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THREE:On the 23rd of June the king sent down a message to the Commons, recommending them to[301] take into consideration a separate establishment for the Prince of Wales, who had arrived at the age of twenty-one. This young man, whose whole career proved to be one of reckless extravagance and dissipation, was already notorious for his debauched habits, and for his fast accumulating debts. He was a great companion of Fox, and the gambling roués amongst whom that grand orator but spendthrift man was accustomed to spend his time and money, and therefore, as a pet of this Coalition Ministry, the Duke of Portland proposed to grant him one hundred thousand pounds a year. The king, alarmed at the torrent of extravagance and vice which such an income was certain to produce in the prince's career, declared that he could not consent to burden his people, and encourage the prince's habits of expense, by such an allowance. He therefore requested that the grant should amount only to fifty thousand pounds a year, paid out of the Civil List, and fifty thousand pounds as an outfit from Parliamentary funds. The Ministers were compelled to limit themselves to this, though the saving was merely nominal, for the debts on the Civil List were again fast accumulating, and the prince was not at all likely to hesitate to apply to Parliament to wipe off his debts, as well as his father's when they became troublesome to him. Resenting, however, the restraint attempted to be put upon him by his father, the prince the more closely connected himself with Fox and his party, and the country was again scandalised by the repetition of the scenes enacted when Frederick, Prince of Wales, father of George III., was the opponent of his own father, George II., and the associate of his opponents. Such, indeed, had been the family divisions in every reign since the Hanoverian succession. On the 16th of July Parliament was prorogued.

THREE:Mr. Torres, ditto 3,300

THREE:[529]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.

THREE:

THREE:But in February the long-expected armament from France arrived on the Coromandel coast. Suffren, the admiral, was one of the ablest sea-commanders of France. On his way he had secured the Cape of Good Hope against the English, and he now landed at Porto Novo two thousand French soldiers to join the army of Hyder Ali. Tippoo, flushed with the recent capture of Colonel Braithwaite, invited the French to join him in an attack on Cuddalore, an important town between Porto Novo and Pondicherry. This was done, and Cuddalore was wrested from the English in April. Whilst these events were taking place on land, repeated engagements occurred with the British fleets on the coasts. That of Admiral Hughes was reinforced by fresh ships from England, and between February, 1782, and June, 1783, the British and French fleets fought five pitched battles with varied success. In none of these was any man-of-war captured by either side, nor any great number of men lost; but, eventually, Suffren succeeded in retaking Trincomalee, in Ceylon, from the British.France and England being already agreed, independently of the consent of the rest of the Allies, the conference began on a basis which was sure to lead to immediate confusion and contention. The Dutch plenipotentiaries were astonished to see the different tone displayed by the French ambassadors. They were no longer the humble personages that they had been at Gertruydenberg. The Abbé Polignac, who was the chief speaker, assumed a high and confident manner. The French envoys, therefore, when the Dutch deputies demanded that the treaty should be carried out on the basis of the terms offered at Gertruydenberg, told them plainly that matters were now quite altered, and that the conditions offered at Gertruydenberg could not be entertained by France at all, but those to which the Queen of England had agreed in London; that unless the Dutch were willing to treat on these conditions, they would find their allies concluding peace without them, and that on the spot. The chief article to which the Allies objected was the concession of Spain to Philip; and they were the more resolute because it had become imminently necessary from changes that had now taken place in France. The Dauphin had died of the smallpox during the last year. The title had been conferred on his son, the Duke of Burgundy; but the Duke of Burgundy had just expired, too, in the sixth year of his age; and of the Dauphin's children there only now remained the Duke of Anjou, a sickly child of two years old. This child was the only remaining obstacle to Philip, the King of Spain, mounting the throne of France. The danger was so obvious of the union of France and Spain in a very few years—to prevent which had been the object of the war—that the English Government was compelled to demand from Philip a distinct renunciation of all claims on the French Crown, and from France as distinct a one in the treaty that any such claim should be resisted. St. John entered into a correspondence with De Torcy, the French minister, on this point; and the answers of De Torcy must have shown the English Government how useless it was to attempt to bind Frenchmen on such matters. He replied that any renunciation on the part of Philip or any French prince would be utterly null and void according to the laws; that on the king's death the next heir male of the royal blood succeeded, independently of any disposition or restriction of the late king, or any will of the people, or of himself, even; that he was, by the laws of France, sovereign by right of succession, and must be so, in spite of any circumstances to the contrary; that neither himself, the throne, nor the people had anything to do with it, but to obey the constitution. Therefore, even if Philip did bind himself to renounce the Crown of France, should the present Dauphin die, he would be king, independently of any circumstances whatever. Another expedient, however, was proposed by the English ministry, who must have seen clearly enough the folly of their treating on such hollow ground. That was, if Philip did not like to renounce the Crown of France, he should at once quit the throne of Spain, and agree that the Duke of Savoy should take it and the Indies, surrendering his own territories to Philip, to which should be added Naples, Sicily, Montserrat, and Mantua, all of which, whenever Philip succeeded to the French Crown, should be annexed to France, with the exception of Sicily, which should be made over to Austria. Louis XIV. professed to be delighted with this arrangement, but Philip would not listen to it, showing plainly that he meant, notwithstanding any renunciation, to retain his claim to both France and Spain.