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The first symptom of the breaking up was the[287] necessity felt for the dismissal of Lord George Germaine, who had contributed so essentially to the defeats in America. But even then the king would not consent that he should resign without conferring a peerage on him, observing, "No one can then say he is disgraced." No quiet was now allowed to the declining Ministers. Fox, on the 20th of February, strongly seconded by William Pitt, made another attack on Lord Sandwich, this time including the whole Board of Admiralty; and the motion was only lost by nineteen. Another, and perhaps more formidable, enemy now stood forward. This was General Conway, who enjoyed the highest esteem of the House, and had been the first to propose the abolition of the fatal Stamp Act. He moved, on the 22nd of February, that the House should address his Majesty, entreating that he would "listen to the advice of his Commons, that the war on the continent of North America might no longer be pursued for the impracticable purpose of reducing the inhabitants of that country to obedience by force." After a great debate, the House divided two hours after midnight, and Ministers were reduced to a majority of one, the votes being one hundred and ninety-four against one hundred and ninety-three. Five days after, General Conway again moved that any further attempts against America would weaken the efforts of England against her European enemies, and, by further irritating the colonies, render the desired peace more difficult. The resolution was carried against Government by two hundred and thirty-four against two hundred and fifteen. Finally, on the 15th of March Sir John Rous moved a vote of want of confidence, which was again lost by a minority of only nine. It was instantly determined to renew this motion through Lord Surrey; and Lord North saw so clearly that nothing could now avert his fall, that he implored the king most earnestly to accept his resignation. George sent for Lord North on the 20th, and addressed him in these words:"Considering the temper of the House, I thought the Administration at an end." Lord North instantly seized on the words, saying:"Then, sire, had I not better state the fact at once?" The king consented, and North hurried down to the House of Commons in his court-dress, as he was.WASHINGTON CROSSING THE DELAWARE. (See p. 235.)
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THREE:The next person to attempt the impossible in the vain endeavour to keep the vessel of the old French monarchy afloat with all its leaks and rottenness, was the Archbishop of Toulouse, Lomnie de Brienne. He had vigorously opposed Calonne; but there was no way of raising the necessary revenue but to adopt some of the very proposals of Calonne, and tax the privileged classes, or to attempt to draw something still from the exhausted people. As the less difficult experiment of the two, he was compelled to cast his eyes towards the property of the nobles and the Church; but he found the nobles and the clergy as ready to sacrifice him as they had been to sacrifice Calonne. When one or two of the more pliant or more enlightened members of those classes ventured to remark on the vast amount of untaxed property, and particularly of tithes, there was an actual tempest of fury raised. Tithes were declared to be the voluntary offerings of the piety of the faithful, and therefore not to be touched. As further loans were out of the question, some one ventured to assert that the only means of solving the difficulty was to assemble the States General. "You would convoke the States General?" said the Minister in consternation. "Yes," replied Lafayette, who was bent on revolutionising France, as he had helped to revolutionise America"yes, and something more than that!" These words were taken down as most exceptionable and dangerous. All that the Assembly of Notables could be brought to do was to confirm the abolition of the corve, and to pass a stamp act. They would not move a step further, and they were dismissed by the king on the 25th of May, 1787. The Parliament, or Chief Court of Justice, adopted a similar course, and it also was dismissed. The king then promulgated a new constitution, but it fell hopelessly to the ground. 19 August 2015, John Doe
