ONE:None of the princes who accepted our protection benefited more than Scindiah. He was relieved from the insolence of haughty military chieftains, who commanded his armies, and left him as little free will as they left to his subjects quiet possession of their property. He was enabled to disband his vast armies, and reduce them to thirteen thousand infantry and nine thousand horse. His disbanded soldiers returned home, and became tillers of the land lately running into jungle, by which, and other influences of peace, his revenue was nearly doubled. All the districts wrested from him by the Pindarrees were restored to him; he lost only the mischievous fortress of Aseerghur. Sir John Malcolm cleared the country of the swarms of Arabs, and of Mekranees from Beluchistan, who had acquired a most formidable ascendency in the armies of the Indian chiefs; and these chiefs were informed that again to employ these mercenary ruffians, or to allow them to remain on their territories, would be regarded as a declaration of hostility by the British Government. Similar changes were introduced into the territories of the dethroned Peishwa by the Honourable Mountstuart Elphinstone, who resided at Poonah; and by the conquest of the Poonah territory, by the treaty of Mundissoor, made by Sir John Malcolm after his great victory at Mahidpore, and by exchanges made with the Guicowar of Baroda, and other arrangements, the British dominions were now linked together in one broad and continuous expanse, from Calcutta to Bombay, and from Bombay to Madras, as by the former Mahratta war they had been established between Madras and Calcutta.But that there should be a majority at all on such a question brought the Opposition to try an experiment which they had been for some time planning. This was the absurd scheme of seceding in a body from the House of Commons, on the plea that a paid and standing majority rendered all reason and argument nugatory. In the course of his farewell speech, Wyndham made use of such violent language, that Mr. Pelham jumped up to move the commitment of the honourable member to the Tower; but Walpole was too well aware that such a proceeding would only have served the ends of the Opposition, rendering them martyrs to their country's cause, and raising a vivid interest in their behalf. He therefore stopped him, and said that the measures which that gentleman and his friends might pursue gave him no uneasiness; on the contrary, the House was much obliged to them for pulling off the mask. Relieved of their presence, he now carried his measures in unopposed quiet.
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ONE:A debate which took place shortly afterwards was characterised by a memorable scene. In the month of January, 1843, Mr. Edward Drummond, the private secretary of Sir Robert Peel, had been shot in the street at Charing Cross, by an assassin, named M'Naughten. The unfortunate gentleman died of the wound, and the wildest rumours agitated the town as to the motive which had prompted the deed. Many asserted that it was a political one. M'Naughten had been seen loitering in Whitehall Gardens, and had followed his victim from Sir Robert Peel's residence in that locality. It was at once rumoured that the Prime Minister was the intended victim. M'Naughten had come from Glasgow, and it was said that when the Queen was in Scotland Sir Robert Peel invariably rode in the royal carriage, and Mr. Drummond in Sir Robert's own carriage. If this were true, it was remarked, the assassin's confidence would have been complete when he saw Mr. Drummond actually leave the house of Sir Robert Peel. Although the assassin was afterwards proved to be insane, the fact, coupled with the political excitement of the time, made a painful impression upon the minds of public men.
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ONE:It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.
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