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TWO:Bolingbroke, now restored to his estates, though the attainder still deprived him of his seat in the House of Lords, endeavoured to create a new species of opposition in Parliament. He retained his influence with the Duchess of Kendal, and cultivated that of the ultra-Tories. Still more, he soon discovered that William Pulteney, the most eloquent man in the House, had grown disgusted with Walpole, who could never bear any man of pre-eminent ability near the throne except himself. Pulteney had been one of the steadiest friends of the late queen's Government, and of the Protestant succession. Under George he had been made Secretary at War. He had adhered to Walpole when he was sent to the Tower for corruption, and in the great schism of 1717. Yet Walpole had carefully excluded him from any high post in the Cabinet, and had endeavoured to veil his jealousy of him by offering to procure him a peerage, by which he would have removed him from the active sphere of the House of Commons. Pulteney saw the object, and rejected the specious favour. Instead of conferring on Pulteney some[53] office worthy of his talents, Walpole then put him into that of Cofferer of the Household. In the state of indignation which this paltry appointment raised in him Bolingbroke soon induced Pulteney to put himself at the head of a large body of Oppositionists, under the title of "Patriots." In this character he made some smart attacks on Walpole and his heavy drafts on the Civil List for his friends, for which he was dismissed, and joined Bolingbroke in a bold attempt to write down the Minister. Between them the celebrated paper The Craftsman was planned and established, and they became the bitterest and most persevering assailants of Walpole.We offer the best Services in our Restarant.
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TWO: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.We offer the best Services in our Restarant.
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