persons who deal in the traffic.

Passing over the two bubbles of the Dutch business and the million
a-year to sink the national debt, the matter which most presents itself,
is the affair of the Regency. Never, in the course of my observation,
was delusion more successfully acted, nor a nation more completely
deceived. But, to make this appear, it will be necessary to go over the
circumstances.

Mr. Fox had stated in the House of Commons, that the Prince of Wales,
as heir in succession, had a right in himself to assume the Government.
This was opposed by Mr. Pitt; and, so far as the opposition was
confined to the doctrine, it was just. But the principles which Mr. Pitt
maintained on the contrary side were as bad, or worse in their extent,
than those of Mr. Fox; because they went to establish an aristocracy
over the nation, and over the small representation it has in the House
of Commons.

Whether the English form of Government be good or bad, is not in this
case the question; but, taking it as it stands, without regard to its
merits or demerits, Mr. Pitt was farther from the point than Mr. Fox.

It is supposed to consist of three parts:--while therefore the Nation
is disposed to continue this form, the parts have a national standing,
independent of each other, and are not the creatures of each other. Had
Mr. Fox passed through Parliament, and said that the person alluded to
claimed on the ground of the Nation, Mr. Pitt must then have contended
what he called the right of the Parliament against the right of the
Nation.

By the appearance which the contest made, Mr. Fox took the hereditary
ground, and Mr. Pitt the Parliamentary ground; but the fact is, they
both took hereditary ground, and Mr. Pitt took the worst of the two.

What is called the Parliament is made up of two Houses, one of which is
more hereditary, and more beyond the control of the Nation than what
the Crown (as it is called) is supposed to be. It is an hereditary
aristocracy, assuming and asserting indefeasible, irrevocable rights
and authority, wholly independent of the Nation. Where, then, was
the merited popularity of exalting this hereditary power over another
hereditary power less independent of the Nation than what itself assumed
to be, and of absorbing the rights of the Nation into a House over which
it has neither election nor control?

The general impulse of the Nation was right; but it acted without
reflection. It approved the oppositio