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ONE:No sooner had Collot d'Herbois, Barr��re, and that party triumphed over Robespierre than they summoned the members of the tribunal to their bar��ay, on the very morning of the day of his execution��and voted them honours amid much applause. The tribunal replied, that though a few traitors like Coffinhal and Dumas had found their way into the tribunal, the majority of them were sound and devoted to the Convention. Accordingly, the next day the Convention handed over to Fouquier-Tinville and his colleagues a list of fresh proscriptions of sixty-nine municipals, and a few days afterwards��namely, the 12th of Thermidor, being the 30th of July��they added twelve more, completing eighty-one victims! These were all executed within twenty-four hours. The Convention then fell into new divisions, some members contending for its being time to cease these tragedies, others insisting on maintaining them. Billaud-Varennes, Barr��re, and Collot d'Herbois defended the guillotine and Fouquier-Tinville, but the greater number of the enemies of Robespierre denounced them, declared themselves the overthrowers of Robespierre, and assumed the name of Thermidorians, in honour of the month in which they had destroyed him. For the Thermidorians saw that the better part of the public had become sick of blood, and they set about contracting the Reign of Terror. They reduced the powers of the two governing Committees; they decreed that one-fourth of the members should go out every month; they reduced the revolutionary sections of Paris from forty-eight to twelve, and abolished the forty sous a day to the sansculotte patriots for their attendance. A month after the execution of Robespierre, Tallien made a fierce onslaught on the Terrorist system, and declared that there were numbers yet living who had been equally merciless with Robespierre, Couthon, and St. Just; and the next day Lecointre denounced by name Barr��re, Billaud-Varennes, and Collot d'Herbois. To put an end to the Jacobin resistance, the Convention closed the Jacobin Club altogether, which had thus only survived the fall of Robespierre about four months. Thereupon the Jacobins began to denounce the Thermidorians as anti-Republicans, but they retorted that they were Republicans of the purest school��that of Marat. TWO:The year 1813 opened in Great Britain with high hopes. The defeat of Napoleon in Russia, and the destruction of his army, opened prospects of at length seeing this ambitious and unprincipled man, who had drenched all Europe in blood, brought down and removed from the scene. Lord Liverpool had for some time predicted that one day a British army would march into Paris, and encamp on the Bois de Boulogne, and now it really seemed probable. The nations of the north and centre of Europe were mustering to follow the aggressor home, and Lord Wellington, in Spain, was daily advancing towards the southern frontiers of France by victory after victory. True, there was much yet to be done, and enormous calls on the wealth of Britain had yet to be made; and at this time, whilst Great Britain and all Europe were engaged in this mighty contest, the people of the United States, instead of sympathising with the grand occasion, were doing all they could to divide our attention and weaken our hands. There were warm debates in Parliament on the American question, but Government carried addresses expressing approbation of the course which Great Britain had taken in regard to the United States. But this annoying quarrelsomeness of the Americans tended necessarily to raise the amount of the Budget, already too much swelled by the aids to Russia and our contest in Spain. The supplies demanded were seventy-two million pounds��more than had been granted in any former year. Amongst the ways and means were a fresh loan of twenty-one million pounds, and vote of credit for six million pounds. It was, however, some consolation that the nation at last saw the beginning of the end.[See larger version]

