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THREE:In this utter desertion, the king prevailed on Lord North, who was already Chancellor of the Exchequer, to accept Grafton's post of First Lord of the Treasury, with the Premiership. Lord North, eldest son of the Earl of Guildford, was a man of a remarkably mild and pleasant temper, of sound sense, and highly honourable character. He was ungainly in his person and plain of countenance, but he was well versed in the business of Parliament, and particularly dexterous in tagging to motions of the Opposition some paragraph or other which neutralised the whole, or turned it even against them. He was exceedingly near-sighted, so much so, that he once carried off the wig of the old Secretary of the Navy, who sat near him in the House. For the rest, he was of so somnolent a nature that he was frequently seen nodding in the House when Opposition members were pouring out all the vials of their wrath on his head. He thought himself a Whig, but if we are to class him by his principles and his acts of administration, we must pronounce him a Tory.[See larger version]

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THREE:But they were not then in the position of a beleaguered garrison. Before relief came, they had won a victory that covered them with glory. The troops had been in the highest pluck, and never seemed so happy as when they could encounter any portion of the enemy. In this state of feeling an idea began to take possession of the officers that they were able to capture Mahomed Akbar's camp. A false report had come to the Sirdar, that General Pollock had been beaten back with great slaughter in the Khyber Pass; and in honour of this event his guns fired a royal salute. A rumour also reached the garrison that there had been a revolution at Cabul, and that the enemy was obliged to break up his camp and hasten back to the capital. Whether either or both these reports should prove true, the time seemed to have come for General Sale to strike a blow. A council of war was held; the general would have shrunk from the responsibility of an attack upon the camp; but he was dissuaded by Havelock. Akbar Khan, at the head of 6,000 men, was aware of their approach and ready to receive them. On issuing from the gate, General Sale had ordered Colonel Dennie forward, to attack a small fort, from which the enemy had often molested the garrison. The colonel, at the head of the brave 13th, rushed to the fort; but having entered the outer wall, they found themselves exposed to a murderous fire from the defences of the inner keep. There Colonel Dennie received a mortal wound, a ball passing through his sword-belt. Sale now gave orders for a general attack on the enemy's camp, and in his despatch he thus describes the result:��"The artillery advanced at a gallop, and directed a heavy fire upon the Afghan centre, whilst two of the columns of infantry penetrated the line near the same point, and the third forced back its left from its support on the river, into the stream of which some of his horse and foot were driven. The Afghans made repeated attempts to check our advance by a smart fire of musketry, by throwing forward heavy bodies of horse, which twice threatened the detachments of foot under Captain Havelock, and by opening upon us three guns from a battery screened by a garden wall, and said to have been served under the personal superintendence of the Sirdar. But in a short time they were dislodged from every point of their position, their cannon taken, and their camp involved in a general conflagration. The battle was over, and the enemy in full retreat, by about seven a.m. We have made ourselves masters of two cavalry standards, re-captured four guns lost by the Cabul and Gundamuk forces��the restoration of which to our Government is matter of much honest exultation among the troops��seized and destroyed a great quantity of material and ordnance stores, and burnt the whole of the enemy's tents. In short, the defeat of Mahomed Akbar, in open field, by the troops whom he had boasted of blockading, has been complete and signal. The field of battle was strewed with the bodies of men and horses, and the richness of the trappings of some of the latter seemed to attest that persons of distinction were among the fallen. The loss on our side was remarkably small��seven privates killed, and three officers and fifty men wounded."The distress which had pressed so severely on the people, and which had set them thinking about the most perilous political changes, was intimately connected with the state of the country. Throughout the troubled period of almost incessant war and lavish expenditure between 1797 and 1815, the business of the nation was carried on with an inconvertible paper currency, the precious metals having nearly all departed from the country. Bank notes were issued in such quantities, to meet the exigencies of the Government, that the prices of all commodities were nearly doubled. The Bill which was passed in 1819 providing for the resumption of cash payments had reduced the currency from ��48,278,070, which was its amount in 1819, to ��26,588,000, in 1822. The consequence was the reduction of prices in the meantime, at the rate of fifty per cent., in all the articles of production and commerce. With this tremendous fall of prices, the amount of liabilities remained unchanged; rents, taxes, and encumbrances were to be paid according to the letter of the contract, while the produce and commodities��the sale of which was relied upon to pay them��did not produce more than half the amount that they would have brought at the time of the contracts. The evil of this sudden change was aggravated by the South American Revolution, in consequence of which the annual supply of the precious metals was reduced to a third of its former amount. It was peculiarly unfortunate that this stoppage in the supply of gold and silver occurred at the very time that the Legislature had adopted the principle that paper currency should be regarded as strictly representing gold, and should be at any moment convertible into sovereigns. A paper currency should never be allowed[238] to exceed the available property which it represents, but it is not necessary that its equivalent in gold should be lying idle in the coffers of the Bank, ready to be paid out at any moment the public should be seized with a foolish panic. It is enough that the credit of the State should be pledged for the value of the notes, and that credit should not be strained beyond the resources at its command. The close of 1822 formed the turning-point in the industrial condition of the country. The extreme cheapness of provisions, after three years of comparative privation, enabled those engaged in manufacturing pursuits to purchase many commodities which they had hitherto not been able to afford. This caused a gradual revival of trade, which was greatly stimulated by the opening of new markets for our goods, especially in South America, to which our exports were nearly trebled in value between 1818 and 1823, when the independence of the South American Republics had been established. The confidence of the commercial world was reassured by the conviction that South America would prove an unfailing Dorado for the supply of the precious metals. The bankers, therefore, became more accommodating; the spirit of enterprise again took possession of the national mind, and there was a general expansion of industry by means of a freer use of capital, which gave employment and contentment to the people. This effect was materially promoted by the Small Note Bill which was passed in July, 1822, extending for ten years longer the period during which small notes were to be issued; its termination having been fixed by Peel's Bill for 1823. The average of bank-notes in circulation in 1822 was ��17,862,890. In November of the following year it had increased by nearly two millions. The effect of this extension of the small note circulation upon prices was remarkable. Wheat rose from 38s. to 52s., and in 1824 it mounted up to 64s. In the meantime the bullion in the Bank of England increased so much that whereas in 1819 it had been only ��3,595,360, in January, 1824, it amounted to ��14,200,000. The effect of all these causes combined was the commencement of a reign of national prosperity, which burst upon the country like a brilliant morning sun, chasing away the chilling fogs of despondency, and dissipating the gloom in the popular mind.

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THREE:[See larger version]

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THREE:

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THREE:On the 8th of June the Earl of Liverpool announced to the House of Lords that a Ministry had been formed; that the Prince Regent had been pleased to appoint him First Lord of the Treasury, and to authorise him to complete the Cabinet. Earl Bathurst succeeded Liverpool as Secretary of the Colonies and Secretary at War; Sidmouth became Secretary of the Home Department; the Earl of Harrowby President of the Council; Nicholas Vansittart Chancellor of the Exchequer; Lord Melville, the son of the old late Lord, First Lord of the Admiralty; the Earl of Buckinghamshire President of the Board of Control; Castlereagh Secretary of Foreign Affairs; Mulgrave Master-General of the Ordnance; Eldon Lord Chancellor; Mr. F. Robinson became Vice-President of the Board of Trade and Treasurer of the Navy; Lord Clancarty President of the Board of Trade; Sir Thomas Plumer was made Attorney-General, and Sir William Garrow succeeded him as Solicitor-General. In Ireland, the Duke of Richmond became Lord-Lieutenant; Lord Manners Lord Chancellor; and Mr. Robert Peel, who now first emerged into public notice, Chief Secretary. The Cabinet, thus reconstructed, promised exactly the policy of the late Premier, and, indeed, with increased vigour. On the 17th of June the new Chancellor of the Exchequer introduced the Budget��professedly that of Spencer Perceval��which exceeded the grants of the former year by upwards of six millions��that having been fifty-six millions twenty-one thousand eight hundred and sixty-nine pounds, this being sixty-two millions three hundred and seventy-six thousand three hundred and forty-eight pounds. New taxes were imposed, and two more loans raised and added to the Debt.On the other hand, the kings whom he had set up amongst his brothers and brothers-in-law added nothing to his power. Joseph proved a mere lay figure of a king in Spain; Louis had rejected his domination in Holland, and abdicated; Lucien had refused to be kinged at all; Murat managed to control Naples, but not to conciliate the brave mountaineers of the country to French rule. The many outrages that Buonaparte had committed on the brave defenders of their countries and their rights were still remembered to be avenged. Prussia brooded resentfully over the injuries of its queen; the Tyrol over the murder of Hofer and his compatriots. Contemptible as was the royal family of Spain��the head of which, the old King Charles, with his queen, made a long journey to offer his felicitations on the birth of the king of Rome,��the Spaniards did not forget the kidnapping of their royal race, nor the monstrous treatment of the Queen of Etruria, the daughter of Charles IX. and the sister of Ferdinand. Buonaparte first conferred on her the kingdom of Etruria, and then took it away again, to settle Ferdinand in it instead of in Spain; but as he reduced Ferdinand to a prisoner, he reserved Etruria to himself, and kept the Queen of Etruria in durance at Nice. Indignant at her restraint, she endeavoured to fly to England, as her oppressor's brother, Lucien, had done. But her[22] two agents were betrayed, and one of them was shot on the plain of Grenelle, and the other only reprieved when the fear of death had done its work on him, and he only survived a few days. She herself was then shut up, with her daughter, in a convent.

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THREE:These events were a little diversified by the storming of Algiers on the 27th of August. In 1815 the Government of the United States of America had set the example of punishing the piratical depredations of the Algerines. They seized a frigate and a brig, and obtained a compensation of sixty thousand dollars. They do not appear to have troubled themselves to procure any release of Christian slaves, or to put an end to the practice of making such slaves; and, indeed, it would have been rather an awkward proposal on the part of North Americans, as the Dey might have demanded, as a condition of such a treaty, the liberation of some three millions of black slaves in return. But at the Congress of Vienna a strong feeling had been shown on the part of European Governments to interfere on this point. It was to the disgrace of Great Britain that, at the very time that she had been exerting herself so zealously to put an end to the negro slave trade, she had been under engagements of treaty with this nest of corsairs; and Lord Cochrane stated in Parliament this year that only three or four years before it had been his humiliating duty to carry rich presents from our Government to the Dey of Algiers. But in the spring of this year it was determined to make an effort to check the daring piracies of Tunis, Algiers, and Tripoli. Lord Exmouth was sent to these predatory Powers, but rather to treat than to chastise; and he effected the release of one thousand seven hundred and ninety-two Christian slaves. From Tunis and Tripoli he obtained a declaration that no more Christian slaves should be made. The Dey of Algiers refused to make such concession till he had obtained the permission of the Sultan. Lord Exmouth gave him three months to determine this point, and returned home. A clause in the treaty which he had made with Algiers ordered that Sicily and Sardinia should pay nearly four hundred thousand dollars for the ransom of their subjects; they accordingly paid it. This clause excited just condemnation in England, as actually acknowledging the right of the Algerines to make Christian slaves.

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