CHAPTER II
THE NEW WEALTH
Commercial plutocracy not seen in England for the first time under Queen Victoria, but dates from Queen Elizabeth or earlier. Wealth, birth, intellect, often united in England. City traders being Lord Mayors who from 1452 onwards have founded noble houses. The chief elements in the new nineteenth century wealth considered. Gold discoveries in California 1848, in Australia 1850. Their transforming influences at home and abroad. Expert opinions of the period on the consequences and the durability of the new gold. Different views and calculations of Sir Archibald Alison, Sir Roderick Murchison, Chevalier and Cobden. A new civilization resting on gold. Australian millionaire farmers preceded millionaire gold diggers. Effects of new gold upon circulating and fixed wealth of England tested by property assessments.
‘I respect the aristocracy of birth and of intellect. I do not respect the aristocracy of wealth.’ The remark is attributed to the great, or second, Sir Robert Peel. It proceeds upon a confused view of the social principles indicated by the words. It comes, somewhat inappropriately, from the political successor of the William Pitt who bestowed more peerages upon the possessors of mere wealth than any Minister before his time had done. The distinction drawn by Sir Robert Peel between the different aristocracies of England involves some misconceptions of social history. In Austria there existed during the last century, there perhaps survives faintly to this day, an antagonism between the principles of birth and of wealth such as England has never known. With more than conventional fitness is the Premier of the day, whether peer or commoner, the guest on each 9th of November of the First Magistrate of London City. Within five centuries, at least fourteen noble houses have been founded by ten Lord Mayors.
In 1452 Sir Godfrey Feilding, mercer, was the Lord Mayor from whom the Earls of Denbigh descend. Five years later another trader, Sir Godfrey Boleine sat in the chair of Whittington. One of his lineage, a generation or two later, as Earl of Wiltshire, gave Henry VIII. his second wife, and England her first Protestant Queen. Some ninety years thereafter, Lord Mayor Sir John Gresham, grocer, supplied from his numerous family a Duke of Buckingham, and a Lord Braybrooke. In 1557 Sir Thomas Cooke, draper, was installed in the Mansion House. To his descendants at least two patents of nobility were granted, the peerages of Salisbury and of Fitzwilliam. In 1570 a clothworker, Sir Rowland Heyward, became chief of the City Corporation. He was the ancestor of the Marquises of Bath. Fifteen years subsequently to this date, Sir Wolston Dixie, of the Skinners Company, was at once the Sovereign of the City and the forerunner of the peers bearing the titles of Compton or of Northampton. During the earliest years of the seventeenth century there reigned to the East of Temple Bar Sir John Houblon, a grocer. His descendants were to number amongst them the Irish Viscounts who in the fulness of time gave to Queen Victoria in Lord Palmerston the most popular and powerful Premier during the first half of her reign. Within another hundred years Lord Mayor Sir Samuel Dashwood, vintner, became a progenitor of future nobles only less prolific than his sixteenth century predecessor, Sir Thomas Cooke. Those who sprang from him obtained in due course the peerages of Warwick and Brooke. When in 1711, as Tory Ministers, Harley and Bolingbroke dined at the Guildhall, they were entertained by Sir Gilbert Heathcote whose posterity was ennobled by the styles of Aveland and Donne. One of Lord Salisbury’s Christian names, and his second title, that of Viscount Cranborne, perpetuate the memory of the Sir Christopher Gascoigne who was Lord Mayor of London during the first Ministry of Henry Pelham, in 1753.
These instances serve circumstantially to remind us that the titled, like the untitled aristocracy of the country has always represented, as it represents to-day, in nearly equal proportions industry and intelligence in enterprise, perhaps even more than antiquity of descent. The dramatic circumstances of his rise and of his fall; the extent to which the latest developments of science, adventure and speculation were embodied in the person and in the career of the York linendraper’s son, make George Hudson, the ‘railway King’ specially conspicuous amongst those on whom shrewdness and opportunity conferred material success. But the type is not merely as old as the present century. It has existed as long as English civilization itself.
When Queen Victoria came to the throne, there was little in the signs of the times to betoken as near at hand the national prosperity which was firmly established before she had been seated on her throne five and twenty years. National depression followed the exhaustion of English energy and finance which had been caused by the struggle with France. Long after the heavy war taxation had ended with Waterloo, and the conqueror of Waterloo had as ruler of the State reduced army expenses to an unexpectedly low figure, the national fortunes were at an alarmingly low ebb. Sinecures had been nearly abolished. A further saving of expense had been expected by the partial or practical disbandment of the Yeomanry. But between 1815 and 1845 the series of bad years was broken only in 1822-5. Even then, English enthusiasm at the liberation of South America from Spanish rule was followed by reaction consequent upon the sinking of British millions in loans to the Spanish Republics of the New World. During the first decade of the Victorian epoch, better harvests coincided with the importation of gold in small quantities from the Ural mines. The railway enthusiasm provided fresh employment for the working classes. More even than by gold and railways was done by the fiscal reforms due to Cobden, Bright, Peel, Villiers and Gladstone to give impetus to trade, and commerce, and to make England the market of the world. Hence the origin and multiplication of English millionaires. The country was thus gladdened by fitful gleams of a long unknown prosperity.