THREE:And, in fact, circumstances rendered it advisable to retreat. Joseph Buonaparte, with the reinforcements of Sebastiani, had joined Victor, and that general felt ready to advance. At the same time Wellesley learned that Soult had arrived in Palencia, in the British rear. He desired Cuesta to guard the pass of Puerto de Ba?os, but this he did so ineffectually that both Soult and Mortier marched through it. Ney also reached Palencia, and thus fifty-three thousand men were threatening to cut off Sir Arthur's route to Portugal. He determined to fall back on Oropesa, leaving Cuesta to defend Talavera, and protect the two thousand British wounded in the hospitals; but Cuesta speedily abandoned the place, leaving one thousand five hundred of the wounded behind, whom Victor, to his honour, treated in the most humane manner. With the road of the enemy thus left open in his rear in two directions, Sir Arthur, at the same time, learned that Soult's division had got between him and the bridge of Alvarez, in the direct line of his march into Portugal. His situation, thus hemmed in by overwhelming forces, was most critical, and he informed Cuesta that he must file off for Badajos. He reached Badajos safely on the 2nd of September, carrying the one thousand five hundred wounded with him. These he sent to the strongly fortified town of Elvas, in Portuguese territory, which now became the great hospital of the army. Sir Arthur, on the 7th of September, was informed of the arrival of Sir Robert Wilson at Castello Branco. He had conducted his little force almost to the gates of Madrid, and had made a powerful diversion in favour of the main army, by keeping King Joseph and the French General in constant fear of his joining Venegas and attacking the capital. On his return, by order of Wellesley, he had gallantly fought his way against vastly superior forces, always contriving to make the enemy believe that his strength was double what it was. His conduct of this expedition elicited the most cordial praises from the Commander-in-Chief. At this juncture Napoleon sent a dispatch, ordering the army in Spain to cease further offensive operations till the conclusion of the Austrian war enabled him to send fresh reinforcements into Spain. This was a proof that Buonaparte no longer hoped to beat the British army by any but the most preponderating masses. He had in Spain ten times the forces of the British, yet he could not hope for victory from this vast disproportion. Wellesley, at this very time, in one of his dispatches, had observed this great fact. "I conceive," he said, "that the French are dangerous only in large masses." The British army was therefore quartered on the line of the Guadarama, to protect Portugal from Soult, and remained undisturbed till the following May. Whilst the hostile forces were thus resting, the news reached Sir Arthur that he had been created Baron Douro of Wellesley, and Viscount Wellington of Talavera. This honour had been conferred upon him on the 4th of September, as soon as possible after the arrival of[579] the news of his brilliant and memorable victory at Talavera.But fresh light continued to break on the all-pervading corruption. The Commissioners of Naval Inquiry presented a fresh report, abounding with proofs of the villainies that had been going on in that department. The Military Commissioners had a like frightful exposure to make of frauds and peculations which had been going on wholesale, especially in the West Indies. The same result followed the investigations of the committee that inquired into the appointment of cadets to the East India Service. There was abundance of proofs of the sale of such places, and even Lord Castlereagh was implicated. It was found that as President of the Board of Controlthe Minister, in fact, for Indian Affairshe had presented a writership to his friend, Lord Clancarty, which Clancarty had bartered with a Mr. Reding for a seat in Parliament, and which Reding immediately sold for three thousand pounds. Lord Archibald Hamilton immediately moved that Lord Castlereagh had been guilty of an abuse of his authority as President of the Board of Control. Castlereagh replied that, when he presented his friend, Lord Clancarty, with the writership, he had no notion that Reding was a regular broker in parliamentary seats, though he did not deny that Reding had told him that he meant to make over the place to a Member of Parliament who had a nephew whom he wished to send to India, and that this Member of Parliament would vote accordingly. The virtuous Wilberforce seemed to hold this easy-going morality, for he voted for Lord Castlereagh, and, in spite of the denunciations of Sir Francis Burdett, Mr. W. Smith, and others, Lord Archibald Hamilton's motion was rejected by two hundred and sixteen against a hundred and sixty-sevenand Lord Castlereagh walked away scathless. There was immediately another charge brought against him, in company with the Honourable Henry Wellesley, the brother of General Wellesley, and late Secretary of the Treasury, for corrupt practices in the election of members of Parliament; but the ministerial majority outvoted Mr. Madox, the mover. About the same time Mr. Curwen brought in a Bill to prevent such practices, and to obtain purity of Parliament by extinguishing bribery, and this was suffered to pass when all vitality had been taken out of it. On the 15th of June Sir Francis Burdett also made a motion for extensive parliamentary Reform; but the greater part of the members of Parliament had already left town, and the motion was rejected by seventy-four against fifteen. On the 21st the Session was closed with a speech which took a hopeful view of the war in Spain, and also of that which Austria had again commenced. We may now return to the details of these great contests on the Continent. 19 August 2015, John Doe
