The Protectionists maintained their numbers, though they did not increase them, in the new Parliament. Lord George Bentinck however gained an invaluable10 coadjutor by the re-appearance of Mr. Herries in public life, a gentleman whose official as well as parliamentary experience, fine judgment11, and fertile resource, have been of inestimable service to the Protectionist party. The political connection which gained most were the Whigs; they were much more numerous and compact, but it was in a great measure at the expense of the general liberal element, and partly at the cost of the following of Sir Robert Peel. The triumphant12 Conservative majority of 1841 had disappeared; but the government, with all shades of supporters, had not an absolute majority.
Had the general election been postponed13 until the autumn, the results might have been very different. That storm—which had been long gathering14 in the commercial atmosphere—then burst like a typhoon. The annals of our trade afford no parallel for the widespread disaster and the terrible calamities15. In the month of September, fifteen of the most considerable houses in the city of London stopped payment for between five and six millions sterling16. The governor of the Bank of England was himself a partner in one of these firms; a gentleman who had lately filled that office, was another victim; two other Bank directors were included in the list. The failures were not limited to the metropolis17, but were accompanied by others of great extent in the provinces. At Manchester, Liverpool, and Glasgow large firms were obliged to suspend payments. This shock of credit arrested all the usual accommodation, and the pressure in the money-market, so terrible in the spring, was revived. The excitement and the alarm in the city of London were so great that when the Chancellor18 of the Exchequer19 hurried up to town on the 1st of October, he found that the interest of money was at the rate of 60 per cent. per annum. The Bank Charter produced the same injurious effect as it had done in April; it aggravated20 the evil by forcing men to hoard21. In vain the commercial world deplored22 the refusal of the government to comply with the suggestion made by Lord George Bentinck and Mr. Thomas Baring in the spring; in vain they entreated23 them at least now to adopt it, and to authorize24 the Bank of England to enlarge the amount of their discounts and advances on approved security, without reference to the stringent25 clause of the charter. The government, acting26, it is believed, with the encouragement and sanction of Sir Robert Peel, were obstinate27, and three weeks then occurred during which the commercial credit of this country was threatened with total destruction. Nine more considerable mercantile houses stopped payment in the metropolis, the disasters in the provinces were still more extensive. The Royal Bank of Liverpool failed; among several principal establishments in that town, one alone stopped payment for upwards28 of a million sterling. The havoc29 at Manchester was also great. The Newcastle bank and the North and South Wales bank stopped. Consols fell to 79 1/4, and exchequer bills were at last at 35 per cent, discount. The ordinary rate of discount at the Bank of England was between 8 and 9 per cent., but out of doors accommodation was not to be obtained. In such a state of affairs, the small houses of course gave way. From their rising in the morning until their hour of retirement30 at night, the First Lord of the Treasury31 and the Chancellor of the Exchequer were employed in seeing persons of all descriptions, who entreated them to interfere32 and preserve the community from universal bankruptcy33. ‘Perish the world, sooner than violate a principle,’ was the philosophical34 exclamation35 of her Majesty’s ministers, sustained by the sympathy and the sanction of Sir Robert Peel. At last, the governor and the deputy-governor of the Bank of England waited on Downing Street, and said it could go on no more. The Scotch36 banks had applied37 to them for assistance. The whole demand for discount was thrown upon the Bank of England. Two bill-brokers had stopped; two others were paralyzed. The Bank of England could discount no longer. Thanks to the Bank Charter, they were safe and their treasury full of bullion38, but it appeared that everybody else must fall, for in four-and-twenty hours the machinery39 of credit would be entirely stopped. The position was frightful40, and the government gave way. They did that on the 25th of October, after houses had fallen to the amount of fifteen millions sterling, which they had been counselled to do by Lord George Bentinck on the 25th of April. It turned out exactly as Mr. Thomas Baring had foretold41. It was not want of capital or deficiency of circulation which had occasioned these awful consequences. It was sheer panic, occasioned by an unwisely stringent law. No sooner had the government freed the Bank of England from that stringency42, than the panic ceased. The very morning the letter of license43 from the government to the Bank of England appeared, thousands and tens of thousands of pounds sterling were taken from the hoards44, some from boxes deposited with bankers, although the depositors would not leave the notes in their bankers’ hands. Large parcels of notes were returned to the Bank of England cut into halves, as they had been sent down into the country, and so small was the real demand for an additional quantity of currency, that the whole amount taken from the Bank, when the unlimited45 power of issue was given, was under ?￡400,000, and the Bank consequently never availed itself of the privilege which the government had accorded it. The restoration of confidence produced an ample currency, and that confidence had solely46 been withdrawn47 from the apprehension48 of the stringent clauses of the Bank Charter Act of 1844.