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ONE:The Home Secretary thus refers to a letter of Lord Eldon, written to his daughter soon after the event, as follows:��"After observing, 'Nothing is talked of now which interests anybody the least in the world, except the election of Mr. O'Connell,' he makes these memorable remarks:��'As Mr. O'Connell will not, though elected, be allowed to take his seat in the House of Commons unless he will take the oaths, etc. (and that he won't do unless he can get absolution), his rejection from the Commons may excite rebellion in Ireland. At all events, this business must bring the Roman Catholic question, which has been so often discussed, to a crisis and a conclusion. The nature of that conclusion I do not think likely to be favourable to Protestantism.' It is clear, therefore," continues Mr. Peel, "that Lord Eldon was fully alive to the real character and magnitude of the event."The Government now resolved to follow up the vigorous step they had so tardily taken, by the prosecution of O'Connell and several leading members of the Association. They were arrested in Dublin on the 14th of October, charged with conspiracy, sedition, and unlawful assembly. The other gentlemen included in the prosecution were Mr. John O'Connell, Mr. Thomas Steele, Mr. Ray, Secretary to the Repeal Association, Dr. Gray, proprietor of the Freeman's Journal, Mr. Charles Gavan Duffy, editor of the Nation, Mr. Barrett, of the Pilot, and the Rev. Messrs. Tyrrell and Tierney, Roman Catholic priests. Mr. O'Connell, with his two sons and several friends, immediately on his arrest, went to the house of Mr. Justice Burton, and entered into recognisances, himself in ��1,000, with two sureties of ��500 each. The tone of Mr. O'Connell was now suddenly changed. From being inflammatory, warlike, and defiant, it became intensely pacific, and he used his utmost efforts to calm the minds of the people, to lay the storm he had raised, and to soothe the feelings he had irritated by angry denunciations of the "Saxon." That obnoxious word was now laid aside, being, at his request, struck out of the Repeal vocabulary, because it gave offence. Real conciliation was now the order of the day. TWO:Well-disposed people happily comprised the great mass of the population of all ranks and classes, who responded with alacrity to the appeal of the Government for co-operation. Great alarm was felt in the metropolis lest there should be street-fighting and plundering, and it might be said that society itself had taken effective measures for its own defence. The 10th of April, 1848, will be a day for ever remembered with pride by Englishmen, and posterity will read of it with admiration. In the morning nothing unusual appeared in the streets, except that the shops were mostly closed, the roar of traffic was suspended, and an air of quiet pervaded the metropolis. No less than 170,000 men, from the highest nobility down to the humblest shopkeeper, had been enrolled and sworn as special constables��a great army of volunteers, who came forward spontaneously for the defence of the Government. In every street these guardians of the peace might be seen pacing up and down upon their respective beats, and under their respective officers. Among them was Prince Louis Napoleon Bonaparte, acting as a private, under the command of the Earl of Eglinton. No soldiers appeared in the streets; but, during the previous night, the Duke of Wellington had taken the most effective measures to prevent any violation of the peace. Strong bodies of foot and horse police were placed at the ends of the bridges, over which the Chartists must pass from Kennington Common to Westminster, and these were assisted by large numbers of special constables, posted on the approaches at each side. And lest these should be overpowered by the Chartists in attempting to force a passage, a strong force of military��horse, foot, and artillery��was kept concealed from view in the immediate neighbourhood. The public buildings were all occupied by troops and strongly fortified. Two regiments of the line were stationed at Millbank Penitentiary. There were 1,200 infantry at the Deptford Dockyards. At the Tower 30 pieces of heavy field ordnance were ready to be shipped by hired steamers to any spot where their services might be required. The public offices at the West-end, Somerset House, and in the City, were occupied by troops and stored with arms. The Bank of England was strongly fortified, sandbags being piled all round upon the roof, as parapets to protect the gunners, while the interior was filled with soldiers. There were also similar barricades to the windows, with loopholes for muskets. In the space of Rose Inn Yard, at the end of Farringdon Street, a large body of troops was posted ready to move at a moment's notice, and another in the enclosure of Bridewell Prison. At several points immediately about Kennington Common, commanding the whole space, bodies of soldiers were placed out of view, but ready for instant action. The Guards��horse and foot��were all under arms, in Scotland Yard and in other places.

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ONE: TWO:On the 3rd Parliament assembled, and the nation was full of expectation as to the measures of the Government. The great question of the day was understood to have been under their anxious consideration during the winter. It subsequently transpired that the measure of Reform contemplated by Lord Grey at the close of the year was far more moderate than the one which was brought forward by Lord John Russell. The material increase in the amount of concession was said to be chiefly owing to the growing demands of the people, enlightened by the discussions in the political unions. Lord Durham was the most advanced Liberal in the Cabinet, and most strenuously insisted on the necessity of a very liberal measure. In order that the Bill might be well matured, and might fully meet the wants of the country, Lord Grey appointed a committee to consider the whole subject, and report upon it to the Cabinet. This committee consisted of his son-in-law, Lord Durham, who was intimately acquainted with his own views; Lord John Russell, who had represented the Whig party in the House of Commons in the various proposals that he had made on the subject of Reform; Sir James Graham, who enjoyed the confidence of the advanced Liberals, and was considered something more than a Whig; and Lord Duncannon, who was supposed to be well acquainted with the Irish corporations. According to the general instructions given to the[329] committee, they were to prepare the outlines of a measure which should be sufficiently comprehensive to meet the demands of public opinion, so as to extinguish the desire for further change. But it must rest upon property as its basis, and be connected with existing territorial divisions. He wished that the prerogative of the Crown should be in no degree diminished, that the peers should lose none of their rights or privileges; but that, saving these, the democracy should play its due part in the legislation and government of the country. The committee began to work as soon as the Administration was organised. They first discussed the principles involved in the measure, then the details were separately examined, and when a point was decided and agreed upon, it was recorded in writing by Lord Durham. Lord John Russell furnished the materials for Schedules A and B, which were supplied to him by coadjutors, who were labouring diligently out of doors facilitating the work. The first draft of the measure, as adopted by the committee, was explained by Lord Durham in the form of a report to the Cabinet, showing how the plans thus propounded would fulfil the conditions required, and, by satisfying all reasonable desires, stop the tendency to innovation. The scheme, when thus placed before the Cabinet, became the subject of their anxious deliberation, and was unanimously adopted by them, with the exception of the ballot, which was rejected owing to Lord Grey's objections. It was then submitted to the king at Brighton, a few days from the meeting of Parliament, was discussed with him from point to point, and sanctioned.