THREE:At the head of the poets of this period stands Alexander Pope, who became the founder of a school which has had followers down to our own time. Pope was the poet of society, of art, and polish. His life was spent in London and in the country, chiefly between Binfield, in Windsor Forest, and Twickenham; and his poetry partakes very much of the qualities of that sceneryrich, cultivated, and beautiful, but having no claims to the wild or the sublime. He is opposed to poets like Milton and Shakespeare as pastures and town gardens are opposed to seas, forests, and mountains. In style he is polished to the highest degree, piquant, and musical; but, instead of being profound and creative, he is sensible, satiric, and didactic. He failed in "the vision and the faculty divine," but he possessed fancy, a moderate amount of passion, and a clear and penetrating intellect. He loved nature, but it was such only as he knewthe home-scenes of Berkshire and the southern counties, the trained and polished beauties in his gardens, the winding walks and grottoes at Twickenham. Mountains he had never seen, and there are none in his poetry. He was born in the year of the Revolution, and died in 1744, aged fifty-six; and, considering that he suffered from a feeble constitution and defective health, he was a remarkably industrious man. His pastorals appeared in Tonson's "Miscellany" when he was only twenty-one years old. Before this he had translated the first book of the "Thebais," and Ovid's "Epistle from Sappho to Phaon;" paraphrased Chaucer's "January and May," and the prologue to "The Wife of Bath's Tale." In two years after his "Pastorals" appeared his "Essay on Criticism" (1711). "The Messiah" and "The Rape of the Lock" were published in 1712the year in which the "Spectator" died. "The Rape of the Lock" celebrated the mighty event of the clipping of a lock of hair from the head of Miss Belle Fermor by Lord Petre.[151] This act, adorned with a great machinery of sylphs and gnomes, a specimen of elegant trifling, enchanted the age, which would have less appreciated grander things, and placed Pope on the pinnacle of fame. In 1713 he published "Windsor Forest," a subject for a pleasant but not a great poem, yet characteristic of Pope's genius, which delighted in the level and ornate rather than the splendid and the wild. In 1715 appeared the first four books of his translation of Homer's "Iliad," which was not completed till 1720. This still continues the most popular translation of the great heroic poet of Greece; for although it is rather a paraphrase of this colossal yet simple poem, and therefore not estimated highly by Greek scholars who can go to the original, it has that beauty and harmony of style which render it to the English reader an ever-fascinating work. In 1717 appeared his "Epistle from Eloisa to Abelard," a poem displaying more passion than any other of Pope's writings, but too sensuous, and the subject itself far from well chosen. Next succeeded his "Odyssey" of Homer, in conjunction with Fenton and Broome, and in 1728 the first three books of "The Dunciad," in which he took a sweeping vengeance on the critics and poetasters of the time, who had assailed him fiercely on all sides, with John Dennis at their head. The vigour with which Pope wielded the satiric lash excited the wonder of the public, which had seen no such trenchant production hitherto in the language, and filled the whole host of flayed and scalded dunces with howls of wrath and agony. Pope was not sparing of foul language in his branding of others, and they were still more obscene and scurrilous in their retorts. It is questionable whether they or Pope felt the most torture; for, so far from silencing them, they continued to kick, sting, and pelt him with dirt so long as he lived. So late as 1742 he published a fourth book of the satire, to give yet one more murderous blow to the blackguard crew. Besides this satire, he modernised an edition of Donne's Satires, and produced his "Essay on Man," his "Epistle on Taste," his "Moral Essays," and other poems, down to 1740. His "Essay on Man," "Moral Essays," etc., display shrewd