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Lord Wellington had been duly informed of the progress of these man?uvres, and they had given him great anxiety; nor were these the only causes of anxiety which affected him. The British Ministry were so much absorbed with the business of supporting the Allies in their triumphant march after Buonaparte, that they seemed to think the necessity of Lord Wellington's exertions at an end. At the close of 1813 they recalled Sir Thomas Graham and some of his best battalions to send them into Holland. They appeared to contemplate still further reductions of the Peninsular army, and Lord Wellington was obliged to address them in very plain terms to impress them with the vital necessity of maintaining the force in this quarter unweakened. He reminded them that thirty thousand British troops had kept two hundred thousand of Buonaparte's best troops engaged in Spain for five years; that without this assistance Spain and Portugal would have long ago been completely thrown under the feet of the invader, and the Allies of the North would have had to contend against the undivided armies and exertions of Napoleon; that to render his own army inefficient would be at once to release one hundred thousand veterans such as the Allied armies had not had to deal with. This had the proper effect; and as soon as Wellington had obtained the necessary supplies, he resumed his operations to drive Soult from under the walls of Bayonne.

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FORE: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. 100 GB$29/month

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THREE:CHAPTER XII. THE PROGRESS OF THE NATION DURING THE REIGNS OF GEORGE IV. AND WILLIAM IV.

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THREE:The magnitude of the interests at stake, the difficulty of estimating the real character and extent of the threatened evil, and the alarming consequences that must ensue if the worst fears should be realised, rendered immediate action necessary. A Cabinet Council was held on the 31st of October. From what passed on that occasion, says Sir Robert Peel, in the account which he has left of these events, "it was easy to foresee that there was little prospect of a common accord as to the measures to be adopted." On the 5th of November he apprised her Majesty of the probability of serious differences of opinion. At the adjourned meeting of the Cabinet, on the 6th of November, he submitted certain proposals for the consideration of his colleagues, which he has recorded in the following outline of these events:��

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TWO:

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It was natural that this mighty turn in affairs[74] on the Continent should be watched in Great Britain with an interest beyond the power of words. Though this happy country had never felt the foot of the haughty invader, no nation in Europe had put forth such energies for the overthrow of the usurper; none had poured forth such a continual flood of wealth to arm, to clothe, to feed the struggling nations, and hold them up against the universal aggressor. Parliament met on the 4th of November, and, in the speech of the Prince Regent and in the speeches in both Houses, one strain of exultation and congratulation on the certain prospect of a close to this unexampled war prevailed. At that very moment the "Corsican upstart" was on his way to Paris, his lost army nearly destroyed, the remains of it chased across the Rhine, and himself advancing to meet a people at length weary of his sanguinary ambition, and sternly demanding peace.The population of Great Britain had thus rapidly increased, and the condition of the people had improved, notwithstanding heavy taxation, and the burden of an enormous National Debt, incurred by one of the most protracted and expensive wars on record, which strained the national energies to the uttermost. How vast, then, must have been the national resources by which all demands were met, leaving the State stronger and wealthier than ever! The extent of these resources is shown in some measure by the amount of our exports. The total declared value of all British and Irish produce and manufactures exported in 1831 was ��37,164,372; in 1841 the value of exports had increased to ��51,634,623, being at the rate of 38?9 per cent. Another example of the greatly increased commerce of the country is afforded by the returns of shipping. In 1831 the number of ships, British and foreign, engaged in the colonial and foreign trades was 20,573, of which the total tonnage amounted to 3,241,927. In 1841 the number of ships had increased to 28,052, and the tonnage to 4,652,376, giving an increase of 43 per cent. In the former year the tonnage employed in our coasting trade amounted to 9,419,681; in the latter it had increased to 11,417,991, showing an increase of 20 per cent. But other indications of national wealth were referred to by the Census Commissioners of 1841. During the same period the accumulations in savings-banks were very large, and went on increasing. In 1831 there were nearly 500,000 depositors, whose deposits amounted to about ��14,000,000. In 1841 it was found that both the depositors and the amount deposited had very nearly doubled. From the[418] proceeds of the property tax, which in 1815 was about ��52,000,000, and in 1842 over ��82,000,000, an estimate has been formed, in the absence of returns, for the years 1831 and 1841, which sets down the increase of real property during that period as not less than from 20 to 25 per cent. In 1815 the annual profits of trades in England and Wales were assessed at ��35,000,000 in round numbers, and in 1841 they had increased to ��50,000,000. During the decennial period, 1831-41, legacy duty had been paid upon a capital of about ��423,000,000, or more than one-half the aggregate amount upon which the duty had been paid in the thirty-four preceding years. The stamp duties, also, upon probates of wills and letters of administration in the United Kingdom amounted to upwards of ��1,000,000, having increased in ten years at the rate of 10 per cent.During these debates, Ministers detailed the proceedings which had for some time past taken place between the Governments of France and Britain, to show that the maintenance of peace was impossible. The chief of these transactions were briefly these:��From the date of the conferences at Pillnitz in 1791, when Prussia and Austria resolved to embrace the cause of the French king, and invited the other Powers to support them, Britain declared, both to those Powers and to France, her intention of remaining neutral. It was no easy matter to maintain such neutrality. To the Jacobin leaders, every country with an orderly Government, and still more a monarchy, was an offence. Against Britain they displayed a particular animus, which the most friendly offices did not remove. When, towards the end of 1791, the Declaration of the Rights of Man having reached St. Domingo, the negroes rose in insurrection to claim these rights, Lord Effingham, the Governor of Jamaica, aided the French Colonial Government with arms and ammunition, and the fugitive white people with provisions and protection. When this was notified to the National Assembly, with the King of Britain's approval of it, by Lord Gower, the ambassador at Paris, a vote of thanks was passed, but only to the British nation, and on condition that not even Lord Effingham's name should be mentioned in it. Other transactions on the part of the French still more offensive took place from time to time, but Britain still maintained her neutrality. When war was declared by France against Austria, in April, 1792, Chauvelin announced the fact to the British Government, and requested that British subjects should be prohibited from serving in any foreign army against France. Government at once issued an order to that effect. In June the French Government, through Chauvelin, requested the good offices of Britain in making pacific proposals to Prussia and Austria; but find that France expected more than friendly mediation��actual armed coalition with France��the British Government declined this, as contrary to existing alliances with those Powers. The proclamations of the French Government were already such as breathed war to Europe; all thrones were menaced with annihilation. At this time Mr. Miles, who exerted himself to maintain a friendly feeling between the nations, records, in his correspondence with the French Minister Lebrun and others, that Roland declared to one of his friends that peace was out of the question; that France had three hundred thousand men in arms, and that the Ministers must make them march as far as ever their legs could carry them, or they would return and cut all their throats.[538]

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