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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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ONE:[314] FORE:Meanwhile the country continued to suffer from a great wave of trade depression. Gloom and discontent were throughout the land; and the Home Secretary of the new Administration afterwards stated that there was hardly a day during this period when he had not found it necessary to have personal communication with the Horse Guards, as well as with the heads of the police in the metropolis, and in the manufacturing districts. There seemed, indeed, to be no limit to the distress of the people. In Carlisle a committee of inquiry into the state of the town reported that one-fourth of their population was living in a state bordering on absolute starvation. In a population of 22,000 they found 5,561 individuals reduced to such a state of suffering that immediate relief had become necessary to save them from actual famine. Terrible accounts from other and far distant neighbourhoods showed how widespread was the evil. The manufacturers of the West of England appointed a committee to consider the distressed state of that district. Taking the town of Bradford, in Wilts, as an example, the committee reported that of the nineteen manufacturers carrying on business there in 1820, nine had failed, five had declined business from want of success, one[486] had taken another trade, and two only remained. Of 462 looms, 316 were entirely out of work, and only 11 in full employment; and this distress, it must be remembered, could not be traced to one great overwhelming cause, like that of the failure of the cotton supplies of a later day. The blight that had spread over the field of British industry was to most men a puzzle; but the West of England committee, after reporting that the same condition of things existed at Chalford, Stroud, Ulley, Wotton, Dursley, Frome, Trowbridge, etc., did not hesitate to declare that the depression of trade that was destroying capital, and pauperising the working classes was attributable to the legislation on the principle of protection. A public meeting was held at Burnley in the summer of 1842 to memorialise the Queen on the prevailing distress. At a great public conference of ministers of religion, held in Manchester in the previous autumn, it had been resolved that the existing Corn Laws were "impolitic in principle, unjust in operation, and cruel in effect;" that they were "opposed to the benignity of the Creator, and at variance with the very spirit of Christianity." This conference, which extended over an entire week of meetings, held both morning and evening, was attended by nearly 700 ministers. Their proceedings filled an entire volume, and attracted considerable attention throughout the kingdom. Similar conferences were afterwards held in a great number of towns.CADIZ. FORE:The terms which Junot required were that the French should not be considered as prisoners of war, but should be conveyed to France by sea, with all their baggage; that nothing should be detained. These would, in fact, have allowed[561] them to carry off all the plunder of churches and houses, and to this Sir Arthur objected. He said that some means must be found to make the French disgorge the church plate. But the Convention was signed, subject to the consent of the British admiral, Sir Charles Cotton, a condition of importance, seeing that Junot had stipulated that the Russian fleet in the Tagus, commanded by Admiral Siniavin, should not be molested or stopped when it wished to go away. Admiral Cotton objected to these terms, and it was agreed that the Russian fleet should be made over to Britain till six months after the conclusion of a general peace. Commissioners were appointed to examine the French spoil, who recovered the property of the Museum and Royal Library, and some of the church plate; but the French were allowed to carry off far too much of their booty. The definitive treaty was signed at Cintra on the 30th of August, much to the disgust of Sir Arthur Wellesley, who, however, signed it as a matter of form. He then wrote to Lord Castlereagh, to say that he desired to quit the army; that matters were not prospering, and that he had been too successful to allow him to serve in it in any subordinate situation. Indeed, he saw that, left to himself, he could carry victory with the British standard, but that it was impossible to do any good under incompetent men.Melbourne returned to town that evening, the bearer of a letter to the Duke. He communicated the state of affairs to Brougham under pledge of secrecy, but the Lord Chancellor promptly went to the Times and gave the editor a report of the circumstances, with the malicious addition"The queen has done it all." The king, furious at the insult, came up to town, and dismissed his Ministers before their successors were appointed. Meanwhile, the Duke went to Brighton on Sunday, and advised the king to send for Sir Robert Peel, who was then in Italy. A messenger was immediately despatched, who in ten days arrived at Rome, and surprised Sir Robert Peel with the announcement of the king's wish that he should return to England forthwith. Next morning the right honourable baronet started for home, and arrived in London on the 9th of December. The Duke of Wellington details the circumstances of this Ministerial crisis in a letter to the Duke of Buckingham. According to his account, the death of the Earl Spencer, which removed Lord Althorp from the House of Commons, from the management of the Government business in that assembly, and from the office of Chancellor of the Exchequer, occasioned the greatest difficulty and embarrassment. His personal influence and weight in the House of Commons were the main foundation of the strength of the late Government; and upon his removal it was necessary for the king and his Ministers to consider whether fresh arrangements should be made to enable his Majesty's late servants to conduct the affairs of the country, or whether it was advisable for his Majesty to adopt any other course. The arrangements in contemplation must have reference, not only to men, but to measures, to some of which the king felt the strongest objection. He had also strong objections to some of the members of the Cabinet. The Duke was therefore requested to form an Administration, but he earnestly recommended Sir Robert Peel as the fittest man for the office of Prime Minister. In the meanwhile he offered to hold the offices of First Lord of the Treasury and Home Secretary until Sir Robert Peel's return, Lord Lyndhurst holding the Great Seals temporarily, subject, with all the other arrangements, to Sir Robert Peel's approbation. On the 21st Lord Lyndhurst was gazetted as Lord Chancellor, holding in the interim his office of Chief Baron of the Exchequer, which Lord Brougham, dreading the prospect of idleness, offered to fill without salary, thus saving the country 12,000 a year, an offer which exposed him to censure from his own party, and which he afterwards withdrew.