sense, and a keen perception of the characteristics of human nature and of the world; yet they do not let us into any before unknown depths of life or morals, but, on the contrary, are, in many particulars, unsound. In fact, these productions belong by no means to poetry, of which they exhibit no quality, and might just as well have been given in prose. On the whole, Pope is a poet whose character is that of cleverness, strong intellect, carefully-elaborative art, much malice, and little warmth or breadth of genuine imagination. He reflects the times in which he lived, which were corrupt, critical, but not original, and he had no conception of the heavens of poetry and soul into which Milton and Shakespeare soared before him, and Keats, Shelley, Coleridge, Wordsworth and Tennyson in our time have wandered at large. 19 August 2015, John Doe
THREE:With "The Battle of the Books" appeared "The Tale of a Tub;" and though these were anonymous, it was soon well known that they were from the hand of Jonathan Swift, a friend of Harley and Bolingbroke, who now assumed a position in the public eye destined to be rendered yet more remarkable. Swift was of English parentage, but born in Dublin in 1667. He was educated at Kilkenny and the University of Dublin. In early life he became private secretary to Sir William Temple, and at this time he wrote his "Tale of a Tub," which cut off all his hopes of a bishopric. He edited a selection from the papers of Temple, and then accompanied Lord Berkeley to Ireland as chaplain. Disappointed of the preferment which he had hoped for, he went over from the Whigs to the Tories in 1710, and thenceforward was an unscrupulous adherent of Harley and Bolingbroke, defending all their measures in the "Examiner," and pouring out his vengeance on all opponents with unflinching truculence. In his political[148] character Swift has been styled the great blackguard of the age, and certainly with too much truth. In spite of rare intellectual power, wit, and sarcasm, no principle or tenderness of feeling restrained him in his attacks on his enemies. If Harley and Bolingbroke are guilty of inflicting the disgraceful peace of Utrecht on the nation, simply to avenge themselves on the Whigs, no man so thoroughly abetted them in that business as Swift. His "Conduct of the Allies," his "Public Spirit of the Whigs," and other political tracts and articles, bear testimony to his unscrupulous political rancour. His "Drapier's Letters," and his treatment of Wood in the affair of the Irish halfpence, show that no means, however base and false, came amiss to him in serving the objects of his ambition. The great work of Swift is his "Gulliver's Travels," a work characterised by a massive intellect and a fertile invention, but defiled by the grossness that was inseparable from his mind, and that equally pollutes his poems, in which there is much wit and humour, but not a trace of pathos or tenderness. There is none of that divine glow of love and human sympathy, mingled with the worship of beauty and truth, which courts our affections in the works of the greatest masters. When we are told that Swift's grossness is merely the grossness of the time, we point to "Robinson Crusoe," to "The Seasons" and "Castle of Indolence" of Thomson, and to the works of Addison, for the most admirable contrast. Swiftwho died in the famous year of the '45was one of the most vigorous writers of the age, but he was one of the most unamiable. He was the Mephistopheles of the eighteenth century. 19 August 2015, John Doe
THREE:Circumstances appeared now to be growing serious. Meetings were held in defiance of the strict measures of Government throughout the manufacturing districts; and at Blackburn it was announced at such a gathering, on the 5th of July, that the women had also formed themselves into "Sister Reform Associations," and these called on their own sex everywhere to imitate their example, so as to co-operate with the men, and to instil into the minds of their children a hatred of tyrannical rulers. The men, at the same time, made another advance in the Reform agitation; this was drilling-a movement which gave great alarm to the magistrates of Lancashire, who wrote from various quarters to apprise Government of it. It was a circumstance that might well excite suspicion that something more than Reform was intended. But when it came to be explained by the parties themselves, it turned out to mean nothing more than that the Reformers in the neighbourhood of Manchester were intending to hold a great meeting in order to elect a representative, as the people of Birmingham had done, and that they wished to assemble in the utmost order and quiet. But the very means employed by them to avoid confusion, and enable them to meet and disperse with decorum, were just those most calculated to excite the fears of a magistracy and Ministry already suspicious. 19 August 2015, John Doe
