THREE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."Such were the difficulties which Ministers had to contend with for commencing the war at sea. In one particular, however, there was more liberality; money was ungrudgingly voted; the land-tax was raised from two to four shillings in the pound, and the Sinking Fund was so freely resorted to, that the supplies altogether amounted to upwards of four millions. During these discussions, news came on the 13th of March, that on the 21st of November, 1739, Admiral Vernon had taken Porto Bello from the Spaniards. This was good news for the Opposition, for Vernon was one of their party, and a personal enemy of Walpole. There were great rejoicings and the Lords sent down an address of congratulation to the king, for the concurrence of the Commons. Yet in this they could not avoid making a party matter of it, the address stating that this glorious action had been performed with only six ships, and thus to mark[73] the contrast with the doings of Admiral Hosier in those seas, and so to blacken his memory. The address was carried in a thin House, but only by thirty-six against thirty-one, so that along with the news went the comment to Vernon, that the Ministry begrudged him his glory. Parliament was prorogued on the 29th of April, 1740, and the king set off on his summer visit to Hanover.
19 August 2015, John Doe
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THREE:
THREE:Carnot pretended that this memorial had been published during his absence, and without his knowledge, but he did not deny the composition; and it was most industriously circulated throughout Paris from little carts, to avoid the penalties which would have fallen on the booksellers had they issued it. As for Fouch, he endeavoured to persuade Louis to declare himself attached to the Revolutionto assume the tricolour flag and cockade. For Louis to have ruled according to the more liberal ideas introduced by the Revolution would have been wise, without declaring himself formally the disciple of opinions which had sent so many of his family to the guillotine; but to have followed the invidious advice of Fouch would have let loose at once that terrible race of Jacobins which had never ceased to massacre all other parties and then their own so long as they had the power. The cannon of Buonaparte alone had arrested their career; the advice of Fouch would have recalled it in all its horrors. Not prevailing on Louis to do so foolish an act, he wrote to Napoleon, advising him to get away to America, or it would not be long before the Bourbons, in spite of the treaty, would seize and put him to death; and then Fouch entered heart and soul into the plots of the Jacobins for the restoration of Napoleon.But Ministers were too sensible of the unconstitutional character of their deeds to rest satisfied with the mere justification of an accepted report. A Bill of Indemnity was introduced to cover "all persons who had in 1817 taken any part in apprehending, imprisoning, or detaining in custody persons suspected of high treason, or treasonable practices, and in the suppression of tumultuous and unlawful assemblies." Thus Ministers were shielded under general terms, and to avoid all appearance of personal movement in this matter by those in the Cabinet the most immediately active, the Bill was introduced by the Duke of Montrose, the Master of the Horse.
THREE:In order to enable the revenue to furnish the required million surplus for the Sinking Fund, Pitt found it necessary to propose to extend the excise laws to foreign wine, which had hitherto been under the jurisdiction of the Custom House. He contended that, on a moderate calculation, the sum lost to the revenue by the frauds in the trade in wine amounted to upwards of two hundred and eighty thousand pounds per annum. To remedy this, and to prevent at once smuggling and the adulteration of wine, the excise officers were to have free access to the cellars of all who sold wine, but not into private ones. To abate that repugnance to the law which excise laws awaken in the public mind, Pitt stated that the change would not amount to more than thirteen thousand pounds a year, and that not more than one hundred and seventy additional officers would be required, who could add little to the influence of the Crown, as they were by law incapable of voting at elections. He carried his Bill with little difficulty through the Commons; but in the Lords, Lord Loughborough made a decided set against it, and pointed out one most shameful provision in itnamely, that in case of any suit against an exciseman for improper seizure, a jury was prohibited giving more damages than twopence, or any costs of suit, or inflicting a fine of more than one shilling if the exciseman could show a probable cause for such a seizure. Lord Loughborough declared justly that this was a total denial of justice to the complaint against illegal conduct on the part of excisemen, for nothing would be so easy as for the excise to plead false information as a probable cause. It was a disgraceful infringement of the powers of juries, and Lord Loughborough called on Lord Camden to defend the sacred right of juries as he had formerly done. Camden was compelled to confess that the clause was objectionable; but that to attempt an alteration would destroy the Bill for the present Session, and so it was suffered to pass with this monstrous provision.