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Slider 2 ONE:It is a curious fact, that whilst Cowper was haunted by the most agonising terrors of a nervous temperament, even to despair, his poetry breathes the most consolatory tone. Whilst his mind was often wandering in insanity, there is no composition so sane and so sound in intellectual substance as his. Though seldom indulging in high flights of imagination, yet his verse frequently rises into a richness and nobility of voice nearly equal to the prophetic. The "Lines on his Mother's Picture" exhibit the deep feeling of Cowper, and the ballad of "John Gilpin" the genuine mirth which often bubbled up in a heart so racked and tried with melancholy.But at length the Legislature adopted a measure which attempted to go to the root of one of the greatest evils that afflicted Ireland. This was a Bill for facilitating the transfer of encumbered estates, which was passed into law, and is generally known as the Encumbered Estates Act. It was introduced by the Solicitor-General, Sir Samuel Romilly, on the 26th of April. Nothing could be more unsatisfactory than the state of landed property in that country. Many of the estates had been in Chancery for a long series of years, under the management of receivers, and periodically let at rack-rents. Many others which were not in Chancery were so heavily mortgaged that the owners were merely nominal. Others again were so tied up by family settlements, or held by such defective titles, that they could not be transferred. Consequently, a great portion of the landed property of the country was in such a condition that capital could not be invested in it, or expended on it. The course of proceeding in Chancery was so slow, so expensive, so ruinous, and the court was so apparently incapable of reform, that nothing could be expected from that quarter. The Government, therefore, proposed to establish a commission, invested with all the powers of that court, and capable of exercising those powers in a summary manner, without delay and without expense, so that an encumbered estate could be at once sold, either wholly or in part, and a parliamentary title given, which should be good against all the world. This important measure met with general approval in both Houses. Indeed it was hailed with satisfaction by all classes of the community, with the exception of a portion of the Irish landed gentry. There were three commissioners appointed, lawyers of eminence and experience in connection with land. By a subsequent enactment in 1849, it was regulated as a permanent institution, under the title of the Landed Estates Court; the three commissioners were styled judges, ranking with the judges of the Law Courts. The number of petitions or applications for sale made to this court from the 17th of October, 1849, to the 1st of August, 1850, was 1,085, and of this number those by owners amounted to 177nearly one-sixth of the whole. The rental of the estates thus sought to be sold by the nominal proprietors, anxious to be relieved of their burdens, was 195,000 per annum, and the encumbrances affecting them amounted to no less than 3,260,000. The rental of the estates included in 1,085 applications, made by others not owners, amounted to 655,470 per annum, and the debt upon these amounted to the enormous sum of 12,400,348. One of the estates brought before the court had been in Chancery for seventy years, the original bill having been filed by Lord Mansfield in 1781. The estates were broken up into parcels for the convenience of purchasers, many of whom were the occupying tenants, and the great majority were Irishmen. Generally the properties brought their full value, estimated by the poor-law valuation, not by the rack rents which were set down in the agents' books, but never recovered. The amount of capital that lay dormant in Ireland, waiting for investment in land, may be inferred from the fact that in nine yearsfrom 1849 to 1858the sum of twenty-two millions sterling was paid for 2,380 estates. But in the pacification of Ireland the Act accomplished far less than was hoped by Sir Robert Peel, who practically forced the measure upon the Ministry. Men of capital looked for a fair percentage for their investments: many of them were merchants and solicitors, without any of the attachments that subsisted between the old race of landlords and their tenants, and they naturally dealt with land as they did with other mattersin a commercial spiritand evicted wholesale tenants who were unable to pay.

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Slider 3 ONE:The greater part of the House, as well as the public out of doors, were captivated with the scheme, which promised thus easily to relieve them of the monster debt; but Sir Grey Cooper was the first to disturb these fairy fancies. He declared that the whole was based on a fallacious statement; that it was doubtful whether the actual surplus was as described; but even were it so, that it was but the surplus of a particular year, and that it was like the proprietor of a hop-ground endeavouring to borrow money on the guarantee of its proceeds in a particularly favourable year. Fox, Burke, and Sheridan followed in the same strain. They argued that, supposing the assumed surplus actually to exist, which they doubted, it would immediately vanish in case of war, and a fresh mass of debt be laid on.[315] Sheridan said, the only mode of paying off a million a year would be to make a loan of a million a year, for the Minister reminded him of the person in the comedy who said, "If you won't lend me the money, how can I pay you?" On the 14th of May he moved a string of fourteen resolutions unfavourable to the report of the Committee, which he said contained facts which could not be negatived; but the House did negative them all without a division, and on the 15th of May passed the Bill. In the Lords it met with some proposals from Earl Stanhope, which were to render the violation of the Act equivalent to an act of bankruptcy, but these were negatived, and the Bill was passed there on the 26th. It was not until 1828 that the fallacy on which the Bill rested was finally exposed by Lord Grenville, who, curiously enough, had been chairman of the Committee which recommended its adoption.

