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The unnatural state of things induced by the war had now brought about a great change in our currency. As we could manage to get in our goods to the Continent by one opening or another, but could not get the produce of the Continent in return, it would have appeared that we must be paid in cash, and that the balance of specie must be in our favour; but this was not the case. By our enormous payments to our troops in Spain, Portugal, and Sicily, as well as in the East and West Indies, and by our heavy subsidies, gold had flowed out of the country so steadily that there appeared very little left in it, and bank paper had taken its place. On the Continent, impoverished as they were, the people tenaciously clung to their gold, and Buonaparte alone could draw it from them in taxes. He always took a heavy military chest with him on his expeditions, and his officers also carried the money necessary for themselves in their belts, or otherwise about their immediate persons. The gold being enormously diminished in quantity in England, was carefully hoarded on all hands, thus again increasing the scarcity, and raising the value of it. The price of bullion had risen from twenty to thirty per cent., and here was a further strong temptation to hoard or send guineas to the melting-pot. This state of things led a certain class of political economists to call for a repeal of the Act for suspension of cash payments, and Francis Horner obtained a committee of inquiry into the causes of the decrease of gold and the increase of paper: and this committee came to the conclusion that the true cause of the evil lay in the excess of paper, and that the way to restrain it would be to allow the demand for gold at the Bank. But the truth was that the cause of the evil was not the excess of paper, but the enormous diminution of gold; and to have opened a legal demand for gold which could not be had would only have produced a panic, and a complete and horrible assassination of all credit and all business. But there were clearer-sighted men in Parliament, who declared that, though bullion had risen in price, bank-notes would still procure twenty shillings' worth of goods in the market, and that they were not, therefore, really depreciated in value. That was true, but guineas had, notwithstanding, risen to a value of five- or six-and-twenty shillings, and might be sold for that. Gold had risen, but paper had not fallen; and gold could not take the place of paper, because it did not, to any great extent, exist in the country; if it had, paper must have fallen ruinously. Mr. Vansittart and his party, therefore, moved resolutions that the resumption of cash payments being already provided for six months after the conclusion of peace, was an arrangement which answered all purposes, and ought not to be disturbed; that this would keep all real excess of paper in check, and leave gold to resume its circulation when, by the natural influence of peace, it flowed again into the country. These were, accordingly, carried.

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LOUIS PHILIPPE HEARS OF THE REVOLUTION. (See p. 551.)[89]"Royal Highness,A victim to the factions which distract my country, and to the enmity of the greatest Powers of Europe, I have terminated my political career, and I come, like Themistocles, to throw myself on the hospitality of the British people. I put myself under the protection of their laws, which I claim from your Royal Highness, as the most powerful, the most constant, and the most generous of my enemies.
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The corruptionists in Parliament were deaf to eloquence or remonstrance; the base contractors sitting there, and the other vile absorbers of the money voted by the country for the most sacred purposes, for the preservation of the integrity and existence of the empire, sat still in impudent hardihood; but the sound of these stirring words was already out of doors. The City of London voted thanks to the Duke of Richmond and the Earl of Shelburne for their motions, and for their promised resumption of the subject on the 8th of February. A great meeting was called at York to induce that county to prepare a petition for reform in Parliament. Many efforts were made by persuasion and by menace to prevent these freeholders from meeting. But the Marquis of Rockingham and Sir George Savile stood forward, attended the meeting, and encouraged the freeholders. The meeting was held on the 30th of December, and, besides these distinguished men, was attended by peers, gentlemen, clergymenthe richest and noblest in the county. A petition was adopted to the House of Commons in the strongest terms. Before separating, this most important meeting appointed a committee of correspondence, consisting of sixty-one gentlemen, to carry out the objects of the petition, and still further to prepare the plan of a national association for the promotion of the great business of reform. The contagion spread rapidly; in numbers of other counties, and in many of the leading cities, similar petitions were got up, and committees of correspondence formed. The result was that very soon, in the counties of Middlesex, Chester, Hants, Hertford, Sussex, Huntingdon, Surrey, Cumberland, Bedford, Essex, Gloucester, Somerset, Wilts, Dorset, Devon, Norfolk, Berks, Bucks, Nottingham, Kent, Northumberland, Suffolk, Hereford, Cambridge, Derby, Northampton, and the towns of York and Bristol, Cambridge, Nottingham, Newcastle, Reading, and Bridgewater, petitions were prepared, and in most of them corresponding committees organised.[See larger version]On the appointed day the two Houses of Parliament, the officers of State, the judges, all in their robes of state, the queen, and princes and princesses, attended the king on this solemn occasion. The streets were crowded with the inhabitants; the Lord Bishop of London, and the Dean and Canons of St. Paul's received him at the door. His entrance was announced by the sound of martial music from military bands on the outside, and the roar of the organs and the voices of five thousand children of the City charity schools inside, singing the Hundredth psalm. On walking across the area, under the great dome, the king was deeply affected, and observed to the Bishop of London and the Dean of St. Paul's, "I now feel that I have been ill." After the singing of the Te Deum, and the firing of the Tower and Park guns, the procession returned to St. James's as it had come. The popularity of the king was unbounded, and so was that of the great Minister who had stood by him in the hour of his adversity. Pitt was now at the zenith of his career.
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