FORE:GEORGE II.
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FORE:
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FORE:In the comments with which he concluded his speech there were some signs of progress in the development of Free Trade ideas in the mind of the perplexed and trammelled Minister, which are interesting to read by the light of his later career. He still maintained, in deference to the views of those who surrounded him, that it was the duty of the Legislature to take precautions to ensure that the main source of our supply of food should be derived from domestic agriculture; but he admitted that any protection, beyond what would compensate for the alleged special burdens upon agriculture, could only be vindicated on the ground that it was for the interest of all classes of the community. Mr. Cobden, who in the autumn of the previous year had been returned for Stockport, said a few words after the speech. He declared himself not surprised at the position, constituted as the Government was; for he had not, he said, expected to gather grapes of thistles; but he denounced the sliding scale as an insult to a suffering people. Following him, Lord John Russell gave notice that he should move a resolution to the effect that it was not advisable in any alteration of the Corn Laws to adopt the principle of a graduated sliding scale; and Mr. Villiers gave notice that, on going into committee, he should take the sense of the House on the policy of imposing any duty whatever on the foreign corn or food imported into the country. The debate on Sir Robert Peel's proposition began on Monday, the 14th of February, and reached the close of its first stage on Wednesday, when Lord John Russell's motion was negatived by a majority of 123, in a House of 575. Mr. Villiers's motion was debated for five nights more, and finally negatived by a majority of 393 to 90. The Whigs now gave the people to understand that the eight shilling duty of the year before was abandoned, and that if they were again in power they would propose a lower sum. In Parliament the position of the Minister was by no means an enviable one. The Free Traders pressed him closely with questions which must have made him feel still more strongly the embarrassing part which he was compelled to play. In the House of Lords the Corn Importation Bill was passed with slight opposition. Lord Brougham proposed a resolution in favour of a perfectly free trade in corn, which was negatived. A resolution, moved by Lord Melbourne, in favour of a fixed duty, was also negatived by a majority of 117 to 49.
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FORE: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."
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FORE:
FORE:On the very day that this report was being read in the House died one of the accused, James Craggs, Secretary of State. His complaint was smallpox; but the state of mind induced by this exposure is supposed to have rendered the malady fatal. His father, who was Postmaster-General, was so shamefully involved in the same dishonest proceedings, that he took poison.
FORE:Mr. O'Connell rose to address the people in reply. It was manifest that he considered great exertion to be requisite in order to do away with the impression which his antagonist had produced. It was clear, to those who were acquainted with the workings of his physiognomy, that he was collecting all his might. Mr. O'Connell bore Mr. Fitzgerald no sort of personal aversion, but he determined, in this exigency, to have little mercy on his feelings, and to employ all the power of vituperation of which he was possessed against him. "This," remarks Mr. Sheil, "was absolutely necessary; for if more dexterous fencing had been resorted to by Mr. O'Connell, many might have gone away with the opinion that, after all, Mr. Fitzgerald had been thanklessly treated by the Catholic body. It was, therefore, disagreeably requisite to render him for the moment odious. Mr. O'Connell began by awakening the passions of the multitude in an attack on Mr. Fitzgerald's allies. Mr. Gore had lauded him highly. This Mr. Gore is of Cromwellian descent, and the people detest the memory of the Protector to this day. There is a tradition (I know not whether it has the least foundation) that the ancestor of this gentleman's family was a nailer by trade in the Puritan army. Mr. O'Connell, without any direct reference to the fact, used a set of metaphors, such as 'striking the nail on the head,' 'putting a nail into a coffin,' which at once recalled the associations which were attached to the name of Mr. Gore, and roars of laughter assailed that gentleman on every side. Mr. Gore has the character of being not only very opulent, but of bearing regard to his possessions proportionate to their extent. Nothing is so unpopular as prudence in Ireland; and Mr. O'Connell rallied Mr. Gore to such a point upon this head, and that of his supposed origin, that the latter completely sank under the attack. He next proceeded to Mr. Fitzgerald, and having thrown in a picture of the late Mr. Perceval, he turned round, and asked of the rival candidate with what face he could call himself their friend, when the first act of his political life was to enlist himself under the banners of 'the bloody Perceval'? This violent epithet was sent into the hearts of the people with a force of expression and a furious vehemence of will that created a great sensation amongst the crowd, and turned the tide against Mr. Fitzgerald."
FORE:
FORE:The next morning, by daybreak, the French were in full retreat over the river Alberche, and Sir Arthur employed the two following days in getting his wounded into hospital in Talavera, and in procuring provisions for his victorious but starving army. Sir Arthur complains that, though he had thus repulsed the French for them, neither the Spanish authorities nor the Spanish people did anything to assist him in this respect. They were very willing that the British should fight their battles, but they must provide for themselves, or starve. The state of our own Commissariat aggravated this evil. It had long been a Department of the most corrupt kind, the duties of which were neglected, and little was thought of by its officers but the enriching of themselves at the expense of our Government and our soldiers. These swindlers, long after this, continued to pay the contractors and muleteers in notes payable at Lisbon, or at headquarters; these the receivers[578] had often to get changed into coin at a monstrous discount, and Jews and jobbers flocked after the army for this purpose. To add to the mischief, some of these villains introduced loads of counterfeit dollars, merely copper-plated, so that, after losing enormously on the exchange of the paper, the receivers found themselves utterly defrauded of their payment. It was no wonder that the trading part of the Spanish population should feel shy of supplying us, more especially as Sir John Moorefrom the money which should have been in his chest having been, by Mr. Frere, carelessly handed over to the Spanish Juntahad had to pay in paper which the British Government had not yet redeemed. The reform of such abuses as these was one of the great things which Wellesley did for the British army, but at present he was suffering the extremest difficulties from them. He wrote sternly to Mr. Frere, who had not yet been superseded by the arrival of Lord Wellesley, that he (Sir Arthur) was blamed by the Junta for not doing more, whilst they were allowing his army, which had beaten twice their own number in the service of Spain, to starve. "It is positively a fact," he wrote, "that during the last seven days the British army have not received one-third of their provisions; that, at this moment, there are nearly four thousand wounded soldiers dying in the hospitals in this town from want of common assistance and necessaries, which any other country in the world would have given even to its enemies; and that I can get no assistance of any description from this country. I cannot prevail on them to even bury the dead carcases in the neighbourhood, the stench of which will destroy themselves as well as us." All this while, he added, Don Martin de Garay was urging him to push on, and drive the French over the Pyrenees; "but," added Sir Arthur, "I positively will not move; nay, more, I will disperse my army till I am supplied with provisions and means of transport as I ought to be."