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ONE:[See larger version]Such was the formidable opposition with which Parliament came to the consideration of this peace. It met on the 25th of November, and the tone of the public out of doors was then seen. The king, as he went to the House of Lords, was very coolly received by the crowds in the streets, and Bute was saluted with hisses, groans, and the flinging of mud and stones. On the 19th of December he moved in the Lords an address in approbation of the terms of the peace. Lord Hardwicke opposed the motion with great warmth and ability, but there was no division. Very different was the reception of a similar address in the Commons the same day, moved by Fox. There Pitt, who was suffering with the gout, denounced the whole treaty, as shamefully sacrificing the honour and interests of the country. When he rose he was obliged to be supported by two of his friends, and was at length compelled to beg to be allowed to address the House sitting. He yet made a vehement speech of three hours and a half against the conditions accepted. The Ministry, however, had a large majority, three hundred and nineteen voting for them against sixty-five. With this brief triumph of Bute's unpopular party closed the year 1762.

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THREE:[345]

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THREE:Such a calamity could not but be attended with the most mischievous consequences. Chatham was obliged to leave town, and seek retirement and[192] a purer air at North End, near Hampstead. Townshend, who in a few days would have ceased to be Chancellor of the Exchequer, still retained office, and now showed more freely the wild and erratic character of his genius. He had lost half a million from the revenue by the reduction of the land-tax, and he pledged himself to the House to recover it from the Americans. He declared that he fully agreed with George Grenville, even in the principle of the Stamp Act, and ridiculed the distinction set up by Chatham, and admitted by Franklin, of the difference between internal and external taxation. This was language calculated to fire the already heated minds of the colonists, who, the more they reflected on Chatham's lofty language on the supreme authority of the mother country in the declaratory Act, the more firmly they repudiated it.

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THREE:The success of the Waverley Novels turned the main force of the genius and literary resources of the country into the ever widening channel of prose fiction. Many names of note appeared before the public as novel writers about that time. In Scotland, under the immediate shadow of the author of "Waverley," came John Galt, Mrs. Johnstone, Miss Ferrier, the Ettrick Shepherd, Allan Cunningham, Gibson Lockhart, Picken, Moir. In Ireland, and of Irish birth, there were Colley, Grattan, Crofton Croker, Banim, Gerald Griffin, Samuel Lover, and last, though not least, William Carleton. In England, and chiefly of English birth, were Mrs. Shelley, Peacock, Thomas Hope, Theodore and James Hook, Morier, Lister, Ward, Gleig, Horace Smith, Miss Mitford, Mrs. Gore, Mrs. Trollope, Captain Marryat, and Mr. James.

