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.
Landor saw that his own horse was the best; and it bid very fair to play out soon enough. But until it should do so, his course was plain. He gathered his reins in his hands. "You can mount behind me, Cabot," he said. The man shook his head. It was bad enough that he had come down himself without bringing others down too. He tried to say so, but time was too good a thing to be wasted in argument, where an order would serve. There was a water hole to be reached somewhere to the southwest, over beyond the soft, dun hills, and it had to be reached soon. Minutes spelled death under that white hot sun. Landor changed from the friend to the officer, and Cabot threw himself across the narrow haunches that gave weakly under his weight.Amongst the most distinguished persons captured were Lords Kilmarnock, Cromarty, Balmerino, Mordington, and Lovat. Cromarty, Balmerino, and Kilmarnock were brought to trial before the peers in Westminster Hall on the 28th of July. "Cromarty," says Horace Walpole, "was a timid man, and shed tears; and Kilmarnock, though behaving with more dignity, pleaded guilty, both expressing remorse for their past conduct, and their fervent good wishes for the person and government of the king." But old Balmerino, the hero of the party, pleaded not guilty, and took exceptions to the indictment. "He is," writes Walpole, "the most natural, brave old fellow I ever saw; the highest intrepidity, even to indifference." All these noblemen were pronounced guilty. Cromarty pleaded piteously the condition of his wife and family: that he left his wife enceinte, and eight innocent children to suffer for his fault. His wife's entreaties and the interest of the Prince of Wales saved him; Kilmarnock and Balmerino were beheaded.The man interrupted, "I ain't going daown the road, nor anywheres else before suppernor after supper neither, if I don't feel like it." He was bold enough in speech, but his eyes dropped before Kirby's indignant ones.