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TWO:About ten o'clock on the morning of the 4th of August the squadron weighed anchor for Dublin Bay. They passed that night in Waterford Harbour, and arrived at Kingstown on the afternoon of the following day. When the Queen appeared on deck there was a tremendous burst of cheering, which was renewed again and again, especially when the Victoria and Albert amidst salutes from yachts and steamers, swung round at anchor, head to wind. At that time it is calculated that there must have been 40,000 people present. Monday, the 6th of August, was an auspicious day for the Irish metropolis. It opened with a brilliant sun, and from an early hour all the population of Dublin seemed astir. Trains began to run to Kingstown as early as half-past six, and from that hour to noon the multitudes poured in by sea and land in order to see and welcome their Queen. The Earl of Clarendon (the Lord-Lieutenant), Lady Clarendon, Prince George of Cambridge, the Marquis of Lansdowne, Sir Edward Blakeney, Commander of the Forces, the Archbishop of Dublin, the Duke of Leinster, the chief judges, and a number of peers and leading gentry, arrived early to welcome the Sovereign. There was also a deputation from the county of Dublin, consisting of the High Sheriff, Mr. Ennis, Lords Charlemont, Brabazon, Howth, Monck, Roebuck, and others. The Queen landed at ten o'clock. The excitement and tumultuous joy at that moment cannot be described. There was a special train in waiting to convey the Queen to Dublin, which stopped at Sandymount Station, where the procession was to be formed. In addition to the innumerable carriages waiting to take their places, there was a cavalcade of the gentry of the county and a countless multitude of pedestrians. The procession began to move soon after ten o'clock, passing over Ball's Bridge and on through Baggot Street. At Baggot Street Bridge the city gate was erected. All was enthusiasm, exultation, and joy. Nobody could then have imagined that only one short year before there had been in this very city bands of rebels arming themselves against the Queen's authority. All traces of rebellion, disaffection, discontent and misery were forgotten in that demonstration of loyalty.The action of private benevolence was on a scale proportioned to the vast exertions of the Government. It is quite impossible to estimate the amount of money contributed by the public for the relief of Irish distress. We know what sums were received by associations and committees; but great numbers sent their money directly, in answer to appeals from clergymen and others, to meet demands for relief in their respective localities. In this way we may easily suppose that abuses were committed, and that much of the money received was misappropriated, although the greater portion of it was honestly dispensed. Among the organisations established for raising contributions, the greatest was the British Relief Association, which had for its chairman and vice-chairman two of our merchant princes��Mr. Jones Loyd, afterwards Lord Overstone, and Mr. Thomas Baring. The amount of subscriptions collected by this association, "for the relief of extreme distress in Ireland and Scotland," was ��269,302. The Queen's letters were issued for collections in the churches throughout England and Wales, and these produced ��200,738, which was also entrusted to the British Relief Association. These sums made together no less than ��470,040, which was dispensed in relief by one central committee. One-sixth of the amount was apportioned to the Highlands of Scotland, where there was extensive destitution, and the rest to Ireland. In fact, the amount applied to these objects by the association exceeded half a million sterling, for upwards of ��130,000 had been obtained by the sale of provisions and seed corn in Ireland, and by interest accruing on the money contributed. In administering the funds placed at their disposal, the committee acted concurrently with the Government and the Poor Law authorities. It wisely determined at the outset that all grants should be in food, and not in money; and that no grant should be placed at the disposal of any individual for private distribution. The committee concluded their report to the subscribers by declaring that although evils of greater or less degree must attend every system of gratuitous relief, they were confident that any evils that might have accompanied the application of the funds would have been far more than counterbalanced by the benefits that had been conferred upon their starving fellow-countrymen, and that if ill-desert had sometimes participated in their bounty, a vast amount of human misery and suffering had been relieved.

FORE:Meanwhile Brigadier Wild occupied a position of great difficulty at Peshawur. He had four native infantry regiments, containing a large number of young soldiers, whom the mutinous Sikhs had impressed with a great horror of the Khyber Pass. The only cavalry he had was a troop of irregular horse, and the only guns, four pieces of Sikh artillery. Besides, the owners of the camels, which had been hired at Ferozepore to proceed as far as Jelalabad, refused to advance farther than Peshawur. It was in these circumstances that Sale and M'Gregor earnestly urged the advance of the brigade for the relief of that place. The fortress of Ali Musjid, regarded as the key to the Khyber Pass, is situated about[498] twenty-five miles from Peshawur: and as it lay between the two positions of Sale and Wild, it was of the utmost importance that it should be occupied. It was accordingly resolved that one-half of Wild's brigade should be dispatched for this service. On the 15th of January Colonel Moseley, with the 53rd and 64th Sepoy Regiments, started under cover of the night, and reached their destination early in the morning. The fortress was about five miles up the Pass. Soon after they had taken up their position they discovered to their dismay that owing to some mistake, instead of 350 supply bullocks, which had been ordered, only fifty or sixty had arrived. Here, then, were two regiments shut up in an isolated fortress without provisions. Day after day passed and no succour came. Wild made an effort to send forward supplies, but the attempt was a disastrous failure. The Sikh auxiliaries mutinied to a man, and refused to enter the Pass. There being no prospect of relief, Colonel Moseley determined to evacuate the fortress. Captain Burt and Captain Thomas offered to remain and keep possession of so important a position, if only 150 men would volunteer for the service. But none were found willing to undertake the perilous duty, and so Ali Musjid was abandoned and suffered to fall into the hands of the Afreedis. The brigade had some fighting on its way back. Some of its officers were killed, some wounded and sick were abandoned, and some baggage was lost.

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FORE:With the Elizabeth the Young Pretender lost the greater part of his arms and ammunition. Yet he would not return, but set out in the Doutelle towards Scotland. In two days more the little vessel was pursued by another large English ship, but by dint of superior sailing they escaped, and made the Western Isles. It was only after a fortnight's voyage, however, that they came to anchor off the little islet of Erisca, between Barra and South Uist.On the 14th of July, when Barclay de Tolly was close pressed by Napoleon, he learned that though Bagration had been repulsed at Mohilev, he was now advancing on Smolensk; he therefore himself again retreated before the French towards Vitebsk. At that town he had a partial engagement with the French; but he quitted it in good order. Here Murat and most of the other general officers entreated Napoleon to close the campaign for this year; but he refused. The soldiers were dispirited by this continual pursuit without result; Murat himself was heartily sick of endeavouring to get a dash at the enemy and being as constantly foiled; King Jerome had been disgraced and sent back to his Westphalian dominions, on the charge of having let Bagration escape by want of sufficient energy; and Wittgenstein had, to the great disgust of Napoleon, on the 2nd of July, crossed the river, surprised Sebastiani's vanguard of cavalry in Drissa, and completely routed them. These things had embittered Buonaparte; and if he ever intended to encamp for the winter at Vitebsk, he now abandoned the idea with indignation. It was still midsummer; the enemy had so far eluded him; he had not been able to strike one of his usual great blows and send terror before him. He was impatient of a pause. "Surrounded," says S��gur, "by disapproving countenances, and opinions contrary to his own, he was moody and irritable. All the officers of his household opposed him, some with arguments, some with entreaties, some��as Berthier��even with tears; but he exclaimed, 'Did they think he was come so far only to conquer a parcel of wretched huts? that he had enriched his generals too much; that all to which they now aspired was to follow the pleasures of the chase, and to display their splendid equipages in Paris. We must,' he said, 'advance upon Moscow, and strike a blow, in order to obtain peace, or winter-quarters and supplies.'"