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THREE:Sir John Soane, who had been a pupil of Dance, Holland, and Sir William Chambers, introduced a more purely Greek style, and his achievements may be seen in Dulwich Gallery and Trinity Church, Marylebone. The most eminent disciples of this school were William Wilkins and Sir Robert Smirke. Wilkins was a servile copyist, and the National Gallery is the chief monument of his skill, or want of it. Sir Robert Smirke was of a higher order, and his erection of Covent Garden Theatre, the Mint, the Post Office, the College of Physicians, the law courts at Gloucester, Lowther Castle, etc., speak for themselves. Nash, the contemporary and successor of these architects, has left us abundance of his Gr?co-Romano-Italian medleys in the church in Langham Place, Regent's Park, and Buckingham Palace. The great merit of Nash was, that, like the brothers Adam, he gave us space, and showed, as in Regent's Park, what was needed for an immense metropolis. Towards the end[201] of the reign Gothic architecture was more cultivated, and one of Wyatt's last works was Ashridge House, in Buckinghamshire, a vast and stately Gothic pile, imposing in general effect, but far from pure in style. Still less so was Eaton Hall, in Cheshire, built by William Pordon; but the real Anglo-Gothic was now receiving the true development of its principles by the works of James Bentham, Carter, John Britton; and, finally, Thomas Rickman, in 1816, published his "Attempt to Discriminate the Styles of English Architecture," which placed these principles perspicuously before the public.It might have been supposed that Europe, or at least the southern portion of it, was likely to enjoy a considerable term of peace. France, under a minor and a Regent, appeared to require rest to recruit its population and finances more than any part of the Continent. The King of Spain was too imbecile to have any martial ambition; and though his wife was anxious to secure the succession to the French throne in case of the death of the infant Louis XV., yet Alberoni, the Prime Minister, was desirous to remain at peace. This able Churchman, who had risen from the lowest position, being the son of a working gardener, and had made his way to his present eminence partly by his abilities and partly by his readiness to forget the gravity of the clerical character for the pleasure of his patrons, was now zealously exerting himself to restore the condition of Spain. He was thus brought into collision with Austria and France, and eventually with this country to which at first he was well disposed. England was under engagement both to France and the Empire, which must, on the first rupture with either of those Powers and Spain, precipitate her into war. The treaty with the Emperoras it guaranteed the retention of the Italian provinces, which Spain beheld with unappeasable jealousy, in Austrian handswas the first thing to change the policy of Alberoni towards Britain. This change was still further accelerated by the news of the Triple Alliance, which equally guaranteed the status quo of France. The Spanish Minister displayed his anger by suspending the Treaty of Commerce, and by conniving at the petty vexations practised by the Spaniards on the English merchants in Spain, and by decidedly rejecting a proposal of the King of England to bring about an accommodation between the Emperor and the Court of Spain.

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ONE:On the 24th of June Parliament was prorogued by commission. The Royal Speech expressed thanks for the attention that had been given to the affairs of Ireland, and the settlement of the Catholic question, which the king hoped would tend to the permanent tranquillity of that country, and to draw closer the bonds of union between it and the rest of the empire. It was announced that diplomatic relations had been renewed with the Porte, for which ambassadors from England and France had taken their departure. But it was with increased regret that his Majesty again adverted to the condition of the Portuguese monarchy. He repeated his determination to use every effort to reconcile conflicting interests, and to remove the evils which pressed so heavily on a country the prosperity of which must ever be an object of his solicitude. The condition of that country was, indeed, most deplorable under the lawless despotism of Dom Miguel, who, on the abdication of his brother Dom Pedro in favour of Do?a Maria da Gloria, had been appointed regent, but had subsequently assumed the royal title, and driven his niece from the country. He overruled the decisions of the courts of justice regarding political prisoners, and inflicted the punishment of death by his own mere arbitrary order, when only transportation had been decreed by the judges. He crowded the prisons with the most distinguished supporters of constitutional government, confiscated their property, and appropriated it to his own use. Yet this monster would have been acknowledged by the Duke of Wellington. Had the Duke been free to follow the dictates of his own judgment, he would have at once resumed the diplomatic relations which had been broken off between the two states. But Britain was committed to the young queen by the policy of the preceding Administration; and the Duke, though he believed that policy to be unwise, could not break through it in a moment. It was not without difficulty, however, that Britain maintained her neutrality between the contending parties. The Portuguese refugees endeavoured, under various false pretences, to avail themselves of British hospitality, for the purpose of conveying arms and ammunition, and bodies of troops into Portugal, to restore the queen. They asserted that they were sending them to Brazil, but really conveyed them to Terceira, one of the Azores, where Do?a Maria had been proclaimed. The consequence was that 4,000 Portuguese troops, which were lying at Plymouth, were ordered to disband, and Captain Walpole, with a squadron, was sent to watch the Portuguese ships in the Atlantic, in order to avoid the imputation of violating the neutrality. His orders were to proceed to the Azores, to intercept any vessels arriving at those islands, and "should they persist, notwithstanding, in hovering about or making any attempt to effect a landing, you are then to use force to drive them away from the neighbourhood." Walpole intercepted four vessels, containing a force of 650 men under the command of the Duke of Saldanha. They declined to bring-to, whereupon he fired a shot which killed one man and wounded another. Saldanha thereupon declared that he considered himself Walpole's prisoner, and turned his vessels towards Europe. Walpole, in great perplexity, followed him, until he was within 500 miles of Scilly, when they parted company and Saldanha went to Havre. These proceedings were regarded with indignation in Great Britain, the enemies of the Government asserting that, in spite of their declarations of neutrality, they had proved themselves partisans of Dom Miguel. Debates were raised in both Houses, Lord Palmerston in the Commons making his first great speech in condemnation of the Duke's foreign policy. It is significant that Wellington should have written to Lord Aberdeen in a private letter: "In respect to Portugal you may tell Prince Polignac that we are determined that there shall be no revolutionary movement from England or any part of the world."