THREE:
THREE:The Lords Justices having met, appointed Joseph Addison, afterwards so celebrated as a writer, and even now very popular, as their secretary, and ordered all despatches addressed to Bolingbroke to be brought to him. This was an intimation that Bolingbroke would be dismissed; and that proud Minister, instead of giving orders, was obliged to receive them, and to wait at the door of the Council-chamber with his bags and papers. As the Lords Justices were apprehending that there might be some disturbances in Ireland, they were about to send over Sunderland as Lord-Lieutenant, and General Stanhope as Commander-in-Chief; but they were speedily relieved of their fears by the intelligence that all had passed off quietly there; that the Lords Justices of Ireland, the Archbishop of Armagh, and Sir Constantine Phipps, who had been more than suspected of Jacobitism, had proclaimed the king on the 6th of August, and, to give evidence of their new zeal, had issued a proclamation for disarming Papists and seizing their horses. The proclamation of George passed with the same quietness in Scotland, and no king, had he been born a native, in the quietest times, could have succeeded to the throne more smoothly. Eighteen lords, chiefly Whigs, were nominated by the new king to act as a Council of Regency, pending his arrival, and the Civil List was voted by Parliament.

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THREE:Such, then, was the state of affairs at the meeting of Parliament in November, 1768. These events in America claimed immediate attention. The petition of the Convention of Massachusetts, on its arrival, was rejected indignantly. The Opposition called for the production of the correspondence with the civil and military authorities there on the subject, but this demand was negatived. In January, 1769, the House of Lords took up the subject in a lofty tone. They complained of the seditious and treasonable proceedings of the people of Boston and of Massachusetts generally; and the Duke of Bedford, affirming that it was clear that no such acts could be punished by the magistrates or tribunals of the colony, moved an address to the king recommending that the criminals guilty of the late outrages should be brought to England and tried there, according to an Act of the 35th of Henry VIII. On the 26th of January it was introduced to the Commons. There it excited a very spirited opposition. Pownall, who had himself been governor of Massachusetts, and knew the Americans well,[195] accused the Lords of gross ignorance of the charters, usages, and character of the Americans; and Governor Johnstone as strongly condemned the motion, which was carried by one hundred and fifty-five to eighty-nine. On the 14th of March a petition from New York, denying their right to tax America in any way, was rejected, on the motion of Lord North; and, still later in the session, Governor Pownall moved that the revenue acts affecting America should be repealed forthwith. By this time everybody seemed to have become convinced of the folly of the attempt; but Ministers had not the magnanimity to act at once on the certainty that stared them in the face. Parliament was prorogued on the 9th of May, and did not meet again till the following January, as if there were nothing of moment demanding its attention.