These extraordinary events had not occurred unnoticed by Lord George Bentinck. The two subjects that mostly engaged his attention after the general election were the action of the Bank Charter and the state of our sugar colonies. Perhaps it would be best to give some extracts from his correspondence at this period. He was a good letter-writer, easy and clear. His characteristic love of details also rendered this style of communication interesting. It is not possible to give more than extracts, and it is necessary to omit all those circumstances which generally in letter-reading are most acceptable. His comments on men and things were naturally free and full, and he always endeavoured, for the amusement of his correspondents, to communicate the social gossip of the hour. But although all this must necessarily be omitted, his letters may afford some illustrations of his earnestness and energy, the constancy of his aim, and the untiring vigilance with which he pursued his object—especially those which are addressed to gentlemen engaged in commercial pursuits who cooperated with him in his investigations49.
TO A FRIEND.
Harcourt House, August 30, 1847.
An answer is come out to my address to my constituents50 at King’s Lynn, and to my speech in answer to Peel’s manifesto51. Pray read it. At first I thought I could swear to its being * * * *, I now think I can swear to its being * * * *; the servility to Peel, and the official red-tape style would equally do for either; but the no-popery page, I think, fixes it on * * * *.
I think it wretchedly weak, and have written some notes on the margin52, showing up the principal points. The nine months’ famine of 1846-47, as contrasted with Peel’s famine, shows a difference of between ?￡6,000,000 and ?￡7,000,000; that is to say, on the balance in the nine months 1845-46, Ireland exported about three millions’ worth of breadstuffs, and not a soul died of famine. In the nine months 1846-47, she imported three millions’ sterling worth of bread-stuffs, which insufficed to prevent one million—or say half a million—of the people from dying of starvation.
At present I have seen no notice of the pamphlet in any of the newspapers: if it is either * * * *‘s, or * * * *‘s, or * * * *‘s we shall see it reviewed in ‘Times,’ ‘Chronicle,’ and ‘Spectator.’
The Bank of England has raised the interest on * * * *‘s mortgage one-third per cent., making an additional annual charge of ?￡1,500 a year to him. I am very sorry for him, but I know nothing so likely to rouse the landed aristocracy from their apathy53, and to weaken their idolatry of Peel so much as this warning note of the joint54 operation of his free trade and restrictive currency laws.
TO A FRIEND.
Harcourt House, September 2, 1847.
I think it is * * * *. The trickster, I observe, has carefully reduced the pounds of cotton to cwts., in the hopes of concealing55 a great fraud to which he has condescended56; taking, in the Whig year of 1841, the home consumption of cotton, whilst in Peel’s year he gives entire importation as the home consumption, representing both as home consumption.
In Peel’s year, 1846, officially we have only the gross importation; but in the Whig year, 1841, the entire importation and the home consumption are given separately: the importation exceeding the home consumption by fifty million pounds. Burn’s ‘Glance,’ however, gives the importation and home consumption for both years; unfortunately, however, not in lbs. or cwts., but in bags. * * * *‘s fraud, however, is not the less apparent.
He selects a Whig year when the home consumption was 220,-000 bags under the importation, and a year for Peel when the importation exceeded the home consumption by 280,000 bags, and claps down the figures as alike describing the home consumption.
None of the Peel papers have taken up the subject: if they should, the ‘Morning Post’ will answer the pamphlet; but I should like to have mine back again, in order that I may furnish them with the notes.
* * * * was with me this morning, and called my attention to the circumstance that the author starts with ‘We,’ but drops into the singular number; * * * * fancies it is Peel himself, but the page on endowment fixes it on * * * *.
Lord L * * * * means, I presume, that Peel’s savage57 hatred58 is applied to the Protectionist portion of his old party, not of course to the janissaries and renegade portion.
