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CHARING CROSS, LONDON, IN 1795.

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The evils of this system had reached their height in the years 1832-3. That was a time when the public mind was bent upon reforms of all sorts, without waiting for the admission from the Tories that the grievances of which the nation complained were "proved abuses." The Reformers were determined no longer to tolerate the state of things in which the discontent of the labouring classes was proportioned to the money disbursed in poor rates, or in voluntary charities; in which the young were trained in idleness, ignorance, and vice��the able-bodied maintained in sluggish and sensual indolence��the aged and more respectable exposed to all the misery incident to dwelling in such a society as that of a large workhouse, without discipline or classification, the whole body of inmates subsisting on food far exceeding, both in kind and in amount, not merely the diet of the independent labourer, but that of the majority of the persons who contributed to their support; in which a farmer paid ten shillings a year in poor rate, and was in addition compelled to employ supernumerary labourers, not required on his farm, at a cost of from ��100 to ��250 a year; in which the labourer had no need to bestir himself to seek work or to please his master, or to put a restraint upon his temper, having all a slave's security for subsistence, without the slave's liability to punishment; in which the parish paid parents for nursing their little children, and children for supporting their aged parents, thereby destroying[364] in both parties all feelings of natural affection and all sense of Christian duty. The Government, therefore, resolved to apply a remedy. The following is a brief outline of the main features of the measure they proposed, and which was adopted by the legislature. They found the greatest evils of the old system were connected with the relief of the able-bodied; and in connection with that lay the chief difficulty of administering relief. It was, above all things, an essential condition that the situation of the pauper should not be made��really or apparently��so desirable as that of independent labourers of the lowest class; if it were, the majority of that class would have the strongest inducements to quit it, and get into the more eligible class of paupers. It was necessary, therefore, that an appeal to the parish should be a last resource��that it should be regarded as the hardest taskmaster and the worst paymaster. This principle was embodied in the Poor Law Amendment Act; and the effects which quickly followed on its operation were most marked and salutary. Able-bodied paupers were extensively converted into independent labourers, for whose employment a large fund was created by the reduction of parochial expenditure; next followed a rise in wages; then a diminution, not only of pauper marriages, but of early and imprudent marriages of all sorts; and lastly, there was a diminution of crime, with contentment among the labourers, increasing with their industry: relief of a child was made relief to the parent, and relief of a wife relief to the husband. In fact, the law combined charity with economy.So successful were they in this endeavour that the Government was in a state of the greatest possible perplexity. Lord Anglesey, the Viceroy, and Lord Leveson Gower, the Chief Secretary, were in continual correspondence with the Home Secretary as to the propriety of adopting measures of repression. Lord Anglesey was decided in his conviction that Emancipation ought to be immediately granted. He was naturally reluctant to employ force, unless it was imperatively necessary, and then he felt with Mr. Peel that it ought to be used effectively, whatever might be the consequences. Neither the Irish nor the English Government concealed from itself what those consequences would probably be��namely, an open rebellion, a sanguinary civil war; which, however, they had no doubt of being able to put down. The law officers of the Crown, both in England and Ireland, were called upon for their opinions as to the illegality of the proceedings of the agitators, as to the likelihood of success in case of prosecution, and whether the Government would be warranted, by statute or common law, in dispersing the popular assemblages by force. They agreed on both sides of the channel that the case was not sufficiently clear to justify the Government either in legal proceedings or military repression. The English law officers came to this conclusion although at the time Sir Charles Wetherell was Attorney-General. It is evident, however, from the tone of the correspondence published by Sir Robert Peel's executors, that the Home Secretary was far from being satisfied with the conduct of Lord Anglesey. It was believed that he did not always act with sufficient discretion, and that he sometimes did and said things which made the agitators believe that they had his countenance and support. For example, he went on a visit to Lord Cloncurry, who, though a Protestant, was a member of the Catholic Association, and who a few days after entertaining the representative of the king, attended a meeting of that body. The excuse of Lord Anglesey was, that Lord Cloncurry went for the purpose of preventing the passing of a resolution in favour of exclusive dealing. The opinion of the English Government was shared by Mr. Vesey Fitzgerald and many other Liberal statesmen who sympathised with the irritation of the Irish Protestants at the supineness of the Irish executive. Looking at the state of things at this distance of time, every impartial person must agree that Peel was right. He had urged the propriety of issuing a proclamation by the Lord-Lieutenant in council, warning the people against assembling in large bodies in military array, as exciting alarm in the public mind, and threatening to disturb the peace. When at last Lord Anglesey was induced to adopt this course, it proved successful. The agitators became cowed and cautious, and it was quite evident that nothing was further[285] from their wishes than to come to blows, either with the troops or the Brunswickers. Thus, in November, Mr. Vesey Fitzgerald wrote to Mr. Peel: "The sentiment is universal of disgust, indignation, and alarm at the proceedings of Lord Anglesey's Government, and at the tone of his partisans and his press. Whether the collision will happen so soon as is contemplated I know not. I rather think not. The Association is frightened; and if the demonstrations of the south are interrupted, and Mr. Lawless's progress in the west be not persevered in, it is possible, and it is to be hoped, that the hostile parties may not come to an effusion of blood. But can we read the reports of the meetings that are taking place and expect that before the winter is over the gentry of the country, Emancipators as well as Brunswickers, will not call on the Government to take a part, and to save us from these horrors?" Mr. Leslie Foster, a leading Irish statesman, wrote in the same month: "Depend upon it, let Parliament do what they may, the Catholics will not rebel. Their leaders are more deeply convinced than you are of the utter and immediate ruin that would be the result of any insurrectionary movement; and in every rank among them, down to the lowest, there is a due fear of the power of England, the facilities of a steam invasion, the character of the Duke, and not least, perhaps above all, the readiness of the Ulster Protestants for battle. It is further to be borne in mind that in no period within our memory was the condition of the people so rapidly improving, or their employment so great, as at the present moment; and there is a real, substantial disinclination in consequence, amongst all ranks above the mere rabble, to hazard any course that would involve the country in confusion."