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  • 199
    THREE:In these unfortunate circumstances, Charles Townshend, as Chancellor of the Exchequer, proposed the annual rate for the land-tax. He called for the amount of four shillings in the pound, the rate at which it had stood during the war; but he promised next year to reduce it to three. The country gentlemen grumbled, representing that in years of peace it was commonly reduced to three and sometimes to two. Grenville saw his advantagehis great opponent away and the landholders ready to rebeland he moved that, instead of next year, the reduction should take place immediately. Dowdeswell supported him, and the amendment was carried by two hundred and six votes against a hundred and eighty-eight. The Opposition was astonished at its own success, and yet it need not have been; they who had to vote were chiefly land-owners, and men who did not like taxing themselves. As Lord Chesterfield observed, "All the landed gentlemen had bribed themselves with this shilling in the pound."The first measure of importance after the appearance of Pitt in the House of Commons as Prime Minister was the annual motion of Wilberforce for leave to bring in a Bill for the abolition of the Slave Trade. Pitt and Fox both supported it, and it was carried by seventy-five against forty-nine. The second reading was carried by a still larger majorityone hundred against forty-twobut on going into committee upon it, it was postponed to the next Session. War and preparations for war were the all-absorbing business of those times.

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  • 399
    THREE:As winter approached, the state of things assumed a more portentous aspect. The leading agitators were themselves dismayed when they looked down the precipice to the edge of which they had brought the nation. O'Connell at the end of September issued an address, urging the people to discontinue their assemblies, and they obeyed. His lieutenants were exceedingly anxious that the Liberal Protestants should take an active part as mediators in order, if possible, to avert a disastrous collision. A good occasion was offered by the visit of Lord Morpeth to Ireland. This enlightened and accomplished noblemanalways the friend of civil and religious liberty, destined to preside over the Government of Ireland, as Viceroy, when the rgime of civil equality was fully established, and to be the congenial interpreter of its spiritwas then invited to a great banquet, which was attended by all the leading friends of civil and religious liberty in and about Dublin, Protestant and Catholic. The Duke of Leinster was in the chair, and Mr. Sheil appealed to him, in the most eloquent terms, by all that was patriotic and glorious in the history of his ancestors the Geraldineswhich for seven hundred years formed a great part of the history of Ireland, and who were in past times considered more Irish than the Irish themselvesto put himself at the head of the Liberal party.

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THREE:The first business in the House of Commons was the re-election of Mr. Shaw Lefevre as Speaker. On the 24th of August the Address was moved by Mr. Mark Philips, and seconded by Mr. John Dundas. Mr. Wortley then moved an amendment similar to the one which had been carried in the House of Lords, in which he went over all the charges against the Government. His motion was seconded by Lord Bruce, and supported by Mr. Disraeli. The debate lasted several nights. Sir Robert Peel delivered a long and very able speech, in which he reviewed the whole policy of the Government. He was answered by Lord John Russell, whose speech closed the debate. The division gave to Sir Robert Peel a majority for which no one seemed prepared. The numbers werefor the Ministerial Address, 269; for the amendment, 360; majority against the Government, 91. On the 30th the resignation of Ministers was announced.
FORE:There were rumours of negotiations going on for a return of Pitt to power; but as Mr. Addington showed no disposition to resign altogether in favour of Pitt, these came to nothing. Already in the previous November Canning and Lord Malmesbury, two of Pitt's most zealous supporters, had set on foot an address to Addington begging him to resign. But this plan was abruptly stopped by Pitt himself, who felt that he was to a certain extent the creator of the Ministry. Now Addington made overtures to Pitt through Dundas, become Lord Melville. But his propositions were absurd. He stipulated that Greville and Windham, who had opposed the Peace of Amiens, should be excluded from the arrangements. He also wished that Pitt's brother, Lord Chatham, should be the nominal Prime Minister, while he and Pitt should be equal secretaries. At this, Pitt put a stop to the envoy's conversation. "Upon my word," he said afterwards, "I had not the curiosity to ask what I was to be." So England engaged in war, with her greatest statesman excluded from office. FORE:Hardly had they arrived, when a discharge of cannon was heard. The Assembly was horror-struck; and the king exclaimed, "I assure you I have forbidden the Swiss to fire!" But he was interrupted by fresh reports of cannon, showing that a fierce conflict was taking place at the Tuileries. No sooner was the royal family gone than the gensdarmes and the National Guard fraternised with the people, and breaking open the chief gate with hatchets rushed into the court. They then formed in column, and turning the guns which had been left in the court on the palace, they called out to the Swiss within to give up the place to them, and they would be friends. The Swiss, to show their amicable disposition, threw cartridges out of the windows, but