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THREE:Napoleon reached Warsaw on the 10th of December, after a narrow escape of being taken at a village named Youpranoui. On the 14th of December he was in Dresden, and had a long conversation with his satrap king there; and, after escaping some endeavours of the Prussians to seize him, he arrived safely in Paris at midnight of the 18th, where the Parisians, who had with some indifference suppressed the conspiracy got up by the Republicans under General Mallet, hastened to overwhelm him with the most fulsome flatteries. The story of his rubbing his hands over the fire on his arrival at the Tuileries, and saying, "This is pleasanter than Moscow," shows an intensity of selfishness which no history on earth can equal. In this one campaign, that magnificent army, the very flower of French, German, and Polish soldieryperhaps the finest army ever assembledhad perished to a mere fraction, and that amid the most unheard of, the most hitherto unconceived horrors. The remnant of these soldiers was still struggling on in their deserted march, through these horrors even still more intensified. Numbers were falling every day all along the frozen desert tracks, exhausted by famine and cold, and the snows immediately buried them. When they approached any place of rest or refreshment, they fought furiously for fragments of firewood or pieces of horse-flesh. When a horse fell under the burdens they had piled upon him, he was torn by them limb from limb, while yet palpitating with life, and devoured raw. Such was the weariness of these miserable fugitives over immeasurable deserts of frost and snow, through cutting, scythe-edged winds, that nothing but the sound of the Cossack drum, and the howls of the Cossack avengers could induce them to rise and pursue their desolate march. And the man who had brought all these terrible calamities upon nearly half a million of menand more than half a million by far, including women, children, and other camp-followers, to say nothing of the invaded Russiansfelt not a pang for these vast human sufferings, but only for his own detestable pride.In Ireland Roman Catholicism was represented by Archbishop Murray and Dr. Doyle, the eloquent Bishop of Kildare. The majority of the Irish Churchmen were Evangelical, and hence came often into collision with Archbishop Whately, who was a powerful supporter of the system of mixed education. The Scottish Churches at that time possessed a number of ministers of great power and eminence, each exerting in his own denomination extensive influence. Dr. Andrew Thomson, a mighty spirit, had reached the meridian of his great popularity. Dr. Chalmers was rising fast to the commanding position he so long occupied. Among the Baptists the most important names were those of two laymen, James and Robert Haldane, who not only preached throughout Scotland, but organised a vast missionary scheme for India. In the United Presbyterian Church the ablest man was Dr. John Brown, of Edinburgh, wielding great influence as a theological professor, and as the pastor of a large congregation in that city. In Glasgow the Rev. Greville Ewing had founded the Independent Church, then new to Scotland. Associated with him was a man not less gentle in spirit, but with intellectual power much more[429] commanding, and of the highest cultivation as a theologianDr. Wardlaw, who during his life continued the foremost man among the Scottish Congregationalists. Dr. Russell, of Dundee, possessing an intellect of great force, with an energetic temperament, contributed his share to the great controversy which continued for a number of years to agitate the whole Scottish nation, till it issued in the disruption, and in the establishment of the Free Church. That movement had already begun, and the decision of the House of Lords in the Auchterarder case had made the schism inevitable. Among English Nonconformists the greatest names of the Independents were those of Dr. Fletcher, of Finsbury Chapel, John Burnet, of Camberwell, John Angell James, of Birmingham, and William Jay, of Bath. John Williams was preaching the Gospel to the Melanesians, and Dr. Moffat in South Africa. The Baptists could boast Robert Hall, and the essayist John Foster; their greatest missionary was perhaps Dr. Carey. Of the leading Wesleyans we may notice the names of Dr. Bunting and Dr. Adam Clarke. The two chief events which affected that body during the period werethe secession in 1834, when Dr Warren and his followers, called "Warrenites," separated from the Conference, and the last secession, when 100,000 broke off, forming a new community. All the seceding bodiesthe Kilhamites, or New Connexion Methodists; the Bible Christians, or Bryanites; the Wesleyan Methodist Association, formed in 1835; and last, the Wesleyan Methodist Reformersseparated on the alleged ground of the tyrannical powers exercised by the Conference, and the exclusion of the laity[430] from their due share in the management of the body.

