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FORE:[See larger version]The distress which had pressed so severely on the people, and which had set them thinking about the most perilous political changes, was intimately connected with the state of the country. Throughout the troubled period of almost incessant war and lavish expenditure between 1797 and 1815, the business of the nation was carried on with an inconvertible paper currency, the precious metals having nearly all departed from the country. Bank notes were issued in such quantities, to meet the exigencies of the Government, that the prices of all commodities were nearly doubled. The Bill which was passed in 1819 providing for the resumption of cash payments had reduced the currency from 48,278,070, which was its amount in 1819, to 26,588,000, in 1822. The consequence was the reduction of prices in the meantime, at the rate of fifty per cent., in all the articles of production and commerce. With this tremendous fall of prices, the amount of liabilities remained unchanged; rents, taxes, and encumbrances were to be paid according to the letter of the contract, while the produce and commoditiesthe sale of which was relied upon to pay themdid not produce more than half the amount that they would have brought at the time of the contracts. The evil of this sudden change was aggravated by the South American Revolution, in consequence of which the annual supply of the precious metals was reduced to a third of its former amount. It was peculiarly unfortunate that this stoppage in the supply of gold and silver occurred at the very time that the Legislature had adopted the principle that paper currency should be regarded as strictly representing gold, and should be at any moment convertible into sovereigns. A paper currency should never be allowed[238] to exceed the available property which it represents, but it is not necessary that its equivalent in gold should be lying idle in the coffers of the Bank, ready to be paid out at any moment the public should be seized with a foolish panic. It is enough that the credit of the State should be pledged for the value of the notes, and that credit should not be strained beyond the resources at its command. The close of 1822 formed the turning-point in the industrial condition of the country. The extreme cheapness of provisions, after three years of comparative privation, enabled those engaged in manufacturing pursuits to purchase many commodities which they had hitherto not been able to afford. This caused a gradual revival of trade, which was greatly stimulated by the opening of new markets for our goods, especially in South America, to which our exports were nearly trebled in value between 1818 and 1823, when the independence of the South American Republics had been established. The confidence of the commercial world was reassured by the conviction that South America would prove an unfailing Dorado for the supply of the precious metals. The bankers, therefore, became more accommodating; the spirit of enterprise again took possession of the national mind, and there was a general expansion of industry by means of a freer use of capital, which gave employment and contentment to the people. This effect was materially promoted by the Small Note Bill which was passed in July, 1822, extending for ten years longer the period during which small notes were to be issued; its termination having been fixed by Peel's Bill for 1823. The average of bank-notes in circulation in 1822 was 17,862,890. In November of the following year it had increased by nearly two millions. The effect of this extension of the small note circulation upon prices was remarkable. Wheat rose from 38s. to 52s., and in 1824 it mounted up to 64s. In the meantime the bullion in the Bank of England increased so much that whereas in 1819 it had been only 3,595,360, in January, 1824, it amounted to 14,200,000. The effect of all these causes combined was the commencement of a reign of national prosperity, which burst upon the country like a brilliant morning sun, chasing away the chilling fogs of despondency, and dissipating the gloom in the popular mind.
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FORE:But General Lambert did not retire far without striking another blow. His predecessor had failed to take New Orleans, but he had brought away the troops in excellent order, and he passed over in Sir Alexander Cochrane's squadron and attacked and took the important forts of Mobile, at the confluence of the Mobile, Tombigbee, and Alabama riversthe territories around which have since grown into States. This was a basis for important operations on those shores; but they were rendered unnecessary by the peace.
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FORE:The Duke of Buckingham justly remarks that the task of the Government was from the first an up-hill one, "which nothing but their devotion to their master's service made them continue; but when a thousand unmistakable signs foretold a rebellion if they persevered, they had no alternative but to put an end to the thing with all convenient despatch." The truth is, in this case, victory would have been ruin to the victors. By beating a timely retreat they saved the monarchy. The Tory leaders, however, consoled themselves that they had so damaged the queen's character that even the chiefs of the great Whig families would not wish to have her at the head of the female aristocracy, or to have their wives and daughters at her court. They said: "The stout lady in the magnificent hat and feathers was very well as a source of Ministerial embarrassment; but, much as some of them pretended to decry the evidence against her that was elicited during her trial, they took especial care not to allow her anything resembling an intimacy with[214] their wives or daughters." She was, however, visited after the trial by her son-in-law, Prince Leopold, and by the Duke of Sussex; and for some time the carriages of the highest ladies in the land were at her door. Grateful to Providence for the deliverance she had experienced from the hands of her persecutors, she went in state to St. Paul's to return public thanks to God. But even in this she was subjected to humiliation. An application had been made to have a sermon preached on the occasion, and Archdeacon Bathurst solicited the honour of delivering an appropriate discourse, but the authorities of the Cathedral refused his request, and the ceremony consisted merely of the reading of the morning service. The Bishop of Llandaff stigmatised the service as "a mockery of a religious solemnity, at which every serious Christian must shudder."
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