TWO:The confederacy of Spain, Austria, and Sweden against England greatly encouraged the Pretender and his party. His agents were active on almost every coast in Europe, under the able direction of Atterbury. But there were two new allies whom James acquired at this time who did him little service; these were Lord North and the Duke of Wharton. They went over to the Continent, and not only openly avowed themselves as friends of the Pretender, but renounced Protestantism and embraced Popery. Lord North, however, found himself so little trusted at the Pretender's Court, notwithstanding his apostasy, that he went to Spain, entered its service, and there continued till his death, in 1734. Wharton also arrived at Madrid, where he fell in with a congenial spirit. This was Ripperda, the renegade Dutchman, now created a Duke and made Prime Minister of Spain. He had lately returned from a mission to Vienna, and was as full of foolish boastings as Wharton himself. He told the officers of the garrison at Barcelona on landing, that the Emperor would bring one hundred and fifty thousand men into the field; that Prince Eugene had engaged for as many more within six months of the commencement of a war; that in that case France would be pillaged on all sides, the King of Prussia, whom he was pleased to call the Grand Grenadier, would be chased from his country in a single campaign, and King George out of both Hanover by the Emperor, and Great Britain by the Pretender; that so long as he was in authority there should never be peace between France and Spain. Yet to Mr. Stanhope he declared that though he had talked both in Vienna and Spain in favour of the Pretender, he was, nevertheless, as sincerely attached to the interests of his Britannic Majesty as one of his own subjects; that he would prove this on the first opportunity, and that he only talked as he did to please their Catholic majesties,[55] and to avoid being suspected as a traitor, and falling into the hands of the Inquisition, which he knew kept a sharp eye on him as a recent convert.In the House of Lords the Earl of Aberdeen, Foreign Secretary in the late Government, strongly censured our foreign policy with regard to Northern Italy. He spoke with delight of the brilliant victories and rare generosity of Radetzky, and warmly eulogised the administration of the Austrian dominions in Italy. Lord Brougham spoke strongly on the same side with Lord Aberdeen, indignantly condemning the Italian policy of the Government. On the 20th of July he moved[588] a set of resolutions on the subject, in which he also praised Austria, as being just and moderate, while Sardinia was aggressive and faithless. He spoke of "the terrible tyranny established by those firebrands of revolution, Mazzini and Garibaldi." He considered that an eternal debt of gratitude was due to General Oudinot, for conducting the siege in such a manner as to avoid any waste of blood, and to preserve the treasures of art of which that city was the repository. With reference to Southern Italy he protested against the conduct, not only of our regular diplomatic body, but of "that mongrel sort of monsterhalf nautical, half politicaldiplomatic vice-admirals, speculative ship captains, observers of rebellions, and sympathisers therewith;" the officers alluded to being Lord Napier, Sir William Parker, and Captain Codrington. The Earl of Carlisle, in reply to Lord Brougham, ably defended the conduct of our diplomatists and officers throughout the Sicilian contest, and repelled the sarcasms with which they were assailed. He vindicated the foreign policy of Lord Palmerston, and called upon the House to reject "the illogical and unmeaning" resolutions of Lord Brougham. Lord Minto, also, at length defended the course he had taken. The Marquis of Lansdowne, while willing to rest the defence of the Government upon the able speech of Lord Carlisle, made some remarks in answer to the charge of partiality brought by the Earl of Aberdeen against Lord Minto, after which the House divided, when the resolutions of Lord Brougham were rejected by a majority of 12.
FORE:The Parisians were now afforded proofs that Napoleon was once more victorious. The prisoners, banners, and cannon which he had taken were sent forward rapidly to the capital, and ostentatiously paraded through the streets. Meanwhile, the Allies were so alarmed, that the sovereigns wrote to Buonaparte, expressing their surprise at his attacks, as they had ordered their Plenipotentiaries to accept the terms offered by his ambassador, Caulaincourt. These terms had indeed been offered by Caulaincourt, Duke of Vicenza, at a Congress held at Chatillon-sur-Seine on the 5th of February, and which was still sitting; but the Allies had never, in fact, accepted them, and now, as he was again in the ascendant, Napoleon was not likely to listen to them. He therefore left the letter unanswered till he should have thoroughly defeated the Allies, and then he would dictate his reply.
