FORE:After the flight from Ballingarry, and the desertion of his followers, Smith O'Brien abandoned the cause in despair, and concealed himself for several days among the peasantry in a miserable state of mind. He had none of the qualities of a rebel chief, and he had not at all calculated the exigencies of the position that he had so rashly and criminally assumed, involving the necessity of wholesale plunder and sanguinary civil strife, from which his nature shrank. Besides, he soon found that the people would not trust a Protestant leader, and that there was, after all, no magic in the name of O'Brien for a Roman Catholic community. But to the honour of the peasantry it should be spoken, that though many of them were then on the verge of starvation, not one of them yielded to the temptation of large rewards to betray him or his fugitive colleagues, and several of them ran the risk of transportation by giving them shelter. In these circumstances, on the 5th of August, Mr. O'Brien walked from his hiding-place in Keeper Mountain into Thurles, where he arrived about eight o'clock in the evening. He[570] went immediately to the railway station to procure a ticket for Limerick. On the platform there were seventeen constables in plain clothes, who did not know him; but a railway guard named Hulme, an Englishman, recognised him, and tapping him on the shoulder, he presented a pistol at him and said, "You are the Queen's prisoner." A strong escort of police was immediately procured, and the prisoner was conveyed in a special train to Dublin, where he was lodged in Kilmainham gaol.
FORE: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 docauses 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 discoverya 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.
FORE:Nevertheless, the results actually attained in the first two years were briefly these: first, the[466] chargeable letters delivered in the United Kingdom, exclusive of that part of the Government's correspondence which formerly passed free, had already increased from the rate of about 75,000,000 a year to that of 208,000,000; secondly, the London district post letters had increased from about 13,000,000 to 23,000,000, or nearly in the ratio of the reduction of the rates; thirdly, the illicit conveyance of letters was substantially suppressed; fourthly, the gross revenue, exclusive of repayments, yielded about a million and a half per annum, which was sixty-three per cent. on the amount of the gross revenue of 1839, the largest income which the Post Office had ever afforded. These results, at so early a stage, and in the face of so many obstructions, amply vindicated the policy of the new system. But by its enemies that system was declared to be a failure, until the striking evidence of year after year silenced opposition by an exhaustive process.The most interesting of all the debates that occurred in the House of Commons during the Session of 1850 was that which took place on the foreign policy of Great Britain, particularly with reference to Greece. The House of Lords had passed a vote of censure upon the Government, by a majority of thirty-seven, on a motion brought forward by Lord Stanley, and folk were anxious to see how the House of Commons would deal with that fact. On the 20th of June Lord John Russell read the resolution, and said, "We are not going in any respect to alter the course of conduct we have thought it right to pursue in respect of foreign Powers, in consequence of that resolution." He concluded his speech with the following bold defiance, which elicited general and protracted cheering:"So long as we continue the Government of this country, I can answer for my noble friend [Lord Palmerston] that he will act not as a Minister of Austria, or of Russia, or of France, or of any other country, but as the Minister of England. The honour of England and the interests of Englandsuch are the matters that are within our keeping; and it is to that honour and to those interests that our conduct will in future be, as it has hitherto been, directed."
THREE:What immediately follows shows that Oliver had planned and brought to a crisis, by his personal exertions, this unhappy rising. On Sunday, the 8th of June, Jeremiah Brandreth, a framework-knitter of Nottingham, appeared with some others at a public-house called the "White Horse," in the village of Pentrich, in Derbyshire. This village is about fourteen miles from Nottingham, and about a mile from the small market town of Ripley. It is in a district of coal and iron mines, and is near the large iron foundry of Butterley. The working people of the village, and of the neighbouring village of South Wingfield, were chiefly colliers, workers in the iron mines or iron foundry, or agricultural labourersa race little informed at that day, and therefore capable of being readily imposed on. This Brandreth had been known for years as a fiery agitator. He was a little, dark-haired man, of perhaps thirty years of age. He had been much with Oliver, and was one of his most thorough dupes, ready for the commission of any desperate deed. He had acquired the cognomen of the "Nottingham Captain," and now appeared in an old brown great-coat, with a gun in his hand, and a pistol thrust into an apron, which was rolled round his waist as a belt.WILLIAM PITT, EARL OF CHATHAM.
THREE:Toryism had now lost two of its main pillars, the Marquis of Londonderry and the Duke of York. They had worked together for many years, one directing the foreign policy of the country while sustaining the chief burden of a great war against France, the other at the head of the British army, whose valour ultimately triumphed at Waterloo. A third of those pillars, Lord Liverpool, was now struck down; and the fourth, Lord Eldon, was not destined to survive very long. On the 17th of February a stroke of paralysis terminated the public life of the Prime Minister, though he survived till December 4th in the following year (1828). He was born in 1770, and as Mr. Jenkinson and Lord Hawkesbury had been a firm supporter of Mr. Pitt; his Premiership commenced on June 9th, 1812. He had acquired from his father an extensive knowledge of monetary and commercial affairs, and this, combined with the experience of a protracted official career, gave him a great advantage in Parliament, making him master of the leading principles and facts. Amiable, exemplary, frank, and disinterested in his private character, he secured the attachment of his friends, and conciliated the good-will of his political opponents. He was not distinguished for superior statesmanship, power in debate, or originality of mind; but as a political leader he was what is called a safe mancautious, moderate, plausible, and conciliatory. His Cabinet was weakened by division, the most agitating topic of the day being an open question with its membersEldon, Wellington, and Peel voting with him on one side, Canning and his friends on the other. His practical wisdom was shown in so far yielding to the spirit of the times as to admit Mr. Canning into the Cabinet on the death of Lord Londonderry, though he found great difficulty in overcoming the repugnance of the king to this arrangement. In the same spirit he had admitted the Grenvilles to a responsible share in the Administration. Had he been a man of more decision of character and more energetic will, he would have been more one-sided and straightforward, and that would not have suited a time of great transition and changes of political currents. During his long tenure of office new ideas were fermenting in the public mind. The people had become impatient of class legislation, and were loudly demanding greater influence in the legislation of the country, greater security for their rights, and freer scope for their industry. They had the most powerful advocates in the press and in Parliament, where Henry Brougham stood foremost among their champions, incessantly battling for their cause. The Conservatives were entrenched behind the bulwarks of monopoly, which were assailed with a frequency and determination that, it was foreseen by the wisest of their defenders, nothing could ultimately resist. Lord Liverpool, with great tact and prudence, managed to postpone the hour of surrender so long as he was in command of the fortress. He had yielded one outwork after another, when resistance was no longer possible, but the value of his services in retaining the rest was not fully appreciated till he was disabled and placed hors de combat. Without any far-reaching sagacity, he could estimate the relative value of existing social and political forces, and, weighing all the circumstances, determine what was the best thing to be done, the best of several courses to adopt here and now. He felt that Catholic Emancipation and Parliamentary Reform might be still safely resisted, and here he was loyal to his party; but on questions of currency, Free Trade, and navigation, he went readily with his Liberal supporters.
