plumage ; but these waters were, nevertheless, at
work, as Jan proved by leading his guests to one
spot of the inner dyke, where the soil appeared
NEWS FROM HOME. 97
to be slightly giving way. On this stormy coast,
as in other parts of Holland, the sea-dyke was
not the only protection provided for the pastures
which lay beneath its level. It was all-sufficient
for common times and seasons, but in the event
of a slight irruption, or of any accident to the
mills on the neighbouring canals, it was desirable
to have a channel provided to carry off an occa-
sional flood. Such a channel was furnished by
erecting a land-dyke within the sea-dyke, leaving
the space between to serve as a passage for any
overflow of water. The whole range of the B
dyke near Winkel was in admirable order. No
dyke in the country was more thickly planted
with the reed which assists the gathering and
hardening of the sand thrown up by the wa\
Its top was broad enough for two carriages to
pass with ease ; and its internal slope was of a
soil so hard that nothing but the matted sjrass
would grow upon it. The inner dyke was yet
hardly consolidated : but the process was hastened
by the planting of trees to a great extent. The
young wood throve, and gave promise of binding
the whole soil in a net-work of roots. The only
doubtful point was the one now indicated by Jan.
The bog water had spread to the foot of this
mound ; and just there, the roots of a young
willow seemed to be starting. This was all :
but, to the eye of a Dutchman, it conveyed much.
Slyk gave positive orders for the immediate
erection of a mill to aid the drainage; and that
no more turf should be dug till an abundance of
lime was prepared to fill up the drained field, and
K
98 ftEWS FROM HOME,
till the bank was ascertained to be in a sound
condition. He made Heins observe that there
was very little water between the dykes, and no
probability of more before all should have been
rendered secure. — Jan prepared himself to set
off in pursuit of the workmen, authorized to bring
them back by the granting of even better terms
than before, if such should be demanded.
Heins observed that the masters of labourers
in some other countries were more happily cir-
cumstanced than he and his friend. In Eng-
land, men asked work of the masters, who were
therefore in a situation to exercise a choice, and
to exert some authority; but in Holland, the
masters had to seek for labourers, and were con-
sequently at their mercy as often as there hap-
pened to be no scarcity of work. Even at pre-
sent, when, through the quantity of wealth in
the country, it was difficult to find employment
for capital at home, and there was therefore more
labour to be disposed of than in the days of com-
parative poverty, the labouring classes were able
to make their own terms, from the abundance
which they possessed. One of the difficulties
attending any new undertaking was the manage-
ment that was necessary to bring the requisitions
of the labourer into agreement with the interests
of the master.
" Another difficulty," observed Slyk, " is the
poor encouragement that is given to liberal un-
dertakings in this country. Our banks will bring
on a general distress, if they do not mend their
measures. If they are so timid and so ill-
NEWS FROM HOME. 99
humoured as they are now about discounting
bills, and lending money to the spirited indivi-
duals who exert themselves to benefit their coun-
try, everything will go to ruin. It is a part of
their regular duty to assist those who would
enrich, those who would beautify the face of the
land ; but there is more trouble than most en-
terprises will pay in getting a few bills dis-
counted."
Before he had finished his complaint, the
messenger from Amsterdam had appeared and
delivered Vanderput's letter to Heine. There
was something in Heins's frowning brow and
falling countenance as he read, which indu
Jakob to take up his theme again as soon as he
could obtain a hearing. He enlarged once more
on the avarice and cowardice of the banks, which
refused to aid even such an undertaking as the
one before their eyes. Ilcins would scarcely be-
lieve it, but the Levden bank had within a week
refused to discount hills drawn by Cats of II acr-
lem upon Gcysbuk of Rotterdam.
Heins could very easily believe it. The re-
fusal of the bank probably arose from the same
cause which would now, he feared, prevent him
from making the advances he had destined to the
undertaking before him. He found that the
turn of the exchange had given such a stimulus
to importation that he had less money at com-
mand, unfortunately, than he could have had at
any other conjuncture. — But he had promi
Slyk reminded him. He had promised brandy,
k2
100 NEWS FROM HOME.
butter, and meat immediately, and money to a
considerable amount
Subject to the consent of his partner, Heins
observed ; and his partner now wrote him word
that their joint capital was already completely
invested.
