FORE:In September, 1791, the Assembly, having completed the Constitution, which was accepted by the king, dissolved. Its place was taken by the National Legislative Assembly, which met on the 1st of October. As the Jacobins had expected, the elections of the Departments had occupied but little attention. The public gaze had been fixed on the acts of the Assembly about to retire, so that a race of new men appeared, which seemed at first to divide itself into two partiesthe Cot Droit, or Constitutional party, and the Cot Gauche, or Democratic party; but the latter party soon divided itself into two, the Mountain and the Gironde. It is difficult to discern the distinguishing traits of these two Revolutionary parties. At first they all worked together, clearly for the downfall of the monarchy. Robespierre, Petion, Marat, Danton, were associated with those who afterwards divided themselves into the Gironde, with Condorcet, Brissot, the Rolands, and Vergniaud. Though Robespierre, Petion, and Danton were no longer in the Assembly, they ruled the Jacobin party there from the clubs. It was not till the question of war arose that the split took place. The Jacobins and Girondists were for war, Robespierre was obstinately against it. At first he stood nearly alone, but by degrees, though he did not draw the Jacobins very soon to his views, he drew them speedily away from the Girondists. This party of the Girondists had been growing and forming for some time. It took its rise originally at Bordeaux, the great commercial city of the department of the Gironde. Bordeaux was of Roman origin. It had always displayed a warm love of independence, which its Parliaments had continually kept alive. It had of late years become the chief commercial link between France and the revolutionised United States. It had early, too, become leavened with the new philosophy; it was the birthplace of Montaigne and Montesquieu. The Gironde sent up to the new Assembly twelve deputies, all as yet unknown, but all deeply imbued with the new principles. These, on arriving in Paris, soon found themselves mixed up, at the house of Condorcet and the Rolands, with Robespierre, Danton, Petion, Buzot, Brissot, Carra-Louvet, Thomas Paine, and, in fact, nearly all the thorough Revolutionists. The active centre of the whole party, up to the period of the question of the war against the Emigrants, was Madame Roland, and such she continued to be of the Girondists after their separation into a distinct party, and after that they had become the antagonists of the Mountain or Jacobin party.A great portion of the present Session was[143] occupied with discussing the return to cash payments, which, by the Act of Parliament, ought to take place on the 5th of July of this year. It appears that no less than fifty debates and conversations in both Houses took place on this important subject during the Session. Very soon after the meeting of Parliament a secret committee of each House was appointed to inquire into the state of the Bank. These committees were, however, so managed, by delivering to the members lists of suitable persons for such committees, that scarcely any but Ministerial men were voted, though these votes were given by ballot. In the Commons this result was so evident that the Opposition declined to vote at all. The first reports of the committees went rather to close more strictly than to open the issue of gold by the Bank. It had been paying in gold its notes issued previous to January, 1817. This payment it was proposed to stop, as, at present, evidently injurious to the interests of the country. Mr. Peel, on moving for a Bill for this purpose, stated that the gold at the present price was fast finding its way abroad, and was as rapidly absorbed in re-minting a gold coinage for France. It appeared that during the first half of 1818 gold to the value of no less than one hundred and twenty-eight million francs had been coined at the French mint, of which three-fourths were derived from the gold coinage of England. A Bill was accordingly passed to stop payment altogether in gold till the necessary preparations were made by a fresh Bill. Still, the condition of the Bank was represented as flourishing. Its liabilities were stated in January, 1819, as amounting to thirty-three million eight hundred and ninety-four thousand five hundred and eighty pounds; its assets, including the debt due from Government, fifty-three million seven hundred and eighty-three thousand seven hundred pounds. The total Bank surplus appeared to be nineteen million eight hundred and eighty-nine thousand one hundred and twenty pounds; and its surplus, independent of the Government debt, and therefore available for current use, was five million two hundred and two thousand three hundred and twenty pounds. The committees adopted the scheme broached by Mr. Ricardo in his "Proposals for an Economical and Secure Currency," published in 1816. This was that the Bank, in the first instance, should not pay for its notes in gold coin, but in ingots of a certain weight, its fineness being attested by a stamp; and this degree of purity should be regulated from time to time till the gold descended to the Mint price of three pounds seventeen shillings and tenpence-halfpenny per ounce. When the Mint gold at length reached this rate of value, then the payment in coin was to be begun. Resolutions to this effect were moved by the Earl of Harrowby on the 21st of May, and they received the approval, not only of the Ministerial side, but of the leading Opposition members, Lords Grenville, Lansdowne, and King.
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