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FORE:Walpole did not wait for a like humiliation.[38] The next morning he waited on the king, and tendered his resignation of his places as First Lord of the Treasury and Chancellor of the Exchequer. The king, if he could be judged by his conduct, had formed no resolution of parting with Walpole. He handed again to him the seals, cordially entreating him to take them back, speaking to him in the kindest manner, and appearing as though he would take no refusal. But Walpole remained steady to his purpose, and, accordingly, his friends Methuen, Pulteney, Lord Orford, and the Duke of Devonshire, resigned a few days afterwards. Stanhope was then appointed First Lord of the Treasury and Chancellor of the Exchequer; Sunderland and Joseph Addison were made Secretaries of State; Craggs, Secretary at War; Lord Berkeley, First Lord of the Admiralty; the Duke of Newcastle, Lord Chamberlain; the Duke of Bolton, Lord-Lieutenant of Ireland; Lord Cowper and the Duke of Kingston retaining their old places.
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FORE:This action was the height of imprudence. The true wisdom would have been to have taken no notice of such a discussion by an obscure association. On the 13th of March Sir Francis Burdett moved that Mr. John Gale Jones should be discharged, questioning the legality of his commitment, and declaring that, if the proceedings of Parliament were not to be criticised like everything else, there was an end of liberty of speech and of the press. This motion was rejected by one hundred and fifty-three against fourteen. The speech of Sir Francis was printed by Cobbett in his Weekly Register, a publication possessing high influence with the people. It was also accompanied by a letter of Sir Francis, commenting in strong language upon this arbitrary act, and[596] questioning the right of such a House to commit for breach of privilege, seeing that it consisted of "a part of our fellow-subjects, collected together by means which it is not necessary to describe."
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FORE:Mr. Smith O'Brien returned to London, took his seat in the House of Commons, and spoke on the Crown and Government Securities Bill, the design of which was to facilitate prosecutions for political offences. He spoke openly of the military strength of the Republican party in Ireland, and the probable issue of an appeal to arms. But his[567] address produced a scene of indescribable commotion and violence, and he was overwhelmed in a torrent of jeers, groans, and hisses, while Sir George Grey, in replying to him, was cheered with the utmost enthusiasm. Sir R. Musgrove, made receiver of customs, with 1,200 a year.
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FORE:It was in these circumstances that Sir James Graham, on the 7th of April, brought forward a series of resolutions on our relations with China, and the Government escaped defeat by a narrow majority of ten. A vote of censure would inevitably have been passed, had not the Duke of Wellington expressed his cordial approval of the Ministerial policy. His followers were furious. "I know it," said the Duke to Charles Greville, "and I do not care one damn. I have no time to do what is not right."
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FORE:It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.
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FORE:The Irish Bill was read a second time in the House of Lords on the 23rd of July. It was strongly opposed by the Duke of Wellington, as transferring the electoral power of the country from the Protestants to the Roman Catholics. Lord Plunket, in reply, said, "One fact, I think, ought to satisfy every man, not determined against conviction, of its wisdom and necessity. What will the House think when I inform them that the representatives of seventeen of those boroughs, containing a population of 170,000 souls, are nominated by precisely seventeen persons? Yet, by putting an end to this iniquitous and disgraceful system, we are, forsooth, violating the articles of the union, and overturning the Protestant institutions of the country! This is ratiocination and statesmanlike loftiness of vision with a vengeance! Then it seems that besides violating the union Act we are departing from the principles of the measure of 1829. I deny that. I also deny the assumption of the noble Duke, that the forty-shilling freeholders were disfranchised on that occasion merely for the purpose of maintaining the Protestant interests in Ireland. The forty-shilling freeholders were disfranchised, not because they were what are called 'Popish electors,' but because they were in such indigent circumstances as precluded their exercising their[353] suffrage right independently and as free agentsbecause they were an incapable constituency." The Bill, after being considered in committee, where it encountered violent opposition, was passed by the Lords on the 30th of July, and received the Royal Assent by commission on the 7th of August.
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FORE:
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