis, Philip, M. A. to Eliza, second daughter of Guy Lloyd, Esq. Gilly, W. S. M. A. Rector of North Fam bridge, Essex, to Jane Charlotte Mary, only daughter of Major Colberg. Hatton, Daniel Heneage Finch, to Lady Louisa Greville. Hawks, Wm., Rector of Gateshead Fell, to Anna, eldest daughter of J. Crosier, Esq. Owen, E. Pryce, Vicar of Wellington, to Miss Darby, only daughter of the late S. Darby, Esq. of Coalbrook Dale. Perceval, Hon. Arthur, to Charlotte Ann, eldest daughter of the Hon. and Rev. Augustus George Legge. Stratton, Joshua, M. A. Minor Canon of Canterbury, to Susannah, youngest daughter of Mr. W. Head. Whyley, G. E. M. A. Vicar of Eaton Bray, to Jane, daughter of M. Morrah, Esq., Young, B. B. A. of Watling, Sussex, to Elizabeth Susanna, eldest daughter of John Holloway, Esq. CLERGYMEN DECEASED. Carrington, James, Vicar of East Coker. more, Dorset, aged 73. Deane, Richard, Rector of West Harling, Forby, Robert, Rector of Fincham, Norfolk, Gabbitas, W. M. A. Rector of Rodmill and Hayter, Geo. Gerrard, Rector of Compton Hayman, Henry, B. A. of Wilton. Heyes, J. L. Rector of Bushey, Herts, Holt, Geo., Rector of Broughton, Wellow, Kelly, H. Vicar of Bishop's Burton, York- Lamb, Matthew, Rector of Eydon, Northamptonshire. he Norris, Thomas, M. A. Rector of Harby, Plumptre, Jolin, D. D. Dean of Gloucester, Powys, Littleton, Rector of Thorpe Ap- Poyntz, Newdigate, B. C. L. Rector of Price, John Rice, B. A. Curate of Stone- Shaw, Joseph, Head Master of Stafford Smedley, E. Vicar of Brayford Abbas, Stedman, Thos., M. A. Vicar of St. Chad's, Shrewsbury, aged 79. Thomas, Thomas, B. D. Rector of Isham, White, Sampson, M. A. Rector of Maidford, Wilts. Wingfield, John, D. D. Prebendary of The List of ORDINATIONS and PREFERMENTS are unavoidably postponed. NOTICE TO CORRESPONDENTS. A Correspondent inquires of us, in reference to a passage in our review of Mr. Lloyd's "Inquiry, &c." (pp. 639, 640,) whether we intend thereby to express our approbation of extempore preaching. The question surprised us not a little, for we had no idea that such a construction could be put on that passage. For his information, however, we answer decidedly, No. We are sure that if extempore preaching were adopted at large among our Clergy, or to any extent, it would tend to the deterioration of gospel truth and gospel piety. This is enough for us to say in this place on the subject. On a future occasion we may give our reasons for such an opinion. The only drift of the passage in question, as far as extempore preaching is concerned, is to inculcate that we are not necessarily to conclude against the ministerial usefulness of a Clergyman because he is an extempore preacher. An equitable consideration of such a nature is quite consistent with an abstract hostility to that mode of preaching. The lines of Benevolus and Philochrestus have been received. We presume that the writer on the subject of Church Music is the same as the "Constant Reader" who addressed us on that subject some time ago. That, however, is the only communication which has reached us from him. So far from making light of the subject, we consider it of very great importance, and shall be glad to hear what he or any other correspondent may have to say on it. The wish of Clericus Hantoniensis is quite in accordance with our plan and wishes. The omission has been only accidental amidst the pressure of other matter. At the same time we are influenced in great measure in regard to the reports in question, by scruples as to their authenticity and accuracy, their entire value depending on these points. We hope to take up the subject of clerical visitation to a penitent criminal under sentence of death in our next, and to satisfy the inquiries of our correspondent, who requests our opinion respecting it. THE CHRISTIAN REMEMBRANCER. FEBRUARY, 1826. REVIEW OF NEW PUBLICATIONS. The State of the Protestant Religion in Germany: in a Series of Discourses, preached before the University of Cambridge. By the Rev. HUGH JAMES ROSE, M. A. of Trinity College, Vicar of Horsham. Deighton, Rivingtons. 1825. 8vo. pp. 183. We have long watched with a jealous eye the progress of what are called "rational" opinions in religion, in this country. The pretensions made to that distinctive appellation, we have always regarded as most absurd and unwarrantable. To whatever distinction Unitarianism and the kindred forms of misbelief may lay claim, we cannot conceive the smallest ground on which they can pretend to that of being peculiarly or exclusively rational. If indeed the title of rational be fairly conceded to any system in proportion to the loudness of its clamours in favour of the pre-eminence of reason, or of any illusion claiming the name of reason, then indeed we might admit that the system of explaining away and softening down every scriptural truth, until it is brought to the level of some low conception of an ill-disciplined mind, is a rational system. And if the principle of rejecting or discrediting facts, because they may stand in the way of a favourite hypothesis, be a part of true philosophy, then we may assign to Unitarianism and the schemes of similar character, the name of philosophical speculations. But, however improperly the distinctive title may be assigned, the system which assumes it is one of the most dangerous and insidious character. We are accustomed to view it merely as displayed in the fantastic reveries of Unitarianism: but it clearly admits, and has in fact received, a much more extensive application. We are persuaded that, even in our own country, the application of it is carried to a much greater extent than many seem willing to believe; that there are large numbers, especially among that numerous class who have received a certain degree of liberal education, who, though not openly professing Unitarianism, are carried away with the flattering idea, that they can reduce religion to a rational system, without impairing its practical essentials, and thus set themselves above the prejudices of the vulgar, without any glaring offence to public decency and established institutions. At the same |