THREE: 19 August 2015, John Doe
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THREE:Thus argued the Conservatives, and not without effect, for the clause against disfranchising the freemen was carried only by a majority of twenty-eight; and in the passage through the Lords several important amendments were carried against the Government, owing chiefly to the vigorous opposition of Lord Lyndhurst. He proceeded to convert the Bill into what was called a Conservative arrangement, and when Peel's moderation was brought up against him, is said to have remarked, "Peel! What is Peel to me? D Peel!" On an amendment which he proposedto omit the clause disfranchising the freemenhe defeated the Government by a majority of 93; the numbers being 130 to 37. He followed up this victory by a motion to secure to the freemen their Parliamentary franchise, which was carried without a division. The Commons thought it better to adopt some of these alterations, however repugnant to their feelings, rather than lose the measure. The Bill, as amended, was accordingly passed on the 7th of September. London, with its numerous and wealthy incorporated guilds, was reserved for future legislation, which the lavish hospitalities of the Mansion House and Guildhall[390] postponed to a later date than municipal reformers then thought of.There was grave discontent and suffering in France, and Marshal Saxe, through General Ligonier, made proposals for peace. The news of these overtures gave great delight in England, but the king and Cumberland were bent on continuing the war. Pelham and Chesterfield advocated acceptance of the terms, but Newcastle sided with the king, to gain favour with him. As the terms, however, could not with decency be bluntly rejected, Cumberland solicited and obtained the post of negotiator in the matter for England; but the Ministers, desirous of peace, foreseeing that the wishes or the hasty temper of Cumberland would[114] soon ruin every chance of accomplishing a treaty, the Earl of Sandwich was sent over to act as assistant to the duke; this meant that he was to overrule, if possible, the mischief Cumberland would be sure to make. Sandwich accordingly hastened over to Holland, and had a secret interview with the Marquis de Puisieulx, the French Minister for Foreign Affairs, and, after much dodging on the part of the marquis, he managed to have the discussion removed from military negotiators to a congress at Aix-la-Chapelle. 19 August 2015, John Doe
THREE:INTERIOR OF THE JERUSALEM CHAMBER, WESTMINSTER ABBEY. 19 August 2015, John Doe
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His terms were rejected with disdain. Yet he had a last interview with Metternich, in which he hoped to terrify him by a dread of the future preponderance of Russia; but, seeing that it made no impression, he became incensed, and adopted a very insolent tone towards the Austrian Minister. "Well, Metternich," he demanded, "how much has England given you to induce you to play this part towards me?" Metternich received the insult in haughty silence. Buonaparte, to try how far the diplomatist still would preserve his deference towards him, let his hat fall: Metternich let it lie. This was a sign that the Austrian had taken his part; it was, in fact, the signal of war. Yet, at the last moment, Napoleon suddenly assumed a tone of conciliation, and offered very large concessions. He had heard the news of the defeat of Vittoria. But it was too late. The Congress terminated on the 10th of August, and the Allies refused to re-open it. On the 12th of August, two days after the termination of the armistice, Austria declared herself on the side of the Allies, and brought two hundred thousand men to swell their ranks. This redoubtable force was commanded by her general, Prince von Schwarzenberg.It is only too true, however, that many of the Hampden Clubs entertained very seditious ideas, and designs of seizing on the property of the leading individuals of their respective vicinities. Still more questionable were the doctrines of the Spenceans, or Spencean Philanthropists, a society of whom was established in London this year, and whose chief leaders were Spence, a Yorkshire schoolmaster, one Preston, a workman, Watson the elder, a surgeon, Watson the younger, his son, and Castles, who afterwards turned informer against them. Mr. "Orator" Hunt patronised them. They sought a common property in all land, and the destruction of all machinery. These people, with Hunt and Watson at their head, on the 2nd of December, met in Spa Fields. The Spenceans had arms concealed in a waggon, and a flag displayed declaring that