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ONE:At this very moment Necker was receiving his dismissal. His situation at Court had been most painful. The people surrounded the palace, crying, "Vive Necker!" "Vive le Ministre du Peuple!" He was more popular than ever, because he had had no part in the insult to the Tiers tat on the 23rd of June. At the same time, when the queen appeared on the balcony with a child in her arms, the fiercest execrations were uttered amid curses on the aristocrats. This made Necker all the more unpopular within the palace. He was accused of having produced all the mischiefs by advising the king to summon the States General. He retorted that the nobles and bishops were the cause, by preventing the king from following the plans he had laid down. Necker, therefore, begged to resign; but he had been always desired to remain, for the Court apprehended an outbreak if he were dismissed. But now, matters being deemed sufficiently safethe army being in grand forcethe king, on the 11th of July, took him at his word. Necker was just sitting down to dinner when he received the king's note, which begged him to keep his retirement secret, and to get across the frontier as expeditiously as possible.

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THREE:With the Elizabeth the Young Pretender lost the greater part of his arms and ammunition. Yet he would not return, but set out in the Doutelle towards Scotland. In two days more the little vessel was pursued by another large English ship, but by dint of superior sailing they escaped, and made the Western Isles. It was only after a fortnight's voyage, however, that they came to anchor off the little islet of Erisca, between Barra and South Uist.

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THREE:

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THREE:These godless atrocities, these enormous murders, beyond all historic precedent, proclaimed a people which had renounced God as well as humanity; and they soon proceeded to avow this fact, and to establish it by formal decree. In their rage for destroying everything old, there was nothing that escaped them. They altered the mode of computing time, and no longer used the Gregorian calendar, but dated all deeds from the first year of Liberty, which they declared to have commenced on the 22nd of September, 1792. The next and greatest achievement was to dethrone the Almighty, and erect the Goddess of Reason in His place. Under the auspices of the Goddess of Reason they did a very unreasonable thing: they deprived all working people and all working animals of one rest-day in every month. Instead of having the four weeks and four Sundays in a month, they[426] decimalised the months, dividing them each into three decades, or terms of ten days each, so that there were only three rest-days, instead of four, in the month.

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THREE:Napoleon, finding Blucher gone, turned his attentions to Wellington, expecting to find him still at Quatre Bras; but, as we have said, the Duke was now on his retreat to Waterloo. Buonaparte dispatched his cavalry in hot haste after him, and they came up with his rear at Genappe, where the British had to pass through a narrow street, and over a narrow bridge across the Dyle. There the French came with such impetus that they threw the light cavalry into confusion; but the heavy dragoons soon rode back, and drove the French with such effect before them, that they made no further interruption of the march. Without an enemy at their rear the march was repugnant enough to the soldiers. British soldiers abominate anything like a retreat. They had heard of the defeat of the Prussians at Ligny; and this retrograde movement looked too much of the same character to please them. Besides, it was raining torrents all the way; and they had to tramp across fields up to the knees in mud. At five in the evening, however, the Duke commanded a halt, and took up his position on ground which thenceforth was to be immortal. He was on the field of Waterloo! Long before this the position had attracted his attention, and he had thought that had he to fight a battle anywhere in that part of the country, it should be on that ground. About two miles beyond the village of Waterloo, which has been chosen to bear the name of this famous battle, and about a mile beyond the hamlet of Mont St. Jean, there stretches across the Charleroi road a ridge of some elevation. On this Wellington posted his army, his left extending to a hamlet called La Haye, and his right across the Nivelles road, to a village and ravine called Braine Merbes. These two roads united in the highway to Brussels, just behind the hamlet of Mont St. Jean, and close behind the centre of Wellington's position was the farm of Mont St. Jean; a little below his centre, on the Charleroi road or causeway, leading through Genappe to Quatre Bras, whence they had come, was another farmhouse, called La Haye Sainte. On Wellington's right, but down in the valley near the Nivelles road, lay an old chateau, with its walled orchard, and a wood beyond it, called Hougomonta contraction of Chateau-Gomont. Below this[98] position ran a valley, and from it ascended opposite other rising grounds, chiefly open cornfields; and along this ascent, at about half a mile distant, Buonaparte posted his army, shutting in by his right the chateau of Hougomont, and commanding it from the high ground. Nearly opposite to Wellington's centre stood a farmhouse, enclosed in its orchards, called La Belle Alliance. There Buonaparte took his stand, and kept it during all the fighteach commander being able to view the whole field. Close behind Wellington the ground again descended towards Mont St. Jean, which gave a considerable protection to his reserves, and kept them wholly out of the observation of the French. To make the situation of Wellington's army clear, we have only to say that behind the village of Waterloo extended the beech wood of Soigne along the road to Brussels for the greater part of the way.WASHINGTON AND HIS MEN AT VALLEY FORGE. (See p. 239.)

