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FORE:There was one restitution, however, which the Allies had too delicately passed over on their former visit to Paristhat of the works of art which Napoleon and his generals had carried off from every town in Italy, Germany, and the Netherlands, during their wars. As has been already stated, museums had been freely pillaged by Buonaparte or by his orders. Accordingly, there was now a great stripping of the Louvre, and other places, of the precious pictures and statues which the hands of the greatest marauder that the world had ever seen had accumulated there. The "Horses of the Sun," from St. Mark's, Venice, the "Venus di Medici," the "Apollo Belvedere," the "Horses of the Car of Victory," which Buonaparte had carried away from Berlin, and many a glorious painting by the old masters, precious books, manuscripts, and other objects of antiquity, now travelled back to their respective original localities, to the great joy of their owners, and the infinite disgust of the French, who deemed themselves robbed by this defeat of robbery.Had Sir Home Popham been satisfied with this well-executed piece of service, he would have merited honour; but, this being done, he suggested to Sir David Baird that an expedition might be made with advantage against the Spanish colonies in South America. It was reportednot truly, as it turned outthat these colonies were as poorly defended as they were wealthy. Sir David was weak enough to fall into the scheme, and, without any authority from home, as it would appear, for so important a proceeding, he permitted General Beresford to sail in Sir Home's squadron with a part of his forces. The fleet touched at St. Helena, and took in a few more soldiers, but the whole body did not then amount to more than sixteen hundred. With this contemptible handful of men, the British squadron entered the river La Plata, and landed the troops, on the 24th of June, at a short distance from Buenos Ayres. The few Spanish troops in the city were easily routed, and the place capitulated on the 27th, and Beresford entered and took up his quarters there. But he was not long left at peace. The Spaniards discovering, as a matter of course, the insignificance of the force which had thus rashly surprised the city, collected in sufficient numbers to make prisoners of them all. A French officer in the Spanish service, M. Liniers, landed with a thousand men from Monte Video and Sacramento, and, being joined by the troops of the neighbourhood which had been repulsed by Beresford, appeared before the city on the 10th of July, and summoned the British to surrender. This was the signal for the inhabitants to rise en masse and fall on them. They were prevented from escaping to their ships by the badness of the weather, and were assailed from the windows and doors, and exposed to a general attack in the great square, and were compelled to yield, on condition of being allowed to re-embark; but no sooner had they laid down their arms, than Liniers, who probably looked on them as no better than filibusters, treated them as such, and marched them up the country, where they were rigorously treated. Four hundred of them had perished in this mad attempt. Meanwhile, Sir Home Popham had sent home upwards of a million of dollars, reserving two hundred and five thousand for the pay of the army. There were great rejoicings in London at the news, and at the receipt of the specie. Popham, in his despatches, represented himself as having conquered a great colony, and opened up a wonderful mart for our manufactures; and the Ministry, delighted at the receipt of the dollars, though they had, on first hearing of the scheme, sent out orders to stop the squadron, now, on the 20th of September, issued an Order in Council declaring Buenos Ayres and its dependencies open to our trade. Long before this order could have reached America the whole scene was reversed. Sir Home Popham had, indeed, blockaded the river La Plata, and had attempted to bombard Monte Video, but his ships could not get near enough. In October reinforcements arrived from the Cape and from England, but not in sufficient strength to enable him to do anything decisive. He therefore contented himself with landing troops at Maldonado, and drove the Spaniards from the isle of Gorriti, where he lay to, and waited for greater reinforcements.
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FORE:But here their career was doomed to end. Preston had witnessed the rout of the Royalists by Cromwell, and it was now to witness the rout of the rebels by the Royalists. Carpenter, on finding that the insurgents had taken the way through Cumberland, also hastened back to Newcastle and Durham, where he was joined by General Wills. Wills was in advance with six regiments of cavalry, mostly newly-raised troops, but full of spirit, and well-officered. He came near Preston on the 12th of November, whilst Carpenter was approaching in another direction, so as to take the enemy in the flank. Forster quickly showed that he was an incompetent commander. He was at first greatly elated by the junction of the Lancashire men, but, on hearing that the royal troops were upon them, he was instantly panic-stricken, and, instead of issuing orders, or summoning a council, he betook himself to bed. Lord Kenmure roused him from his ignominious repose, but it was too late; no means were taken to secure the natural advantages of the place. The bridge over the Ribble, which might have kept the enemy at bay, was left undefended; so that when Wills rode up to it on the morning of the 13th, he imagined that the rebels had evacuated the place. Besides the bridge over the river, there was a deep and hollow way of half a mile from the bridge to the town, with high and steep banks, from which an army might have been annihilated; but all was left undefended. It was only when Wills advanced into the town that he became aware that the rebels were still there, and found his path obstructed by barricades raised in the streets. His soldiers gallantly attacked these barricades, but were met by a murderous fire both from behind them and from the houses on each side. But luckily for the royal forces the least ability was wanting in the rebel commander. With all the advantages on his side, Forster secretly sent Colonel Oxburgh to propose a capitulation. Wills at first refused to listen to it, declaring that he could not treat with rebels who had murdered many of the king's subjects; but at length he said, if they would lay down their arms, he would defend them from being cut to pieces by the soldiers till he received further orders from Government. One thousand five hundred men surrendered, including eight noblemen, but a good many escaped.On the 12th of February Sir James Graham moved for the reduction of the salaries of all persons holding offices under Government, in proportion to the enhanced value of money produced by the Bank Restriction Act, which added to the weight of all fixed payments while it lowered wages and the price of provisions. "Hence," he said, "the miserable state to which the people of this country were now reduced, and the necessity for rigid, unsparing economy; and in that system of economy one great source of retrenchment must be the reduction of the salaries of those who had their hands in the public purse. Justice requires, necessity demands it." Ministers did not dare to resist this motion openly. They evaded it by an amendment, which was unanimously adopted, for an Address to the king, requesting him to order an inquiry to be made into all the departments of the Civil Government, with a view of reducing the number of persons employed in the various Services, and the amount of their salaries. On the 15th Mr. Hume attempted to carry retrenchment into the Army and Navy, moving a resolution to the effect that the former should be reduced by 20,000 men, and the latter by the sum of a million and a half. All the reductions he proposed would have effected a saving of eight millions annually. But neither the Whigs nor the Canning party were disposed to go such lengths. The motion was, therefore, defeated, the minority consisting solely of Radical reformers, who mustered fifty-seven on the division. Another assault on the Government was led on by Mr. Poulett Thompson, who moved for the appointment of a Committee for a Revision of the system of Taxation with a view to saving expense in the mode of collecting the revenue. The motion was resisted by Mr Peel on the ground that such important duties should not be delegated to a fraction of the members of the House. The motion was rejected by a large majority. A few days later, however, Ministers sustained a damaging defeat in the Committee of Supply on the Navy estimates. Two young men, who had been public servants for a few months only, Mr. R. Dundas and Mr. W. S. Bathurst, Junior Commissioners of the Navy, had been pensioned off on the reduction of their offices, the one with 400 and the other with 500 a year. The arrangement was attacked as a gross job and defended upon principle, and Ministers after[309] mustering all their strength were beaten by a majority of 139 to 121, on the motion that those pensions should be struck off. Several other motions, brought forward with a view of effecting retrenchments, were rejected by the House. This movement in the direction of financial reform, no doubt, received an impulse from the resentment of the leading Whigs, whose claims to take part in the Government were ignored by the Duke. But this remark does not apply to the efforts of Mr. Attwood and Mr. Baring, who moved that instead of a gold standard there should be a gold and silver standard, and that the Act for prohibiting the issue of small notes should be repealed. They strengthened their case by an appeal to the facts of the existing distress and commercial depression arising from a restricted currency. On the part of the Government, however, it was argued that a double standard of gold and silver would cause a loss of five per cent, to creditors if debtors were to pay in the silver standardthat the whole country would be a scene of confusion and ruinthat silver never was in practice the standard of the country, and that it never had been actually in a state to be used as a legal tender. Latterly the law had enacted that it should not be a legal tender beyond twenty-five pounds. By weight, indeed, it was a legal tender to any amount, but practically it had become so depreciated that there was no such thing as a standard by weight. Mr. Attwood's resolutions on the currency were negatived without a division.
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FORE:The year 1799 opened by the discussion of this new scheme of revenue. It was a mode of making every man tax himself by stating the amount of his income, on which he was to be charged ten per cent., with the exception only of such persons whose incomes were less than two hundred pounds per annum, who were to be charged less than ten per cent. It was to include all who had more than sixty pounds a-year. Pitt calculated the income of the nation at a hundred and two million pounds, which would thus produce a revenue of ten million pounds. To make this excellent device the more palatable, the increase in the assessed taxes made in the preceding Session was to be repealed. To such a degree did the nation trust the great Minister, that this tax was carried through both Houses with comparatively little difficulty.THE MOB BOARDING THE GRAIN SHIP AT GARRY KENNEDY. (See p. 484.)
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FORE: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 commoditiesthe sale of which was relied upon to pay themdid 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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