FORE:Hearing that General Cope��who had seen his blunder in leaving open the highway to the Scottish capital��after having reached Inverness, had begun a rapid march on Aberdeen, trusting to embark his army there, and reach Edinburgh in[95] time to defend it from the rebel army, Charles marched out of Perth on the 11th of September. He reached Dunblane that evening, and on the 13th he passed the fords of Frew, about eight miles above Stirling, knowing that several king's ships were lying at the head of the Firth. On their approach, Gardiner retired with his dragoons from the opposite bank. Stirling, being deserted by the troops, was ready to open its gates; but Charles was in too much haste to reach Edinburgh. Hearing that Gardiner, with his dragoons, intended to dispute the passage of Linlithgow Bridge, Charles sent on one thousand Highlanders, before break of day, under Lord George Murray, in the hope of surprising them; but they found that they had decamped the evening before, and they took peaceable possession of Falkirk and the old palace. The prince himself came up on the evening of that day, Sunday, the 15th, where the whole army passed the night, except the vanguard, which pushed on to Kirkliston, only eight miles from Edinburgh.

FORE:Cope maintained the order of battle arranged the day previous, except that he turned the men's faces towards the east instead of the west, to meet the new position of the enemy. His infantry was posted in the centre; Hamilton's dragoons were on the left, and Gardiner's with the artillery in front, on the right, leaning on the morass. The Highlanders no sooner saw the enemy than, taking off their caps, they uttered a short prayer, and pulling their bonnets over their brows, they rushed forward in their separate clans with a yell that was frightful.

FORE:After thus settling the form and powers of the constitution, Congress voted eight million dollars to be raised as a loan, and ordered a fresh issue of paper money. But, above all, it laboured to acquire aid from abroad, without which it was clear they must yield to the superior military force of the mother country, and return to their obedience on humiliating terms. For this purpose, in addition to Silas Deane, who was already in Paris, Franklin and Arthur Lee were dispatched to that capital to obtain aid with all possible speed. These gentlemen set sail in the beginning of November, though in much apprehension of being intercepted by the British cruisers; but managed to reach Quib��ron Bay in safety, and Paris before the end of the year. So successful was Franklin in Paris, that he obtained a gift of two millions of livres from the French king in aid of America, and the assurance that[233] this should be annually augmented, as her finances allowed. The only stipulation for the present was profound secrecy. Franklin had also found the cause of America so popular, that many officers were anxious to engage in her service; and the enthusiastic young Marquis Lafayette, notwithstanding the ill news from the United States, engaged to embark his life and fortune with Washington and his compatriots.

FORE:De Tolly halted at Rudnia, half way between Vitebsk and Smolensk, and there was considerable man?uvring between the rival generals to surprise one another, but this resulted in[44] nothing but the loss of several days. On the 14th of August they arrived at the Dnieper, and Murat dashed across and attacked the rear-guard of the Russians on the opposite bank. Newerowskoi, the general in command, stood his ground well, and then made a good retreat to Smolensk. His retreat was reckoned an advantage on the part of the French; and as it happened to be Buonaparte's birthday, and the anniversary of the canonisation of St. Napoleon��whom Buonaparte had had made a saint,��a hundred guns were fired in commemoration. On the 15th Buonaparte pressed after the Russians towards Smolensk. The united Russian army now amounted to one hundred and eighty thousand men, and Buonaparte had already lost one-third of his active force. Barclay de Tolly, therefore, appeared here to make a stand, much to the delight of Buonaparte, who cried out, exultingly, "Now I have them!"

FORE:At length, after much mischievous delay, the Government ventured to lay hands upon the disseminators of sedition and the organisers of rebellion. On the 13th of May John Mitchel was arrested and committed to Newgate. On the 15th, Mr. Smith O'Brien, who had been previously arrested and was out on bail, was brought to trial in the Queen's Bench, and arraigned on ex officio information as being a wicked, seditious, and turbulent person, and having delivered a speech for the purpose of exciting hatred and contempt against the Queen in Ireland, and inducing the people to rise in rebellion. He was defended by Mr. Butt, a Conservative barrister, who spoke of the ancient lineage and estimable character of the prisoner, concluding thus:��"Believe me, gentlemen, all cannot be right in a country in which such a man as William Smith O'Brien is guilty, if guilty you pronounce him, of sedition." At the conclusion of this sentence the majority of the bar, and of the people in court, rose from their seats and loudly cheered, the ladies in the galleries waving their handkerchiefs. The jury were locked up all night without refreshments, but they could not agree. The next day Meagher was tried, with a similar result, and was hailed by a cheering multitude outside, whom he addressed from a window in the Nation office. Mitchel, however, was tried, found guilty, and sentenced to transportation for fourteen years; he was immediately conveyed in the police prison van to a small steamer which waited in the bay, and then to a man-of-war which conveyed him to Bermuda.