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ONE:

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TWO:On the 6th of April Whitbread brought forward these charges against Melville in the House of Commons, as detailed in the tenth report of the Naval Commissioners. In doing so, he paid a high compliment to the manner in which the naval affairs had been conducted since Lord St. Vincent became head of that Department; but he charged Lord Melville with having applied the public money to other uses than those of the Naval Department, in contempt of the Act of 1785an Act which Melville himself, then Dundas, had supported: that he had connived at a system of peculation in the Treasurer of the Navy, Mr. Trotter, an individual for whom he was responsible. The salary of this Mr. Trotter had been fixed by the Act of 1785 at four thousand pounds a year, but he contended that Dundas had allowed Trotter to draw large sums from the Bank of England out of the navy deposit, pay them into Coutts's Bank, and use them for his own benefit; and that, moreover, he had participated in the profits of this system. This charge called forth a vehement contest of parties. Tierney, who had been Treasurer of the Navy under Addington, declared that he had found no inconvenience in complying with the Act of 1785, whilst holding that office. Fox, Grey, Ponsonby, Windham, Wilberforce, Lord Henry Petty, afterwards Lord Lansdowne, supported Whitbread's charges, and Pitt, Canning, and Lord Castlereagh defended Melville. On putting the resolutions moved by Whitbread, after a debate till quite late in the morning, they were carried by the casting vote of the Speaker. The scene, which is one of the most striking in our Parliamentary annals, has frequently been described, notably by Lord Fitzharris:"I sat edged close to Pitt himself," he wrote, "the night when we were two hundred and sixteen, and the Speaker, Abbot, after looking as white as a sheet, and pausing for ten minutes, gave the casting vote against us. Pitt immediately put on the little cocked hat that he was in the habit of wearing when dressed for the evening, and jammed it down deeply over his forehead, and I distinctly saw the tears trickling down his cheeks. We heard one or two, such as Colonel Wardle, say they would see 'how Billy looked after it'! A few young ardent followers of Pitt, with myself, locked their arms together and formed a circle, in which he moved, I believe unconsciously, out of the House, and neither the colonel nor his friends could approach him." But the Opposition were not content with the vote of censure. Whitbread moved that an Address should be presented to his Majesty, praying him to remove Lord Melville for ever from his councils and presence, but the motion was withdrawn as soon as Melville's resignation was known. On the 6th of May Whitbread was about to move a resolution that his Majesty should be requested to erase the name of Lord Melville from the list of the Privy Council, but Pitt rose and said that the motion was unnecessary, as his Majesty had already done it.

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TWO:[414]

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TWO:"My lords and gentlemen," said his Majesty, "I have come to meet you for the purpose of proroguing this Parliament, with a view to its instant dissolution." The voice of the king rose, and became still more shrill and piercing, as he reached the last clause of the sentence; and a loud buzz and hum, the loudest such a presence permitted, immediately followed, and nearly drowned all the succeeding sentences. The dissolution speedily followed the prorogation, and a new Parliament was summoned to meet on the 14th of June.

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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.[See larger version]
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