Banbury, June 22.

Banbury Cross.

Banbury Cross was reached about five o'clock, and few of us were so far away in years or feeling from the days of childhood as not to remember the nursery rhyme which was repeated as we came in sight of the famous Cross. We expected to see a time-worn relic of days long past, and I verily believe that some of us hoped for a glimpse of the old lady on the white horse, with "rings on her fingers, and bells on her toes." Imagine our disappointment, then, when we saw an elaborate Gothic structure, looking as new and modern as if it had received its finishing touches but yesterday. And so indeed it had, for it was recently erected by public subscription. The charm was gone.

I like new political institutions for my native land, but prefer the old historical structures; and as we drove past this spick-and-span imitation of antiquity I felt like criticising the good people of Banbury for the sacrilege I supposed they had committed in thus supplanting the ancient landmark which had made their town known the wide world over. I could not help entertaining a hope, too, that the original "goodly Crosse with many degrees about it," had been put away in some museum or other safe place where it could receive the homage of all devoted lovers of Mother Goose. Alas! inquiry developed the fact that the Puritanic besom of destruction, which demolished so many images and other ornaments in the churches in good Queen Bess's time, swept away Banbury Cross as early as 1602, and that not a piece of it remains to tell of its ancient glory.

Banbury was early noted as a stronghold of Puritanism, and was famous, as Fuller says, for "zeale, cheese and cakes." The zeal and the cheese are not now as strong as they were, but Banbury cakes are still in as high repute as ever, and are largely made and exported. They are probably the same now as in the days of Ben Jonson, who tells of them in "Bartholomew Fair,"—a kind of miniature mince pie, generally lozenge-shaped, consisting of a rich paste with a filling of Zante currants and other fruits.

Banbury has the celebrated works of my friend, Mr. Samuelson, M.P.; and before dinner I walked out to see them, and if possible to learn something of Mr. Samuelson's whereabouts. Upon returning to the hotel I found that he was at that moment occupying the sitting-room adjoining ours. We had an evening's talk and compared notes as brother manufacturers. If England and America are drawing more closely together politically, it is also true that the manufacturers of the two countries have nearly the same problems to settle. Mr. Samuelson was deep in railway discriminations and laboring with a parliamentary commission to effect changes, or rather, as he would put it, to obtain justice.

I gave an account of our plans, our failures, and our successes, of which he took note. This much I am bound to say for my former colleagues upon this side (for before I reformed I was a railway manager), that the manufacturers of Britain have wrongs of which we know nothing here, though ours are bad enough. I add the last sentence lest Messrs. Vanderbilt, Roberts, Cassatt, and the Garretts (father and son), might receive a wrong impression from the previous admission; for these are the gentlemen upon whom our fortunes hang.

Political Economy Club.

The evidence given before the Parliament Commission in Britain, proves that the people there are subjected to far worse treatment at the hands of railway companies than we are here. American grain is transported from Liverpool to London, for one-half the rate charged upon English grain from points near Liverpool—I give this as one instance out of hundreds. The defence of the railway company is that unless they carry the foreign article at half rates the ships will carry it to London direct, or that it will go by sea from Liverpool. I attended a meeting of the Political Economy Club, in London, where the question of legislative interference with railway charges was ably discussed. The prevalent opinion seemed to be that it was doubtful whether the evils could be cured by legislation. Being called upon to state our experience here, I gave them an account of the unwise policy pursued by the Pennsylvania Railroad Company (now happily reversed) at Pittsburgh and its consequences; for the great riot in Pittsburgh had for its real source the practice of the Railway Company of carrying the manufactures of the East, from New York and Philadelphia, through the city of Pittsburgh to the West for less than it would carry the same articles for from Pittsburgh, although the distance was twice as great. Many such anomalies as this still exist in England.

The members seemed interested in hearing that the result was that the railway company finally agreed that in no case should the rates to and from the shorter exceed those charged for the greater distance, and Pittsburgh manufactures are now taken East and West at ten per cent. less than the through rates between Chicago and the seaboard, no matter how these may be forced by competition. While this rule does not ensure exact justice nor cover all cases, it is nevertheless a great step in advance and removes most of the more serious causes for just complaint.