ONE:Meanwhile the Whigs were anxious to add fresh security to their own lease of office. At the last election they had procured the return of a powerful majority; but two years out of the triennial term had expired, and they looked with apprehension to the end of the next year, when a dissolution must take place. They were aware that there were still strong plottings and secret agitations for the restoration of the banished dynasty. By both the king and his Ministers all Tories were regarded as Jacobites, and it was resolved to keep them out of office, and, as much as possible, out of Parliament. They had the power in their own hands in this Parliament, and, in order to keep it, they did not hesitate to destroy that Triennial Act for which their own party had claimed so much credit in 1694, and substitute a Septennial Act in its place. They would thereby give to their own party in Parliament more than a double term of the present legal possession of their seats. Instead of one year, they would be able to look forward four years without any fear of[33] Tory increase of power through a new election. On the 10th of April, Devonshire, Lord Steward of the Household, moved the repeal of the Triennial Act, long lauded as one of the bulwarks of our liberties, under the now convenient plea that it had been "found very grievous and burthensome, by occasioning much greater and more continued expenses in order to elections of members to serve in Parliament, and more lasting heats and animosities amongst the subjects of this realm than ever were known before the said clause was enacted."
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ONE: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."FROM THE PAINTING BY VEREKER M HAMILTON, R.E.
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ONE:On arriving in Paris, the Emperor Alexander took up his quarters at the house of Talleyrand, and there the King of Prussia, Prince Schwarzenberg and others came to consult. Talleyrand now spoke out, and declared that it would be madness to treat with Buonaparte; the only course was to restore the Bourbons, under certain limits. As early as the 12th of March the Duke of Angoulme had entered Bourdeaux, and had there proclaimed, amid acclamations, Louis XVIII. The Comte d'Artois came along in the rear of the Allied army, and had everywhere issued printed circulars, calling on the people to unite under their ancient family, and have no more tyranny, no more war, no more conscriptions. This paper had also been extensively circulated in Paris. On the 1st of April the walls of Paris were everywhere placarded by two proclamations, side by side, one from the Emperor Alexander, declaring that the Allied sovereigns would no longer negotiate with Napoleon nor any of his family, and the other from the municipality of Paris, declaring that, in consequence of the tyranny of Napoleon, they had renounced the allegiance of the usurper, and returned to that of their legitimate sovereign. On the same day the Senate, under the guidance of Talleyrand, decreed that he had violated and suppressed the constitution which he had sworn to maintain; had chained up the press, and employed it to disseminate his own false statements; drained the nation, and exhausted its people and resources in wars of mere personal ambition; and, finally, had refused to treat on honourable conditions: for these and other plentifully-supplied causes, he had ceased to reign, and the nation was therefore absolved from all oaths sworn to him. This decree, on the 2nd and 3rd of April, was subscribed by the public bodies in and around Paris. A Provisional Government was appointed.
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