FORE:The question was argued at great length. It was opposed by Lord North and Pitt, and supported by Fox, and was rejected by one hundred and seventy-six against ninety-eight. The question was raised again in 1789 and 1790, and in both cases was defeated. On the latter occasion Fox introduced the motion, and Mr. Beaufoy, who usually took the lead in it, seconded it. Fox alluded to the very Dissenters on whom Bishop Barrington had thrown so much odium. He acknowledged the hostility of such men as Drs. Priestley and Price to the Church, and to what had taken place across the Channel against the national Church there; but he treated these as warnings to the English hierarchy not to keep too tight a grasp on the obstructions which they had thrown in the way of Dissenters, and contended that the Church's safety depended in allowing a just participation in civil rights, and thus disarming popular resentment. The motion was opposed by Pitt, Burke, Wilberforce, Sir William Dolben, and others. Burke also referred to the destruction of the French Church, and contended that it was not a time to give way to demands for surrender of what he called the safeguards of the English Church. Mr. William Smith, of Norwich, who continued for many years the staunch advocate of the Dissenters, strongly supported the motion; but, on the other hand, a considerable number of members who had voted for the repeal of these Acts had since been warned by their Church-going constituents to tack about, and did so. The motion, therefore, was rejected by two hundred and ninety-four against one hundred and five, and the Dissenters were so convinced of the uselessness of attempting to procure the repeal of the Test and Corporation Acts under George III., that the question was never again agitated during this reign. They remained in force till 1828.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.
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