
FORE:But amid the discouragements of monetary legislation, which showed that it would require a determined contest to compel Ministers to retrench, there were symptoms of a spirit of legal and social reform amongst Parliamentary men generally which augured the approach of better times. Mr. Sturges Bourne obtained the passing of his long-advocated Poor Law Bill; but Bills for regulating settlements, and for preventing the misapplication of the poor rates, were thrown out. A Bill was passed to regulate the treatment of children in cotton factories, and to limit the hours of their employment. Mr. Brougham's Act for inquiry into the charitable foundations of England was extended, with the support of Government, so as to apply to educational as well as to all kinds of charities, except such as had special visitors, or were maintained by private subscriptions. Sir James Mackintosh also took up the humane track of labour occupied so nobly by the late Sir Samuel Romilly. On the 2nd of March he moved for the appointment of a select committee to take into consideration the subject of capital punishment as regarded felonies. This was eminently needed, for the penal laws during the reign of George III. were truly Draconian. Notwithstanding a strong opposition by Ministers, the motion was carried, amid much cheering, and on the 6th of July Sir James Mackintosh introduced the report, which[146] was ordered to be printed. Government, as if to wipe out their disgrace in resisting so humane a measure, now proposed an inquiry into the condition of gaols and other places of confinement, and into the best method of employing and reforming delinquents during their imprisonment. Some reforms were made in Scottish law. The old rights of trial by battle, and of appeals of murder, felony, or mayhem, were abolished as rendered unnecessary by the full exercise of the institution of jury, and as belonging only to a barbarous age. The severity of the Scottish law against duels was mitigated, that law pronouncing forfeiture of all movable property, and banishment against all persons sending, or even carrying, a challenge to fight a duel. The principle of that law was sound, but its severity was its own defeat. A more questionable Bill was one carried, after much opposition, called the Foreign Enlistment Bill, which was intended to check the aid of Englishmen in assisting the Spanish South American colonists in throwing off the oppressive government of the mother country. Numbers of Englishmen were engaged on the side of independence, and this Bill was vainly intended to put an end to that generous aid.

FORE:The English Dissenters were led, notwithstanding the difference in creed, to sympathise to a considerable extent with Irish Catholics in their agitation against the Church establishment. Dissenters felt particularly aggrieved by the tests which debarred them from obtaining University degrees, which, they justly contended, should be attainable as a matter of right on equal grounds by citizens of all denominations. A petition was presented by Lord Grey on the 21st of March in the Upper House, and by Mr. Spring-Rice on the 24th in the Commons; but no step was taken in consequence till after the Easter recess, when Colonel Williams moved an Address to the Crown, praying that the Universities of Oxford and Cambridge should no longer act under the letters of James I. Mr. Wood moved an amendment to the effect that it was more advisable to proceed by Bill, which was carried by a large majority; but before anything could be done the exclusive spirit of both Universities was roused to a pitch of violent excitement, and in the midst of the controversial storm the quiet voice of reason could not be heard. Mr. Stanley could not see why a man should sign the Thirty-Nine Articles in order to obtain a literary degree, and he deprecated the idea that such a subscription should be regarded as a mere matter of form. Sir Robert Peel was not yet prepared to carry out fully the principle of religious equality. The Bill, he argued, would give to Jews, infidels, and atheists a statutable right of demanding admission into our Universities. Dissenters had been freed from all civil disabilities by the repeal of the Test Acts, and the Roman Catholics by the Emancipation Act; a vast change had been effected in the constitution of Parliament by the Reform Act: and after all those concessions, were they now to be deprived of an Established Church? What was the essence of an Established Church? What but the legislative recognition of it on the part of the State? Parliament was therefore entitled to say to the Dissenters, "With that legislative recognition you shall not interfere." In a brief speech, full of sound sense, Lord Althorp showed the absurdity of those arguments and apprehensions. The second reading of the Bill was carried by a majority of 321 to 194. It was opposed by the Speaker in committee, but having there received some amendments, it was read a third time and passed on the 28th of July by a majority of 164 against 75. In the Lords it was denounced by the Duke of Gloucester, Chancellor of the University of Cambridge, who moved that it be read a second time that day six months. He was followed by the Duke of Wellington, Chancellor of the University of Oxford. Lord Brougham ably defended the measure, but in vain. The Bill was rejected by a majority of 187 against 85. An attempt made by Lord Althorp to abolish church-rates, and to grant in lieu thereof the sum of 250,000 from the land-tax, to effect a[376] commutation of tithes, and to allow Dissenters to get married in their own chapels, was equally unsuccessful.The point, however, which excited the most indignation was that regarding Gibraltar. There was a strong feeling in the public mind that the Government was willing to give up this fortress to Spain. The Spanish Government was extremely urgent on the subject, declaring that there could be no peace, no truce with England, until it was surrendered. It was recollected by the English public that Stanhope had actually offered to give it up, and it was not known whether any equivalent except the signing of the Quadruple Alliance had been demanded. The Opposition in the House of Lords moved, "That effectual care be taken in any treaty that the King of Spain do renounce all claims to Gibraltar and Minorca in plain and strong terms." The Ministers, however, carried a more moderate resolution"That the House relies on his Majesty for preserving his undoubted right to Gibraltar and Minorca." A similar discussion with a similar result took place in the Commons. The Government saw plainly that nothing would induce the British people to relinquish this important station.

FORE: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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