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statue of the founder, on a marble pedestal, erected at the expense of Dr. Godolphin. In the other quadrangle are the apartments of the provost and fellows. In consequence of the spoliation of Edward IV., the number of fellows was reduced from ten to seven; at which amount they still remain, though, from the very great increase in the revenues of the foundation, they might very well be raised, agreeable to the intention of the founder, to the old statutable number.

The seventy King's Scholars," as those are called who are on the foundation, when properly qualified, are elected, on the first Tuesday in August, to King's college, in Cambridge, but are not removed till there are vacancies in that college, and then they are called according to seniority; and after they have been three years at Cambridge, they claim a fellowship. Besides those on the foundation, there are seldom less than three or four hundred noblemen and gentlemen's sons, called oppidans, who board at the masters' houses, or within the bounds of the college. The school is divided into upper and lower, and each of these into three classes. To each school there is a master and four assistants. The revenues of the school it is not easy to ascertain; but, according to the "Report of the Parliamentary Committee on Education," they amount to considerably more than 10,000l. a year, arising from various manors, estates, rectories, and tenements belonging to the foundation.

The royal college of Eton, from the Japse of time, has departed widely from the objects for which it was piously established. Like most of our ancient found

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ations, it was intended solely for charitable uses. The statutes of Henry VI. expressly appropriate Eton college to the clothing, lodging, and education of seventy poor and indigent scholars," who are enjoined by the royal founder to swear they had not 31. 6s. a year to spend. At present the scholars find their own clothing; their meals are reduced to a dinner and supper; for their education they pay a gratuity of six guineas to the master, and their other yearly expenses amount to about 60%. These premiums, together with the revenues of the foundation, doubtless leave very princely incomes for the provost and the fellows: but, of course, these Reverend Gentlemen have hardly earned their very profitable appointments, by their public services-their superior learning, their eminence in literature and science, and the great benefits they have thereby been enabled to render the community.

There are a great many ancient customs

connected with the college, the most celebrated of which is the ETON MONTEM. This ceremony is triennial, and takes place on Tuesday in Whitsun-week, when the scholars go in military procession, with drums and trumpets, to Salt-hill; a small eminence on the southern side of the Bath road. The motto on the colours is Pro More et Monte. The scholars of the superior classes dress in the uniform of captain, lieutenant, or other regimental officer. Every scholar, who is no officer, marches with a long pole, two and two. Before the procession begins, two of the scholars, called salt-bearers, dressed in white, with a handkerchief of salt in one hand, and attended each with some sturdy young fellow, hired for the occasion, go round the college, and through the town, and from thence up into the high road, offering salt to all; but, as Huggett says, "scarcely leaving it to their choice whether they will give or not; for money they will have, if possible, and that even from servants." The procession begins with marching three times round the school-, yard; from thence to Salt-hill, where one of the scholars, dressed in black, with a band, as chaplain, reads certain prayers: after which a dinner is provided by the captain, for the superior officers, at the inn; the rest getting a dinner for themselves at other houses of entertainment. The dinner being over, they march back in the order they came into the school yard, round which they march three times, when the ceremony is concluded.

In the "Tunbridge Miscellany" of 1712, this singular procession is thus alluded to:

In military pomp appear;
When boys at Eton, once a year,
He who just trembled at the rod
Treads it a Hero, talks a god,
And in au instant can create
A dozen officers of state :
His little legion all assail,
Arrest without release or bail:
Each passing traveller must halt,
Must pay the tax, and eat the salt
"You don't love salt, you say; and

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Look on these staves, sir-and conform."

