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A great portion of the present Session was[143] occupied with discussing the return to cash payments, which, by the Act of Parliament, ought to take place on the 5th of July of this year. It appears that no less than fifty debates and conversations in both Houses took place on this important subject during the Session. Very soon after the meeting of Parliament a secret committee of each House was appointed to inquire into the state of the Bank. These committees were, however, so managed, by delivering to the members lists of suitable persons for such committees, that scarcely any but Ministerial men were voted, though these votes were given by ballot. In the Commons this result was so evident that the Opposition declined to vote at all. The first reports of the committees went rather to close more strictly than to open the issue of gold by the Bank. It had been paying in gold its notes issued previous to January, 1817. This payment it was proposed to stop, as, at present, evidently injurious to the interests of the country. Mr. Peel, on moving for a Bill for this purpose, stated that the gold at the present price was fast finding its way abroad, and was as rapidly absorbed in re-minting a gold coinage for France. It appeared that during the first half of 1818 gold to the value of no less than one hundred and twenty-eight million francs had been coined at the French mint, of which three-fourths were derived from the gold coinage of England. A Bill was accordingly passed to stop payment altogether in gold till the necessary preparations were made by a fresh Bill. Still, the condition of the Bank was represented as flourishing. Its liabilities were stated in January, 1819, as amounting to thirty-three million eight hundred and ninety-four thousand five hundred and eighty pounds; its assets, including the debt due from Government, fifty-three million seven hundred and eighty-three thousand seven hundred pounds. The total Bank surplus appeared to be nineteen million eight hundred and eighty-nine thousand one hundred and twenty pounds; and its surplus, independent of the Government debt, and therefore available for current use, was five million two hundred and two thousand three hundred and twenty pounds. The committees adopted the scheme broached by Mr. Ricardo in his "Proposals for an Economical and Secure Currency," published in 1816. This was that the Bank, in the first instance, should not pay for its notes in gold coin, but in ingots of a certain weight, its fineness being attested by a stamp; and this degree of purity should be regulated from time to time till the gold descended to the Mint price of three pounds seventeen shillings and tenpence-halfpenny per ounce. When the Mint gold at length reached this rate of value, then the payment in coin was to be begun. Resolutions to this effect were moved by the Earl of Harrowby on the 21st of May, and they received the approval, not only of the Ministerial side, but of the leading Opposition members, Lords Grenville, Lansdowne, and King.

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At the period at which we have now arrived France was in a state of the wildest and most awful convulsion. A revolution had broken out, more terrible and furious than had ever yet appeared in the history of nations. The French people, so long trodden down by their princes, their aristocracy, and their clergy, and reduced to a condition of wretchedness and of ignorant brutality, almost unparalleled, seizing the opportunity of the distresses of the impoverished Government, and encouraged by a new race of philosophers who preached up the equality of the human race, had broken through their ancient subserviency, and were pulling down all the old constituted powers, ranks, and distinctions, with a rapidity which electrified the whole world.
ONE:In this Convention no mention was made of the right of search, and various other matters were reserved for the consideration of the plenipotentiaries. When the Convention was announced to Parliament by the king in his opening speech, there arose a general denunciation of it both in and out of Parliament. The right of search was declared to be purposely sacrificed; the limits of Georgia were undefined; and the Spanish captains in the West Indies were unpunished for all their cruelties. That sixty thousand pounds should be allowed for compensation for ships taken by Admiral Byng in 1718 was very justly declared taxing us for our victories. In fact, Walpole, in this treaty, seemed ready to give up everything to Spain, knowing, probably, how hopeless it was to extract money from that country, and glad of an excuse of any set-off against our claims as to the easiest way of settling them. But all did not avail him. The more conceding he was to the Spaniards the more immovable they became, whilst the public at home were enraged at the tameness displayed by Ministers. Ministers found their majority continually on the wane. On the division in the Commons it had dwindled to twenty-eight, namely, two hundred and sixty votes against two hundred and thirty-two.
