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TWO:COPENHAGEN.Sir Francis Burdett once wrote a letter of a single sentence to his friend Lord Cloncurry, as follows:"Dear Lord Cloncurry, I should like to know what you think would allay Irish agitation? Yours truly, F. B." It would have taken a volume to answer this question, and perhaps, after all, Sir Francis Burdett would not have been satisfied. George IV. thought that his visit would have had that effect, and appearances for a time seemed to justify his sanguine anticipations. The visit had been long meditated. He set out on a yachting excursion soon after the coronation, and arrived at Plymouth on the 1st of August amidst the huzzas of an immense concourse of people. On the following day the royal squadron departed for Ireland, and anchored in the bay at Holyhead on the 7th. The news of his approach threw the people of Dublin into a paroxysm of joy, to which the newspapers of the day gave expression in the most extravagant terms. The blessing that awaited them seemed too great to be realised. Never had they comforted their hours of despondency or flattered themselves in seasons of imagined felicity, with anything approaching to the reality which fortune was about to shower upon them. The king's name, they declared, was more to them than a tower of strength; it had effected what neither patriots, philosophers, nor moralists could ever accomplish.
TWO:Since the year 1833 the sum of 20,000 was all that had been granted by Parliament for popular education. Up to this time the National Society and the British and Foreign School Society had, without distinction of party, enjoyed an equitable proportion of the benefit of this grant. The Government were now about to propose an increase, but they determined at the same time to change the mode of its distribution, and their plan gave rise to a great deal of discussion on the subject during the Session. The intentions of the Government were first made known by Lord John Russell on the 12th of February when he presented certain papers, and gave an outline of his views. He proposed that the President of the Council and other Privy Councillors, not exceeding five, should form a Board, to consider in what manner the grants made by Parliament should be distributed, and he thought that the first object of such a Board should be the establishment of a good normal school for the education of teachers. Lord John said that he brought forward the plan not as a faultless scheme of education, but as that which, on consideration, he thought to be the most practical in the present state of the country. The new committee on the 3rd of June passed several resolutions, one of which was that in their opinion the most useful applications of any sums voted by Parliament would consist in the employment of those moneys in the establishment of a normal school, under the direction of the State, and not under the management of a voluntary society. They admitted, however, that they experienced so much difficulty in reconciling the conflicting views respecting the provisions they were desirous of makingin order that the children and teachers instructed in the school should be duly trained in the principles of the Christian religion, while the rights of conscience should be respectedthat it was not in their power to mature a plan for the accomplishment of their design without further consideration. Meanwhile the committee recommended that no grant should thenceforth be made for the establishment or support of normal schools, or any other schools, unless the right of inspection were retained, in order to secure a conformity to the regulations and discipline established in the several schools, with such improvements as might from time to time be suggested by the committee. The day after the committee had adopted these resolutions Lord Ashley moved a call of the House for the 14th of June, when Lord John Russell, in seconding the motion, stated that Government did not intend to insist upon their proposal to found a normal school. This was a weak concession to the Church party, but it did not prevent Lord Stanley, the author of a similar measure for Ireland, from attacking the Bill with the full violence of his eloquence. The vote was to be increased to 30,000. The House, after a debate of three nights, divided, when the grant was voted by a majority of only two. On the 5th of July the subject of education was introduced to the notice of the Lords by the Archbishop of Canterbury, who defended the Church, and objected to the giving of Government grants in a manner calculated to promote religious dissent. He[464] was answered by the Marquis of Lansdowne. The Bishop of Exeter, the Bishop of London, and several other prelates addressed the House, and gave their views on this great question. The Archbishop of Canterbury had brought forward a series of resolutions embodying the Church views of the subject. These Lord Brougham vigorously opposed. The House divided on the previous question, when the first resolution, the only one put to the vote, was carried by a majority of 111. This resolution condemned the Order in Council, and in consequence of it the Lords went in a body to the Queen to offer their remonstrance against the proposed change in the mode of distributing the grant. The remaining resolutions were voted without a division. Nevertheless the Ministry succeeded in carrying a modified scheme, by which it was provided that the inspectors to be appointed by the Committee of the Privy Council should be chosen with the approval of the Bishops, and should present their reports to the bishop of their diocese as well as to the Committee of the Privy Council. Thus the Church practically monopolised the grant.It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.
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