THREE:The year 1797 was opened by the suspension of cash payments. The Bank of England had repeatedly represented to Pitt, as Chancellor of the Exchequer, that his enormous demands upon it for specie, as well as paper money, had nearly exhausted its coffers and could not long be continued. The payment of our armies abroad, and the advances to foreign kings, were necessarily made[455] in cash. The Government, in spite of enormous taxation, had already overdrawn its account eleven million six hundred and sixty-eight thousand eight hundred pounds, and the sole balance in the hands of the Bank was reduced to three million eight hundred and twenty-six thousand eight hundred and ninety pounds. Pitt was demanding a fresh loan for Ireland, when a message came from the Bank to say that, in existing circumstances, it could not be complied with. Thus suddenly pulled up, the Privy Council was summoned, and it was concluded to issue an order for stopping all further issue of cash, except to the Government, and except one hundred thousand pounds for the accommodation of private bankers and traders. Paper money was made a legal tender to all other parties, and the Bank was empowered to issue small notes for the accommodation of the public instead of guineas. A Bill was passed for the purpose, and that it might not be considered more than a temporary measure, it was made operative only till June; but it was renewed from time to time by fresh Acts of Parliament. The system was not abolished again till 1819, when Sir Robert Peel brought in his Bill for the resumption of cash payments, and during the whole of that time the depreciation of paper money was comparatively slight.
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THREE:One important result of this terrible distress was to force on emigration to a large extent, and thus to people the American States. Emigration at that time was without any guidance, and the result was a vast amount of disappointment and suffering among the emigrants. Consequently, Mr. Wilmot Horton moved for a select committee to inquire into the expediency of encouraging emigration from the United Kingdom. The committee was appointed, and presented its report and evidence before the dissolution of Parliament, with a recommendation that the subject should be pursued without loss of time.
THREE:The Diet issued a counter-proclamation rebutting[398] Catherine's long catalogue of charges seriatim, and denying the right of any nation, under any pretence whatever, to interfere with the internal changes of another nation executed by the proper authorities and representatives of the people. Stanislaus Augustus issued an address to the Polish army, calling upon it to defend the national rights from the domination of Russia. But, unfortunately, Poland was in no condition to cope with the might of Russia. No pains had been taken to organise the army in years past on any scale capable of defending the nation; the new rights conferred on the people were too new to have given them yet any interest in them. Poland, therefore, in all haste, made solicitations for help to Prussia, Austria, Britain, Sweden, and Denmark; but in vain. Sweden and Denmark had, now that Gustavus was dead, determined to have no concern in wars resulting in any way from the French Revolution. Frederick William of Prussia pretended to have foreseen this offence to Russia in the alarming measures of the Diet, and protested that had it not been for these, Russia would never have taken the decided step which she had now done. He, however, coldly professed himself ready to unite with Russia and Austria to restore the former state of things in Poland. As for Austria, she lay cold and neutral in appearance; but though Poland was not aware of it, both Prussia and Austria were in the secret league for the dismemberment of that unfortunate country.
