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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 commoditiesthe sale of which was relied upon to pay themdid 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.[See larger version]
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THREE: "His Excellency the Marquis ofRETREAT OF THE FRENCH FROM RUSSIA. (See p. 50.)
THREE:The success of the Waverley Novels turned the main force of the genius and literary resources of the country into the ever widening channel of prose fiction. Many names of note appeared before the public as novel writers about that time. In Scotland, under the immediate shadow of the author of "Waverley," came John Galt, Mrs. Johnstone, Miss Ferrier, the Ettrick Shepherd, Allan Cunningham, Gibson Lockhart, Picken, Moir. In Ireland, and of Irish birth, there were Colley, Grattan, Crofton Croker, Banim, Gerald Griffin, Samuel Lover, and last, though not least, William Carleton. In England, and chiefly of English birth, were Mrs. Shelley, Peacock, Thomas Hope, Theodore and James Hook, Morier, Lister, Ward, Gleig, Horace Smith, Miss Mitford, Mrs. Gore, Mrs. Trollope, Captain Marryat, and Mr. James.
ONE:
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BY: ADMIN | 05.01.2013

TWO:On the day after this division a deputation of nearly ninety members of the House of Commons, headed by Lord James Stuart, waited upon Lady Palmerston, and presented her with a full-length portrait of her husband, representing him in evening dress and wearing the ribbon of the Order of the Bath. They requested her Ladyship to accept of that testimony of their high sense of Viscount Palmerston's public and private character, and of the independent policy by which he maintained the honour and interests of the country. What made this presentation singularly opportune was the fact that on the same day a telegraphic despatch had been received from Paris, announcing the settlement of the Greek question. The Government was undoubtedly strengthened by Lord Palmerston's display, at a moment when its fall seemed inevitable.

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BY: ADMIN | 05.01.2013

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BY: ADMIN | 05.01.2013

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FORE:The prince found in the Opposition in England the most unfortunate fosterers of his unfilial temper. Pulteney, Wyndham, Chesterfield, Carteret, Cobham, and, worst of all, Bolingbroke, became his associates, and the frequenters of his house. Fast ripening into a pattern of unfilial popularity under such influences, possessing some accomplishments, and a desire to stand well with the people, he married in April, 1736, Augusta of Saxe-Gotha, a princess of so much beauty and good sense, as might have reclaimed many a nature; who seems to have at least won the heart of her husband from his former romantic passion. It was an ominous circumstance, however, that the address of congratulation on this occasion was moved, not by the king's own Ministers, but by the king's own Opposition. Pulteney was the mover, and it was supported by two young men who that evening made their first speeches, and in them burst suddenly forth with that splendour which was destined to grow transcendent through many years. They were Pitt, afterwards Lord Chatham, and Lord Lyttelton.
FORE:The receipt of such proposals in England produced the utmost consternation in the Cabinet. Townshend, in an "absolutely secret" answer to Stanhope, expressed the concern both of himself and the Prince of Wales at the prospect of a rupture with the Czar, who would seize the British ships and subjects in Russia, and prohibit the supply of naval stores from his kingdom, and that especially at a crisis when England was threatened with an invasion from Sweden and a rising of the Jacobites. He did not deny that there was a great risk of both these kingdoms and the German empire being exposed to imminent danger by the designs of the Czar on the whole coast of the Baltic, a danger which he might, had he dared, truly have attributed to George's own deeds by offending Sweden, instead of uniting with it to counterbalance the Czar's plan of aggrandisement. Fortunately, the Czar was induced, by the combined remonstrances of Austria, Denmark, and Sir John Norris, to abandon his projects for the moment, at least in Germany, and to withdraw his troops from Mecklenburg.
FORE:
FORE: Sir R. Musgrove, made receiver of customs, with 1,200 a year.Fortunately, the princess was safely delivered at St. James's (June 4), though the house was unprepared for such an emergencythe rooms and beds being unaired, and there being no adequate suite of servants. The moment that the king heard of this extraordinary conduct of the prince, he despatched Walpole and Lord Harrington to attend the birth, but they were too late. After that the king repulsed all the prince's advances towards a reconciliation. Frederick betook himself to Norfolk House, St. James's Square, and there all the opponents of his father's Government collected around him. The prince was now the head and centre of the Opposition himself.
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The Government of Spain was sunk into the very deepest degradation and imbecility. Charles IV. was one of the weakest of Bourbon kings. He was ruled by his licentious wife, Maria Luiza, and she by Manuel de Godoy, a young and handsome man, who, about the year 1784, had attracted her eye as a private in the Royal Guards. By her means he was rapidly promoted, and at the age of twenty-four was already a general. He was soon created a Grandee of Spain, and the queen married him to a niece of the king. He was made Generalissimo of all the Spanish Forces, and, in fact, became the sole ruling power in the country. He was styled the Prince of the Peacea title acquired by his having effected the pacification of Basle, which terminated the Revolutionary War between France and Spain. By the subsequent Treaty of St. Ildefonso he established an offensive and defensive alliance with France, which, in truth, made Spain entirely subservient to Napoleon.Whilst this Bill was passing the Lords, on the 28th of March Lord Gower brought a fresh one into the Commons, which had no less object than the repeal of the Charter of Massachusetts. It was entitled, "A Bill for the Better Regulating Government in the Province of Massachusetts Bay." It went to remove the nomination of the members of the Council, of the judges and magistrates, etc., from the popular constituencies to the Crown. Lord North observed that the Charter of William III. had conferred these privileges on Massachusetts as exceptional to all other colonies, and that the consequence was that the Governor had no power whatever. Strong opposition was made to this proposed Bill by Dowdeswell, Sir George Savile, Burke, Barr, Governor Pownall, General Conway, and Charles Fox, who was now in opposition. The Bill passed the Commons by a majority of two hundred and thirty-nine against sixty-four; and it passed the Lords by a majority of ninety-two against twenty. But even now another Bill passed the House of Commonsa Bill for removing to another colony for trial any inhabitant of Massachusetts Bay, who was indicted for any murder or other capital offence which the Governor might deem to be perpetrated in the attempt to put down tumults and riots. This measure was still more vehemently opposed than the rest.The news from Boston could not have arrived at a moment when the public mind was more ill-disposed towards the Americans. The affair of the abstraction of Mr. Whately's private letters from his house or office, and their publication, contrary to custom and to its own engagement, by the Massachusetts Assembly, had produced a deep conviction in all classes in England of the utter disregard of honour both in the American colonists and their agent, Franklin. This disgraceful violation of the sacred security of private papers roused the indignation of Mr. William Whately, banker, in Lombard Street, and brother to the late Mr. Thomas Whately. He conceived strong suspicions of John Temple, afterwards Sir John Temple, Lieutenant-Governor of New Hampshire, and, though one of the Commissioners of Customs at Boston, really hostile to the Commission, and a strong partisan of Franklin. Whately challenged Temple, and was severely wounded in the rencontre. At this, Franklin came forward with an avowal that neither the late Mr. Whately nor Mr.[211] Temple had anything to do with the carrying off of the letters; that he alone was responsible for this act.
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