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TWO:
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TWO:The new Parliament met on the 14th of November. Mr. Manners Sutton was re-elected Speaker. A week was spent in the swearing-in of members, and on the 21st the Session was opened by the king in person. In the Royal Speech allusion was made to the throwing open of the ports for the admission of foreign grain, and the distress that had visited the manufacturing districts. The Address was carried in the Upper House without a division, and in the Lower House an amendment, moved by Mr. Hume, found only twenty-four supporters. On the 5th of December Alderman Waithman moved for a committee of inquiry with reference to the part taken by members of Parliament in the Joint Stock mania of 1824-5-6. He stated that within the last three years six hundred joint-stock companies had been formed, most of them for dishonest purposes. The directors of these fraudulent schemes worked with the market as they pleased, forcing up the prices of shares to sell, and depressing them to buy, pocketing the difference. He dwelt particularly on the Arignon Mining Company, of which the late chairman of the Committee of Ways and Means, Mr. Brogden, had been a director. The directors of this company, besides an allowance of three guineas per day for the use of their names, had divided between them a large surplus, arising from traffic in shares. Other members of the House, he alleged, had enriched themselves by bubble companies, particularly Sir William Congreve. At the suggestion of Mr. Canning, the inquiry was restricted to the Arignon Company. A vast amount of loss and suffering had been inflicted by these bubble companies. A check was given to the steady and wholesome progress of the country by the fever of excitement, followed by a sudden and terrible collapse. Healthful commerce was blighted, and one of the worst results of the revulsion was that it not only swept away the delusive projects of adventurers, but paralysed for a season the operations of legitimate enterprise. The commercial atmosphere, however, had been cleared by the monetary crisis of 1825-6. An extensive decomposition of commercial elements was effected. Masses of fictitious property were dispersed, and much of the real capital of the country was distributed in new and safe channels, which caused the year 1827 to open with more cheering prospects.The Fte de la Concorde took place on Sunday, the 21st of May, and passed off without any attempt at disturbance. On the contrary, the people were in excellent humour, and everything upon the surface of society seemed in keeping with the object of the festivity. On the 26th the Assembly decreed the perpetual banishment of Louis Philippe and his family, by a majority of 695 to 63. But the ex-king was not the only pretender who occupied the attention of the new Government; a far more dangerous one was Louis Napoleon Bonaparte, nephew of the Emperor and then an exile in London. He had gone over to Paris when the Republic was proclaimed, but acting on the advice of the Government, he quietly retired from the country. So potent, however, was still the charm that attached to the name of Napoleon, that his heir was elected a member of the National Assembly by no less than four constituencies. It was moreover discovered that money had been distributed in Paris by his partisans; that placards in his favour were posted upon the walls, and cries of "Vive Napoleon!" resounded through the city. Within four days, three journals had been established in Paris preparing the way for the candidature of Louis[553] Napoleon as President. After a violent debate, it was resolved by a large majority that he should be permitted to take his seat as a representative. On the Monday following Paris was excited by a rumour that Louis Napoleon had arrived, and while Lamartine was speaking in the Assembly several shots were fired, one at the Commandant of the National Guard, another at an officer of the army, and this was done to the cry of "Vive l'Empereur Napoleon!" "This," said Lamartine, "is the first drop of blood that has stained our revolution; and if blood has now been shed, it has not been for liberty, but by military fanaticism, and in the name of an ambition sadly, if not voluntarily, mixed up with guilty man?uvres. When conspiracy is taken in flagrante delicto, with its hand dyed in French blood, the law should be voted by acclamation." He then proposed a decree, causing the law of banishment of 1832 against Louis Napoleon to be executed. It was voted by acclamation, the Assembly rising in a body, and shouting, "Vive la Rpublique!"
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TWO:[See larger version]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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