FORE:The year 1797 was opened by the suspension of cash payments. The Bank of England had repeatedly represented to Pitt, as Chancellor of the Exchequer, that his enormous demands upon it for specie, as well as paper money, had nearly exhausted its coffers and could not long be continued. The payment of our armies abroad, and the advances to foreign kings, were necessarily made[455] in cash. The Government, in spite of enormous taxation, had already overdrawn its account eleven million six hundred and sixty-eight thousand eight hundred pounds, and the sole balance in the hands of the Bank was reduced to three million eight hundred and twenty-six thousand eight hundred and ninety pounds. Pitt was demanding a fresh loan for Ireland, when a message came from the Bank to say that, in existing circumstances, it could not be complied with. Thus suddenly pulled up, the Privy Council was summoned, and it was concluded to issue an order for stopping all further issue of cash, except to the Government, and except one hundred thousand pounds for the accommodation of private bankers and traders. Paper money was made a legal tender to all other parties, and the Bank was empowered to issue small notes for the accommodation of the public instead of guineas. A Bill was passed for the purpose, and that it might not be considered more than a temporary measure, it was made operative only till June; but it was renewed from time to time by fresh Acts of Parliament. The system was not abolished again till 1819, when Sir Robert Peel brought in his Bill for the resumption of cash payments, and during the whole of that time the depreciation of paper money was comparatively slight.On the 8th of July an extraordinary Privy Council was summoned. All the members, of whatever party, were desired to attend, and many were the speculations as to the object of their meeting. The general notion was that it involved the continuing or the ending of the war. It turned out to be for the announcement of the king's intended marriage. The lady selected was Charlotte, the second sister of the Duke of Mecklenburg-Strelitz. Apart from the narrowness of her education, the young princess had a considerable amount of amiability, good sense, and domestic taste. These she shared with her intended husband, and whilst they made the royal couple always retiring, at the same time they caused them to give, during their lives, a moral air to their court. On the 8th of September Charlotte arrived at St. James's, and that afternoon the marriage took place, the ceremony being performed by the Archbishop of Canterbury. On the 22nd the coronation took place with the greatest splendour.
