ONE: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.Everything in Parliament and in Ministerial movements now denoted the near approach of the renewal of war. On the 8th of March a message was received by both Houses of Parliament from his Majesty, stating that great military preparations were going on in Holland and France, and that his Majesty deemed it highly necessary to take measures for the security of his dominions. It added that negotiations were going on with France, the issue of which was uncertain, but it neither stated what these negotiations were, nor the measures called for. The message was taken for what it wasa note of war, and both in the Lords and Commons strong expressions of defiance were used to France. This seemed to have encouraged Ministers to a plainer expression of their intentions, for only two days later another message came down, calling for an increase of the navy. The next day, the 11th, the Commons formed themselves into a committee, and voted an addition of ten thousand seamen to the fifty thousand already voted. The militia were embodied. Sheridan was very zealous for war; Ministers, however, professed to desire the continuance of peace if possible.
TWO:The charity schools throughout the country were discovered, by the operation of Henry Brougham's Commission, to be monopolised by the landlords of the different parishes and the clergy, and the ample revenues for education embezzled by them. In some such schools there was not a single scholar; in others, as at Pocklington, in Yorkshire, the free grammar school, with an endowment of one thousand pounds a year, had only one scholar. This state of physical and moral destitution was made the more dreary by the equally low state of religion. The Dissenters were on the increase, and, chiefly in towns, were exerting themselves to disperse the Egyptian darkness of this Georgian era, and Methodism was now making rapid progress amongst the working classes, both in town and country. But the preachers of Methodism met with a reception from the country squirearchy and clergy which has no parallel since the days of Popish persecution. They were dragged out of the houses where they preached, kicked and buffeted, hauled through horse-ponds, pelted with mud and stones; and the clergy and magistracy, so far from restraining, hounded on the mob in these outrages. The lives of these preachers, and the volumes of the Wesleyan Magazine, abound in recitals of such brutalities, which, if they had not been recorded there, would not now be credited. What John Wesley and his brother Charles, and George Whitefield suffered, especially in Devonshire and Cornwall, reads like a wild romance.
FORE:Periodical writing grew in this reign into a leading organ of opinion and intelligence. The two chief periodicals, according to our present idea of them, were the Gentleman's Magazine and the Monthly Review. These were both started prior to the accession of George III. The Gentleman's Magazine was started by Cave, the publisher, in 1731; and the Monthly Review commenced in 1749. The former was a depository of a great variety of matters, antiquarian, topographical, critical, and miscellaneous, and has retained that character to the present hour. The Monthly Review was exclusively devoted to criticism. But in the early portion of the reign a periodical literature of a totally different character prevailedthe periodical essayistformed on the model of the Spectator, Guardian, and Tatler of a prior period. Chief amongst these figured Ambrose Philips's Freethinker; the Museum, supported by Walpole, the Wartons, Akenside, etc.; the Rambler, by Dr. Johnson; the Adventurer, by Hawkesworth; the World, in which wrote chiefly aristocrats, as Lords Lyttelton, Chesterfield, Bath, Cork, Horace Walpole, etc.; the Connoisseur, chiefly supplied by George Colman and Bonnel Thornton; the Old Maid, conducted by Mrs. Frances Brooke; the Idler, by Johnson; the Babbler, by Hugh Kelly; the Citizen of the World, by Goldsmith; the Mirror, chiefly written by Mackenzie, the author of the "Man of Feeling;" and the Lounger, also chiefly conducted by Mackenzie. This class of productions, appearing each once or twice a week, afforded the public the amusement and instruction now furnished by the daily newspapers, weekly reviews, and monthly magazines. Towards the end of the reign arose a new species of review, the object of which was, under the guise of literature, to serve opposing parties in politics. The first of these was the Edinburgh Review, the organ of the Whigs, started in 1802, in which Brougham, Jeffrey, and Sydney Smith were the chief writers. This, professing to be liberal, launched forth the most illiberal criticisms imaginable. There was scarcely a great poet of the timeWordsworth, Coleridge, Southey, Byron, James Montgomery, Leigh Hunt, Shelley, Keatswhom it did not, but vainly, endeavour to crush. To combat the influence of this Whig organ, in 1809 came forth the Quarterly Review, the great organ of the Tories, to which Scott, Southey, Wilson Croker, Gifford, etc., were the chief contributors. In 1817 this was followed by another Conservative journal, not quarterly, but monthly in its issue, conducted chiefly by Professor Wilson and Lockhart, namely, Blackwood's Magazine, in which the monthly magazines of to-day find their prototype, but with a more decided political bias than these generally possess.
Nunc at viverra risus. In euismod quam ac dictum varius. Nunc at viverra risus.
Nunc at viverra risus. In euismod quam ac dictum varius. Nunc at viverra risus. In euismod quam ac dictum varius. Nunc at viverra risus. In euismod quam ac dictum varius. Nunc at viverra risus.