THREE:In preparation for this movement James the Pretender was to sail secretly to Spain, in readiness to cross to England; and he had already quitted his house in Rome and removed to a villa, the more unobserved to steal away at the appointed moment. Ormonde also had left Madrid and gone to a country seat half way to Bilbao, when the secret of the impending expedition was suddenly revealed by the French Government to that of England. The conspirators had been mad enough to apply to the Regent for five thousand troops, trusting that, notwithstanding his peaceful relations with Britain, he would secretly enjoy creating it some embarrassment. But in this, as in all other views, they proved more sanguine than profound. Sir Luke Schaub, the British Ambassador, was immediately informed of it on condition, it was said, that no one should die for it.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."
FORE:THOMAS MOORE.[See larger version]
Address
FORE:The vast development of the coal trade, which contributed so materially to our national prosperity, occasioned the employment of a large number of persons at high rates of wages. Upwards of 118,000 people were working in coal mines. In the county of Durham there were more persons thus employed under ground than in cultivating the surface. It was a kind of work at which women and children could earn money, and in some of the collieries their labour was made available to a very large extent. It may be supposed that this practice entailed upon the boys and girls so employed the most serious evils, physical and moral. When this state of things began to attract public attention, an extensive inquiry was instituted by the Children's Employment Commission, which prepared three reports, presented to Parliament in 1842. The Commissioners collected a large mass of evidence at the collieries which brought to light facts of the most astounding nature as to the cruelty and demoralisation connected with the employment of women and children in coal mines. It seemed almost incredible that such practices could have existed in a civilised country, and showed the extent to which the thirst for gain will carry men, under circumstances where they can count upon impunity, and evade the censure of public opinion. Lord Ashley took up the subject with his usual earnestness in all questions affecting the welfare of the working classes, and in the Session of 1842 he brought in a Bill founded upon the reports of the Commission. The statement of facts with which he introduced the measure excited the astonishment and indignation of the House, and greatly shocked the moral sense of the country. The nature of the employment in which the children were engaged was calculated to brutalise them in every sense. They were obliged to crawl along the low passages with barely room for their persons in that posture, each dragging a load of coals in a cart by means of a chain which was fastened to a girdle borne round the waist, the chain passing between the legs. This they dragged through a passage often not as good as a common sewer, in an atmosphere almost stifling. At this sort of work girls were employed as well as boys, and they commonly worked quite naked down to the waist, their only dress being a pair of loose trousers, and in this condition they were obliged to serve adult colliers who worked without any clothing at all. The grossest immorality was the natural consequence. In Scotland a subcommission found one little girl, six years of age, carrying an eight-stone weight, fourteen times a day, a journey equal in distance to the height of St. Paul's Cathedral. The Commissioner adds, "And it not unfrequently happens that the tugs break, and the load falls upon those females who are following, who are, of course, struck off the ladders. However incredible it may be, yet I have taken the evidence of fathers who have ruptured themselves by straining to lift coals on to their children's backs." The Bill of Lord Ashley was passed almost unanimously by the Commons. In the Lords it was subjected to considerable opposition, and some amendments were introduced. The amendments were adopted by the Commons, and on the 10th of August, 1842, the Act was passed "to prohibit the employment of women and girls in mines and collieries, to regulate the employment of boys, and to make other provisions relating to persons working therein." The Act prohibited the employment of any boys under ground in a colliery who were under the age of ten years.One of the first acts of the Parliament, which met on November 12th, was to punish the peculations and abuses of the Lord Chancellor, Parker, Earl of Macclesfield. The Court of Chancery, in former ages a sink of corruption, was at this time in its worst condition. The offices of Masters were regularly sold, and the Masters as regularly took care to recoup themselves by all manner of peculation. The estates of widows and orphans and the money of suitors were unscrupulously plundered. There was a loud outcry against these robberies, and especially against the Lord Chancellor, for his not only tolerating but partaking in them. He endeavoured to escape the storm of public indignation by resigning in January, but this did not avail him. He was impeached by Sir George Oxenden in the Commons, and tried in the Lords, and fined thirty thousand pounds. A motion for disabling him from ever again sitting in Parliament or holding any office was lost only by a very few votes. The king struck his name out of the list of Privy Councillors, and in 1725 Sir Peter King was made Chancellor in his stead, with the title of baron.
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