the soldiers were their friends. The crowd was immense, and soon there was a cry to go and summon the Tower. Mr. Hunt and his party appear to have excused themselves from taking part in this mad movement. The mob reached the Tower, and a man, supposed to be Preston, summoned the sentinels to surrender, at which they only laughed. The mob then followed young Watson into the City, and ransacked the shop of Mr. Beckwith, a gunsmith, on Snow Hill, of its firearms. A gentleman in the shop remonstrated, and young Watson[122] fired at him and severely wounded him. Young Watson then made his escape, but his father was secured and imprisoned; and the Lord Mayor and Sir James Shaw dispersed the mob on Cornhill, and took one of their flags and several prisoners. Watson the elder was afterwards tried and acquitted; but a sailor who was concerned in the plunder of the gunsmith's shop was hanged. A week after this riot the Corporation of London presented an Address to the Throne, setting forth the urgent necessity for Parliamentary reform.Hastings next determined to experiment on the Nabob of Oude. This Nabob, Asaph-ul-Dowlah, was an infamously dissipated prince, spending his own money in licentious pleasures, and extorting what he could from the Begums, his mother and grandmother. The old ladies lived at the palace of Fyzabad, or the "Beautiful Residence," situated in a charming district, amid hills and streams, about eighty miles from Lucknow. The Nabob's father had left them large sums of money and extensive estates, so that they kept a handsome court, and yet had the reputation of having accumulated about three million pounds sterling. The Nabob had compelled them, by coercive means, to let him have, at different times, about six hundred thousand pounds, and he thirsted exceedingly for more. Hastings determined to anticipate him. He sent for the Nabob of Oude while he was still in the fortress of Chunar, and there reminding him of his debts to the British Government, which were considerable, coolly proposed to him the robbery of his mother and grandmother. The proposal was so barefaced that, when Hastings came to make it to the Nabob, he felt that he really required some pretended reason for thus arbitrarily laying hands on the property of these innocent women, and therefore unblushingly asserted that they had been concerned in stirring up the insurrection at Benaresa matter, besides that it was so notoriously the result of Hastings' own daring arrest of Cheyte Sing, the Begums had neither motive for meddling in nor time for doing it. Till now they had regarded the British as their only protectors. They were living quietly at Fyzabad, one hundred and fifteen miles from Benares, when the insurrection broke out from very obvious causes. This infamous bargain being concluded at Chunar, Hastings relying on his agent at Lucknow, Mr. Middleton, compelling the Nabob to carry it out, retreated to Benares, and thence to Calcutta. The Nabob returned to Lucknow to enforce the diabolical scheme; but he found his mother and grandmother determined to resist the iniquitous order, and so shameful was it that even the needy and debauched Nabob felt[335] compunctions in proceeding with it. He left it to Middleton to execute it, but Middleton, in his turn, recoiled from the odious business. Not so Hastings; cold and resolute, he wrote to Middleton, that if he could not rely upon his firmness he would free him from his charge, and himself proceed to Lucknow and enforce his own orders. To induce Middleton to abandon his scruples of conscience and honour, the ever-ready friend of Hastings, the Chief Justice of Bengal, Sir Elijah Impey, it appears, wrote to Middleton, and inculcated the necessity of obedience. Middleton and the Nabob, therefore, seized on the estates of the Begums, and suddenly surrounded Fyzabad and the palace with troops, and made themselves masters of both. But the old ladies had not been so inattentive to the approaches of the storm as to neglect the hiding of their treasures; they could not be found. Thus cruelly disappointed of the expected hoard, and the Begums remaining firm in their refusal to produce any part of it, Middleton seized on their two chief ministers, the eunuchs, Jewar Ali Khan and Behar Ali Khan. They were now thrown into prison, put in irons, and orders were given to starve and torture them till they revealed the secret of the concealment of the treasure of their mistresses. At the same time, the two ladies were placed in rigorous confinement themselves. This system was continued till they had extorted upwards of a million sterling from the Begums, and found that they might kill both them and their aged ministers, but could get no more. When the Begums and the two old men were liberated, they were told