FORE:"Doctor said air was bestThe Covent Garden meeting became thenceforth an annual feature in the political events of the metropolis, and the effects of this movement in the chief city of the kingdom were seen in the election of Mr. Pattison, the Free Trade candidate, for the City of London. Another sign of the times was the accession to the ranks of the Anti-Corn-Law League of Mr. Samuel Jones Loyd, the wealthy banker, a conspicuous City man, and a great[509] authority on financial matters. This gentleman addressed a letter to the council of the League in October, 1844, in which, after mentioning his reluctance to join a public body, for whose acts he could not be responsible, he said, "The time is now arrived when this must be overruled by other considerations of overwhelming importance. The great question of Free Trade is now fairly at issue, and the bold, manly, and effectual efforts which have been made by the League in its support command at once my admiration and my concurrence." Still more remarkable was the progress of the League in its scheme of converting the agriculturists themselves to their views. The truths which they had always maintainedthat the tenant farmer had no real interest in maintaining the Corn Laws, the agricultural labourer, if possible, less, and that even the landed proprietor, on a far-seeing view of his interest, would be on the same side as themselveswere based upon arguments easily understood by calm reasoners, and were even beginning to make way with these classes themselves. Not a few great landowners and noblemen had openly classed themselves among their supporters. Foremost among these was Earl Fitzwilliam, who was one of the most effective speakers at Anti-Corn-Law meetings by the side of Mr. Cobden and Mr. Bright. Among the noblemen openly supporting their cause were the Marquis of Westminster, Lord Kinnaird, Earl Ducie, the Earl of Radnor, Lord Morpeth, and Earl Spencer.
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FORE:The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.
10, January, 2014
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14, January, 2014
10, January, 2014
10, January, 2014
10, January, 2014
FORE:In the same field was to be found the poet Ebenezer Elliott, the "Corn Law Rhymer." By his addresses to his fellow-townsmen of Sheffield, his remonstrances with the infatuated followers of O'Connor, who fancied that their own cause was opposed to that of the Manchester League, and by his powerful "Corn Law Rhymes," Elliott rendered services to the movement of the highest value. A good specimen of Elliott's powers of versification is afforded by the following song: