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THREE:The chiefs of the Tory party were at this time sanguine in their expectation of being speedily called to office. Their hopes were founded mainly upon the dissensions that were known to exist in the Cabinet. These dissensions were first revealed by O'Connell's motion for a committee to inquire into the conduct of Baron Smith, when presiding as a judge in criminal cases, and especially with reference to a charge addressed by him to the grand jury of Dublin, in which he said: "For the last two years I have seldom lost an opportunity for making some monitory observations from the Bench. When the critical and lawless situation of the country did not seem to be generally and fully understood, I sounded the tocsin and pointed out the ambuscade. Subsequent events deplorably proved that I had given no false alarm. The audacity of factious leaders increased from the seeming impunity which was allowed them; the progress of that sedition which they encouraged augmented in the same proportion, till on this state of things came, at length, the Coercion Bill at once to arrest the mischief, and consummate the proof of its existence and extent." As there was no doubt that these shafts were aimed at O'Connell, this last charge afforded him a fair opportunity of putting a stop to the abuse by bringing the conduct of the talented but eccentric judge before Parliament; for, as there was no political case in the calendar, there was no excuse for the attack. Mr. Littleton declared it impossible to refuse his consent to the motion. Mr. Stanley, Lord Althorp, and Lord John Russell expressed a similar view. Sir James Graham briefly but warmly dissented from his colleagues. He had come down to the House with the understanding that they meant to oppose the motion. He for one still retained his opinion, and had seen no reason to change it. As one who valued the independence of the judges and his own character, he must declare that if the motion were carried, and if, as its result, an Address was presented to the Crown for the removal of Baron Smith, it would be a highly inexpedient��nay, more, a most unjust proceeding. The present would be the most painful vote he had ever given, since he felt it incumbent upon him to sever himself from those friends with whom during a public life of some duration he had had the honour of acting; but feeling as he did the proposition to be one dangerous in itself, he conceived he would be betraying the trust committed to him if he did not declare against it. Baron Smith was ably defended by Mr. Shaw, by Sir J. Scarlett, and Sir Robert Peel. On a division, the motion for a committee of inquiry was carried by 167 to 74, Sir James Graham and Mr. Spring-Rice voting in the minority. Next morning Sir James tendered his resignation as First Lord of the Admiralty, which was declined, and in the following week the vote was rescinded by a majority of six.

A human being is a part of a whole, called by the magic and know universe.

THREE:The release of Wilkes by the Court of Common[180] Pleas was a triumph over Ministers, which, had they been wise, would have induced them to take no further notice of him. They had only made a popular demigod of him. The people, not only in London, but all over the country, celebrated his exit from the Tower with the liveliest demonstrations, especially in the cider districts, still smarting under the new tax, and where they accordingly once more paraded the jack-boot and petticoat, adding two effigies��one of Bute, dressed in a Scottish plaid and with a blue ribbon, the other no less a person than the king, led by the nose by Bute.

A human being is a part of a whole, called by the magic and know universe.

THREE: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 do��causes 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 discovery��a 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.

A human being is a part of a whole, called by the magic and know universe.

THREE:In Britain there were terrible outcries in consequence of the scarcity of bread. There were rioting and plundering of corn-factors' and bakers' shops, and Government passed a number of Acts giving premiums on the importation of grain, and forbidding the making of any but mixed and coarse breads. Had not large subscriptions been raised, and private benevolence been called forth to an immense extent for the relief of the distress, the consequences would have been more terrible. Pitt was in favour of remedial legislation, but Grenville was against interfering with the laws of supply and demand.

A human being is a part of a whole, called by the magic and know universe.

THREE:The king agreed to visit the Assembly in the morning; and he went, attended by his two brothers. He addressed them in a kind and conciliatory tone. He said, "You have been afraid of me; but, for my part, I put my trust in you." This avowal was received with applause, in one of those bursts of sentiment, so sudden and so soon over, which mark French history one moment with tearful emotions and the next with savage bloodshed. The deputies surrounded the monarch, and escorted him back to the palace with tears in their eyes. The queen, from a balcony, saw this enthusiastic procession. She stood with the little dauphin in her arms, and her daughter holding by her dress; and herself, greatly moved, was hailed for the moment also by the senators. For the time all seemed to be forgotten. The king consented to the recall of Necker. The Duke de Liancourt was appointed president of the Assembly, in the place of Bailly; and the nobles, who had hitherto absented themselves from the sittings, now attended and voted. Thus was the Assembly apparently amalgamated, and the revolution completed. A sudden fit of generosity seemed to seize the nobles in the Assembly��which, in fact, was a fit of terror��for they had come to the conclusion that no protection was to be expected from the Assembly against the fury and cupidity of the people. They saw that the Assembly was the slave of the people; that the army had fraternised with the people; and that they were at the mercy of the merciless populace. The Viscount de Noailles and the Duke d'Aiguillon declared that it would be wicked and absurd to employ force to quiet the people. They must destroy the cause of their sufferings, and all would be accomplished. The nobles hastened to renounce their privileges. They crowded round the table to enumerate what they surrendered. The Commons, having nothing of their own to give up, surrendered the privileges and charters of towns and provinces. Some offered up their pensions; and one deputy, having nothing else, surrendered his personal convenience, pledging himself to devote his energies to the public welfare. The whole Assembly was in a ferment and fever-heat paroxysm of renunciation, such as could only be witnessed in France. Lally Tollendal, unable to approach the tribunal, sent up a note to the President��"Everything is to be apprehended, from the enthusiasm of the Assembly. Break up the sitting!" Lally moved that the king should be proclaimed the restorer of French liberty, which was carried by acclamation; that a Te Deum should be performed for this joyful event; and the Assembly broke up about midnight in a bewilderment of rapture and wonder at its own deed.George had arrived in England from his German States on the 11th of November of the preceding year, 1719, and opened Parliament on the 23rd. In his speech he laid stress on the success of his Government in promoting the evacuation of Sicily and Sardinia by Spain, in protecting Sweden, and laying the foundation of a union amongst the great Protestant Powers of Europe. He then recurred to the subject of the Bill for limiting the peerage, which had been rejected in the previous Session. George was animated by the vehement desire to curtail the prerogative of his son, and said that the Bill was necessary to secure that part of the Constitution which was most liable to abuse. Lord Cowper declared, on the other hand, that besides the reasons which had induced him to oppose the measure before, another was now added in the earnestness with which it was recommended. But Cowper was not supported with any zeal by the rest of the House, and the Bill passed on the 30th of November, and was sent down to the House of Commons on the 1st of December. There it was destined to meet with a very different reception. During the recess Walpole had endeavoured to rouse a resistance to it in both Houses. He had convened a meeting of the Opposition Whigs at Devonshire House, and called upon them to oppose the measure; but he found that some of the Whig peers were favourable to it, from the perception that it would increase the importance of their order; others declared that it would be inconsistent in them to oppose a principle which they had so strenuously maintained against a Tory Ministry��that of discountenancing the sudden creation of peers for party purposes; and others, though hostile to the Bill, declared that they should only expose themselves to defeat by resisting it. But Walpole persisted in his opposition, and declared that, if his party deserted him, he would contend against the Bill single-handed. He asserted that it would meet with strong resistance from the country gentlemen who hoped some time or other to reach the peerage��a hope which the Bill, if carried, would extinguish for ever.

A human being is a part of a whole, called by the magic and know universe.

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