TWO:The news of the invasion brought George from Hanover. He arrived in London on the last day of August, by which time the Young Pretender had already been entertained by Lord Tullibardine at Blair Castle; but he seemed to feel no great alarm. He thought the forces of Cope were sufficient to compete with the insurgents, and Lord Granville and his party did their best to confirm him in this opinion. On the 20th of September three battalions of the expected Dutch forces landed, and received orders to march north. But what contributed more than anything to the security of the kingdom was the activity of the fleet. The seamen all round the coasts showed as much spirit and life as the soldiers had shown cowardice. Privateers as well as men-of-war vied with one another in performing feats of bravery. A small ship off Bristol took a large Spanish ship, bound for Scotland, with arms and money. Another small ship took the Soleil, from Dunkirk, carrying twenty French officers and sixty men, to Montrose; and a small squadron of privateers, which volunteered to serve under a brave naval captain, took a vast number of French vessels, and drove still more upon their own shores. Charles's younger brother, Henry, was waiting to bring over the Irish regiments to his aid, but Louis would not hazard their appearance at sea in the face of such a dangerous fleet. Charles made an attempt to corrupt Captain Beavor, of the Fox man-of-war, by offering him splendid rewards in case of his success, but the gallant officer sent him word that he only treated with principals, and that, if he would come on board, he would talk with him.The case of Spain was the most perplexing of all. The British Cabinet expressed the opinion that no foreign Power had any right whatever to interfere with any form of government which she had established for herself, and that her king and people were to be left to settle their own differences as best they could. The representative of Great Britain was directed to urge this point with all his influence upon the Allies, and especially upon France. But the case of her revolted colonies was different. It was evident, from the course of events, that their recognition as independent States was become a mere question of time. Over by far the greater portion of them Spain had lost all hold, and it had been found necessary, in order to admit their merchant vessels into British ports, to alter the navigation laws both of Britain and Spain. The letter of instructions accordingly directed the British plenipotentiary to advocate a removal of the difficulty on this principle: that every province which had actually established its independence should be recognised; that with provinces in which the war still went on no relation should be established; there was to be no concert with France, or Russia, or any extraneous power, in establishing relations with the new States. "The policy projected was exclusively English and Spanish, and between England and Spain alone its course was to be settled. Other nations might or might not come into the views which England entertained; but upon their approval or disapproval of her views England was not in any way to shape her conduct."
THREE:The unnatural state of things induced by the war had now brought about a great change in our currency. As we could manage to get in our goods to the Continent by one opening or another, but could not get the produce of the Continent in return, it would have appeared that we must be paid in cash, and that the balance of specie must be in our favour; but this was not the case. By our enormous payments to our troops in Spain, Portugal, and Sicily, as well as in the East and West Indies, and by our heavy subsidies, gold had flowed out of the country so steadily that there appeared very little left in it, and bank paper had taken its place. On the Continent, impoverished as they were, the people tenaciously clung to their gold, and Buonaparte alone could draw it from them in taxes. He always took a heavy military chest with him on his expeditions, and his officers also carried the money necessary for themselves in their belts, or otherwise about their immediate persons. The gold being enormously diminished in quantity in England, was carefully hoarded on all hands, thus again increasing the scarcity, and raising the value of it. The price of bullion had risen from twenty to thirty per cent., and here was a further strong temptation to hoard or send guineas to the melting-pot. This state of things led a certain class of political economists to call for a repeal of the Act for suspension of cash payments, and Francis Horner obtained a committee of inquiry into the causes of the decrease of gold and the increase of paper: and this committee came to the conclusion that the true cause of the evil lay in the excess of paper, and that the way to restrain it would be to allow the demand for gold at the Bank. But the truth was that the cause of the evil was not the excess of paper, but the enormous diminution of gold; and to have opened a legal demand for gold which could not be had would only have produced a panic, and a complete and horrible assassination of all credit and all business. But there were clearer-sighted men in Parliament, who declared that, though bullion had risen in price, bank-notes would still procure twenty shillings' worth of goods in the market, and that they were not, therefore, really depreciated in value. That was true, but guineas had, notwithstanding, risen to a value of five- or six-and-twenty shillings, and might be sold for that. Gold had risen, but paper had not fallen; and gold could not take the place of paper, because it did not, to any great extent, exist in the country; if it had, paper must have fallen ruinously. Mr. Vansittart and his party, therefore, moved resolutions that the resumption of cash payments being already provided for six months after the conclusion of peace, was an arrangement which answered all purposes, and ought not to be disturbed; that this would keep all real excess of paper in check, and leave gold to resume its circulation when, by the natural influence of peace, it flowed again into the country. These were, accordingly, carried.On the 11th of March the Earl of Radnor presented a petition adopted at a great meeting of inhabitants of the county of Somerset, which led to a long debate, in the course of which the Duke of Wellington earnestly recommended their lordships to leave the Corn Law as it was, and to continue to maintain the system which it was the object of that law to carry into effect; and the Duke of Richmond declared that he was surprised that any doubt could exist that "the farmers were, almost to a man, hostile to the delusions of Free Trade." On the following evening Mr. Cobden[511] brought forward a motion to inquire into the effects of protective duties on the interests of the tenant-farmers and labourers of the country, promising that he would not bring forward a single witness who should not be a tenant-farmer or a landed proprietor; but the debate concluded with a division which negatived the motion by 244 votes to 153.
THREE: