× FORE:Monster meetings, not unaccompanied by disturbance, were held in various places, the most serious of which occurred at Birmingham. The inhabitants of this town had been kept in a state of almost incessant alarm by the proceedings of disorderly persons calling themselves Chartists. Representations to this effect having been sent to the Home Office, sixty picked men of the metropolitan force were sent down to aid the civil authorities in the preservation of peace. They arrived at Birmingham by the railway on Thursday, July 4th, and speedily mustering, they marched two abreast into the Bull Ring, where about 2,000 Chartists were assembled, at nine o'clock in the evening. They endeavoured, at first, to induce the meeting quietly to disperse, but failed in the attempt. They then seized the flags with which Lord Nelson's monument in the centre of the square was decorated, and among which was one that bore a death's head; but the Chartists, who had at first been disconcerted, recaptured them, after a desperate struggle, and broke their staves into pieces, to be used as clubs. A conflict immediately ensued, in which the police, who were armed only with batons, were seriously injured; and the Chartists were retiring in triumph when the 4th Dragoons charged them, by concert, through all the streets leading to the Bull Ring, and they fled in every direction. Further riots ensued, and on the 15th an organised mob attacked the houses in the High Street and Spiral Street. They broke into the warehouses, flinging their contents into the streets. A large pile of bedding was set on fire in the Bull Ring. Windows and shop-fittings were remorselessly demolished by the infuriated multitude. A few minutes past nine o'clock the cry of "Fire!" was raised. Scarcely had the words been uttered when the rioters carried immense heaps of burning materials from the streets, forcing them into the houses of Mr. Bourne and Mr. Legatt. Within a quarter of an hour the flames burst out with awful violence from both houses, amidst the exulting shouts of the rioters. While this work of destruction was going on they had the streets to themselves. The general cry among the inhabitants was, "Where are the military? Where are the magistrates?" At length, about ten o'clock, sixty of the metropolitan[457] police, with a posse of special constables, made their appearance, and rushed upon the rioters sword in hand, causing them to fly in all directions. The dragoons, under the command of Colonel Chatterton, were now discerned galloping down Moore Street, and another squadron at the same moment down High Street, and in five minutes about 300 of the Rifle Brigade marched to the Bull Ring. The inhabitants, feeling like people sore pressed by a long siege, clapped their hands with joy at the approach of their deliverers. The fire engines also came under escort, having been driven away before, and set about arresting the conflagration. In the meantime the cavalry were scouring and clearing the streets and suburbs, and the police were busily engaged bringing in prisoners. About midnight the roofs of the two houses fell in, and about one o'clock the fire was got under. Next day the shops were nearly all closed, the middle classes full of suspicion, and the populace vowing vengeance against the police and the soldiers. A piece of artillery placed at the head of High Street contributed materially to prevent further disturbance. About twenty prisoners were made, and the evidence produced before the magistrates showed the determined purpose of the rioters. When these outrages were the subject of discussion in the House of Lords, the Duke of Wellington said, "That he had seen as much of war as most men; but he had never seen a town carried by assault subjected to such violence as Birmingham had been during an hour by its own inhabitants."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.