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Alack! and alas! oh! master, mine,

By the Baron of Stein
This horrible deed was done,
It was he who took your wife away,
And your two best hounds, I grieve to say,

With the treacherous Baron are gone.
This news stung the Marshall through marrow and bone,

Like lightning shone
His sword, as it leapt from the sheath,
With a thunder of curses the hall resounds,
In a whirlwind of passion on his courser he bounds,

And urges him over the heath.
By the dew-drop of morning, from harebell and spray

So late brushed away,
The fugitives' course he has traced ;
“ Now speed thee, now speed thee, my gallant steed,
And fail not thy master, this once, at his need,

But save him from being disgraced."
As the landscape swiftly behind him flies,

“ On, on,” he cries,
“ Be this thy last race won,
And the rest of thy life shall glide away
With golden oats and blooming hay

To feed, at ease, upon.”
The courser stretched himself and flew,

Till the night-dew
His rider's feet swept from the heath,
The well-armed heel and urging voice
Redoubled the galloping, thundering noise,

Of his hoofs and the clouds of his breath,

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Now the Marshall sees before him where,

In the bright air,
A heron's plume, dancing, flies,
Ere the hill is gained, unto his feet
His hounds have sprung, their lord to greet

With joyful, whimpering cries.
Stay, robber, stay, and if you can

Look on this man,
Whom you have insulted so,
May perdition in her fiery jaws receive you,
And there, you hound, to eternity leave you,

Be-brimstoned from top to toe.”
The Baron of Stein was valiant too,

And well he knew
No arm was stronger and truer,
He turned his head, and he turned his steed,
And a heart that of threatening took little heed,

To meet his wild pursuer.
The Baron of Stein his falchion drew,

And both of them flew
From their saddles with clinking sound;
Then raged a storm of dreadful blows,
And as on the earth they stamped, there arose

A cloud of dust around.

Fiercely they fought, as tigers would,

'Till drops of blood On their armour stood like dew ; Yet neither, although they have cut for an hour, Now high and now low, with such skill and such power,

To the earth his opponent could hew. Then when they both felt great distress,

And weariness, The panting Baron cried,

Lord Marshall, so please you that we should here
A little while rest, you need not fear,

A truce shall be ratified.”
The Marshall too, happy to rest awhile, lowered

The point of his sword,
And in listening attitude stood :-
“ Lord Marshall, if things could be settled by treaty,
To cut our leather, till it bleeds, is a pity,

And to neither can do any good.
We are hacking as if at a joint on the table,

And e'en were one able
To conquer, how light is the prize!
To the woman we should the dispute refer,
And to give her to him whom she may prefer,

By Heaven, would be more wise.”
Well pleased the Marshall appeared to be-

It is surely me,
(Thus he thought to himself) she will chuse ;
Have I not loved her with tenderness,
And of all that women are fond to possess,

Did I anything ever refuse ? “ Oh my life on her faith! she would never leave me,”

Said he tenderly,
• She but loves me too well I'll engage.”
Ye constant men, take this warning I give,
And do not the innocent maxim believe,

That love does not rust with age.
The lady upon her palfrey sat,

Not far from that,
And joy lit up every feature ;
Not a moment before her did they stand,
Ere she gave to the Baron of Stein her hand-

Oh! fye! the faithless creature.
Oh! fye! how could she so deceive,

And lightly leave
Her lover alone with his wonder!
The Marshall of Holm stood fixed to the place,
With quivering lips and a staring face,

As if he was struck by thunder.
Weary and pale on the ground at last

Himself he cast,
Between his own two hounds;
His faithful companions, who loved him more
Than the lady did, smelt him o'er and o'er,

And licked off the blood from his wounds.

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Roused from the trance in which he lay,

He saw the day,
And felt his strength again-
His grief dissolved in tears away,
And he fondly embraced his hounds, as if they

Were loving brothers twain.
The feeling that they, at least, were true,

Did his courage renew,
And homeward to ride inclined him ;
But scarce in the stirrup his foot did he place,
And urge his hounds forward, as if to the chace,

When he heard a shout behind him,

And see where the Baron of Stein doth come,

His horse in a foam,
And himself all breathless and heated.