" But you have capital of your own, indepen-
dent of the partnership," said Slyk ; " you, and
your mother also. I beg your pardon for seem-
ing to interfere in your concerns, my dear fellow ;
but I am not one to stand by quietly, and see a
young friend, just left to his own guidance, let
slip so splendid an opportunity as this of making
thirty per cent, of his spare capital. I have a
great regard for your mother too, and would
fain see that her worldly concerns do not suffer
from her being deprived of her husband, my
very good friend. If she were here, with three
thousand guilders in her right hand, I would
merely say, ' here is our ground, there is the
sea,' and leave the rest to her own good sense."
Heins looked about him for some lime before
he made any reply, and then lamented that this
soil was not already fit for pasturage, as some
German and Danish cattle were on the point of
arriving to be fattened ; and it would have been
one way of aiding the scheme to deposit them
on this spot. Jakob explained that there was a
farm at a little distance which belonged, he de-
clared, toj himself. He would say no more than
that any advances made by Heins might be repaid
in the feed of these cattle, and thus made inde-
NEWS FROM HOME. 101
pendent of whatever risk might be thought to
attend the grand scheme.
Long did Heins pace to and fro on the dyke,
pondering his resources, and reconsidering the
letter of his partner, which was as follows : —
11 I am sorry that your absence occurs just at
this time, however short it may be : for every
day may make so important a difference in the
course of exchange as may materially affect our
commercial concerns. How long the exchange
may remain as it is there is no saying, as there
is a rumour of the enforcement of tithe on the
cultivation of madder in Great Britain; and
this will brinor the madder of a Presbvterian
country like ours, which pays no tithe, into the
market, at an advantage which must tempt those
merchants to export largely who are now im-
porting. If, besides this, certain relaxations of
monopoly which are talked of should take place,
to the advantage of Dutch commerce, our exports
to Great Britain will be so abundant as presently to
turn the course of exchange. It is our part, then,
while we can get bills cheap, to urge our business
to the fair limits of our capital, that we may have
the fewer debts to pay to England when that
competition for bills arises which must certainly
follow the present abundance. I did business
with Visscher this afternoon, as you were not
here to do it for me. He is too busy (making
his fortune, I suppose, out of the variations of
exchange) to have a word to say to his old
friends till after 'Change hours. I fancy that
the bills on England which have fallen in value
F.3
102
NEWS FROM HOME.
bring a pretty profit into the broker's pocket
when transmitted to Paris, where the exchange
is greatly in favour of England. Visscher must
be making much more by this state of things
than he lost a while ago by the variation which
took place in consequence of the depreciation of
money in Paris. A fine lot of bills in his hands,
which would have borne a premium over night,
were gladly disposed of at a discount the next
day. Visscher has never forgiven the over-issue
of paper which caused this ; but he is making up
for it now. His charge per cent, on these trans-
actions is no trifling gain in these busy days.
AVhen the exchange is once more at par, he will
spare us a day at Saardam to talk over a little
speculation in which it seems to me that we may
share with advantage.
" It is rumoured on 'Change to-day that a
certain provincial bank has taken up a suspicion
of the means by which a present neighbour of
yours is floating a scheme which he boasts of as
promising great things. It is said that a confe-
deration of needy men have tried the now unusual
trick of drawing on one another in a circle, and
thus raising money to carry on their scheme,
which they may or may not be eventually able
to pay. The bank in question has been gradually
getting out of the scrape for some time past, not
forcing the parties to a bankruptcy, but making
more and more difficulty about discounting their
bills. The other banks which have been favoured
with the custom of the parties are taking the hint,
it is said, and looking close into the character of
NEWS FROM HOME. 103
the transaction. If so, the truth of the matter
will soon appear. Meanwhile, should any spe-
culator fall in your way, beware of his represen-
tations ; particularly if he talks of the distress of
the country, and attributes it to the timidity of
the banks. The country is prosperous, and the
banks know what they are about full as well as he.
