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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:The Government at once sent Dr. Lindley and Dr. Playfair, two men of science, to Ireland, in the hope that they might be able to suggest remedies for staying the progress of the disease, or preserve that portion of the crop which was still untainted; and the consular agents in different parts of Europe and of America were directed to make inquiries and endeavour to obtain a supply of sound potatoes for seed; indeed, the seed question was even more important than that more immediately pressing one, of how the people were to be fed. In addition to this, early in October, they secretly gave orders for the purchase abroad of 100,000 worth of Indian corn, to be conveyed to Irish ports for distribution among the people. These measures, however, proved of little avail, and meanwhile it grew evident that in a great portion of the United Kingdom a famine was inevitable, which could not fail to influence the price of provisions of all kinds elsewhere. During this time it became known that the harvest, about which opinions had fluctuated so much, would be[518] everywhere deficient. The friends of Sir Robert Peel in the Cabinet who shared his Free Trade tendencies knew then how impossible it was that the already tottering system of the Corn Laws could be any longer maintained. The Ministers had scarcely reached the country seats in which they looked for repose after the labours of the Session, ere the cry of "Open the ports!" was raised throughout the kingdom; but except three, none of them took his view of the gravity of the crisis. All knew that the ports once open, public opinion would probably for ever prevent the reimposition of the duties, and the majority of the Cabinet for a time still adhered to their Protectionist principles.But Sir John Duckworth was to play a leading part in a still more abortive enterprise. There was a rumour that Buonaparte had promised the Grand Turk to aid him in recovering the provinces which Russia had reft from Turkey on the Danube, in the Crimea, and around the Black Sea, on condition that Egypt was given up to him. To prevent this, an expedition was fitted out to seize on this country. Between four and five thousand men were sent from our army in Sicily, under Major-General Mackenzie Frazer. They embarked on the 5th of May, and anchored off Alexandria on the 16th. The following morning General Frazer summoned the town to surrender, but the governor of the Viceroy Mehemet Ali replied that he would defend the place to the last man. On that day and the following a thousand soldiers and about sixty sailors were landed, and, moving forward, carried the advanced works with trifling loss. Some of the transports which had parted company on the voyage now arrived, the rest of the troops were landed; and, having secured the castle of Aboukir, Frazer marched on Alexandria, taking the forts of Caffarelli and Cretin on the way. On the 22nd Sir John Duckworth arrived with his squadron; the British army expected to hear that he had taken Constantinople, and his ill news created a just gloom amongst both officers and men. The people of Alexandria appeared friendly; but the place was, or seemed to be, destitute of provisions; and the transports had been so badly supplied that the men were nearly starved before they got there. The Alexandrians assured General Frazer that, in order to obtain provisions, he must take possession of Rosetta and Rahmanieh. Frazer, therefore, with the concurrence of Sir John Duckworth, dispatched Major-General Wauchope and Brigadier-General Mead to Rosetta, with one thousand two hundred men. The troops were entangled in the streets and shot down. A subsequent effort was made to besiege Rosetta in form. The troops reached Rosetta on the 9th of April, and posted themselves on the heights above it. They summoned the town formally to surrender, and received an answer of defiance. Instead of proceeding to bombard the town at once, Major-General Stewart waited for the arrival of a body of Mamelukes. The Mamelukes had been in deadly civil strife with Mehemet Ali, and had promised to co-operate with the British; and this was one of the causes which led the British Government to imagine that they could make themselves masters of Egypt with so minute a force. But the Mamelukes did not appear. Whilst waiting for them, Colonel Macleod was sent to occupy the village of El Hammed, to keep open the way for the expected succour; but Mehemet Ali had mustered a great force at Cairo, which kept back the Mamelukes; and, at the same time, he was reinforcing both Rosetta, and Rahmanieh. Instead of the Mamelukes, therefore, on the morning of the 22nd of April a fleet of vessels was seen descending the Nile, carrying a strong Egyptian force. Orders were sent to recall Colonel Macleod from El Hammed; but too late; his detachment was surrounded and completely cut off. The besieging forcescattered over a wide area, instead of being in a compact bodywere attacked by overwhelming[539] numbers; and, having no entrenched camp, were compelled to fight their way back to Alexandria as well as they could. When Stewart arrived there he had lost one half of his men. Mehemet Ali, in proportion as he saw the British force diminished, augmented his own. He collected and posted a vast army between Cairo and Alexandria, and then the Alexandrians threw off the mask and joined their countrymen in cutting off the supplies of the British, and murdering them on every possible occasion at their outposts. Frazer held out, in the vain hope of aid from the Mamelukes or from home, till the 22nd of August, when, surrounded by the swarming hosts of Mehemet Ali, and his supplies all exhausted, he sent out a flag of truce, offering to retire on condition that all the British prisoners taken at Rosetta, at El Hammed, and elsewhere, should be delivered up to him. This was accepted, and on the 23rd of September the ill-fated remains of this army were re-embarked and returned to Sicily.
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