FORE:At length, after every clause of the Bill, and every word and every place in each of the schedules had been the subjects of all possible motions and discussionsafter a warfare which, for animosity and duration, was unparalleled in our Parliamentary history, the Bill was read a third time on the 21st of September, and passed by a majority of 109, the numbers being 345 to 236. The result was received with loud and long-continued cheering by the Reformers in the House. The anxious and impatient multitude in the streets caught up the sounds of triumph with exultant enthusiasm; the acclamations of all classes of the people rang throughout the agitated metropolis. The news spread like wildfire through the country, and was everywhere received with ringing of bells and other demonstrations of joy. As soon as the Bill passed an illumination of London was proposed, and an application was made to the Lord Mayor, in order to obtain his sanction, which was granted. The illumination was extensive, and those who refused to comply had their windows broken by the populace. In many places the people, whose patience had been so severely tested, began to lose their self-control, and were betrayed into riotous conduct. Mr. Macaulay, and other leading Reformers in Parliament, had warned the Opposition of this danger, and it turned out that their apprehensions were not altogether visionary.
FORE: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.
FORE:Buonaparte had arrived at Vittoria on the 8th of November, between the defeat of Blake at Espinosa and his dispersion at Reynosa, and he immediately dispatched Soult to attack Belvedere. This self-confident commander of two-and-twentysurrounded by as self-confident students from Salamanca and Leoninstead of falling back, and forming a junction with Casta?os, stood his ground in an open plain in front of Burgos, and was scattered to the winds. Between three and four thousand of his men were killed, wounded, or taken prisoners, and all his cannon and baggage captured. Buonaparte had now only to beat Casta?os, and there was an end to the whole Spanish force. That general was much more cautious and prudent than the rest, and he fell back on the approach of Marshal Lannes, at the head of thirty thousand men, to Tudela. But Buonaparte had sent numerous bodies of troops to intercept his course in the direction of Madrid, and, unfortunately for Casta?os, he was joined by Palafox, who had made so successful a stand against the French at Saragossa. Casta?os was for retreating still, to avoid Lannes in front, and Ney and Victor, who were getting into his rear; but Palafox, and others of his generals, strongly recommended his fighting, and a commissioner sent from the Junta in Madrid, in the French fashion, to see that he did his duty, joined in the persuasion, by hinting that to retreat would give suspicion of cowardice and treachery. Against his better judgment, Casta?os, therefore, gave battle on the 22nd of November, at Tudela, and was completely routed. Palafox hastened back to Saragossa, which was destined to surrender after another frightful siege. The road was now left open to Madrid, and the French troops had orders to advance and reduce it; and they did this with a fiendish ferocity, burning the towns and villages as they proceeded, and shooting every Spaniard that they found in arms.
FORE:In Ireland, the influence of the free notions of France was already become broadly manifest, and though it resulted in no unconstitutional act, it wonderfully invigorated the resentment of the Irish against corruptions of Government. These truly demanded reprehension and reform; but the Government of Pitt was strong, and set both Ireland and reform at defiance. The Marquis of Buckingham, the Lord-Lieutenant, was recalled, because he had not been able to repress the movement in the Irish Parliament on the Regency question. The Earl of Westmoreland was sent in his place; but the Parliament still showed its resentment as strongly as ever, and proceeded to delve vigorously into the sink of Government corruption, and demand numerous corrections of abuses. Direct motions on the subject were made in both Houses; in the Peers by Lord Portarlington, in the Commons by Grattan, and, in truth, the ministerial abuses of the Irish Government were disgraceful. Grattan, on the 1st of February, pointed out the increased number of commissioners of revenue, and moved that his Majesty be addressed to inquire by whose advice this had been done. Next the increase of the Pension List came under discussion; then the granting of no less than fourteen Government offices to members of the Irish Commons. Lastly was noticed the paltry withdrawal of Lord Strangford's pension of four hundred pounds, which had been granted him at the request of the Irish House of Lords, in consequence of his small income, because he had voted against Ministers on the Regency Bill, at the same time that numbers of men who were[373] not Irishmen, and had never done anything for Ireland or any other country, were saddled on the Irish revenue in a variety of sinecure posts and pensions. All these motions, however, were rejected by large Ministerial majorities.
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