When I have said ' beware,' I have said that which
makes me think it worth while to send a special
messenger with my letter. Besides this, I have
only to say that I shall be glad to see you at
home ; and that if your mother has any fine pas-
turage untenanted, our Danish cattle may as well
be landed in her neighbourhood, and fattened on
her meadows as on those of a stranger. Ar-
range this as you please. * * *"
In the days when extensive alterations in the
currency of trading countries were common,
commerce was much indebted to the intervention
of such men as Visscher. The bill-brokers held
the power of equalizing the exchange, or of pre-
venting its variations from exceeding a certain
limit. The variations of the real exchange can,
it is true, never exceed the limit fixed by the
cost of transmitting metals ; for, as soon as the
premium which a merchant has to pay on the bill
he wishes to purchase is higher than the expense
of sending gold and silver, he, and others cir-
cumstanced like himself, will pay debts in money,
the competition for bills will be lessened, and
their price will fall : but the tendency which the
exchange has to correct itself is much assisted
by the operations of the bill-brokers, who, as
104 NEWS FROM HOME*
they deal in the bills of many countries, can
transport this kind of currency from places
where it is superabundant to places where it is
scarce. Like all other traders, they seek to buy
where their article is cheapest, and to sell where
it is dearest ; and this, of course, lessens the
cheapness and the dearness in different places.
At the present time, the bills on England were
cheap at Amsterdam, and dear in Leghorn ; and
Visscher, and other bill-brokers, by buying up
bills on England, and transmitting them to Leg-
horn, assisted in equalizing the demands of Hol-
land and England, and also of Leghorn and
England, on each other, and thus aided in re-
storing the exchange to par.
But when the currency of any country is
altered, no operations of the bill-brokers, or of
any one else, can prevent the exchange from
appearing to sustain a great variation, though
those who understand the circumstances, and are
not apt to be alarmed by the mere sound of
words, know that, in such a case, if the exchange
be really at par, it cannot be nominally so, and do
not therefore trouble themselves about the appa-
rent difference. This nominal variation does not
affect trade ; because the decrease in the price
of goods to be exported answers to the discount
which the exporting merchant sustains on his
foreign bill : that is, if an English merchant
draws a bill on Amsterdam for 1000 guilders in
return for 90/. worth of goods, the discount at
which the Englishman sells his bill exactly an-
swers the saving he has made from the price of
NEWS FROM HOME. 105
the goods exported being lowered through the
depreciation of the English currency : while the
premium which the bill would bear in Paris an-
swers to the apparent surplus of the 100 guilders.
The holders of bills drawn before the alterations
in the currency took place are affected by such
changes ; and such liabilities to profit and loss
are among the evils attendant upon fluctuations
in currency ; but the amount of exportation and
importation, and therefore the real exchange, are
in no wise affected by alterations in the represen-
tative of their value.
If the course of the exchange is watched with
anxiety, it should be with regard to the nominal
and not the real variation. Asa test of the slate
of the currency of the country its deviations are
important, and cannot be too narrowly observed
by those in whom the power resides of enlarging
and contracting the currency. But the real vari-
ation might be safely left to itself, even if there
were no intervention of bill-brokers by which
equalization is secured. The variation can never
pass the amount by which the cost of transmitting
payments in metal exceeds that of making pay-
ment in bills. This cost can never be great while
there is a set of persons, like bill-brokers, to buy
bills where they are cheapest, and sell them
where they are dearest ; and thus, by arbitrating
the exchanges of different countries, equalize the
whole. As such equalization aids the security
of property, commerce is largely indebted to the
intervention of this class of dealers.
If any means could be found by which the
106 NEWS FROM HOME.
rise and fall of money could take place at once
and equally all over the trading world, there would
be an end to nominal variations of exchange,
and commerce would be divested of one of its
mysteries : but this can never be while produc-
tion is more abundant in one place than another ;
and while the cost of the carriage of commodities
increases with distance. Mrs. Snoek found it
cheaper living at Winkel than at Amsterdam :
that is, the great articles of consumption were
produced at hand, and had no cost of carriage to
bear ; and the value of the precious metals was
therefore higher at Winkel than in Amsterdam,
so much higher as to induce the Amsterdam ex-
porter who made purchases of her butter and
cheese to pay her in that commodity which was
cheap to him while it was dear to her, — money.
