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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.

THREE:Immediately after this, Fox encouraged the formation of a Society of Friends of the Liberty of the Press, of which Erskine and Horne Tooke were members. As several French emissaries were traversing the country disseminating their opinions, Lord Grenville, on the 19th of December, 1792, introduced a bill into the House of Lords, subjecting aliens to certain regulations not included in the ordinary Alien Bill. All foreigners were to announce themselves on their arrival, and surrender any arms brought with them; they were to take out passports, and to have them viséd on every fresh removal through the country, so that their movements might be known to the authorities; those who had arrived during the year 1792 to be particularly observed, and the motives for their coming ascertained; all such foreigners as received allowances from the British Government to be distributed into particular districts, under the eye of the authorities. With some opposition, this Bill was carried. The Marquis of Lansdowne forthwith moved that a negotiation should be immediately opened with the French Government, requiring it to receive back the numerous Frenchmen driven into exile, or to provide for their support, and at the same time to endeavour to save Louis XVI. from the terrible fate which threatened him. This was negatived on the declaration of other lords, who said that both propositions would be useless; the latter one would in all probability hasten, rather than avert, the fate of the French king. In the Commons, Fox and Sheridan strenuously resisted the new Alien Bill, and Burke as vehemently supported it. He declared that no measures of precaution could be too strict; that thousands of daggers had been manufactured in Birmingham for France, and intending to produce a startling effect he drew an actual dagger from his bosom, and flinging it on the floor of the House exclaimed, "That is what you are to obtain[412] from an alliance with France. You must equally proscribe their tenets and their persons; you must keep their principles from your minds, and their daggers from your hearts!" In the French Convention such an action would have created a sensation, but in the matter-of-fact British Parliament it produced only surprise followed by laughter. Fox endeavoured as much as possible to weaken the sense of danger of French principles, though he expressed his abhorrence of the September massacres. The Bill was passed, and was succeeded by one prohibiting the circulation of French assignats, bonds, promissory notes, etc., and another, prohibiting the exportation of naval stores, saltpetre, arms, and ammunition.[474]

Who Knew? The Waterbed Was Invented by an Industrial Design

The Digitally-Fabricated Version of a Map With Red Pins In It

Who Knew? The Waterbed Was Invented by an Industrial Design