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TWO:The Queen reached the western entrance of Westminster Abbey at half-past eleven o'clock, and was there met by the great officers of State, the noblemen bearing the regalia, and the bishops carrying the paten, the chalice, and the Bible. The arrangements in the interior of the Abbey were nearly the same as at the previous coronation, but the decorations were in better taste. Galleries had been erected for the accommodation of spectators, to which about 1,000 persons were admitted. There was also a gallery for the members of the House of Commons, and another for foreign ambassadors. Soon after twelve o'clock the grand procession began to enter the choir, in the order observed on former occasions. The Queen was received with the most hearty plaudits[452] from all parts of the building, and when she was proclaimed in the formula��"Sirs, I here present unto you Queen Victoria��the undoubted Queen of this realm. Wherefore, all you who are come this day to do your homage, are you willing to do the same?"��there was a loud and universal burst of cheering, with cries of "God save the Queen." When the crown was placed on her Majesty's head there was again an enthusiastic cry of "God save the Queen," accompanied by the waving of hats and handkerchiefs. At this moment the peers and peeresses put on their coronets, the bishops their caps, and the kings-of-arms their crowns, the trumpets sounding, the drums beating, the Tower and park guns firing by signal. The Dukes of Cambridge and Sussex removing their coronets, did homage in these words:��"I do become your liege man of life and limb, and of earthly worship and faith and truth I will bear unto you to live and die against all manner of folk, so help me God." They touched the crown on the Queen's head, kissed her left cheek, and then retired. It was observed that her Majesty's bearing towards her uncles was very affectionate. The dukes and other peers then performed their homage, the senior of each rank pronouncing the words. As they retired, each peer kissed her Majesty's hand. The Duke of Wellington, Earl Grey, and Lord Melbourne were loudly cheered as they ascended the steps to the throne. Lord Rolle, who was upwards of eighty, stumbled and fell on the steps. The Queen immediately stepped forward, and held out her hand to assist the aged peer. This touching incident called forth the loudly expressed admiration of the entire assembly. While the ceremony of doing homage was being performed, the Earl of Surrey, Treasurer of the Household, was scattering silver medals of the coronation about the choir and the lower galleries, which were scrambled for with great eagerness. The ceremonials did not conclude till past four o'clock.

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TWO: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.A great portion of the present Session was[143] occupied with discussing the return to cash payments, which, by the Act of Parliament, ought to take place on the 5th of July of this year. It appears that no less than fifty debates and conversations in both Houses took place on this important subject during the Session. Very soon after the meeting of Parliament a secret committee of each House was appointed to inquire into the state of the Bank. These committees were, however, so managed, by delivering to the members lists of suitable persons for such committees, that scarcely any but Ministerial men were voted, though these votes were given by ballot. In the Commons this result was so evident that the Opposition declined to vote at all. The first reports of the committees went rather to close more strictly than to open the issue of gold by the Bank. It had been paying in gold its notes issued previous to January, 1817. This payment it was proposed to stop, as, at present, evidently injurious to the interests of the country. Mr. Peel, on moving for a Bill for this purpose, stated that the gold at the present price was fast finding its way abroad, and was as rapidly absorbed in re-minting a gold coinage for France. It appeared that during the first half of 1818 gold to the value of no less than one hundred and twenty-eight million francs had been coined at the French mint, of which three-fourths were derived from the gold coinage of England. A Bill was accordingly passed to stop payment altogether in gold till the necessary preparations were made by a fresh Bill. Still, the condition of the Bank was represented as flourishing. Its liabilities were stated in January, 1819, as amounting to thirty-three million eight hundred and ninety-four thousand five hundred and eighty pounds; its assets, including the debt due from Government, fifty-three million seven hundred and eighty-three thousand seven hundred pounds. The total Bank surplus appeared to be nineteen million eight hundred and eighty-nine thousand one hundred and twenty pounds; and its surplus, independent of the Government debt, and therefore available for current use, was five million two hundred and two thousand three hundred and twenty pounds. The committees adopted the scheme broached by Mr. Ricardo in his "Proposals for an Economical and Secure Currency," published in 1816. This was that the Bank, in the first instance, should not pay for its notes in gold coin, but in ingots of a certain weight, its fineness being attested by a stamp; and this degree of purity should be regulated from time to time till the gold descended to the Mint price of three pounds seventeen shillings and tenpence-halfpenny per ounce. When the Mint gold at length reached this rate of value, then the payment in coin was to be begun. Resolutions to this effect were moved by the Earl of Harrowby on the 21st of May, and they received the approval, not only of the Ministerial side, but of the leading Opposition members, Lords Grenville, Lansdowne, and King.

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