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FORE:Some of the most eminent land-owners were clear-sighted and disinterested enough to oppose these views with all their power. The Dukes of Buckinghamshire and Devonshire, the Lords Carlisle, Spencer, Grey, Grenville, Wellesley, and many members of the Commons, voted and protested energetically against them; and the additional restrictions were not carried. But enough had been done to originate the most frightful[120] sufferings and convulsions. We shall see these agitations every remaining year of this reign. The Prince Regent, in his opening speech, in 1816, declared "manufactures and commerce to be in a flourishing condition." But Mr. Brougham at once exposed this fallacy. He admitted that there had been an active manufacturing and an unusual amount of exportation in expectation of the ports of the world being thrown open by the peace; but he declared that the people of the Continent were too much exhausted by the war to be able to purchase, and that the bulk of these exported goods would have to be sold at a ruinous reduction��at almost nominal prices; and then would immediately follow a stoppage of mills, a vast population thrown out of employment, and bread and all provisions made exorbitantly dear when there was the least power to purchase. All this was speedily realised. British goods were soon selling in Holland and the north of Europe for less than their cost price in London and Manchester. Abundant harvests defeated in some degree the expectations of the agriculturists, and thus both farmers and manufacturers were ruined together; for, the check being given to commerce, the manufacturing population could purchase at no price, and, in spite of the harvest, the price of wheat was still one hundred and three shillings per quarter. Many farmers, as well as manufacturers, failed; country banks were broken, and paper-money was reduced in value twenty-five per cent.; and a circumstance greatly augmenting the public distress was the reduction of its issues by the Bank of England from thirty-one millions to twenty-six millions.

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