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TWO:The majority obtained on their Irish policy was about the number the Ministry could count upon on every vital question. It was not sufficiently large to exempt them from the imputation of holding office on sufferance; but if they were defeated, and were succeeded by the Conservatives, the new Government, it was plain, could not hope to exist even on those terms; while Lord Melbourne had this advantage over Sir Robert Peel, that he was cordially supported by the Sovereign. Having escaped the Irish ordeal, it might be supposed that he was safe for a considerable time. But another question arose very soon after, on which the Cabinet sustained a virtual defeat. The Assembly in Jamaica had proved very refractory, and, in order to avoid the evil consequences of its perversity, Mr. Labouchere, on the 9th of April, brought forward a measure which was a virtual suspension of the constitution of the island for five years, vesting the government in the Governor and Council, with three commissioners sent from England to assist in ameliorating the condition of the negroes, improving prison discipline, and establishing a system of poor laws. This measure was denounced by the whole strength of the Opposition. The question may be thus briefly stated. Before the Act of Emancipation in 1833, all punishments were inflicted on slaves by the domestics of the master, who was unwilling to lose the benefit of their services by sending them to prison. But when emancipation took place, that domestic power was terminated, and new prison regulations became necessary. The Colonial Legislature, however, persistently refused to adopt any, and continued a course of systematic resistance to the will of the supreme Government, whose earnest and repeated recommendations had been utterly disregarded. Under the apprenticeship system negroes were treated worse than they were under the old condition of slavery, because the planters knew that the time of enfranchisement was at hand. But though, when the hour of liberty, August 1st, 1840, was seen to be very near, the Jamaica Assembly voluntarily brought the apprenticeship system to a termination, they accompanied the measure with an angry protest against any interference by the British Parliament. It was contended, on the part of the Government, that if such a state of things were permitted to exist, the authority of Great Britain over its colonies would speedily be lost, and every little island that owed its political existence to the protection afforded by the Imperial Government, would, without scruple, set its power at defiance. Such being the state of the case, it might be supposed that no serious objection would be raised to the course adopted, in the interests of humanity and good government. But the Conservatives seized the opportunity for another party contest, and became quite vehement in their defence of the constitutional rights of the Jamaica planters. The debate was protracted for several nights, and counsel against the Bill were heard at great length. Eventually the division took place at five in the morning on the 6th of May, when the numbers were 294 to 289, giving the Government a majority of only five, which was regarded as tantamount to a defeat. On the 7th of May, therefore, Lord John Russell announced that Ministers had tendered their resignation, which was accepted by the Queen. He assigned as the reason for this step that the vote which had passed must weaken the authority of the Crown in the colonies, by giving support to the contumacy of Jamaica, and encouraging other colonies to follow its bad example. This obvious consideration rendered more painfully apparent the weakness of the Government, arising from division among its supporters; for if anything could have induced the different sections of the Liberal party to suppress their differences, it would have been the necessity of interposing, in the manner proposed by the Government, to shield the unhappy negroes from the oppression of their exasperated taskmasters. Indeed, in spite of various attempts to patch up the Cabinet, its members were at hopeless cross-purposes.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 commodities��the sale of which was relied upon to pay them��did 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. ONE:

Blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident.

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