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THREE:The system of Buonaparte, by which he endeavoured to prevent the knowledge of these events in Spain and Portugal from spreading through France, was one of unscrupulous lying. He took all sorts of false means to depress the spirits of the insurgents by mere inventions, which he had inserted in the Spanish and Portuguese Gazettes under his influence. At one time it was that George III. was dead, and that George IV. was intending to make peace with Napoleon. But whatever effect he might produce by such stories for a time in the Peninsula, the truth continued to grow and spread over France. It became known that Junot and his army were driven from Lisbon; that Dupont was defeated and had surrendered in the south of Spain; then that King Joseph had fled from Madrid; and that all the coasts of the Peninsula were in possession of the British, who were received by the Spaniards and Portuguese as friends and allies. Compelled to speak out at length, on the 4th of September a statement appeared in the Moniteur mentioning some of these events, but mentioning only to distort them. It could not be concealed that Britain was active in these countries, but it was declared that the Emperor would take ample vengeance on them. In order to silence the murmurs at the folly as well as the injustice of seizing on Spain, which was already producing its retributive fruits, he procured from his slavish Senate a declaration that the war with Spain was politic, just, and necessary. Buonaparte then determined to put forth all his strength and drive the British from the Peninsula; but there were causes of anxiety pressing on him in the North. Austria and Russia wore an ominous aspect, and a spirit of resistance showed itself more and more in the press of Germany, and these things painfully divided his attention. His burden was fast becoming more than he could bear.In the House of Commons similar resolutions were moved on the 24th by Mr. Robert Peel, who, on this occasion, made the first of those candid admissions of new views which he afterwards repeated on the question of Catholic Emancipation, and finally on the abolition of the Corn Laws. This eminent statesman, though beginning his career in the ranks of Conservatism, had a mind capable of sacrificing prejudice to truth, though it was certain to procure him much obloquy and opposition from his former colleagues. He now frankly admitted that the evidence produced before the secret committee of the Commons, of which he had been a member, had greatly changed his views regarding the currency since in 1811 he opposed the resolutions of Mr. Horner, the chairman of the Bullion Committee. He now believed the doctrines of Mr. Horner to be mainly sound, and to represent the true nature of our monetary system; and, whilst making this confession, he had only to regret that he was compelled by his convictions to vote in opposition to the opinions of his venerated father. Several modifications were proposed during the debate, but there appeared so much unanimity in the House that no alterations were made, and the resolutions passed without a division. The resolutions were to this effect:��That the restrictions on cash payments should continue till the 1st of May, 1822; that, meanwhile, the House should make provision for the gradual payment of ten millions of the fourteen millions due from the Government to the Bank; that, from the 1st of February, 1820, the Bank should take up its notes in gold ingots, stamped and assayed in quantities of not less than sixty ounces, and at a rate of eighty-one shillings per ounce. After the 1st of October of the same year the rate of gold should be reduced to seventy-nine shillings and sixpence per ounce; and again on the 1st of May, 1821, the price should be reduced to seventy-seven shillings and tenpence halfpenny per ounce; and at this rate of gold, on the 1st of May, 1822, the Bank should finally commence paying in the gold coin of the realm. Bills to this effect were introduced into both Houses by the Chancellor of the Exchequer and Mr. Peel, and were readily[144] passed; and such was the flourishing condition of the Bank that it did not wait for the full operation of the Act, but commenced paying in coin to any amount on the 1st of May, 1821.

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