THREE:"Doctor said air was bestThe party which, under the guidance of Mr. Disraeli, Lord Stanley, and Lord George Bentinck, was destined to present so formidable an opposition to the Minister's policy, and to render his labours in the interests of the people so full of pain and anxiety, as yet only marked its existence by murmurs along the Conservative benches. As usual, the somewhat revived prosperity of the country was the chief pretext for resisting change. People with this view did not see the danger of opposing reforms until a sudden storm compelled the Legislature to face them with mischievous haste. It had again and again been shown that the evils of the old system of restrictions lay chiefly in the fact that they led to violent fluctuations in the circumstances of the people. Nothing, therefore, could be more certain than that, even had the prosperity been tenfold greater, one of those alternations of depression which brought so much misery to the people would not be long in making its appearance. The monopolist party, however, seldom looked beyond the day or the hour. There had been rick-burning in the country, and an agricultural labourer, named Joseph Lankester, had declared that his object in committing this crime was to raise the price of wheat, and so bring about those high wages which the political farmers and landlords were always saying came from good prices in the corn market. The Protectionist lords declared, nevertheless, that the Anti-Corn-Law League, with their mischievous agitation, their models of the big and the little loaf, their lectures and meetings, their music and banners, their poisonous tracts and pamphlets, were at the bottom of these disturbances. In the towns, however, political agitation was comparatively silent. To some agriculturists it appeared a fair compromise to maintain the protective laws in consideration of their being content to put up with the low prices of the day. Any way, the dreaded League seemed to them to be checked.
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FORE: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.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.
FORE:SIGNATURES TO THE DECLARATION OF INDEPENDENCE.
FORE:THE STANDARD OF PRINCE CHARLIE'S BODYGUARD, TAKEN AT CULLODEN. (In the possession of Sir Archibald Lamb at Beauport, Sussex.)No sooner was the conquest of Scinde completed than the Governor-General began to discern another cloud looming in the distance. In the Punjab, Runjeet Singh had organised a regular[594] and well-disciplined army of 73,000 men. He died in 1839. His heir died the next year, it was supposed of poison. The next heir was killed a few days afterwards by accident. The third, who succeeded, was an effeminate prince, who left the government in the hands of his Minister, a wicked man, who, conspiring with others, caused to be murdered several members of the Royal Family. They were, in their turn, punished by having their heads cut off, and the only surviving son of Runjeet Singh, a boy only ten years of age, was proclaimed Maharajah. This was the work of the Sikh army, now virtually masters of the country. Lord Ellenborough and his Council suspected that this army, still 40,000 strong, and very brave, was unfriendly to the British, and might some day give trouble to the Indian Governmentpossibly invade its territories and cut off its communications. In order to guard against such contingencies, it was necessary, they thought, to take possession of Gwalior, a powerful Mahratta State in Central India. This country lay on the flank of our line of communications with Allahabad, Benares, and Calcutta. In this country also there were, fortunately for the British, a disputed succession, royal murders, civil dissensions, and military disorganisation. A boy, adopted by the queen, was proclaimed Sovereign by the chiefs, with a regency, over which the British Government extended its protecting wing. The young Sovereign died in 1843, leaving no child; but his widow, then thirteen years of age, adopted a boy of eight, who became king under another regency. The regent Nana Sahib was deposed, notwithstanding the support of the British Government. This was an offence which Lord Ellenborough would not allow to go unpunished; and besides, the disorganised army of Gwalior was said to be committing depredations along the British frontier. Here, then, in the estimation of the Governor-General, was a clear case for military intervention, to put down disorder, and secure a good position for future defence against the possible aggressions of the warlike Sikhs of the Punjab. Lord Ellenborough explained his policy to the Company, stating that the Indian Government could not descend from its high position as the paramount authority in India.