remained firm to their duty. Some of the mob, with long poles and hooks at the end, then dragged some of the Swiss out of the vestibule and murdered them. They next fired three of the cannon right into the palace, and the Swiss thereupon returned a smart fire of musketry. Those of the servants and courtiers that still remained in the palace now made haste to escape, if possible. Clry, one of the king's valets-de-chambre, who has left a vivid narrative of these events, escaped by dropping from a window upon the terrace. At the same moment the mob was breaking in at the grand entrance. They found a stout piece of timber placed as a barrier across the staircase, and the Swiss and some of the National Guard entrenched behind it; then commenced a fierce struggle; the barrier was forced, and the throng pushed back the Swiss up the staircase. These now fired a sharp volley, and the crowd fled, crying that they were betrayed. They were struck by another volley in their retreat, and the Swiss then descended into the court, made themselves masters of the cannon, and, firing, killed a great number. Had the Swiss followed their advantage and scoured the streets of the city, they would have completely trodden out this insurrection, releasing the royal family, and, had there been any one in command capable of it, he would have ended the Revolution as promptly as Buonaparte did afterwards. Buonaparte, then a poor lieutenant of artillery, was himself a spectator of the scene; and it was his opinion that the Swiss only wanted an adequate commander to crush the whole rebellion. But, by that fatality which attended all Louis XVI.'s affairs, at this moment arrived M. d'Hervilly from the Assembly with the king's order not to fire on the people, but to follow d'Hervilly to the Assembly. This was, in fact, to leave the palace at the mercy of the mob. Such as were in the court did follow d'Hervilly to the Assembly, where he promised them their lives and security under the protection of that body. At this sight the populace recovered their courage. The palace was attacked on both sides; the crowds every moment became greater, and the Swiss poured successive volleys upon them from the windows. Numbers fell dead before they forced an entrance; but this once effected, the crowd not only rushed in a dense mass up the great staircase, but dragged up cannon by main force to blow open the interior doors. For some time the Swiss made a stout stand against this raging mob; but being few against tens of thousands, and having exhausted their cartridges, they grounded their arms and called for quarter. They called in vain; the bloodthirsty sansculottes commenced a relentless massacre of them; women and children, armed with knives, assisted in their slaughter. The unhappy men, fixing their bayonets, drove the furious mass before them, resolving to cut their way through the Champs Elyses to Courbevoie, where was another detachment of their countrymen in barracks; but no sooner were they outside than they were surrounded and shot and cut down without mercy. Vainly did they cry for quarter; none was given. They then broke and fled in small parties, one of them seeking to gain the Assembly for protection; but they were butchered, nearly to a man, their heads stuck on pikes and paraded through the city.WALPOLE'S QUARREL WITH TOWNSHEND. (See p. 60.) FORE:In the House of Commons similar resolutions were moved on the 24th by Mr. Robert Peel, who, on this occasion, made the first of those candid admissions of new views which he afterwards repeated on the question of Catholic Emancipation, and finally on the abolition of the Corn Laws. This eminent statesman, though beginning his career in the ranks of Conservatism, had a mind capable of sacrificing prejudice to truth, though it was certain to procure him much obloquy and opposition from his former colleagues. He now frankly admitted that the evidence produced before the secret committee of the Commons, of which he had been a member, had greatly changed his views regarding the currency since in 1811 he opposed the resolutions of Mr. Horner, the chairman of the Bullion Committee. He now believed the doctrines of Mr. Horner to be mainly sound, and to represent the true nature of our monetary system; and, whilst making this confession, he had only to regret that he was compelled by his convictions to vote in opposition to the opinions of his venerated father. Several modifications were proposed during the debate, but there appeared so much unanimity in the House that no alterations were made, and the resolutions passed without a division. The resolutions were to this effect:That the restrictions on cash payments should continue till the 1st of May, 1822; that, meanwhile, the House should make provision for the gradual payment of ten millions of the fourteen millions due from the Government to the Bank; that, from the 1st of February, 1820, the Bank should take up its notes in gold ingots, stamped and assayed in quantities of not less than sixty ounces, and at a rate of eighty-one shillings per ounce. After the 1st of October of the same year the rate of gold should be reduced to seventy-nine shillings and sixpence per ounce; and again on the 1st of May, 1821, the price should be reduced to seventy-seven shillings and tenpence halfpenny per ounce; and at this rate of gold, on the 1st of May, 1822, the Bank should finally commence paying in the gold coin of the realm. Bills to this effect were introduced into both Houses by the Chancellor of the Exchequer and Mr. Peel, and were readily[144] passed; and such was the flourishing condition of the Bank that it did not wait for the full operation of the Act, but commenced paying in coin to any amount on the 1st of May, 1821.