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TWO:The king now announced to Ministers his fixed resolve to call in another Cabinet, though the Whigs had endeavoured to keep office by dropping the Bill, and on the 25th of March they delivered to the king their seals of office. Erskine alone retained his for a week, that he might pronounce his decrees on the Chancery suits which had been heard by him; and two days before he parted with the Seal, he took the opportunity to make his son-in-law, Edmund Morris, a Master in Chancery. This was regarded as a most singular act, Erskine being no longer bona fide Chancellor, but only holding the Seal for a few days after the resignation of his colleagues, to complete necessary business. The House adjourned to the 8th of April, and before this day arrived the new appointments were announced. They werethe Duke of Portland, First Lord of the Treasury; Lord Hawkesbury, Secretary of the Home Department; Canning, Secretary for Foreign Affairs; Lord Castlereagh, Secretary for War and the Colonies; the Earl of Chatham, Master of the Ordnance; Spencer Perceval, Chancellor and Under-Treasurer of the Exchequer; Lord Camden, Lord President of the Council; Lord Bathurst, President of the Board of Trade, with George Rose as Vice-President; the Earl of Westmoreland, Keeper of the Privy Seal; Lord Eldon, Lord Chancellor; and the Duke of Richmond, Lord-Lieutenant of Ireland. As the Duke of Portland's health was bad, the real Prime Minister was Mr. Perceval.In the presence of this great exciting cause the remaining business of the Session of the British Parliament appeared tame. Mr. R. Smith introduced a petition for Parliamentary reform from Nottingham, and this was followed by a number of similar petitions from other places: but whilst French emissaries and English demagogues were preaching up revolution, nobody would listen to reform, and a motion of Mr. Grey, to refer these petitions to a committee, was rejected by two hundred and eighty-two votes to forty-one. On the 25th of February Dundas introduced an optimistic statement of the affairs of India, declaring that dependency as very flourishing, in spite of the continuance of the war with Tippoo; and this was preparatory to a renewal of the charter of the East India Company, which was carried on the 24th of May. Francis, Fox, and others, opposed the Bill, and made very different statements in vain. The real condition of India was not destined to force itself on the nation till it came in the shape of a bloody insurrection, and seventy million pounds of debt, more than sixty years afterwards.
  • THREE: T. Lingray, junior, 1,500, and made usher at the Castle.The year 1747 was opened by measures of restriction. The House of Lords, offended at the publication of the proceedings of the trial of Lord Lovat, summoned the parties to their bar, committed them to prison, and refused to liberate them till they had pledged themselves not to repeat the offence, and had paid very heavy fees. The consequence of this was that the transactions of the Peers were almost entirely suppressed for nearly thirty years from this time, and we draw our knowledge of them chiefly from notes taken by Horace Walpole and Lord Chancellor Hardwicke. What is still more remarkable, the reports of the House of Commons, being taken by stealth, and on the merest sufferance, are of the most meagre kind, sometimes altogether wanting, and the speeches are given uniformly under fictitious names; for to have attributed to Pitt or Pelham their[112] speeches by name would have brought down on the printers the summary vengeance of the House. Many of the members complained bitterly of this breach of the privileges of Parliament, and of "being put into print by low fellows"; but Pelham had the sense to tolerate them, saying, "Let them alone; they make better speeches for us than we can make for ourselves." Altogether, the House of Commons exhibited the most deplorable aspect that can be conceived. The Ministry had pursued Walpole's system of buying up opponents by place, or pension, or secret service money, till there was no life left in the House. Ministers passed their measures without troubling themselves to say much in their behalf; and the opposition dwindled to Sir John Hinde Cotton, now dismissed from office, and a feeble remnant of Jacobites raised but miserable resistance. In vain the Prince of Wales and the secret instigations of Bolingbroke and Doddington stimulated the spirit of discontent; both Houses had degenerated into most silent and insignificant arenas of very commonplace business.
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TWO:FATHER MATHEW AND THE FAMINE-STRICKEN POOR. (See p. 537.)
TWO:
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TWO:Accordingly, on the 5th of June, the queen proceeded to the House of Lords, and stated in a long speech the terms on which it was proposed to make the peace with Francenamely, that Louis XIV. should acknowledge the Protestant succession and remove the Pretender out of France; that Philip should renounce the Crown of Spain[5], should that of France devolve on him; and that the kings of both France and Spain should make solemn engagements for themselves and their heirs that the two kingdoms should never be united under one crown; that Newfoundland, with Placentia, Hudson's Bay, Nova Scotia, or Acadia, as it was then termed by the French, as well as Gibraltar, Port Mahon, and the whole island of Minorca, should be ceded to England; that the Spanish Netherlands, Naples, Sardinia, the Duchy of Milan, and the places on the Tuscan coast, formerly belonging to Spain, should be yielded to Austria, the appropriation of Sicily being not so far determined; that France would make the Rhine the barrier of the Empire, yielding up all places beyond it, and razing the fortresses on the German side as well as in the river; that the barriers of Savoy, the Netherlands, and Prussia, should be made satisfactory to the Allies. The Electoral dignity was to be acknowledged in the House of Hanover.
