THREE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."
THREE:Among the other causes which contributed to the unpopularity of the Duke of Wellington and the weakness of his Administration was the prosecution by the Attorney-General of Mr. Alexander, the editor of the Morning Journal. A series of articles had appeared in that paper, which were considered so virulent and libellous, so far surpassing the bounds of fair discussion, that the Duke felt under the same necessity of ordering a prosecution that he had felt to fight the duel with Lord Winchilsea. It was regarded as an inevitable incident of his position, one of the things required to enable him to carry on the king's Government. He obtained a victory, but it cost him dear: a sentence of fine and imprisonment was inflicted upon his opponent, and the Morning Journal was extinguished; but, in the temper of the times, the public were by no means disposed to sympathise with the victor in such a contest. On the contrary, the victory covered him with odium, and placed upon the head of the convicted the crown of martyrdom. Mr. Alexander was visited daily in the King's Bench prison by leading politicians, and a motion was made in the House of Commons with a view to incriminate the Government who ordered the prosecution. In another instance also, but of a nature less damaging, the Government received a warning of its approaching downfall. Mr. Peel, anxious to mitigate the severity of the criminal code, and to render it less bloody, proposed to inflict the penalty of death only on persons committing such forgeries as could not by proper precautions be guarded against. It was a step in the right direction, but one too hesitating, and stopping short of the firm ground of sound policy. Sir James Mackintosh, therefore, on the third reading of the Bill, moved a clause for the abolition of the penalty of death in all cases of forgery, which was carried by a majority of 151 against 138. Thus the Session wore on, in a sort of tantalising Parliamentary warfare, with no decisive advantages on either side till the attention and interest of Parliament and the nation were absorbed by the approaching dissolution of George IV. and the dawning light of a new reign.
THREE:But the chief source whence the means at their disposal were derived was the magnificent bounty of the citizens of the United States of America. The supplies sent from America to Ireland were on a scale unparalleled in history. Meetings were held in Philadelphia, Washington, New York, and other cities in quick succession, presided over by the first men in the country. All through the States the citizens evinced an intense interest, and a noble generosity, worthy of the great Republic. The railway companies carried free of charge all packages marked "Ireland." Public carriers undertook the gratuitous delivery of packages intended for the relief of Irish distress. Storage to any extent was offered on the same terms. Ships of war, without their guns, came to the Irish shores on a mission of peace and mercy, freighted with food for British subjects. Cargo after cargo followed in rapid succession, until nearly 100 separate shipments had arrived, our Government having consented to pay the freight of all donations of food forwarded from America, which amounted in the whole to 33,000. The quantity of American food consigned to the care of the Society of Friends was nearly ten thousand tons, the value of which was about 100,000. In addition to all this, the Americans remitted to the Friends' Committee 16,000 in money. They also sent 642 packages of clothing, the precise value of which could not be ascertained. There was a very large amount of remittances sent to Ireland during the famine by the Irish in the United States. Unfortunately, there are no records of those remittances prior to 1848; but after that time we are enabled to ascertain a large portion of them, though not the whole, and their amount is something astonishing. The following statement of sums remitted by emigrants in America to their families in Ireland was printed by order of Parliament:During the years 1848, 460,180; 1849, 540,619; 1850, 957,087; 1851, 990,811.
TWO:Marriage is one of the fundamental principles of the social system. The law of marriage, therefore, ought to be plain and simple, intelligible to all, and guarded in every possible way against fraud and abuse. Yet the marriage laws of the United Kingdom were long in the most confused, unintelligible, and unsettled state, leading often to ruinous and almost endless litigation. A new Marriage Act was passed in the Session now under review, which, like many Acts of the kind, originated in personal interests affecting the aristocracy. It was said to have mainly arisen out of the marriage of the Marquis of Donegal with Miss May, who was the daughter of a gentleman celebrated for assisting persons of fashion with loans of money. The brother of the marquis sought to set this marriage aside, and to render the children illegitimate, in order that he might himself, should the marquis die without lawful issue, be heir to his title and estates. In law the marriage was invalid; but it was now protected by a retrospective clause in the new Act. By the Marriage Act of 1754 all marriages of minors certified without the assent of certain specified persons were declared null. A Bill was passed by the Commons giving validity to marriages which, according to the existing law, were null, and providing that the marriages of minors, celebrated without due notice, should not be void, but merely voidable, and liable to be annulled only during the minority[226] of the parties, and at the suit of the parents or guardians.
TWO:It must be confessed that it was impossible to keep peace with a nation determined to make war on the whole world. Perhaps on no occasion had the pride of the British people and their feelings of resentment been so daringly provoked. War was proclaimed against Britain, and it was necessary that she should put herself in a position to protect her own interests. The country was, moreover, bound to defend Holland if assaulted. But though bound by treaty to defend Holland, Great Britain was not bound to enter into the defence of all and every one of the Continental nations; and had she maintained this just line of action, her share in the universal war which ensued would have been comparatively insignificant. Prussia, Russia, and Austria had destroyed every moral claim of co-operation by their lawless seizure of Poland, and the peoples of the Continent were populous enough to defend their own territories, if they were worthy of independence. There could be no just claim on Britain, with her twenty millions of inhabitants, to defend countries which possessed a still greater number of inhabitants, especially as they had never been found ready to assist us, but on the contrary. But Britain, unfortunately, at that time, was too easily inflamed with a war spirit. The people as well as the Government were incensed at the disorganising and aggressive spirit of France, and were soon drawn in, with their Quixotism of fighting for everybody or anybody, to league with the Continental despots for the purpose not merely of repelling French invasions, but of forcing on the French a dynasty that they had rejected.