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ONE:SIGNATURES TO THE DECLARATION OF INDEPENDENCE.

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ONE: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.The king's speech at the opening of Parliament, and the martial tone of the speeches by the members of both Houses, exceedingly exasperated Napoleon; for though preparing for war he was scarcely ready, and meant to have carried on the farce of peace a little longer. Talleyrand demanded of Lord Whitworth the reason of this ebullition of the British Parliament and of the Press. Lord Whitworth replied, as he had done regarding the comments on the trial of Peltier, that it was the direct result of the insulting articles in the Moniteur, which was known to be the organ of the French Government; whereas, in Britain, the Government had no direct control, either over the speeches in Parliament or over the press. Talleyrand and Whitworth again discussed all the vexed questions of the retention of Malta, the conduct of Colonel Sebastiani in the East, the aggressions of Napoleon in Italy, Germany, and Switzerland, in violation of the Treaty of Amiens; and Lord Whitworth declared that all Britain wanted was, that the Treaty should be faithfully carried out on both sides; that we were ready to evacuate Malta, and recall our complaints, on that being done. But this was what Napoleon was resolved never to do, and he therefore resorted to the most extraordinary insults to the British Ambassador. He requested Lord Whitworth to call at the Tuileries at nine o'clock in the evening of the day on which he had had his conference with Talleyrand. Napoleon had, by an assumption of extreme hauteur and impetuosity, frightened the Austrian Ambassador at Campo Formio, and he probably thought of frightening the British one; but Britain had not been beaten like Austria, and such a proceeding could only enrage the British people. In this interview, Buonaparte ran over, in a rapid and excited harangue of two hours' length, scarcely permitting Lord Whitworth to interpose a word of reply, all the alleged causes of dissatisfaction with England; at one moment threatening to invade it, if it cost him his life; at another, proposing that France and England should unite to rule the Continent, and offering to share with it all the benefits of such an alliance. Lord Whitworth replied, as before, that the British Government desired nothing but the bona fide execution of the Treaty of Amiens, and could not for a[488] moment entertain such schemes of aggression and domination as the First Consul proposed to her. He began to comment gravely on the aggressions in Switzerland and Italy, but Buonaparte cut him short angrily, saying those things were no business of his and that he had no right to talk of them. There was a fresh interview with Talleyrand, and fresh notes from him and Andreossi of the same character. A similar though more violent scene occurred at a levee on the 13th of March, in which Napoleon passionately accused Britain of driving France into war. A shrewd observer, Madame de R��musat, was of opinion that his rage was simulated.

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae.

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