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TWO:God's will be done!
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Meanwhile, the British and Prussian armies advanced, and on the 1st of July Wellington was within a few miles of Paris, with his right on the heights of Richebourg, and his left on the forest of Bondy; and Blucher, at the same time, crossing the Seine on the 2nd, posted his army, with its right at Plessis-Piquet, his left at St. Cloud, and his reserve at Versailles. In this position, Commissioners were sent by the Provisional Government to Wellington, desiring a suspension of hostilities, informing him that Buonaparte had abdicated and retired from Paris. The Duke replied, that so long as the army remained in Paris there could be no suspension of hostilities, and that he had no authority to treat on any question of government. The Commissioners demanded whether the Allies would stop if Napoleon II. was proclaimed? Wellington said "No." Whether they would stop provided they chose another prince of a royal house?probably meaning the Duke of Orleans. As the Duke said he had no orders to accept any such proposals, they were useless, and he handed to them the proclamation of Louis XVIII., offering to grant constitutional liberties, and to pardon all offenders, excepting a few who had committed the most recent and aggravated treason. These were supposed to mean Ney, Labdoyre, and some others. Wellington offered, however, to remain where he was on condition that the regular troops should be sent beyond the Loire, and the town be held by the National Guard till the king's arrival. The Commissioners did not comply with this demand; and the necessity of such compliance was sufficiently shown by this army disputing the advance of the Prussians on the 2nd of July. They had resisted Blucher at St. Cloud, Meudon, and in the village of Issy. Blucher succeeded, but with considerable loss; and the next day the French made another attack to recover Issy, but without effect.RIPON CATHEDRAL.The unnatural state of things induced by the war had now brought about a great change in our currency. As we could manage to get in our goods to the Continent by one opening or another, but could not get the produce of the Continent in return, it would have appeared that we must be paid in cash, and that the balance of specie must be in our favour; but this was not the case. By our enormous payments to our troops in Spain, Portugal, and Sicily, as well as in the East and West Indies, and by our heavy subsidies, gold had flowed out of the country so steadily that there appeared very little left in it, and bank paper had taken its place. On the Continent, impoverished as they were, the people tenaciously clung to their gold, and Buonaparte alone could draw it from them in taxes. He always took a heavy military chest with him on his expeditions, and his officers also carried the money necessary for themselves in their belts, or otherwise about their immediate persons. The gold being enormously diminished in quantity in England, was carefully hoarded on all hands, thus again increasing the scarcity, and raising the value of it. The price of bullion had risen from twenty to thirty per cent., and here was a further strong temptation to hoard or send guineas to the melting-pot. This state of things led a certain class of political economists to call for a repeal of the Act for suspension of cash payments, and Francis Horner obtained a committee of inquiry into the causes of the decrease of gold and the increase of paper: and this committee came to the conclusion that the true cause of the evil lay in the excess of paper, and that the way to restrain it would be to allow the demand for gold at the Bank. But the truth was that the cause of the evil was not the excess of paper, but the enormous diminution of gold; and to have opened a legal demand for gold which could not be had would only have produced a panic, and a complete and horrible assassination of all credit and all business. But there were clearer-sighted men in Parliament, who declared that, though bullion had risen in price, bank-notes would still procure twenty shillings' worth of goods in the market, and that they were not, therefore, really depreciated in value. That was true, but guineas had, notwithstanding, risen to a value of five- or six-and-twenty shillings, and might be sold for that. Gold had risen, but paper had not fallen; and gold could not take the place of paper, because it did not, to any great extent, exist in the country; if it had, paper must have fallen ruinously. Mr. Vansittart and his party, therefore, moved resolutions that the resumption of cash payments being already provided for six months after the conclusion of peace, was an arrangement which answered all purposes, and ought not to be disturbed; that this would keep all real excess of paper in check, and leave gold to resume its circulation when, by the natural influence of peace, it flowed again into the country. These were, accordingly, carried.[557][129]
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