FORE:Wellington acquitted himself as well as could be expected in the circumstances. Austria was induced to acknowledge an old debt to Britain, and to pay an instalment. The utmost which she could obtain from the Allies on the slave trade was a reissue of the joint condemnation of the traffic which had been pronounced in 1815 at Vienna, and a special assurance from France that as soon as public feeling would admit, steps would be taken to carry out the treaty with Great Britain. In the discussion of the affairs of Italy the Duke took no part; but the peace which he had urged upon Russia and Turkey was happily concluded, on terms honourable to both. With regard to the struggles for freedom in Spain and other countries, the Duke found the Allied Sovereigns in the worst possible temper. They had no patience with Britain on account of her dissent, however mild, from their policy. "Hence, though England never expressed her approval of the military revolts in Spain and Italy, or even in South America, still, because she declined to be a party to the suppression of the free institutions in which they issued, Austria, Prussia, and Russia spoke of her as the champion of revolutionary principles all over the world."

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FORE:The Parliamentary proceedings of 1839 were closed by an elaborate review of the Session by Lord Lyndhurst, which he continued annually for some time while the Liberals were in power. This display took place on the 24th of August, when the noble and learned lord moved for a return of all Bills that had arrived from the House of Commons since the commencement of the Session, with the dates at which they were brought up. He could point to the fact that Ministers had with difficulty carried a colourless Jamaica Bill, and had once more failed to pass the Irish Corporation Bill.

