THREE: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.
FORE:It is a singular fact, and by no means creditable to the "collective wisdom of the nation," that we have had no authentic enumeration of the English people till the beginning of the nineteenth century. The result, however, of the census of 1800 showed that the population of England had made progress throughout the whole of the preceding century, with the exception of the first ten years, when it seemed to have declined. Mr. Finlayson, the actuary, drew up a statement founded on the returns of births, marriages, and deaths, giving an estimate of the population at decennial periods, from which it appears that in the year 1700 it was 5,134,516, and in 1800 it was 9,187,176. Further, from the decennial census we gather that the population of Great Britain and Ireland, which in 1821 amounted to 21,193,458, was at the enumeration in 1831, 24,306,719; the percentage rate of increase during that interval being 14.68, or very nearly 1? per cent. per annum; and that at the enumeration in 1841 the numbers were 26,916,991, being an increase since 1831 of 2,610,272, or 10?74 per cent., which is very little beyond 1 per cent. per annum. Comparing 1841 with 1821, it appears that the increase in the twenty years was in England 33?20, or 1?66 per cent. per annum; Wales, 27?06, or 1?35; Scotland, 25?16, or 1?25; Ireland, 20?50, or 1?02; the United Kingdom, 27?06, or 1?35 per cent. per annum. For the purpose of comparison with the corresponding number of years in the nineteenth century, it may be stated that the increase during thirty years, from 1700 to 1800, is computed to have amounted to 1,959,590, or 27
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THREE:DANIEL O'CONNELL. (After the Portrait by Sir David Wilkie.)On the 23rd of March the Allied sovereigns, including that of the United Kingdom, signed, by their plenipotentiaries, a new treaty of alliance offensive and defensive, on the same principles as the Treaty of Chaumont, entered into in March, 1814. The Duke of Wellington then hastened away to Belgium to muster his forces therefor Belgium, as it had been so often before, was sure to become the battle-ground on this occasion. So early as the 5th of April he announced that he had placed thirteen thousand four hundred men in the fortresses of Belgium, and had besides twenty-three thousand British and Hanoverian troops, twenty thousand Dutch and Belgian, and sixty pieces of artillery. Unfortunately, the bulk of his victorious army of the Peninsula had been sent to the inglorious contest with America, where a good naval blockade would have been the most effectual kind of warfare. But he observed that Buonaparte would require some time to assemble a strong force, and this time must be employed by Britain to collect a correspondingly powerful army. The Duke, with accustomed energy, not only applied himself with all his strength to this object, but to stimulating, by letters, the Allied sovereigns to hasten up their quotas, some of them notoriously the slowest nations in the world.
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