Lord Marshall,” he cries, “yet a little while stay,
For I have a word or two more to say-

Our treaty is not yet completed.
The lady, my skill has won to be mine,

Doth sorely repine
For the hounds that came with us last night ;
She charged me to ride with might and main,
And by fair means or foul means to get them again-

So resign them, or else we must fight."
Then drew not his sword that Marshall bold-

But stately and cold,
Addressing the Baron, he stood :
“ Lord Baron, if things could be settled by treaty-
To cut our leather till it bleeds is a pity,

And to neither can do any good.
We are hacking as if at a joint on the table ;

And e'en were one able
To conquer, how light is the prize!
To the hounds we should the dispute refer;
And to give them to him whom they may prefer,

By Heaven, would be more wise.”
The Baron of Stein did the sarcasm blink,

And fondly think
That the hounds would follow his beck:
He chirrupped and coaxed with voice and with hand,
And with coaxing and chirrupping hoped a band

Of leather to slip round each neck.
Though he coaxed, and he whistled, and dropt on his knee

The hounds he was forced to resign:
The bread that he spread on the ground was in vain,
For they sprang to the side of the Marshall again,

And snarled at the Baron of Stein.



Sir-I have noticed, with much and general adoption of erroneous pleasure, the appearance of Mr. Long- notions, on the subjects treated of in field's work upon Political Economy, this science—subjects which may be which, coming as it does from an indi: truly said to involve the future happividual of well known and high acquire ness and prosperity, or misery and misments, and occupying the chair which fortune, of our common country. Your private liberality has lately endowed review of this work, in your last numin our University, is likely to attract ber, deprives me of the opportunity of a considerable portion of attention in enlarging on those portions of it with this country, and is well calculated the principles of which I cordially to remove the apathy and the agree, and reduces me to the disagreeprejudices which have hitherto ex- able, but unavoidable alternative of conisted in reference to this science, fining my observations to those from among those classes of our countrymen which I feel myself compelled to dissent. to whom a knowledge of its principles The first subject to which I shall is of paramount national importance, call the attention of your readers, is as bearing upon the execution of their that of the relations of demand and duties in the many public capacities, supply," and the effects of their variawhich all men of a certain standing in tion upon“ price :” but here I must society are so often called upon to fill. premise, that on this point Mr. Long

As this book is, however, professedly field has not, to any great extent, demerely the forerunner and foundation parted from the views of former writers, of a future and more extended system all of whom, as far as I am aware, parof political economy, and is avowedly ticipate in the errors which I shall enpublished for the purpose of making deavour to point out ; but he has, by known the learned author's views, on carrying further a train of false reasonthose subjects wherein he differs from ing, arrived at conclusions so manifestly preceding writers, in order to render unfounded, that it is really surprising he his subsequent lectures more generally was not himself led to suspect some intelligible ; and as some of those views error in his premises. appear to me to be rather hastily and The supply of any commodity is unadvisedly adopted, I have thought it stated to be " that portion of it which might produce some advantage to draw any one possesses and does not intend the attention of Mr. Longfield and the to consume ;” and “ the disposition to public to some considerations on one give something in exchange for it,” is or two of the subjects treated of in his called the demand. The inutility and publication, on which I think it pro- absolute inoperativeness of “ a disposibable he will ultimately see reason to tion to give something,” afterwards change the opinions which he at present makes it necessary to substitute the holds. In doing so, I shall endeavour words “effectual demand," and the to confine myself to fair, candid, and price of any article is stated to be amicable discussion, assuring the learn- "such a sum as is sufficient to produce ed author, that my strictures are dic. an equality between the supply and tated, not by any paltry spirit of cavil the effectual demand” - meaning, by or hyper-criticism, but from a deep effectual demand, “such a demand” sense of the great importance of the (i. e. such a disposition to give somesubject, and the injurious results thing) “as actually leads to the purwhich experience has shewn inva- chase or consumption of the article.” riably follow from the promulgation Now, it is evident that there is here a