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THREE:Lord Clanmorris " " 45,000But these assumptions of new territories and new honours had, as we have seen, alarmed the Northern Powers and Austria. They saw that they could have no peace with such a man, except it were a peace of continual encroachment, humiliation, and slavery, and Russia went so far as to recall her Ambassador, though without a declaration of war.[504] There was the utmost necessity for union, caution, and the exertion of every ability. But the folly and incapacity of those nations appeared to rise in intensity in proportion to the actual need of wisdom, and to the genius of their enemy. Britain, could give them money, but she could not give them talent and sagacity. Before Russia could march down to unite with Austria, Austria, which had so long hung back, and thus delayed the operations of Alexander, now showed as fatal a temerity, and commenced the campaign alone. She rushed into Bavaria, whose Elector, Maximilian Joseph, had entered into league with Buonaparte, in common with Würtemberg and other German States. The Emperor Francis had despatched Schwarzenberg to Munich, to endeavour to prevail on him to unite with Austria against the common enemy of Germany. Maximilian Joseph pleaded that he was quite resolved on doing that, but that his son was travelling in France, and he prayed time to recall him, or Buonaparte would wreak his vengeance upon him. This should have induced Francis of Austria to delay at least a sufficient time for this purpose, especially as it gave another chance for the decision of Prussia in their favour, when it saw the Russians already on the march. Whether the Elector of Bavaria would eventually have kept his promise is doubtful, for Napoleon was, on the other hand, pressing him close, through his Ambassador, M. Otto, to proclaim openly the secret alliance concluded with France.

TWO:The British Government had done all in its power, except annuling the Orders in Council, to produce a better tone of feeling in America. It put up with many insults and violations of neutrality. It sent Mr. Foster as envoy to the United States to endeavour to adjust all differences; but in vain. This continued so till 1812, when, on the 20th of May, Mr. Russell, the American charg��-d'affaires, presented Lord Castlereagh with a copy of an instrument by which France had, on the 28th of April, abrogated its Berlin and Milan Decrees so far as they related to American vessels. To show an equal liberality, Great Britain, on the 23rd of June, revoked its Orders in Council so far as concerned America, on condition that the United States also revoked its non-Intercourse Act. But this had no effect on the Government of America, which had already concluded a secret treaty with France, and was making every preparation for the invasion of our Canadian colonies. The Americans had the most profound idea of the stability of Buonaparte, and could not conceive that the expedition that he was now preparing against Russia would prove his overthrow. But they expected that Buonaparte would crush Russia altogether, and would rule unopposed over Europe; that the Government of Great Britain was bankrupt, and that they might assail her with impunity. Accordingly, all activity was used in getting ready all kinds of ships to send out as privateers, calculating on a plentiful spoil of British traders in the waters along the American coast and amongst the West Indian Isles, before they could be put upon their guard. At the same time, on the 14th of April they laid an embargo on all American vessels, so as to keep them at home; and on the 18th of June the President announced to Congress that the United States and Great Britain were in an actual state of war. There was a studied ambiguity in this declaration; it did not candidly take the initiative, and assert that the United States declared war against Great Britain, but said that the two countries were, somehow or other, already in a state of war.

TWO:FRANKFORT. (From a Photograph by Frith & Co., Reigate.)

TWO:On the 5th of February General Pollock reached Peshawur, and found the troops under Brigadier Wild for the most part sick and disorganised. His first care was to restore the morale of the troops. Even the officers had yielded to an unworthy panic. Some of them openly declared against another attempt to force the Khyber Pass, and one said he would do his best to dissuade every sepoy of his corps from entering it again. Owing to this state of things, Pollock was compelled to remain inactive through the months of February and March, though the eyes of all India were turned upon him, and the most urgent letters reached him from Sale and M'Gregor to hasten to their relief. But the general was resolved not to risk another failure, and his duty was to wait patiently till the health, spirits, and discipline of the troops were restored, and until fresh regiments arrived.Now, though in some obscure and ignorant parts of the country there were clubs which contemplated the foolish idea of seizing on neighbouring properties, the committees must have been very ill-informed to have drawn any such conclusion as to the Hampden Clubs, which were organised for Parliamentary reform under the auspices of Sir Francis Burdett, Major Cartwright, Lord Cochrane, Cobbett, and others. Most of these persons had large properties to be sacrificed by the propagation of any such principles, and the great topics of Cobbett's Register, the organ through which he communicated with the people, were the necessity of refraining from all violence, and of rising into influence by purely political co-operation. But these reports answered the purposes of the Government, and they proceeded to introduce, and succeeded in passing, four Acts for the suppression of popular opinion. The first was to provide severe punishment for all attempts to seduce the soldiers or sailors from their allegiance; the second to give safeguards to the person of the Sovereign, but which did not include the most effectual of all��that of making him beloved; the third was to prevent seditious meetings, and gave great power to the magistrates and police to interfere with any meeting for the mildest Reforms; the fourth was the old measure of suspension of the Habeas Corpus Act, which armed the magistrates with the fearful authority to arrest and imprison at pleasure, without being compelled to bring the accused to trial. The last of these Acts was not passed till the 29th of March, and it was to continue in force only till the 1st of July. But in the meantime events took place which occasioned its renewal.

