TWO:The population of Great Britain had thus rapidly increased, and the condition of the people had improved, notwithstanding heavy taxation, and the burden of an enormous National Debt, incurred by one of the most protracted and expensive wars on record, which strained the national energies to the uttermost. How vast, then, must have been the national resources by which all demands were met, leaving the State stronger and wealthier than ever! The extent of these resources is shown in some measure by the amount of our exports. The total declared value of all British and Irish produce and manufactures exported in 1831 was 37,164,372; in 1841 the value of exports had increased to 51,634,623, being at the rate of 38?9 per cent. Another example of the greatly increased commerce of the country is afforded by the returns of shipping. In 1831 the number of ships, British and foreign, engaged in the colonial and foreign trades was 20,573, of which the total tonnage amounted to 3,241,927. In 1841 the number of ships had increased to 28,052, and the tonnage to 4,652,376, giving an increase of 43 per cent. In the former year the tonnage employed in our coasting trade amounted to 9,419,681; in the latter it had increased to 11,417,991, showing an increase of 20 per cent. But other indications of national wealth were referred to by the Census Commissioners of 1841. During the same period the accumulations in savings-banks were very large, and went on increasing. In 1831 there were nearly 500,000 depositors, whose deposits amounted to about 14,000,000. In 1841 it was found that both the depositors and the amount deposited had very nearly doubled. From the[418] proceeds of the property tax, which in 1815 was about 52,000,000, and in 1842 over 82,000,000, an estimate has been formed, in the absence of returns, for the years 1831 and 1841, which sets down the increase of real property during that period as not less than from 20 to 25 per cent. In 1815 the annual profits of trades in England and Wales were assessed at 35,000,000 in round numbers, and in 1841 they had increased to 50,000,000. During the decennial period, 1831-41, legacy duty had been paid upon a capital of about 423,000,000, or more than one-half the aggregate amount upon which the duty had been paid in the thirty-four preceding years. The stamp duties, also, upon probates of wills and letters of administration in the United Kingdom amounted to upwards of 1,000,000, having increased in ten years at the rate of 10 per cent.Meanwhile, the American emissaries were both busy and successful at the Court of France. Though the Government still professed most amicable relations towards Great Britain, it winked at the constant sale of the prizes taken by American privateers, or those who passed for such, in their ports. The Government had, as we have seen, supplied the insurgents with money and arms. It was now arranged between Silas Deane and the French Minister, Vergennes, that the supplies of arms and ammunition should be sent by way of the West Indies, and that Congress should remit payment in tobacco and other produce. The French Government supplied the American agents with money for their purchases of arms and necessary articles for the troops, also to be repaid in tobacco. Two of the ships sent off with such supplies were captured by the British men-of-war; but a third, loaded with arms, arrived safely. To procure the money which they could not draw from Europe, Congress made fresh issues of paper money, though what was already out was fearfully depreciated. They voted a loan also of five millions of dollars, at four per cent. interest. They authorised a lottery to raise a like sum, the prizes to be payable in loan-office certificates. These measures only precipitated the depreciation of the Government paper; people refused to take it; and Washington, to prevent the absolute starvation of the army, was endowed with the extraordinary power of compelling the acceptance of it, and of arresting and imprisoning all maligners of the credit of Congress. Congress went further, and passed a resolution that their bills ought to pass[237] current in all payments, trade, and dealings, and be deemed equal in value to the same sum in Spanish dollars; and that all persons refusing to take them should be considered enemies to the United States; and the local authorities were called upon to inflict forfeitures and other penalties on all such persons. Still further: the New York convention having laid before Congress their scheme for regulating the price of labour, produce, manufactured articles, and imported goods, it was adopted. But these arbitrary and unscientific measures the traders set at defiance, and the attempts to enforce them only aggravated the public distress. Loans came in slowly, the treasury ran low, the loan offices were overdrawn, and the issue of bills of credit was reluctantly recommenced; ten additional millions were speedily authorised, and as the issue increased, the depreciation naturally kept pace with it. The Commissioners in France were instructed to borrow money there, but the instructions were more easily given than executed.
