THREE: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.As the Government was determined to persevere, and to carry the Reform Bill by means of a large creation of peers, if necessary, some of the leading members of the Opposition in the Upper House began to think seriously of their position, a sort of appeal having been made to them in a letter from the king's private secretary, suggesting the prudence of compromise and concession in order to save his Majesty from the painful alternative of a creation of peers. Accordingly, Lords Wharncliffe and Harrowby put themselves in communication with Lord Grey, and this fact was announced by the former in a letter to the Duke of Wellington, stating that he entertained good hope of being able to arrange such a plan of compromise as would prevent the necessity of a second rejection of the Bill by the Lords, and so enable them to alter and amend it when it came into committee. The Duke, in reply to this, said that he was glad of a possibility of an arrangement by mutual concession on the Reform question; and that, for his part, all that he desired to see, under the new system, was a chance of a Government for this hitherto prosperous, happy, and great country, which should give security to life and property hereafter. "The political unions," he said, "had assumed an organisation which any man who could read would pronounce to be for military purposes, and nothing else." In the meantime Lord Wharncliffe had waited by appointment upon the Prime Minister at his house, in Sheen, where he discussed the Reform question with him for two hours, without ever adverting to the political unions, and he reported the issue in a long letter to the Duke of Wellington. The result was that Lord Grey made some trifling concession in matters of detail, and in return Lord Wharncliffe gave him the assurance that he would do what he could to bring the Opposition lords to take a more favourable view of the Ministerial scheme and its probable consequences. This was followed by cordial shaking of hands, and[346] permission was given on each side to communicate with intimate friends and colleagues. The Duke of Wellington, however, declined to take any part in these deliberations. He believed that the Government could be carried on, though with difficulty, under the existing system; but under the system which the Reform Bill would introduce he doubted if the Government could be carried on at all. Nothing came of Lord Wharncliffe's negotiation with the Government, which declined to make any material concession. It had the effect, however, of splitting the Conservative party in the Upper House, breaking the phalanx of the Opposition, and thus preparing the way for the triumph of the Government.