by the Residentnot now Middleton, but Bristowthat they owed this favour to the Governor-General, who had determined to have them "restored to their dignity and honour." There was another name connected with these events, and with almost equal disadvantage, that of Sir Elijah Impey, the Chief Justice. Impey, who had no jurisdiction in Oude, was found up there in the midst of these transactions, volunteering his assistance in getting up charges against the Begums. These charges were supported by a host of venal witnesses, and affidavits of their evidence were made out, and sent down to Calcutta, to justify the dark doings of Hastings.The distress which had pressed so severely on the people, and which had set them thinking about the most perilous political changes, was intimately connected with the state of the country. Throughout the troubled period of almost incessant war and lavish expenditure between 1797 and 1815, the business of the nation was carried on with an inconvertible paper currency, the precious metals having nearly all departed from the country. Bank notes were issued in such quantities, to meet the exigencies of the Government, that the prices of all commodities were nearly doubled. The Bill which was passed in 1819 providing for the resumption of cash payments had reduced the currency from 48,278,070, which was its amount in 1819, to 26,588,000, in 1822. The consequence was the reduction of prices in the meantime, at the rate of fifty per cent., in all the articles of production and commerce. With this tremendous fall of prices, the amount of liabilities remained unchanged; rents, taxes, and encumbrances were to be paid according to the letter of the contract, while the produce and commoditiesthe sale of which was relied upon to pay themdid not produce more than half the amount that they would have brought at the time of the contracts. The evil of this sudden change was aggravated by the South American Revolution, in consequence of which the annual supply of the precious metals was reduced to a third of its former amount. It was peculiarly unfortunate that this stoppage in the supply of gold and silver occurred at the very time that the Legislature had adopted the principle that paper currency should be regarded as strictly representing gold, and should be at any moment convertible into sovereigns. A paper currency should never be allowed[238] to exceed the available property which it represents, but it is not necessary that its equivalent in gold should be lying idle in the coffers of the Bank, ready to be paid out at any moment the public should be seized with a foolish panic. It is enough that the credit of the State should be pledged for the value of the notes, and that credit should not be strained beyond the resources at its command. The close of 1822 formed the turning-point in the industrial condition of the country. The extreme cheapness of provisions, after three years of comparative privation, enabled those engaged in manufacturing pursuits to purchase many commodities which they had hitherto not been able to afford. This caused a gradual revival of trade, which was greatly stimulated by the opening of new markets for our goods, especially in South America, to which our exports were nearly trebled in value between 1818 and 1823, when the independence of the South American Republics had been established. The confidence of the commercial world was reassured by the conviction that South America would prove an unfailing Dorado for the supply of the precious metals. The bankers, therefore, became more accommodating; the spirit of enterprise again took possession of the national mind, and there was a general expansion of industry by means of a freer use of capital, which gave employment and contentment to the people. This effect was materially promoted by the Small Note Bill which was passed in July, 1822, extending for ten years longer the period during which small notes were to be issued; its termination having been fixed by Peel's Bill for 1823. The average of bank-notes in circulation in 1822 was 17,862,890. In November of the following year it had increased by nearly two millions. The effect of this extension of the small note circulation upon prices was remarkable. Wheat rose from 38s. to 52s., and in 1824 it mounted up to 64s. In the meantime the bullion in the Bank of England increased so much that whereas in 1819 it had been only 3,595,360, in January, 1824, it amounted to 14,200,000. The effect of all these causes combined was the commencement of a reign of national prosperity, which burst upon the country like a brilliant morning sun, chasing away the chilling fogs of despondency, and dissipating the gloom in the popular mind.
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