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relation of quantity supposed, or im- us suppose that the supply of bread is
plied, between the demand and the diminished from ten thousand loaves
supply-between a desire and a com- to eight thousand, then the price of a
modity, two terms which are not single loaf, or one-eight-thousandth part
homogeneous, and between which it of the supply, will be one-eight-thou-
is impossible that any such relation sandth part of the demand, or (the
should exist. To correct these erro- demand remaining the same) 1s. 3d.
neous views, it is merely necessary But suppose each of the bread con-
carefully to examine and understand sumers, instead of contenting them-
the true meanings of the terms, demand selves with the purchase of eight
and supply. The supply of any com- loaves with the money they formerly
modity, then, is that quantity of it gave for ten, are able and willing, by
which is at any given time for sale, or the transfer of the necessary fund
applicable to the purposes of exchange. from other destination,
The demand for any commodity is that continue to purchase ten at the in-
fund which is at any given time appli- creased price-in other words, suppose
cable to its purchase; and the price of that the amount of the demand for
any article is such a proportion of the bread is increased from £500 to £625,
demand for the commodity, of which then the price of each loaf must be
the article forms a part, as the article one-eight-thousandth part of £625, or
itself is of the entire supply of that Is. 6id. Suppose again, that it is
commodity. It will be immediately inconvenient or impossible for a cer-
seen how extremely simple this expla- tain portion of the consumers, say one-
nation of the terms “ supply,” “ den half, to transfer any more of their funds
mand," and“ price,” renders the whole to the purchase of bread, or, in other
of this confused and difficult subject, words, to continue their former con-
which has led away Mr. Longfield sumption, and that they are
into a fanciful and unfounded theory obliged to subsist on a smaller quantity
respecting latent intensities of demand, than before, but that another portion,
in order to account for the rise and say the other half, are still able, by a
fall of prices from the influence further transfer of their funds to the
of demand and supply, quite as demand for bread, to purchase the
absurd as Mr. Lube's algebraical for- same quantity as before, at the price of
mulæ noticed in the appendix. “The Is. 6 d. per loaf, and that they are
nieasure of the intensity of any person's willing to do so; the effect of this is
demand for any commodity, is the to increase the total demand for bread
amount which he would be willing and from £625 to £703 2s. 6d., and the
able to give for it, rather than remain price of each loaf must be the one-eight-
without it.” “ The high prices to which thousandth part of that sum, or rather
provisions rise in times of scarcity, more than 1s. 9d. Now, the effect of
prove the existence of a latent inten- this price is, that the portion of the
sity of demand, which is only called consumers who could not increase the
into action by the scarcity.” And his amount of their demand for bread,
train of reasoning ultimately leads him more than in the proportion of 10,000
to the conclusion, that each individual to 12,500, or one-fourth ; or whose
contains “ within himself a series of de- increased demand amounted only to
mands of successively increasing de- £312 10s., are now able to purchase
grees of intensity !"

but 3,555 loaves out of the 8,000 which To illustrate the manner in which form the supply, and the remaining changes of price take place, according 4,445 will be purchased by the other to the idea of demand above explained, portion, who had the means of inlet us suppose the supply of a certain creasing their demand for bread commodity, say loaves of bread, to be from £250, its original amount, to 10,000; and let us suppose the amount £390 12s. 6d., its supposed ultimate of the fund applicable to the purchase limit.

A number of curious and imof bread, or the demand for it to be portant results follow from the state of .£500 ; then the price of one loaf, or things here described, viz., an increased the one-ten-thousandth part of the demand for a particular description of supply, will be one-ten-thousandth of commodity, caused by a diminished the demand, or one shilling. Now, let supply, such increased demand being

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