The following letter was in reply to one of a friend who had sent him information, several days before they occurred, of the great failures that were about to happen in the city of London. The list was unfortunately quite accurate, with the exception indeed of the particular house respecting which Lord George quotes the opinion of Baron59 Rothschild.
TO A FRIEND.
Welbeck, September 17, 1847.
A thousand thanks for your letter, the intelligence in which created a great sensation at Doncaster.
As yet none of the houses appear to have failed except S * * * *. Baron Rothschild was at Doncaster. I talked with him on the subject; he seemed not to doubt the probable failure of any of the houses you named, except * * * *. He declared very emphatically ‘that * * * * house was as sound as any house in London.’
Lord Fitzwilliam declares ‘it is no free trade without free trade in money.’
Lord Clanricarde is here—laughs at the idea of Parliament meeting in October; but talks much of the difficulties of Ireland—says he does not see how the rates are to be paid.
Messrs. Drummond are calling in their mortgages. I expect to hear that this practice will be general; money dear, corn cheap, incumbrances enhanced, and rents depressed60. What will become of the apathetic country gentlemen? I judge from * * * * ‘s language, that Lord John Russell will stand or fall by the Bank Charter Act-but that he feels very apprehensive61 of being unable to maintain it.
I agree with Bonham, in thinking that the Protectionist party is smashed for the present Parliament; but I must say I think Protectionist principles and policy are likely to come into repute again far sooner than was expected; and though Peel’s party be a compact body, and formidable in the House of Commons, I cannot think that there appears that in the working of his measures to make it likely that he should be soon again carried into power on the shoulders of the people. I think his political reputation must ebb62 further before it can rise again, if it should ever rise again. * * * * thought him ‘broken and in low spirits,’ when he met him at Longshaw; but Lord * * * *, who was there at the same time, came away more Peelite than ever, and told them at Bretby that Sir Robert said, ‘That he was quite surprised at the number of letters he got every day from members returned to Parliament, saying they meant to vote with him.’
You may rely upon it the Peelites are very sanguine63 that they will be in power again almost directly. We must keep them out.
TO MR. BURN, EDITOR OF THE ‘COMMERCIAL GLANCE.’
Welbeck, September 38, 1847. To the many courtesies you have already bestowed64 upon me, I will sincerely thank you to add that of informing me what have been the estimated cotton crops in the United States in each of the last four years. I would also thank you to inform me the comparative importation, home consumption, re-exportation, and stocks on hand of cotton of the first seven months of the current and three preceding years.
TO MR. BURN.
Welbeck, October 4, 1847.
Your statistics have reached me in the very nick of time, and are invaluable. I care nothing about ‘outsides,’ it is ‘insides’ I look to; give me a good ‘heart,’ and I don’t care how rough the ‘bark’ is.
Anything so good I fear to spoil by suggesting the most trivial addition, else I should say it would be an interesting feature to classify the exports of cotton goods, etc., etc., under three heads:—
1st. To the British colonies and British possessions abroad.
2nd. To the northern states of Europe, France, Spain, Germany, Italy, etc., etc., the United States of America, and other countries having high tariffs65.
3rd. To China, Turkey, Africa, and the Southern States of America, and countries with low tariffs.
I fear these failures of East and West India houses must entail66 great distress67 upon Manchester, and the manufacturing interests generally. You have given an account of the bankruptcies68 in the cotton trade during a long series of years till last year inclusive; are you able to say how the first nine months of the current year stands in comparison with its predecessors69?
I so highly prize your new work, that I must ask for a dozen copies to distribute among my friends.
P. S. I have already parted with the copy you sent me; may I, therefore, beg another without waiting for any other binding70?
TO A FRIEND.
Welbeck, October 5, 1847.
I shall go up to town on Friday evening, in my way to Newmarket, and shall be at Harcourt House all Saturday and Sunday, and shall be delighted to see you, and have a thorough good talk with you. Free trade seems working mischief71 faster than the most fearful of us predicted, and Manchester houses, as I am told, ‘failing in rows,’ ashamed to do penance72 in public, are secretly weeping in sackcloth and ashes, and heartily73 praying that Peel and Cobden had been hanged before they were allowed to ruin the country.
