morning the gentle Ellen steals upon the lawn, unaltered by the lapse of time.  Her slender arm is twined in mine, and her eye fills with innocent delight.  Not an hour of age is added to her face, although the century was not yet born when last I gazed upon its meek and simple loveliness.  She vanishes.  Is it her voice that through the window flows, borne on the bosom of the vernal wind?  Angel of Light, I wait thy bidding to rejoin thee!

* * * * *

COMMERCIAL POLICY.

SPAIN.

The extraordinary breadth and boldness of the fiscal measures propounded and carried out at once in the past year with vigour and promptitude no less extraordinary, wisely calculated of themselves, as they may be, perhaps, and so far experience is assumed to have confirmed, to exercise a salutary bearing upon the physical condition of the people, and to reanimate the drooping energies of the country, can, however, receive the full, the just development of all the large and beneficial consequences promised, only as commercial intercourse is extended, as new marts are opened, and as hostile tariffs are mitigated or abated, by which former markets have been comparatively closed against the products of British industry.  The fiscal changes already operated, may be said to have laid the foundation, and prepared the way, for this extension and revival of our foreign commercial relations; but it remains alone for our commercial policy to raise the superstructure and consummate the work, if the foundations be of such solidity as we are assured on high authority they are.  In the promotion of national prosperity, colonization may prove a gradually efficient auxiliary; but as a remedy for present ills, its action must evidently be too slow and restricted; and even though it should be impelled to a geometrical ratio of progression, still would the prospect of effectual relief be discernible only through a vista of years.  Meanwhile, time presses, and the patient might perish if condemned alone to the homoeopathic process of infinitesimal doses of relief.

The statesman who entered upon the Government with his scheme of policy, reflected and silently matured as a whole, (as we may take for granted,) with principles determined, and his course chalked out in a right line, was not, assuredly, tardy, whilst engaged with the work of fiscal revision, in proceeding practically to the enlargement of the basis of the commercial system of the empire.  An advantageous treaty of commerce with the young but rising republic of Monte Video, rewarded his first exertions, and is there to attest also the zealous co-operation of his able and accomplished colleague, Lord Aberdeen.  This treaty is not important only in reference to the greater facilities and increase of trade, conceded with the provinces on the right bank of the river Plate, and of the Uruguay and Parana, but inasmuch also as, in