TWO:After the departure of the British fleet, the Jacobin troops, townsmen, and galley convicts, were perpetrating the most horrible scenes on the unfortunate Toulonese. Even the poor workmen who had been employed by the English to strengthen the defences, were collected in hundreds, and cut down by discharges of grape-shot. Three Jacobin commissioners, the brother of Robespierre, Barras, and Freron, were sent to purge the place, and besides the grape-shot the guillotine was in daily activity exterminating the people. The very mention of the name of Toulon was forbidden, and it was henceforth to be called Port de la Montagne.But the public attention was now freely withdrawn from Warren Hastings to much more exalted personages. On the 11th of July the king in person prorogued Parliament. He then appeared in his usual health, but soon afterwards it was whispered about that he was far from well, and had gone to Cheltenham by the advice of his physicians. When he returned in the autumn, the opinion of his derangement had gained ground, and, to remove this, a Drawing-room was held at St. James's on the 24th of October. Every means had been taken to secure the impression of his Majesty's saneness, but they failed, and the contrary impression was confirmed. Still, the king returned to Windsor, and the endeavours were strenuously maintained by the queen to conceal the melancholy fact from the public; but this was too positive to be long suppressed. On the 5th of November he met his son, the Duke of York, after he had been riding about Windsor Forest for five hours in a state of frenzy, and, bursting into tears, wished that he was dead, for that he felt he should go mad. No doubt he remembered his old sensations when he had a short but sharp fit of lunacy in 1764. The time was hurrying on which must reveal the whole truth; the prorogation of Parliament terminated on the 20th of November; the House would meet, and the king would not be able to attend and open the Session. Pitt was in a state of indescribable anxiety, having no precedents to guide him.

THREE:Some of the writers of the last period were still existing in this. Dryden was living, and wrote some of his most perfect works, as his "Fables," and his "Alexander's Feast," as well as translated Virgil after the Revolution. He was still hampered by his miserable but far more successful dramatic rivals, Shadwell and Elkanah Settle. Nathaniel Lee produced in William's time his tragedies, "The Princess of Cleves," and his "Massacre of Paris." Etherege was yet alive; Wycherley still poured out his licentious poems; and Southern wrote the greater part of his plays. His "Oronooko" and his "Fatal Marriage" were produced now, and he received such prices as astonished Dryden. Whilst "Glorious John" never obtained more than a hundred pounds for a play, Southern obtained his six or seven hundred.

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THREE: J. Bingham, created Lord Clanmorris; ��8,000 for two seats, and ��15,000 compensation for Tuam. Had first offered himself for sale to the anti-unionists.

THU 14 May, 2015

FORE:During the passage of the Bill through committee three important proposals were made��the first by Lord Chandos, that tenants paying fifty pounds per annum for their holdings should have a vote in the counties. This was known as "the Chandos clause" of the Reform Bill, which was carried on the 18th of August by a majority of 84, the numbers being 232 and 148. Mr. Hume proposed that the colonies should be represented in the House of Commons; but the motion was negatived without a division. Mr. Hunt, the celebrated Radical Reformer, moved that all house-holders paying rates and taxes should have votes; but, strange to say, household suffrage had in the committee but a single supporter, Mr. Hunt himself, who upon a division constituted the minority. Mr. Hume asked only nineteen members to represent 100,000,000 of inhabitants, including our Indian empire, to which he would give four representatives. It was certainly a small demand, but as a representation of our colonies and dependencies it was ludicrously inadequate.