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Before the close of April a great commercial crisis had taken place in England, and Ministers were compelled to make a new issue, by consent of Parliament, of five millions of Exchequer Bills, to assist merchants and manufacturers, under proper security. The sudden expansion of industry which was met by an undue increase of the paper currency rather than bullion, combined[417] with reckless banking, produced the crisis. It was calculated that out of the 350 provincial banks 100 failed. In the circumstances the issue of Exchange Bills was a most successful makeshift.It is true that George II. was also a brave and staunch commander, prepared to die on the spot rather than yield, as he had shown at Dettingen. But the greater part of his forces at Finchley were raw levies, and might not have stood better than the troops had done in Scotland. There was a terror of the Highlanders, even in the army; and as for London itself, the panic, when it was heard that they had got between the duke's army and the capital, was, according to Fielding, who was then in London, incredible. There was a frantic rush upon the Bank of England, and it is said that it must have closed had it not gained time by paying in sixpences. The shops were shut, business was at a stand, the Ministers were in the utmost terror, and the Duke of Newcastle was said to have shut himself up for a day, pondering whether he should declare for the Pretender or not. The king himself was by no means confident of the result. He is said to have sent most of his precious effects on board a yacht at the Tower quay, ready to put off at a minute's warning. The day on which the news of the rebels being at Derby reached London was long renowned as Black Friday. In such a state of terror, and the army at Finchley inferior in numbers, and infinitely inferior in bravery, who can doubt that Charles would for a time have made himself master of the metropolis?The irritation which this note caused was increased by the fact that before it was communicated by Sir Henry Bulwer to the Spanish Minister, the Duke de Sotomayor, a copy of it had got into print in one of the Opposition journals. In replying to it the Duke reminded our representative that when Lord Palmerston sent the despatch in question the Spanish Cortes were sitting, the press was entirely free, and the Government had adopted a line of conduct admitted to be full of kindness and conciliation. He asked, therefore, what motive could induce the British Minister to make himself the interpreter of the feelings and opinions of a foreign and independent nation in regard to its domestic affairs, and the kind of men that should be admitted to its councils. The Spanish Cabinet, which had the full confidence of the Crown and the Cortes and had been acting in conformity with the constitution and the laws, could not see "without the most extreme surprise the extraordinary pretensions of Lord Palmerston, which led him to interfere in this manner with the internal affairs of Spain, and to support himself on inexact and equivocal data, and the qualification and appreciation of which could not, in any case, come within his province." They declined to give any account of their conduct at the instigation of a foreign Power, and declared that all the legal parties in Spain unanimously rejected such a humiliating pretension. And, he triumphantly asked, "What would Lord Palmerston say if the Spanish Government were to interfere in the administrative acts of the British Cabinet, and recommend a modification of the rgime of the State; or if it were to advise it to adopt more efficacious or more liberal measures to alleviate the frightful condition of[575] Ireland? What would he say if the representative of her Catholic Majesty in London were to qualify so harshly as your Excellency has done, the exceptional measures of repression which the English Government prepares against the aggression which threatens in the midst of its own States? What would he say if the Spanish Government were to demand, in the name of humanity, more consideration and more justice on behalf of the unfortunate people of Asia? What, in fine, would he say if we were to remind him that the late events on the Continent gave a salutary lesson to all Governments, without excepting Great Britain?"Before Lord Howe advanced farther, he received a deputation from Congress. He had sent the captured American General, Sullivan, on his parole to Philadelphia to endeavour to induce Congress to come to terms, and save the further effusion of blood. He assured them that he was not at liberty to treat with them as a Congress, but he would willingly meet some of them as private gentlemen, having full powers, with his brother, General Howe, to settle the dispute between them and Great Britain, on advantageous terms; that, on finding them disposed to agree to honourable conditions, he would seek for the acknowledgment of their authority to treat with him, so as to make the compact valid. The delegates appointed were sufficiently indicative of the little good that was to be hoped from the interview. They were Dr. Franklin, John Adams, and Edward Rutledge. Franklin had returned a most insulting answer to a private letter sent to him by Lord Howe. It was in vain that Lord Howe assured the deputies that England was disposed to forget all, to pardon all, and to repeal all the obnoxious taxes, and that inexpressible calamities would be avoided by the Colonies simply returning to their allegiance. The deputies replied, that the only terms on which America could make peace was as independent states. This put the matter beyond accommodation.
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