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to Chapter XI., for the purpose of shortly noticing those political views, regarding the freedom of labor and trade, which so essentially concern the prosperity and credit of every country.

The Author has also had the honour of corresponding on the subject of this book with M. Michel Chevalier and M. Wolowski, and although the Author has not the satisfaction of their concurrence in his views, yet he has the pleasure of acknowledging the courtesy of their communications.

The reputation of M. Wolowski, in France, as an authority on the Bank Question, entitles him to respectful attention, and his opinion on this question may be interesting to Bank Directors and Capitalists, as supporting their views. M. Wolowski's opinion may be collected from his correspondence with the Author, extracts from which are given in the Appendix.

As Mr. J. S. Mill says:-"there is always hope when people . . . listen to both sides; it is when they attend only to one that errors harden into prejudices, and truth itself ceases to have the

effect of truth, by being exaggerated into falsehood.” ['On Liberty,' page 94.]

With the exception of a few other additions, arising chiefly out of the evidence of M. Isaac Pereire, and his Brother M. Émile Pereire, and the correction of a few trifling but obvious errors of the Press, this second edition is substantially the same as the first.

The increase of bulk in the present volume, if alarming to some, has been unavoidable, by the addition of the evidence of the MM. Pereire before the French Commission of Inquiry into the Bank of France, done into English and given in the Appendix; together with Chapter VI. of M. Isaac Pereire's last work, also translated into English.

The Author considers the chief worth of his volume to be in the Appendix, as containing the unconcerted and conclusive confirmation of his views by the MM. Pereire, Frères.

The Author, in his Preface to the First Edition, alluded to some slight differences of opinion between himself and M. Isaac Pereire; but the

Author is not aware that any difference of opinion now exists between them on this question.

If the deplorable consequences of our present Banking System do not fix the attention of a commercial community and bring them together, as one united body, to demand from the Government a change in conformity with sound principles, the discouragement, to those who have devoted their time and thoughts to this subject, will be so great that, probably, further efforts will be abandoned, and the affliction of the Bank Act, under which the trade and industry of the country are suffering, will remain, until removed by the more enlightened intelligence of some future and perhaps distant generation.

To wait for an enlightened Government to originate this change, or to expect any Government. to take the initiative in a change against which will be brought to bear the most powerful influence of wealth in the country, is, in effect, the abandonment of the interests of the community to the selfish interests or ignorance of a party.

The Author can only invite the careful atten

tion of his readers to the admirable and conclusive evidence of the MM. Pereire, given in the Appendix.

Here we have the results of the long experience of two most honorable men, whose successful industry has made them great capitalists, and whose names, as financiers and bankers, are justly esteemed not only in their own country but throughout the world.

That the Author, without any previous communication with these two distinguished authorities or any previous knowledge of their views on this subject, should have found his own views, in every principle and in all important particulars, confirmed by them, is to himself personally very gratifying, but it will be much more so if it should give additional confidence to his readers, especially as he claims nothing from his own personal experience in commercial or financial affairs.

The Author has been invited to throw off the disguise, which he has so long maintained, and to affix his name to this new edition of his book,

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for more effectual cooperation with MM. Pereire in Paris and with a few others in this country. But he has no personal object to serve and no wish to be classed among political agitators; moreover, he believes that his opinion on most questions of politics and finance are in advance of the times and likely to be misinterpreted, as may be seen in the two fanciful emblems which he has rashly affixed to this volume, at the risk of reducing very considerably the number of his readers. But he does not write only for the present generation, nor does he intend to answer rude and ignorant criticisms, and he does not believe that his name, if known, would have the smallest effect in extending the sphere of his cooperation with those who agree with him in opinion.

He, therefore, prefers remaining in the freedom of obscurity as the Friend of the People


1st July, 1866.



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