In our common speculations we do not enough remember that interest on money is a refined idea, and not a universal one.  So far indeed is it from being universal, that the majority of saving persons in most countries would reject it.  Most savings in most countries are held in hoarded specie.  In Asia, in Africa, in South America, largely even in Europe, they are thus held, and it would frighten most of the owners to let them out of their keeping.  An Englishman a modern Englishman at leastassumes as a first principle that he ought to be able to ’put his money into something safe that will yield 5 per cent;’ but most saving persons in most countries are afraid to ‘put their money’ into anything.  Nothing is safe to their minds; indeed, in most countries, owing to a bad Government and a backward industry, no investment, or hardly any, really is safe.  In most countries most men are content to forego interest; but in more advanced countries, at some times there are more savings seeking investment than there are known investments for; at other times there is no such superabundance.  Lord Macaulay has graphically described one of the periods of excess.  He says’During the interval between the Restoration and the Revolution the riches of the nation had been rapidly increasing.  Thousands of busy men found every Christmas that, after the expenses of the year’s housekeeping had been defrayed out of the year’s income, a surplus remained; and how that surplus was to be employed was a question of some difficulty.  In our time, to invest such a surplus, at something more than three per cent, on the best security that has ever been known in the world, is the work of a few minutes.  But in the seventeenth century, a lawyer, a physician, a retired merchant, who had saved some thousands, and who wished to place them safely and profitably, was often greatly embarrassed.  Three generations earlier, a man who had accumulated wealth in a profession generally purchased real property, or lent his savings on mortgage.  But the number of acres in the kingdom had remained the same; and the value of those acres, though it had greatly increased, had by no means increased so fast as the quantity of capital which was seeking for employment.  Many too wished to put their money where they could find it at an hour’s notice, and looked about for some species of property which could be more readily transferred than a house or a field.  A capitalist might lend on bottomry or on personal security; but, if he did so, he ran a great risk of losing interest and principal.  There were a few joint stock companies, among which the East India Company held the foremost place; but the demand for the stock of such companies was far greater than the supply.  Indeed the cry for a new East India Company was chiefly raised by persons who had found difficulty in placing their savings at interest on good security.  So great was that difficulty that the practice of hoarding was common.  We are told that the father of Pope,