The "Public Advertiser " of 1778, gives an account of the Montem, which was then biennial. This is the oldest printed account Mr. Brande had seen, and which we shall transcribe:

as

"On Tuesday, being Whit Tuesday, the gentlemen of Eton school went usual in military procession to Salt-hill. This custom of walking to the hill returns every second year, and generally collects together a great deal of company of all

POLITICAL ECONOMY.

ranks. The king and queen, in their phaeton, met the procession on Arbor-hill, in Slough-road. When they halted, the flag was flourished by the ensign. The boys went, according to custom, round the hill, &c. The parson and clerk were then called, and these temporary ecclesiastics went through the usual Latin service, which was not interrupted, though delayed some time by the laughter that was excited by the antiquated appearance of the clerk, who had dressed himself according to the ton of 1745, and acted his part with as minute consistency as he had dressed the character. The procession began at half-past twelve from Eton. The collection was an extraordinary good one, as their majesties gave each of them fifty guineas."

Formerly the dresses used in the procession were obtained from the theatres. The custom of offering salt has never been clearly explained: it is supposed to be an emblem of learning; and the scholars, in presenting it to passengers, and asking money, engage to become proficient therein. The money collected, which usually amounts to about 500l., is given to the senior scholar, denominated the captain of the school, for his support at the university of Cambridge.

It was anciently a custom for the butcher of the college to give on the election Saturday a ram, to be hunted for by the scholars; the long runs injuring the health of the students, the ram was hamstrung, and knocked on the head with large clubs in the stable-yard. But this carrying a show of barbarity, the custom was left off, and the ram served up in pasties. In the "Gentleman's Magazine for August, 1731, is the following notice of this usage:-" Monday, August 2, was the election at Eton-college, when the scholars, according to custom, hunted a ram, by which the provost and fellows hold a manor.'

In concluding this account of Eton college, we shall only notice the objection that has been made to some of the usages and customs of our Public Schools. It is thought that some of them do not tend so much to promote health, and invigorate the frame, as to give a tyrannical, and even clownish, roughness to the character. If this be the tendency of any of them, the sooner they are abolished the better; for, however congenial such attributes may have been to the manners of the age in which they originated, they would, in the present state of society, be deemed any thing rather than testimonials of superior courage and scholastic accomplish

ment.

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MR. M'CULLOCH'S LECTURES

ON

POLITICAL ECONOMY, AT THE LONDON TAVERN.

LECTURE I,

Objects of the Science.-Labour the constituent of Value. Distribution of Wealth.- Importance of Economical Science. Errors in Legislation. · Conclusion.

MR. M'CULLOCH has commenced a double course of lectures on political economy; delivering one course in the city, and the other at the west end, in Willis's rooms. As we are desirous of diffusing a knowledge of this highly interesting and instructive science, we shall weekly lay the substance of each lecture before our readers.

In his first lecture, Mr. M'Culloch explained the principles of the science of political economy, and its application to the purposes of life. In beginning the study of it, young persons are sometimes led to wander beyond its bounds; which ought, if on no other account, to be well defined. The lecturer then explained that the science was confined to explain the laws of the production, distribution, and consumption of that portion of wealth which possesses exchangeable value.* By production is not meant the creation of matter, for that belongs only to Omnipotence, but the creation of utility, the giving to matter that form in which it contributes to the comfort or happiness of man:- -matter, already adapted to our wants, and so plentiful that no labour is required to obtain it, has no exchangeable value. The spontaneous productions of the earth, till some labour has been used to appropriate them, are not included in the science, for they have no exchangeable value. These are not, however, rendered subservient to our gratification without some exertion. A man placed on the side of a clear stream, or in the midst of trees bending under the weight of fruit, must raise the water to his lips, or pluck the fruit from the parent stem before he can assuage his thirst or satisfy his hunger. This is an example of the labour necessary for appropriation, but this is not the most generally employed, nor the most important species of labour. The

*Our readers will be careful to bear in mind the meaning economists attach to the word.

value, for this is the corner-stone of the science.

