FORE:In the presence of this great exciting cause the remaining business of the Session of the British Parliament appeared tame. Mr. R. Smith introduced a petition for Parliamentary reform from Nottingham, and this was followed by a number of similar petitions from other places: but whilst French emissaries and English demagogues were preaching up revolution, nobody would listen to reform, and a motion of Mr. Grey, to refer these petitions to a committee, was rejected by two hundred and eighty-two votes to forty-one. On the 25th of February Dundas introduced an optimistic statement of the affairs of India, declaring that dependency as very flourishing, in spite of the continuance of the war with Tippoo; and this was preparatory to a renewal of the charter of the East India Company, which was carried on the 24th of May. Francis, Fox, and others, opposed the Bill, and made very different statements in vain. The real condition of India was not destined to force itself on the nation till it came in the shape of a bloody insurrection, and seventy million pounds of debt, more than sixty years afterwards. John Stewart, made Attorney-General and a baronet.
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:In Parliament, business was brought almost to a stand by the neutralising influences of the partisans of "All the Talents." Excepting on one or two points, no great majority could be obtained on any question. There was an attempt to censure the introduction of Lord Ellenborough, as Chief Justice of the King's Bench, into the Cabinet. It was contended that it was contrary to the principle, if not the letter, of the Constitution; that, besides a judge having enough to do on the Bench, he would have to sit as a judge on such appeals to the Privy Council which might be made thither against his own decisions; that, moreover, Lord Ellenborough had suddenly changed the whole principles of his life for the sake of advancement, and in the practice of his court had, by the most rude and insolent language, never hesitated to carry causes in favour of the Government and against the popular liberties. On the part of Government it was argued that, both in Queen Anne's reign and in that of George II., the Chief Justices had had a place in the Cabinet; and the subject was evaded by carrying the previous question.
FORE:
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|---|---|---|---|---|
| 1 | Mark | Otto | @mdo | 100090 |
| 2 | Jacob | Thornton | @fat | 100090 |
| 3 | Larry | the Bird | 100090 | |
| 4 | Mark | Otto | @mdo | 100090 |
| 5 | Jacob | Thornton | @fat | 100090 |
| 6 | Larry | the Bird | 100090 | |
| 7 | Jacob | Thornton | @fat | 100090 |
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