Money at Manchester is quoted one and a quarter per cent, for ten days: ?￡45 12s. 6d. per cent. per annum!
TO A FRIEND.
Harcourt House, October 22, 1847. I have this moment got a note from Stuart, telling me that ‘the Chancellor has this afternoon sent out his notice of the business to be taken in his own court during Michaelmas term, that is, from the 2nd of November till the 26th, and below it there is this notice—except those days on which the Lord Chancellor may sit in the House of Lords!!!’
TO A FRIEND.
Harcourt House, October 23, 1847. The fat banker’s gossip is all stuff. Peel goes to Windsor today, I believe on an invitation of some standing75. * * * * who had been dining at Palmerston’s last night, tells me that he does not think that ministers mean calling Parliament together, and is confident they mean to maintain the Bank Charter Act. There have been some first-rate articles and letters in the ‘Morning Chronicle’ lately on this subject.
TO A FRIEND.
Harcourt House, November 6, 1847.
I will stay over Tuesday, that I may have the pleasure of a thorough talk with you.
I am told things are gradually getting better. I expect, however, a fresh reverse about six weeks or two months hence, when the returned lists of the stoppages in the East and West Indies, consequent upon the late failures here, come home. The Western Bank of Scotland is whispered about. If that were to fail, it might bring the canny76 Scots to their senses; but they are a headstrong race.
A committee on commercial distress having been appointed, the principal reason for the summoning of the new Parliament in the autumn had been satisfied, and an adjournment77 until a month after Christmas was in prospect78. Before, however, this took place, a new and interesting question arose, which led to considerable discussion, and which ultimately influenced in no immaterial manner the parliamentary position of Lord George Bentinck.
The city of London at the general election had sent to the House of Commons, as a colleague of the first minister, a member who found a difficulty in taking one of the oaths appointed by the House to be sworn preliminarily to any member exercising his right of voting. The difficulty arose from this member being not only of the Jewish race, but unfortunately believing only in the first part of the Jewish religion.
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1
apathetic
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| adj.冷漠的，无动于衷的 | |
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esteem
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| n.尊敬，尊重；vt.尊重，敬重；把…看作 | |
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inevitable
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| adj.不可避免的，必然发生的 | |
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temperate
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| adj.温和的，温带的，自我克制的，不过分的 | |
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entirely
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| ad.全部地，完整地；完全地，彻底地 | |
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aloof
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| adj.远离的；冷淡的，漠不关心的 | |
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sarcastic
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| adj.讥讽的，讽刺的，嘲弄的 | |
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grumble
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| vi.抱怨；咕哝；n.抱怨，牢骚；咕哝，隆隆声 | |
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repeal
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| n.废止，撤消；v.废止，撤消 | |
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invaluable
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| adj.无价的，非常宝贵的，极为贵重的 | |
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judgment
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| n.审判；判断力，识别力，看法，意见 | |
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triumphant
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| adj.胜利的，成功的；狂欢的，喜悦的 | |
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postponed
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| vt.& vi.延期，缓办，（使）延迟vt.把…放在次要地位；[语]把…放在后面（或句尾）vi.（疟疾等）延缓发作（或复发） | |
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gathering
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| n.集会，聚会，聚集 | |
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calamities
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| n.灾祸，灾难( calamity的名词复数 )；不幸之事 | |
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sterling
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| adj.英币的(纯粹的，货真价实的)；n.英国货币(英镑) | |
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metropolis
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| n.首府；大城市 | |
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chancellor
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| n.(英)大臣；法官；(德、奥)总理；大学校长 | |
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exchequer
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| n.财政部；国库 | |
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aggravated
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| 使恶化( aggravate的过去式和过去分词 )； 使更严重； 激怒； 使恼火 | |
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hoard
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| n./v.窖藏，贮存，囤积 | |
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deplored
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| v.悲叹，痛惜，强烈反对( deplore的过去式和过去分词 ) | |
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entreated
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| 恳求，乞求( entreat的过去式和过去分词 ) | |
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authorize
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| v.授权，委任；批准，认可 | |
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stringent
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| adj.严厉的；令人信服的；银根紧的 | |
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acting
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| n.演戏，行为，假装；adj.代理的，临时的，演出用的 | |
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obstinate
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| adj.顽固的，倔强的，不易屈服的，较难治愈的 | |
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upwards
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| adv.向上，在更高处...以上 | |
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havoc
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| n.大破坏，浩劫，大混乱，大杂乱 | |
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retirement
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| n.退休，退职 | |
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treasury
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| n.宝库；国库，金库；文库 | |
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interfere
