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FORE: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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FORE:On the 6th of April Whitbread brought forward these charges against Melville in the House of Commons, as detailed in the tenth report of the Naval Commissioners. In doing so, he paid a high compliment to the manner in which the naval affairs had been conducted since Lord St. Vincent became head of that Department; but he charged Lord Melville with having applied the public money to other uses than those of the Naval Department, in contempt of the Act of 1785an Act which Melville himself, then Dundas, had supported: that he had connived at a system of peculation in the Treasurer of the Navy, Mr. Trotter, an individual for whom he was responsible. The salary of this Mr. Trotter had been fixed by the Act of 1785 at four thousand pounds a year, but he contended that Dundas had allowed Trotter to draw large sums from the Bank of England out of the navy deposit, pay them into Coutts's Bank, and use them for his own benefit; and that, moreover, he had participated in the profits of this system. This charge called forth a vehement contest of parties. Tierney, who had been Treasurer of the Navy under Addington, declared that he had found no inconvenience in complying with the Act of 1785, whilst holding that office. Fox, Grey, Ponsonby, Windham, Wilberforce, Lord Henry Petty, afterwards Lord Lansdowne, supported Whitbread's charges, and Pitt, Canning, and Lord Castlereagh defended Melville. On putting the resolutions moved by Whitbread, after a debate till quite late in the morning, they were carried by the casting vote of the Speaker. The scene, which is one of the most striking in our Parliamentary annals, has frequently been described, notably by Lord Fitzharris:"I sat edged close to Pitt himself," he wrote, "the night when we were two hundred and sixteen, and the Speaker, Abbot, after looking as white as a sheet, and pausing for ten minutes, gave the casting vote against us. Pitt immediately put on the little cocked hat that he was in the habit of wearing when dressed for the evening, and jammed it down deeply over his forehead, and I distinctly saw the tears trickling down his cheeks. We heard one or two, such as Colonel Wardle, say they would see 'how Billy looked after it'! A few young ardent followers of Pitt, with myself, locked their arms together and formed a circle, in which he moved, I believe unconsciously, out of the House, and neither the colonel nor his friends could approach him." But the Opposition were not content with the vote of censure. Whitbread moved that an Address should be presented to his Majesty, praying him to remove Lord Melville for ever from his councils and presence, but the motion was withdrawn as soon as Melville's resignation was known. On the 6th of May Whitbread was about to move a resolution that his Majesty should be requested to erase the name of Lord Melville from the list of the Privy Council, but Pitt rose and said that the motion was unnecessary, as his Majesty had already done it.
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FORE:Two of the workmen from Butterley Foundry entered the "White Horse," which was kept by a widow Wightman, whose son George was deep in the foolish conspiracy into which Oliver and this his blind, savage tool, the Nottingham Captain, were leading him. They found Brandreth with a map before him, and telling them there was no good to be done, they must march up to London and overthrow the Government. He said all the country was rising; that at Nottingham the people had already taken the castle and seized the soldiers in their barracks, and were waiting for them. This shows that he had come straight from Oliver, who, on the 7th, was at Nottingham, attending the meeting there, and who knew that the meeting in Yorkshire had been prevented. Yet he had allowed the people of Nottingham to believe that the Yorkshire men were coming, according to agreement, in thousands; and he allowed Brandreth to go and arouse Derbyshire, under the belief that Nottingham that night would be in the hands of the insurgents. On Monday night, the 9th of June, Brandreth and a knot of his colleagues proceeded to muster their troop of insurgents for the march to Nottingham. They roused up the men in their cottages, and, if they refused to go, they broke in the doors with a crowbar, and compelled them to join them. Most of these unwilling levies slipped away in the dark on the first opportunity. At South Wingfield he assembled his forces in an old barn, and then they proceeded through the neighbourhood demanding men and guns. An old woman had the courage to tap the "captain" on the shoulder, and say"My lad, we have a magistrate here;" and many of the men thought Brandreth must be mad or drunk. At the farm of widow Hetherinton he demanded her men and arms, and when she stoutly refused him, he put the gun through[127] the window and shot one of her men dead. As the day dawned, Brandreth and his infatuated troop appeared before the gates of Butterley Foundry, and demanded the men; but Mr. Goodwin, the manager, had been apprised of their approach, and had closed the gates. Brandreth had planned to take Butterley Foundry, and carry away not only the men but a small cannon kept there; but Mr. Goodwin went out and told Brandreth he should not have a man for any such insane purpose, and seeing an old man that he well knew, Isaac Ludlam, who bore a good character, and had been a local preacher amongst the Methodists, he seized him by the collar and pushed him into the foundry court, telling him not to be a fool, but stay at home. Ludlam, however, replied, "he was as bad as he could be," rushed out, and went onto his death; for he was one of those that were executed.
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FORE:But, gloomy as was the aspect of affairs at home, they were far more so in America. There, the insane conduct of the Government had gone on exasperating and alienating the colonists. True, the Cabinet, on the close of Parliament, held a meeting to consider what should be done regarding America. Grafton proposed to repeal the obnoxious duties at the commencement of the next session, but he was overruled on the motion of Lord North, and it was agreed to repeal all but the tea duties. Within a few days after the close of the session, therefore, Lord Hillsborough wrote this news in a circular to the governors of the American colonies. As was certain, the partial concession produced no effect, the principle being still retained in the continued tea duty. Moreover, Hillsborough's circular was composed in such harsh and uncourteous terms, that it rather augmented than assuaged the excitement.
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FORE:Nujeem-ul-Dowlah, their new puppet, proposed to have one Nuncomar as his Prime Minister, but Nuncomar was too great a rogue even for them. He had alternately served and betrayed the English, and his master, Meer Jaffier, and the Council set him aside, and appointed to that office Mohammed Reza Khan, a Mussulman of far better character. Clive confirmed the appointment of Mohammed, but compelled Nujeem-ul-Dowlah to retire from the nominal office of Nabob, on a pension of thirty-two lacs of rupees.
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