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THREE: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.The platform for the chairman and speakers consisted of a couple of waggons boarded over, and Hunt and his friends had some difficulty in reaching it through the dense crowd, the attendant bands continuing to play "God Save the King," and "Rule Britannia," till they were safely placed on the platform, when the music ceased, and Hunt, having been called to the chair, took off his white hat, and was commencing his address, when there was a strange movement in the throng, and a cry, "The soldiers are upon us!" and this was the fact. The magistrates had met in great numbers on the previous Saturday, and had determined to seize the ringleaders; but instead of doing this as they might have done, at their several localities when drilling, or on their way to the town, they left this to be done after these vast numbers were assembled, and by the aid of the soldiers, which was certain to produce serious consequences. We have the statements of these magistrates themselves, as laid before Parliament, and of Sir William Jolliffe, M.P., lieutenant of the 15th Hussars, and personally engaged on the occasion. The reason assigned by them was, that they waited to see "what the complexion of the meeting might be;" but, if this was the case, they might as well have waited till some disorder took place, which they did not, but sent the soldiers into the crowd, whilst peacefully and in an orderly manner standing to listen to the chairman. Had they waited to the end, they would undoubtedly have seen the immense crowd disappear as quietly as it had come. But the magistrates were clearly excited by their fears. They had assembled a great constabulary and military force. Two hundred special constables had been sworn in; six troops of the 15th Hussars lying in the barracks were held in readiness; a troop of Horse Artillery with two guns; the greater part of the 31st Regiment of Infantry; several companies of the 88th Regiment; the Cheshire Yeomanry, nearly four hundred men, who had ridden in that very morning; and about forty Manchester Yeomanry, chiefly master manufacturers. These were troops enough to storm a town, much more to defend it from an unarmed multitude. The whole of this force, except the Manchester Yeomanry, was put under the command of Colonel L'Estrange, of the 31st Regiment, in the absence of Sir John Byng, the general of the district, but who had his headquarters at Pontefract, and who, it appeared, had received no information of these military preparations, or of the imagined need of them.