of the speculative economist, who is so often astounded to find how a principle, or a theory, of unquestionable truth abstractedly, and apparently of general application, comes practically to be controlled by circumstances beyond his appreciation, or even to be negatived altogether.  An example or two in illustration, may render the question more clearly to the economical reader; although taken from the cotton trade, they are not the less true, generally, of all other branches of home manufacturing industry.  As we shall have to mention names, a period long past is purposely selected; but although the parties, so far as commercial pursuits, may be considered as no longer in existence, yet they cannot fail to be well remembered.  The former firm of Phillips and Lee of Manchester, were extensive spinners of cotton yarn for exportation, and extensive purchasers of other cotton yarns for exportation also; but for home manufacture they never could produce a quality of yarn equally saleable in the home market with other yarn of the same counts, and nominally classed of the same quality.  The principal reason was, that they spun with machinery solely adapted for a particular trade, and the production of quantity was more an object than first-rate quality; to these ends their machinery was suited, and to have produced a first-rate article, extensive and expensive alterations in that machinery would have been required.  Mr Lee himself, the managing partner, was an ingenious and theoretically scientific man, and often experimentalizing, but in general practically with little success.  When, therefore, the export trade in yarns fell off, as, in some years during the war and the continental system of Bonaparte, we believe it was almost entirely suspended, the yarns so described of this firm, and of any others the same, could find no vent—­abroad no opening—­at home not suited for the consumption.  As the firm were extremely wealthy the accumulation of stock was, however, of small inconvenience; time was no object, the Continent was not always sealed.  With the great spinner Arkwright the case was entirely different; at home as abroad his yarn products were always first in demand; his qualities unequalled; his prices far above all others of even the first order; his machinery of the most finished construction.  If, perchance, home demand flagged, the export never failed to compensate in a great degree.

So with all other subdivisions of the same or other manufactures, more or less.  And this may explain the seeming phenomenon why; when the foreign trade has been so prostrate as we have seen it during the last three years, the home trade did not cease to be almost as prosperous as before.  Political economy would arbitrarily insist that, repelled from the foreign market, or suffering from a cessation of foreign demand, the manufacturer for exportation had only to direct his attention, carry his stocks to, and hasten to swell competition and find relief