Ministers were aware of all this; and they knew also that, on the first declaration of war with France or any foreign power, they would at once raise a loan or issue exchequer bills to the extent of at least £20,000,000 sterling. Here is an enemy worse than the French, or the French and the Repealers united – want, fever, famine, disaffection, despair, actually within our bosom, and consuming the very vitals of the state! A word from the Chancellor of the Exchequer would at once arrest the misery, dispel the sedition, restore bread to millions, revive loyalty in a wasted and perishing state.6 Why, then, is it not instantly done? why does not government eagerly seize so glorious an opportunity of healing the wounds of the suffering people, and extinguishing, by deeds of beneficence, the demons of discord and disaffection in the realm? Because it would interfere with a principle; it would intercept the free employment of wealth; it might alarm capitalists, lower the value of Exchequer bills, and for a week or two depress the funds a-half, or perhaps one per cent. It would be a substantial extension of the currency, and that would imply an avowal that it had formerly been unduly contracted; it might be quoted against ministers as a tardy and reluctant admission of the error of their former monetary policy in the parliamentary committee, or in the House of Commons! It is for such wretched considerations as these that relief is refused, and want, wretchedness, and treason prolonged throughout the kingdom. Were the subject not so serious, and even terrible in all its bearings, their conduct would remind us of the well-known reasons assigned by Dr Sangrado to Gil Blas, for continuing, to the evident destruction of his patients, the system of hot water and bleeding.
"'Sir,' said I one evening to Dr Sangrado, 'I call heaven to witness, that I exactly follow out your method, nevertheless all my patients slip out of my hands to the other world: one would think they take a pleasure in dying, to discredit our system… If you would follow my advice,' replied I, 'we would change our system of practice.' 'I would willingly,' replied he, 'make the trial, if it led to no other consequences than those you have mentioned; but I have published a book in which I extol the frequent use of the lancet and hot water; do you wish me to decry my own work?' 'Oh! you are right,' replied I, 'you must never think of giving such a triumph to your enemies: they would say you have at length confessed your error; that would ruin your reputation: perish rather the noblesse, the clergy, and the people. Let us go on as we have begun.' We continued accordingly our system, and went on with such expedition, that in six weeks we had occasioned as many funerals as the siege of Troy."7
We speak advisedly, and after a full observation of its effects, when we say, that the great majority of the unhappy persons who, within the last year, have been sent into the Gazette, owe their ruin as completely and exclusively to the measures of government, as Dr Sangrado's patients did their death to the copious bleedings and warm water draughts which he prescribed to them. Only think what our rulers have done, and then say whether any save colossal private fortunes, engaged in mercantile adventures, could withstand the effects of their measures.
I. The government, in the first place, by the bill of 1819, compelled the Bank of England to pay its notes in gold; by the act of 1826 prohibited the issuing of any notes below five pounds; and by the act of 1844 in England, and 1845 in Scotland and Ireland, restricted the notes issuable on securities, in the whole empire, to £32,000,000, declaring that, for every note beyond that limit issued by any bank, sovereigns to an equal amount must be stored up in the vaults of the issuer. In a word, they made the whole circulation beyond £32,000,000 a metallic currency. At the same time, they provided that, for every five sovereigns beyond a certain limit withdrawn from the Bank of England, a five-pound note should be withdrawn by that establishment from the circulation.
II. Having thus laid the nation fast in golden fetters, and prevented the possibility of an extension of the currency, for carrying on all undertakings beyond this £32,000,000, save by an augmentation of the gold coin in the country, government next proceeded to give every possible encouragement to railway undertakings, and to pass bills through the legislature for new undertakings of that description, requiring the outlay from 1845 to 1848 of at least £150,000,000 sterling, in addition to the ordinary expenditure and operations of the country, already raised at that period to an unusual and unprecedented height.
III. Having thus, in 1844 and 1845, landed the empire in an extraordinary and unheard-of amount of undertakings, requiring the utmost possible extension of the currency to carry these on, government, in 1846, next proceeded to introduce the free-trade system – allow the free importation of foreign grain, and throw down the protection barriers which had hitherto alone sheltered the native industry of the empire, and prevented, save on extraordinary emergencies, any considerable drain upon its metallic resources. They thus raised the imports to £85,000,000, sent the metallic circulation headlong out of the country, and of course contracted, by the force of the law of 1844, in a similar proportion, its paper circulation. By the two combined, they occasioned such a strain upon the bank that, in the end of October 1847, it was within a few days of stopping payment. Ministers were in consequence obliged to suspend the Bank Charter Act; but not till an amount of bankruptcy had been brought upon the middle class, and misery upon the people, unparalled in the history of Great Britain.
IV. Free-trade having exposed our colonists in the West Indies, who were charged with an indolent emancipated black population, to a direct competition with the slave colonies of other countries, where sugar, being raised by forced labour, could be brought to the market at little more than half the price which it cost in the British – government next obstinately adhered to their determination to ruin these colonies, and destroy capital to the amount of £100,000,000 sterling, rather than abate one iota of their free-trade principles; realising thus, indeed, the exclamation of Robespierre – "Perish the colonies, rather than one principle be abandoned!" The consequence is, that one half of the estates in the British West India islands will go out of cultivation, and be choked with jungle in the course of this year. Agricultural produce, once averaging £22,000,000 annually, will be destroyed in the next: a market once taking off £3,600,000 of our manufactures, and giving employment to 250,000 tons of our shipping, will be extinguished; and the foreign slave-colonies, having beat down British competition, will get the monopoly of the sugar-market of the world into their own hands, and raise its price to 7d. or 8d. a pound in the English market – thus terminating the miserable advantage for which all these disasters are incurred.
Whoever considers seriously, and in a dispassionate mode, the necessary effect of the measures on the part of government which have now been detailed, so far from being surprised at the extent of the devastation and ruin which has occurred simultaneously in Great Britain, Ireland, the East and West Indies, will only be surprised that it has not been greater and more wide-spread than it actually has been. He will regard it as the most decisive proof of the vast resources of the British empire, and the indomitable energy of the British people, that they have been able to bear up at all against such repeated and gratuitous blows, levelled, not intentionally, but from mistaken principles, by their own rulers at the main sources of national prosperity. And he will not consider it the least remarkable