FORE:In September, 1791, the Assembly, having completed the Constitution, which was accepted by the king, dissolved. Its place was taken by the National Legislative Assembly, which met on the 1st of October. As the Jacobins had expected, the elections of the Departments had occupied but little attention. The public gaze had been fixed on the acts of the Assembly about to retire, so that a race of new men appeared, which seemed at first to divide itself into two partiesthe Cot Droit, or Constitutional party, and the Cot Gauche, or Democratic party; but the latter party soon divided itself into two, the Mountain and the Gironde. It is difficult to discern the distinguishing traits of these two Revolutionary parties. At first they all worked together, clearly for the downfall of the monarchy. Robespierre, Petion, Marat, Danton, were associated with those who afterwards divided themselves into the Gironde, with Condorcet, Brissot, the Rolands, and Vergniaud. Though Robespierre, Petion, and Danton were no longer in the Assembly, they ruled the Jacobin party there from the clubs. It was not till the question of war arose that the split took place. The Jacobins and Girondists were for war, Robespierre was obstinately against it. At first he stood nearly alone, but by degrees, though he did not draw the Jacobins very soon to his views, he drew them speedily away from the Girondists. This party of the Girondists had been growing and forming for some time. It took its rise originally at Bordeaux, the great commercial city of the department of the Gironde. Bordeaux was of Roman origin. It had always displayed a warm love of independence, which its Parliaments had continually kept alive. It had of late years become the chief commercial link between France and the revolutionised United States. It had early, too, become leavened with the new philosophy; it was the birthplace of Montaigne and Montesquieu. The Gironde sent up to the new Assembly twelve deputies, all as yet unknown, but all deeply imbued with the new principles. These, on arriving in Paris, soon found themselves mixed up, at the house of Condorcet and the Rolands, with Robespierre, Danton, Petion, Buzot, Brissot, Carra-Louvet, Thomas Paine, and, in fact, nearly all the thorough Revolutionists. The active centre of the whole party, up to the period of the question of the war against the Emigrants, was Madame Roland, and such she continued to be of the Girondists after their separation into a distinct party, and after that they had become the antagonists of the Mountain or Jacobin party.The employment of children in factories also occupied the attention of Parliament at this time. A Bill had been framed in 1833 with the most benevolent intentions for the protection of factory children. The law excluded from factory labour all children under nine years of age, except in silk factories, and prohibited those under thirteen from working more than thirteen hours any one day; the maximum in silk mills alone being ten hours. The provisions of the law were, however, evaded by fraud. Children were represented as being much older than they really were, and abuses prevailed that induced Lord Ashley to bring in a Bill upon the subject. Accordingly, on the 22nd of June the noble lord moved, by way of amendment to the order of the day, the second reading of his Bill for the Better Regulation of Factories. The order of the day was carried by a majority of 119 to 111. The Bill was therefore lost by a majority of eight. On the 20th of July Lord Ashley again brought the whole matter under the consideration of the House in a speech full of painful details, and concluded by moving a resolution to the effect that the House deeply regretted that the imperfect and ineffective law for the regulation of labour in factories had been suffered to continue so long without any amendment. He was answered by the usual arguments of the Manchester school about the evils of interfering with free contract. Lord John Russell argued that, in the present condition of the manufacturing world, we could not, with restricted hours of labour, compete with other nations. A ten hours' Bill would drive the manufacturers abroad; and it would no longer be a question as to an hour or two more or less work to be performed by the children, but as to how their starvation was to be averted. On a division, the motion was lost by a majority of 121 to 106. On[455] the 16th of August the Queen proceeded to Westminster for the purpose of proroguing Parliament.
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FORE:The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.
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