Commodities may possess utility, but no value. Air and water are abundantly useful, but, from

universal diffusion, have no exchangeable va lue. Political economy refers to exchangeable value only, and it is in that sense the word value is invariably used by modern economists.-Ed.

coals which warm us must be extracted from the bowels of the earth, and brought a considerable distance before we consume them; the houses, the buildings around have all been constructed out of rude and shapeless stones, and derive all their value from the labour which has been bestowed on them. It is the same with all things; they all derive their value from labour; and labour pays the price of them all. Labour, as Dr. Smith had observed, was the original purchase-money paid for all things. The progress of man in society depended entirely on the manner in which he employed his labour.

The lecturer then traced the progress of man-from the savage, gathering a scanty subsistence from the few shell-fish which the shores of the ocean afforded him, till, losing his migratory habits, he settles in a spot, and cultivates the ground. He then first throws off his native indolence, and finds, in the produce of his labour, a sti mulus to industry, and a reward for his exertions. In the advantages of his situation the New Hollander is superior to either a Frenchman or an Englishman. He lives under a better climate; but, wanting that knowledge and those habits of industry which belong to Europeans, he is in such a state of wretchedness that, judging from what has been reported of him by Dampier, Collins, and others, he seems hardly to belong to the same species as ourselves.

The earth of itself supplies no wealth, and may be considered as a powerful machine, which may either stand idle or be beneficially employed. It is a machine endowed with inexhaustible powers, but which requires our exertions to call them into activity. Independent of labour, what is called the raw material, of which commodities are made, has no value. Take a watch, for example, and trace it back to its origin in the bowels of the earth. The raw material of which it is made, is a few grains of metal buried some hundreds of fathoms under the surface, mixed with other materials, and the miner gets them for the labour of making his way down to them, and bringing them to the surface of the earth. The raw material of a cotton garment has some value, but the cotton in this state is the produce of much labour, and has already undergone considerable toil in bringing it to this state. Wherever there are no monopolies, the elements of wealth, the real raw materials, out of which it is all fashioned, are of no value. Mr. M'Culloch then showed, that the labour employed in creat ing commodities out of these ultimate elements was the foundation of their value. This afforded a criterion to judge

of any proposed measure or improvement. If it enabled commodities to be brought to market at a less expense of toil, or, if the same quantity of labour was rendered more productive, it was beneficial.

To enable man to emerge from barbarism, security of property, the introduc tion of exchange or barter, (this includes the power of individuals to apply themselves to particular pursuits,) and the accumulation of capital, are necessary. Without security, there will be no regular industry-without exchange, there can be no skill, and without capital, no improvement; for every exertion must be directed to supply our immediate physical wants. These three branches embrace the whole subject of the production of wealth; and under one or other of them may all the circumstances which influence the production of wealth be treated.

Mr. M'Culloch then explained the mode in which he should treat of the distribution and consumption of wealth. After giving what he called a brief, but by no means a meagre, dry outline of the objects he should bring before his auditors, he concluded by pointing out the importance of political economical studies. It now more particularly claimed the public attention, as, owing to complaining of our financial system, and the very artificial nature of our commercial regulations, no public question of any importance can fail to be discussed which will not involve numerous political economical considerations. There can be no public question of any importance with which the science is not closely connected. Those persons who are not well acquainted with its general principles, can never tell what will be the consequences, or bearings, of many measures which they will nevertheless have to judge of. To acquire a knowledge of these principles, they must be studied. There is no via regia in political economy, any more than mathematics, and the mind cannot jump to correct conclusions. Its truths are all closely connected with one another; and unless they are all known, it is impossible to guess at results. It was said, indeed, that it was a science which every body might know without any study; but this was only a poor apology for ignorance. To have a correct knowledge of its principles was important to the good government of a country, to the public welfare, and to regulate the best interests of a state. It alone explained those laws on which the condition of man in society depends. It might, perhaps. be said, that though of use to the legislator, it was of no service to the people. This might be true, if the people had no share in deciding public questions. But they have a share in

GAIETIES AND GRAVITIES.

