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TWO:Meanwhile the country continued to suffer from a great wave of trade depression. Gloom and discontent were throughout the land; and the Home Secretary of the new Administration afterwards stated that there was hardly a day during this period when he had not found it necessary to have personal communication with the Horse Guards, as well as with the heads of the police in the metropolis, and in the manufacturing districts. There seemed, indeed, to be no limit to the distress of the people. In Carlisle a committee of inquiry into the state of the town reported that one-fourth of their population was living in a state bordering on absolute starvation. In a population of 22,000 they found 5,561 individuals reduced to such a state of suffering that immediate relief had become necessary to save them from actual famine. Terrible accounts from other and far distant neighbourhoods showed how widespread was the evil. The manufacturers of the West of England appointed a committee to consider the distressed state of that district. Taking the town of Bradford, in Wilts, as an example, the committee reported that of the nineteen manufacturers carrying on business there in 1820, nine had failed, five had declined business from want of success, one[486] had taken another trade, and two only remained. Of 462 looms, 316 were entirely out of work, and only 11 in full employment; and this distress, it must be remembered, could not be traced to one great overwhelming cause, like that of the failure of the cotton supplies of a later day. The blight that had spread over the field of British industry was to most men a puzzle; but the West of England committee, after reporting that the same condition of things existed at Chalford, Stroud, Ulley, Wotton, Dursley, Frome, Trowbridge, etc., did not hesitate to declare that the depression of trade that was destroying capital, and pauperising the working classes was attributable to the legislation on the principle of protection. A public meeting was held at Burnley in the summer of 1842 to memorialise the Queen on the prevailing distress. At a great public conference of ministers of religion, held in Manchester in the previous autumn, it had been resolved that the existing Corn Laws were "impolitic in principle, unjust in operation, and cruel in effect;" that they were "opposed to the benignity of the Creator, and at variance with the very spirit of Christianity." This conference, which extended over an entire week of meetings, held both morning and evening, was attended by nearly 700 ministers. Their proceedings filled an entire volume, and attracted considerable attention throughout the kingdom. Similar conferences were afterwards held in a great number of towns.It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.

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