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THU 14 May, 2015

FORE:"But perhaps it might be possible to get a Bill passed to disfranchise the Irish forty-shilling freeholders��a class of voters who, as they had been created for acknowledged purposes of corruption in the Irish Parliament, would have nobody to stand up for them in high places, now that they refused to play their patrons' game. This was quite as improbable an issue as the other. The disfranchisement of forty-shilling freeholders had, indeed, been talked of in former years; but, if effected at all, it was to be in connection with a measure of Catholic Emancipation. To propose it now for the avowed purpose of rendering Catholic Emancipation impossible would be to insure the rejection of the Bill. That plan, therefore, fell at once to the ground; and there remained but two others.

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THU 14 May, 2015

FORE:All Europe was astonished by the news of the French Revolution. The successful insurrection of the working classes in Paris��the flight of the king��the abolition of monarchy��the establishment of a Republic, all the work of two or three days, were events so startling that the occupants of thrones might well stand aghast at their recital, and tremble for their own possessions. It would not have been surprising if the revolutionary spirit emanating from Paris had, to a large extent, invaded Great Britain and Ireland. The country had just passed through a fearful crisis; heavy sacrifices had been made by all classes to save the people from starvation; many families had been utterly ruined by gigantic failures, and there was still very general privation prevailing in all parts of the United Kingdom. In such circumstances the masses are peculiarly liable to be excited against the Government by ignorant or unprincipled agitators, who could easily persuade[555] them that their sufferings arose from misgovernment, and that matters could never go right till the people established their own sovereignty��till they abolished monarchy and aristocracy, and proclaimed a republic. The Chartist agitation, though not formally proposing any such issue of the movement, had, nevertheless, familiarised the minds of the working classes with the idea of such a revolution. The points of their charter comprised vote by ballot, universal suffrage, annual parliaments, payment of the members, and the abolition of the property qualification. Besides, the Chartist leaders had been in the habit of holding what was called a National Convention, which was a kind of parliament of their own, in which the leaders practised the art of government. The train was thus laid, and it seemed to require only a spark to ignite it; but a thick shower of sparks came from Paris, as if a furnace had been emptied by a hurricane. It would have been almost miraculous if there had been no explosions of disaffection in Great Britain in such circumstances as these.

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THREE:The confederates endeavoured to keep their plans profoundly secret till they were ready to burst at once on the devoted King of Prussia; but Frederick was the last man alive to be taken by surprise. The secret was soon betrayed to him, and, at once waiving his dislike of the King of England, he concluded a convention with him in January, 1756, and bound himself, during the disturbances in America, not to allow any foreign troops to pass through any part of Germany to those colonies, where he could prevent it. Having his treasury well supplied, he put his army in order, and in August of that year sent a peremptory demand to Vienna as to the designs of Austria, stating, at the same time, that he would not accept any evasive reply; but the reply being evasive, he at once rushed into Saxony at the head of sixty thousand men, blockaded the King of Saxony in Pirna, and secured the queen in Dresden. By this decisive action Frederick commenced what the Germans style "The Seven Years' War." In the palace of Dresden Frederick made himself master of the secret correspondence and treaties with France, Russia, and Austria, detailing all their designs, which he immediately published, and thus fully justified his proceedings to the world.

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THREE:The feeling of humanity that gained ground among the masses powerfully affected the middle classes. The consequence was that the state of public feeling produced by the practical inculcation of Christianity and the diffusion of knowledge compelled our legislature to change its system, despite the obstinate resistance of Lords Eldon and Ellenborough, hardened by a long official familiarity with the destructive operation of legal cruelty. How fearful the amount of that destruction was we may infer from the calculation of Mr. Redgrave, of the Home Office, who stated that had the offences tried in 1841 been tried under the laws of 1831, the eighty capital sentences would have been increased to 2,172. Mr. Redgrave gave the following succinct history of the mitigation of the criminal code during the reigns of George IV. and William IV., in a series of enactments which were extorted from a reluctant Legislature by society, humanised through the education of the masses:��In 1826, 1827, and 1828 Sir Robert Peel carried several very important Bills for the consolidation and amendment of the criminal laws, but these Bills did not abolish capital punishments. That statesman, indeed, made it a matter of boast that he did not constitute any new capital felonies, and pointed out an instance in which he had abated the capital punishment by increasing from 40s. to ��5, the sum of which the theft in a dwelling-house constituted a capital offence, and by widening the technical description of a dwelling. In 1830 Sir Robert Peel brought in his Forgery Bill, and petitions were poured into the House from all quarters against the re-enactment of the severe penalties for this offence. Sir James Mackintosh again took up the subject, and moved that the capital punishment be struck out from the Bill. He was unsuccessful; but in the last stage of the measure Mr. Spring-Rice was enabled to defeat the Ministry by a majority of 151 to 138, and to remove the sentence of death from the Bill. It was, however, restored by the Lords, and the Bill, as altered, was suffered to pass the House of Commons at the end of the Session. In 1832 two most important Bills for abolishing capital punishments were passed. Mr. Ewart, assisted by the Government, was able to carry a Bill abolishing the punishment of death in cases of horse, sheep, and cattle stealing, and larceny in a dwelling-house. He was opposed by Sir Robert Peel, and an amendment was made in the Lords, subjecting these offences to the fixed penalty of transportation for life. At the same time, Ministers brought in a Bill for abolishing capital punishment in cases of forgery. The Bill was introduced into the Commons by the Attorney-General, and into the House of Lords by the Lord Chancellor. It passed into law, but an amendment was made in the House of Lords, under protest of the Lord Chancellor, exempting the forgery of wills and powers of attorney to transfer stock, which offences were left capital. In 1833 Mr. Leonard carried his Bill for abolishing capital punishment for housebreaking, executions for which offence were continued down to 1830. In 1834 Mr. Ewart carried a Bill for abolishing capital punishment for returning from transportation, and in the following year for sacrilege and letter-stealing. This was the state of the criminal law when Lord John Russell brought in Bills for its mitigation, founded on the report of a committee which Government had appointed. The little progress which Sir S. Romilly and Sir J. Mackintosh had made in opposition to the Governments of their day will be seen by the foregoing sketch, as well as the extensive and salutary changes which followed. Lord John Russell's Bills effected an extensive abolition of the sentence of death, and a mitigation of the secondary punishments. He was enabled to abolish capital punishments in all cases but murder and attempts to murder where dangerous bodily injuries were effected; burglary and robbery when attended with violence or wounds; arson of dwelling-houses where life was endangered; and six other offences of[427] very rare occurrence. The number of capital convictions in 1829 was 1,385; and in 1834, three years after the extensive abolition of capital punishments, the number was reduced to 480.

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Sir Cecil Wray. Sam House (Publican on the side of Fox). Charles James Fox.CABINET MEMORANDUM, NOVEMBER 6.There was a number of lady dramatists of this period. Mrs. Cowley wrote "The Runaway," "The Belle's Stratagem," "More Ways than One," etc.; Mrs. Brooke, Miss Marshall, Mrs. Lennox, and Miss Sophia Lee, all wrote successful plays; Mrs. Sheridan, the author of the Eastern story, "Nourjahad," was the writer of the successful comedies of "The Discovery" and "The Dupe." But the chief dramatist of this period was Richard Brinsley Sheridan, her son (b. 1751; d. 1816). He was equally distinguished as a politician, an orator, and a critic. Like Murphy, Macklin, and Cumberland, he was an Irishman. His dramas placed him at the head of all the writers for the stage of his time. They abounded with humour, wit, the smartest action, and knowledge of life and human nature. His splendid comedy of "The Rivals," written when he was not twenty-five, did not at first augur much success; but "The Duenna," which appeared the same year, carried with it at once the highest public favour; and his "School for Scandal," acted in 1777, raised his reputation to the utmost. He also wrote the farces of "The Critic," "The Trip to Scarborough," and "St. Patrick's Day." All these were issued before 1780, and after that he was too much involved in political affairs to renew this style of writing. Amongst his other labours for the theatre was the adaptation of "Pizarro," one of[181] Kotzebue's numerous plays. Sheridan first appeared before the world as the translator of "Arist?netus."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.[See larger version]

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