this decision, and could not give it up without resigning one of the most valuable of their rights. It was now unfortunately found that those who were most ignorant, had most zeal, and took the largest share in determining public questions. Had the people been well informed in political economy, millions of money would not have been spent in imposing and preserving restrictions that were so many clogs to commerce. The celebrated excise scheme of sir Robert Walpole, which almost threw the country into rebellion, was not intend ed to add a single additional duty on any article, but to establish that warehousing and bonding system, which could only be safely carried into effect in 1803, and was one of the greatest improvements ever made in the commercial policy of this country. The war in 1756, the American war, and all the wars of the last century, except those which originated in the French Revolution, were all waged with a view of preserving some commercial privileges and monopolies. Such wars, it is clear, could never have been carried on had the people known that the proposed objects were perfectly unattainable, that no country could succeed in preventing the progress of another country in wealth; and, if she could succeed, it would be by injuring, if not ruining herself. Political economy had now taught men that it was for the mutual interest of all nations to live in peace, and cultivate friendship and commerce with each other. A knowledge of the principles of political economy would prevent men being the short-sighted dupes of their own avarice, or the victims of the short-sighted ambition of their rulers.

In conclusion, Mr. M'Culloch adverted to the necessity he might be under, in his subsequent lectures, of impugning the utility of institutions and opinions, in which some of his auditory might possibly be interested. However painful such a task might be, he should feel himself unworthy of the honour of addressing them, were he to be induced by individual considerations, from declaring his honest convictions on what he conceived would most effectually tend to the general interests of the community.

The lecture was listened to with the most respectful attention, and at the con clusion, Mr. M'C. received the liveliest marks of approbation. Though the lecture commenced so early as nine o'clock in the morning, between two and three hundred gentlemen had by that time assembled.

Rebfew and Analysis.

197

GAIETIES AND GRAVITIES; A SERIES OF ESSAYS, COMIC TALES, AND FUGITIVE

VAGARIES.

By One of the Authors of "REJECTED ADDRESSES." 3 vols. 12mo. COLBURN.

So, then, the old firm of the "Authors of Rejected Addresses" has dissolved partnership, and business is in future to be carried on singly. On first reading the ominous "One," we had some misgivings the other had suddenly disappeared, but consoled ourselves with thinking, that the dissolution had probably arisen from the great accumulation of literary capital, which it was no longer safe or expedient to vest all in one bottom. Whether we are now introduced to the junior or senior partner we cannot say, but certainly the previous reputation of the old establishment is maintained, with unimpaired lustre and integrity.

To drop at once our allegory-"Gaieties and Gravities," by an old favourite of the Town,- form three pleasant volumes, abounding in touching and humorous tales, characteristic sketches, satiric caricatures, and laughable jokes-sprinkled throughout with an agreeable and pungent spicery of bon mots, puns, witticisms, &c. What augments the fascination of the entertainment is, that it is free from the alloy which usually deteriorates works merely of a light and amusive character. Joyous and mirthful as the present production is, it contains nothing that can hurt the feelings or principles of a single person: the humour is bold and racy, yet it is chaste and well-bred, and the wit and satire are equally free from personal malignity. In short, it exhilarates, by the pure ethereal spirit of gaiety and cheerfulness, and, like a cup of the author's favourite Souchong, enlivens, without leaving the smallest lees for the future aching of the heart, or reproach of the understanding. Of the two, we prefer the "Gaieties" to the "Gravities." In the latter, our author is often commonplace, but in the former-especially if they turn on the little foibles and vanities of city life-the humours of a steam-boat, of Houndsditch, or Broad-street, he is unrivalled. In fact, we know nothing in the language more facetious and entertaining than Mr. Smart, Dicky Suett, Sir Peter Pumpkin, Mrs. Cleaver, and Mrs. Hoggins.

The greatest drawback from these volumes is, that many of the good things they contain,are only second-hand; most of them have appeared in the "New Monthly Magazine," and some even made the tour of the daily papers. It is likely, therefore, some of our specimens will not be

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