TWO:The year 1818 commenced gloomily. On the 27th of January Parliament was opened by a Speech, drawn up for the Prince Regent, but read by the Lord Chancellor. The first topic was, of course, the severe loss which the country and the prince had sustained in the death of the Princess Charlotte. It was only too well known that the prince and his daughter had not for some time been on very cordial terms, the princess having taken the part of her mother; and the vicious and voluptuous life of the Regent did not probably leave much depth of paternal affection in his nature, which had originally been generous and capable of better things. It was remarked by Mr. Ward, afterwards Lord Dudley and Ward, that the mention of the princess "was rather drysulky, rather than sad." But the death of his only issue, and that at the moment that she might have been expected to give a continued succession to the Throne, was a severe blow to him. There was an end of all succession in his line. He stood now without the hopeful support which his daughter's affectionate regard in the country had afforded him, and he was ill able to bear the loss of any causes of popularity. He received a serious shock; and it was only by copious bleeding that he was saved from dangerous consequences; yet, so little was the depth of his trouble, that within three months of his loss he attended a dinner given by the Prussian ambassador, and entertained the company with a song.
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THREE:On the 6th of May, 1836, the Chancellor of the Exchequer brought forward the Budget, which placed in a strong light the long standing anomaly of distress among the agricultural classes, contrasting with general prosperity in the commercial classes. He was enabled to exhibit a more favourable state of the finances than he had anticipated in his estimate the previous year. The total income of the nation was 46,980,000, its total expenditure 45,205,807, which would give a surplus of 1,774,193. Of this surplus all but 662,000 would be absorbed by the interest on the West Indian Loan, which had now become a permanent charge. There was an addition of 5,000 seamen to the navy, for which the sum of 434,000 was required. This addition seemed to be quite necessary from the feeble condition of the navy as compared with the navies of other nations. On the 4th of March Mr. Charles Wood had stated that the French would have twelve sail of the line at sea during summer; that in 1834 the Russians had five sail of the line cruising in the Black Sea, and eighteen besides frigates in the Baltic. During this period there never were in the English Channel ports more than two frigates and a sloop, with crews perhaps amounting to 1,000 men, disposable for sea at any one time, and that only for a day or two. Moreover all the line-of-battle ships Great Britain had afloat in every part of the world did not exceed ten. The land forces voted for the year were 81,319 men, not counting the Indian army. Of these one-half were required in the colonies. France had 360,000 regular soldiers, and three times that number of National Guards. With the surplus at his disposal the Chancellor of the Exchequer proposed to reduce the duty on first-class paper from fivepence to threepence-halfpennya suitable accompaniment to the reduction of the stamp on newspapers, already noticedand to abolish the duty on stained paper; to remit the South Sea duties, amounting to 10,000; to reduce the duties on insurances of farming-stock, on taxed carts, and on newspapers. He estimated the total amount of repeals for the present year at 351,000, which would be increased to 520,000 when they all came into operation. This was the best of Mr. Spring-Rice's indifferent Budgets.
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TWO:Ministers were in haste to close and dissolve Parliament in order to call a new one before the very probable demise of the kingfor though they had provided that in case of the decease of the queen the Parliament should not reassemble, this did not apply to the decease of the king; and should this take place before the day fixed for the assembling of the new Parliament, the old Parliamenteven though formally dissolvedwould reassemble: therefore, on the 10th of Junethe very day after the passing of the supplementary Alien Billthe Prince Regent came down to the House of Lords, prorogued Parliament, and then immediately the Lord Chancellor pronounced it dissolved. The members of the Commons were taken by surprise. No such sudden dismissal had taken place since 1625, when Charles I. dismissed his Oxford Parliament after a single week's session. On the return to their own House the Speaker was proceeding, as usual, to read the Royal Speech, but he was reminded by Mr. Tierney that there was no Parliament in existence, and by Lord Castlereagh that, by so doing, he might render himself liable to a Pr?munire, and he therefore desisted and the members withdrew.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.
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TWO:The Assembly had not paid him the respect to wait on him; but, at the last moment, they passed a resolution that the Assembly was inseparable from the person of the king, and appointed one hundred deputies to attend him. Amongst them was Mirabeau. It was about one o'clock when the king quitted Versailles amid a general discharge of musketry, falsely, on this occasion, termed a feu-de-joie. The king and queen, the dauphin, and the little daughter, Monsieur, the king's brother, and Madame Elizabeth, the king's sister, went all in one great State coach. Others of the royal household, with the ladies of honour, and the one hundred deputies, followed in about a hundred vehicles of one kind or other. The Mayor, Bailly, received them at the barrier of Paris, and conducted them to the H?tel de Ville. So soon as they had passed the barrier, the numerous procession were joined by the whole leviathan mob of Paris, calculated at two hundred thousand men! It was night, and the crushing and shouting throngs prevented the royal carriage from more than merely moving all the way from the barrier to the Place de Grve. At the H?tel de Ville, Moreau de St. Mery addressed the king in a long speech, congratulating him on his happy arrival amongst his peoplehis "loving children of the capital." The poor tired and dispirited king replied that he always came with confidence amongst his people. Bailly repeated the words in a loud tone to the people, but omitted the words "with confidence," whereupon the queen said, with much spirit, "Sir, add 'with confidence';" so Bailly replied, "Gentlemen, in hearing it from the lips of the queen you are happier than if I had not made that mistake." The king was then exhibited on the balcony to the mob, with a huge tricolour cockade in his hat, at which sight, in French fashion, the people hugged and kissed each other and danced for joy. It was eleven o'clock at night before the miserable royal captives were conducted by Lafayette to their appointed prisonfor such it was, in factthe great palace of their ancestors, the Tuileries, which had been uninhabited for a century, and had not been prepared[370] for their reception. The Assembly followed, and proceeded to work under the eyes of the Paris commune and the people. Power was fast slipping from their hands.