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TWO:In the House of Lords several discussions took place on the dismissal of the Repeal magistrates. Lord Clanricarde, on the 14th of July, moved resolutions declaring that act of the Lord Chancellor "unconstitutional, unjust, and inexpedient." The Duke of Wellington met the motion by a direct negative. "These meetings," he said, "consisting of 10,000, 20,000, or 100,000 menno matter the number of thousandshaving been continued, I wish to know with what object they were continued? With a view to address Parliament to repeal the union? No, my lords; they were continued in order to obtain the desired repeal of the union by the terror of the people, and, if not by terror, by force and violence; and the persons calling these meetings were magistrates, the very men who must have been employed by the Government to resist such terror and violence, and to arrest those who were guilty of such breaches of the peace. That is the ground on which the Lord Chancellor of Ireland said to the magistrates, 'You must be dismissed if you attend, or invite attendance at such meetings.'" The Duke "regretted to learn there was poverty in Ireland; but," he asked, "was that poverty relieved by a march of twenty-five and thirty miles a day in spring and summer to hear seditious speeches? Was poverty relieved by subscribing to the Repeal rent?" The resolutions were negatived by a majority of 91 to 29. In a subsequent debate, arising out of a petition presented by Lord Roden from 5,000 Ulster Protestants, complaining that they had been prevented from celebrating the Orange anniversary, while the most flagrant breaches of the law were passed over in the case of those who wanted to overthrow the Constitution, which the Orangemen were sworn to defend, the Duke of Wellington, on that occasion, said that "nothing had been neglected by the Government that was necessary to preserve the peace of the country, and to meet all misfortunes and consequences which might result from the violence of the passions of those men who unfortunately guided the multitude in Ireland. He did not dispute the extent of the conspiracy or the dangers resulting from it; he did not deny the assistance received from foreigners of nearly all nationsdisturbed and disturbing spirits, who were anxious to have an opportunity of injuring and deteriorating the great prosperity of this countrybut he felt confident that the measures adopted by the Government would enable it to resist all, and preserve the peace."
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ONE:Thus the Cabinet was evidently fast breaking up, when Mr. Littleton introduced his Tithe Bill. Its object was much the same as Mr. Stanley's Act of 1832 for the Compulsory Commutation of Tithe. This last Act had been a failure, and Mr. Littleton was compelled to ask Parliament to grant the sum of 1,000,000 to pay the arrears. He hoped to remedy its defects by reducing the number of people who were liable to tithe, and then, after the 1st of November, to commute the tithe into a land tax, payable to the State, to reduce its amount by one-fifth, and to allow any person having a substantial interest in the estate to redeem the residue of it, after five years had expired, on easy terms. After a number of stormy debates the progress of the measure seemed assured, when Lord John Russell went out of his way to express his views in favour of the appropriation of the surplus revenues of the Irish Church to secular purposes. Stanley wrote to Graham the laconic note, "Johnny has upset the coach." Indeed, the declaration was the more indiscreet because the Cabinet was hopelessly divided on the point.
Jenifer smith
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TWO:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."TRICOTEUSE, OR KNITTING WOMAN, OF THE NATIONAL CONVENTION.
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