In return for the produce of her farm, which was
shipped from her neighbourhood, there was a
flow of money from Amsterdam to Winkel ; a
flow which would continue till money, becoming
more plentiful at Winkel, fell in value so as to
make it better worth the while of both parties
that Mrs. Snoek should be paid in commodities.
If the respective commodities should balance
each other in value, so as to show that there was
the same proportion of money in both places, no
money would be transmitted ; but if money
at length abounded at Winkel more than at
Amsterdam, it would become worth Mrs. Snoek's
while, in her turn, to buy the merchant's commo-
dities with that which was cheap to her while it
was dear to him. Such inequalities must exist
NEWS FROM HOME. 107
in different parts of the same country, and, much
more, in different countries ; and, while they do
exist, the coins of countries will change their re-
lative value, and there will be nominal variations
of the exchange, wholly independent of the total
amount of sales between different countries.
At present, as in all former times, money was
dearer at Winkel than at Amsterdam ; Mrs. Snoek
delivered the produce of her farm to be Bhipped
at the dyke near her own abode, and was paid
in money from Amsterdam. As this suited Inn-
views of prudence, she designed to remain, with
her family, where she was, while Winkel con-
tinued to be a cheap place of residence. Slyk
was happy to bear this, both as it afforded a
prospect of many opportunities of confirming his
hold on Heins's speculative enthusiasm and his
purse ; and because it was likely to bring mora
of Messrs. Vanderput and Snoek's herds of lean
foreign cattle to fatten on the pastures round
Winkel. Mrs. Snoek had but little pasturage to
let while she kept up a fine dairy of her own ;
and Jakob's drained fields would be tenanted as
fast as they were ready to bear the weight of the
herds that hungered for the rich verdure which
springs from such a soil as he could boast otl
This matter was settled on the road homewards ;
Heins seeing nothing in such an arrangement in-
consistent with the caution recommended by his
partner ; and Mrs. Snoek thinking it well that
her son should obtain something from Jakob in
exchange for the advances made or to be made.
Not that her opinion was asked by Heins, .Being
108 NEWS FROM HOME.
a man of business, lie cared little for the opinion
of any woman ; but, nevertheless, he had no
objection to her approbation.
Orders were left with Jan to bring back the
work-people without delay ; and Gertrude was
sorry to hear, before Heins's departure in the
afternoon, that he hoped to come again shortly
to visit his family, and his very good friends the
Slyks. She did not choose to acknowledge the
look which conveyed that they would not be the
only causes of his return. She had the hope,
however, that his Danish cattle were included
with herself in his unexpressed regards.
Chapter VII.
A NIGHT'S PROBATION.
" Why must Gertrude go so soon ?" asked
Christian of his mother, one fine evening, when
the little family were seated at their homely sup-
per. " I am sure when she came, she did not
mean to go away so soon. Nobody wishes her
to go."
" I wish her to stay," replied Mrs. Snoek ;
and Gertrude knows that I do ; so that I think
she would stay if she could. But vou can ask
her."
Gertrude must go the next morning, though
a night's TROBATIOV. 109
she WM as fond of the country, and as sorry to
leave her friends as Christian could desire. Her
servant had orders to prepare for the little
voyage, and
M I will stop her," cried both the younger
children, each trying to outstrip the other in
fretting down from their high stools and flying
to the door. Their mother called them back,
with a rebuke for leaving their seats befi
grace was said; and even Christian thought
that Gertrude should be allowed to do as she
pleased.
" But," he continued, " the pastor comes with
Heins to-morrow or the next day ; and you
could go home with them, instead of having only
your old woman to talk to in the trekschu t."'
"The pastor will talk to you instead of to me,"
replied Gertrude, with a smile; M and that will
be better for you than parting with three friends
at one time."
11 licit you have never seen the rush-plantin^
here, exclaimed Luc. M We all came too late
for the spring planting; and now, you are going
away before the autumn one. 1 do not know
whether they will let me plant any this year ; but
last vcar, they would not allow any children to
go nearer than the top of the dyke. Just as if
we should pull any up !"'
The imputation of pulling up reeds from the
dykes was repelled as indignantly by a Dutch-
man, woman, or child, in those days, as a charge
of sheep-stealing would now be in this country.
Such an act was death, according to the old
10' L
110 a night's probation.
Dutch law, and the entire nation was educated to
regard it with disgust and horror.
Christian told how he was laid on the edge of
the dyke, and saw gangs of men and women at
work on the slope, planting the reeds with which
the banks were bristled, in order that the sand
which was washed up by the sea should be re-
tained till it hardened into an outer coating of
the mound. If Gertrude would stay, perhaps
Heins would take the whole party out in a boat,
to see from the bay the people at work all along
the dyke, while the sea washed their very feet. —
Mrs. Snoek thought it a still better reason for
Gertrude's remaining that Amsterdam was now
in its least healthy state. She would find the
canals very offensive, after the air of the open
sea, to which she had been accustomed of late.
In another month they would be cleared out, and
then all would be safe till the next season's hot
weather. Katrina, who was waiting, — that is,
sitting at work in the window till she should be
wanted, — put in an observation that the waters
round Wink el had never been fresher than now.
The late high seas had filled the channel between
the inner and the sea-dyke, and all the mills had
been in full activity for some days. The apothe-
cary was of opinion that there would be less
ague at Winkel this autumn than for many sea-
sons past. So saying, Katrina looked out, to
see how all the mills within view appeared to be
alive, their sails swinging, and their machinery,
open towards the water, whirling and twisting,
as if by some self- moving power,
a night's probation. Ill
She did not draw in her head immediately ;
and Luc would have hastened to see what it was
that attracted her attention, but that grace had
not yet been said.
*' Kaatje, what is the matter?" asked her
mistress, as she saw the work drop from the
maid's hands.
(i Christ, have pity ! the dyke has burst!" ex-
claimed Katrina. 4< The flood comes pouring
Mercy ! how it sweeps in by the peat-field V
" The peat-field ! Then we are lost," cried
Gertrude. " Where "
" Mother!" said Christian, " say grace, and
let us go."
Not one word of the long grace was omitted
or hurried, or pronounced in a less steady voice
than usual. When it was ended, Mrs. S lock
issued her order-.
" To the upper rooms, my children ! Chris-
tian, we will carry you to the top of the house.
Katrina, ring the great bell. It may be heard
as far as the village, lint first, close ail the
lower shutters. They may be some little defence*
And, Gertrude, we must put out a flag from the
.
"The summer-house !" su. d Christian.
" The boat is there."
u True, true. We will get to the summer-
house, if there is still time."
There was time, as the summer-house stood
on high ground, and the water had not yet
reached the lowest part of the garden. The
servants and children ran as for their lives. Mrs.
l 2
112 a night's probation.
Snoek and Gertrude, who carried Christian's
little couch between them, walked more slowly,
and stopped at a seat half-way up the gravel
walk. There they looked around, and perceived
that their abode and its precincts formed a little
island in the midst of a flood, which was rapidly
advancing on every side, as if to close them in.
Tossing waves were chasing each other over the
green fields, swallowing up all that came in their
way ; while the terrified cattle, for the most part,
ran towards the farm-buildings on the little dyke
below, as if to find safety there ; and a few en-
deavoured to keep their footing in the midst of
the tide, lashing with their tails every swell that
came to buffet them. The trim garden, with its gay
beds, shone in the evening light with as quiet an
air as if its low hedge formed a sufficient security
from the deluge, while a sunny haze hung like
a canopy over its recesses, and made the tran-
quillity of the upper air contrast strangely with
the watery surface, which seemed troubled by
storm. Far off, the village rose upon the loftier
dyke which bordered the canal, its grey willows
looking as firmly rooted, its houses as spruce as
when no one dreamed of its being within the
reach of accident. Thither Gertrude's gaze was
turned intentlv.
" Thank God ! the whole country round is
not under water," she cried. " It is only the
section between the north canal and Winkel.
Thank God ! there are but few in jeopardy."
Christian could perceive that people were ga-
thering on the dyke of the north canal ; and
a night's probation. 113
both they and the Winkel people seemed wholly
occupied in watching the section which lay be-
tween. Not a face appeared to be turned the
other way.
" A horse!" cried Christian. u Do not you