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| v.(in)干涉，干预；(with)妨碍，打扰 | |
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bankruptcy
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| n.破产；无偿付能力 | |
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philosophical
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| adj.哲学家的，哲学上的，达观的 | |
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exclamation
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| n.感叹号，惊呼，惊叹词 | |
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scotch
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| n.伤口，刻痕；苏格兰威士忌酒；v.粉碎，消灭，阻止；adj.苏格兰(人)的 | |
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applied
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| adj.应用的；v.应用，适用 | |
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bullion
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| n.金条，银条 | |
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machinery
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| n.(总称)机械，机器；机构 | |
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frightful
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| adj.可怕的；讨厌的 | |
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foretold
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| v.预言，预示( foretell的过去式和过去分词 ) | |
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stringency
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| n.严格，紧迫，说服力；严格性；强度 | |
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license
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| n.执照，许可证，特许；v.许可，特许 | |
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hoards
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| n.（钱财、食物或其他珍贵物品的）储藏，积存( hoard的名词复数 )v.积蓄并储藏（某物）( hoard的第三人称单数 ) | |
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unlimited
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| adj.无限的，不受控制的，无条件的 | |
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solely
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| adv.仅仅，唯一地 | |
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withdrawn
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| vt.收回；使退出；vi.撤退，退出 | |
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apprehension
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| n.理解，领悟；逮捕，拘捕；忧虑 | |
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investigations
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| （正式的）调查( investigation的名词复数 )； 侦查； 科学研究； 学术研究 | |
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constituents
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| n.选民( constituent的名词复数 )；成分；构成部分；要素 | |
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manifesto
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| n.宣言，声明 | |
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margin
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| n.页边空白；差额；余地，余裕；边，边缘 | |
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apathy
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| n.漠不关心，无动于衷；冷淡 | |
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54
joint
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| adj.联合的，共同的；n.关节，接合处；v.连接，贴合 | |
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concealing
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| v.隐藏，隐瞒，遮住( conceal的现在分词 ) | |
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condescended
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| 屈尊，俯就( condescend的过去式和过去分词 )； 故意表示和蔼可亲 | |
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savage
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| adj.野蛮的；凶恶的，残暴的；n.未开化的人 | |
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hatred
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| n.憎恶，憎恨，仇恨 | |
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baron
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| n.男爵；(商业界等)巨头，大王 | |
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depressed
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| adj.沮丧的，抑郁的，不景气的，萧条的 | |
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apprehensive
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| adj.担心的，恐惧的，善于领会的 | |
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62
ebb
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| vi.衰退，减退；n.处于低潮，处于衰退状态 | |
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sanguine
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| adj.充满希望的，乐观的，血红色的 | |
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64
bestowed
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| 赠给，授予( bestow的过去式和过去分词 ) | |
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65
tariffs
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| 关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准 | |
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66
entail
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| vt.使承担，使成为必要，需要 | |
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67
distress
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| n.苦恼，痛苦，不舒适；不幸；vt.使悲痛 | |
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68
bankruptcies
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| n.破产( bankruptcy的名词复数 )；倒闭；彻底失败；（名誉等的）完全丧失 | |
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69
predecessors
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| n.前任( predecessor的名词复数 )；前辈；（被取代的）原有事物；前身 | |
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70
binding
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| 有约束力的，有效的，应遵守的 | |
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71
mischief
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| n.损害，伤害，危害；恶作剧，捣蛋，胡闹 | |
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72
penance
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| n.（赎罪的）惩罪 | |
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73
heartily
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| adv.衷心地，诚恳地，十分，很 | |
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74
portend
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| v.预兆，预示；给…以警告 | |
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75
standing
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| n.持续，地位；adj.永久的，不动的，直立的，不流动的 | |
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76
canny
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| adj.谨慎的，节俭的 | |
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77
adjournment
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| 休会； 延期； 休会期； 休庭期 | |
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prospect
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| n.前景，前途；景色，视野 | |
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