Government to office, that Colonel Torrens
commenced the publication of his letters called the _Budget_. The two
first were addressed to Lord John Russell, and professed to show that
the commercial propositions of the late Whig Government would, if
adopted, have altered the value of money, increased the pressure of
taxation, and aggravated the distress of the people. The third letter
was on commercial reform, addressed to Sir Robert Peel. The remainder of
the series were on colonization and taxation, on the expediency of
adopting differential duties, &c.; concluding with one on the condition
of England, and on the means of removing the causes of distress; which
was afterwards followed by a _Postscript_, in which the author,
addressing Sir Robert Peel, said--

"I would beg to submit to your consideration what appears to me to
amount to a mathematical demonstration, that a reduction of the
duties upon foreign production, unaccompanied by a corresponding
mitigation of the duties imposed by foreign countries upon British
goods, would cause a further decline of prices, of profits, and of
wages, and would render it doubtful whether the taxes could be
collected, and faith with the public credit or maintained."

Opinions like these, coming from a man considered to be of some little
authority in economical science, were certainly important. The time was
serious--the crisis really alarming. A new Government had come into
power, and it was thought and expected were about to effect great
changes. Even the _Quarterly Review_, alarmed by the aspect of affairs,
came round, in the winter of 1841, to advocate commercial reform. At
this critical period Colonel Torrens stepped forward. What his motives
were we do not know; though we know that men neither harsh nor
uncharitable, and with some opportunities of judging, considered that
Colonel Torrens, soured by political disappointments and personal
feeling, had permitted himself to be biassed by hopes of patronage from
the new Government. The pamphlets composing the _Budget_ only appeared
at intervals: but so far as they were then published, did attract
considerable attention; the mere supporters of pure monopoly did not, of
course, understand them: but that body who may be appropriately enough
termed _middle men_, were not unaware of the value of such support as
that afforded by Colonel Torrens, in staring off changes which seemed
inevitable. Sir Robert