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The fresh consideration which Mr. Labouchere had given to his measure enabled him now to propose a plan which, while it did not imply a total abolition of all restrictions, would effect a considerable modification of them, and at the same time enable us, as he conceived, to get, without cavil or hesitation, such a measure from America as the important interests of this country demanded, without exposing our revenue to danger, or exciting alarm among those engaged in the coasting trade of this country. Such were the sanguine but vain expectations of Mr. Labouchere. He tried to make it appear that there were two branches of the coasting trade, which, although they went by the same name, were yet essentially distinct from each other. There was the trade, conducted principally either by steamboats or small vessels, consisting in the carrying of goods and passengers to and fro, and depending on local connection with the places between which the trade was conducted. With that trade foreigners could not compete; and, consequently, he illogically argued that it was not intended to disturb that trade or throw it open to foreign competition; so that he proposed to keep the coasting trade, which consisted of passing from one port to another of the United Kingdom, on its present footing. Government had, however, he said, resolved to abolish restrictions which prevented the combination of a coasting with a foreign voyage. It was not proposed that either a foreign vessel or an English vessel foreign bound