LORD GRENVILLE TO THE DUKE OF BUCKINGHAM.
Dropmore, Feb. 20, 1822.
I enclose you Mr. Buckland's answer, which I think you may pretty nearly consider as an acceptance of your offer, and I really congratulate you upon it. He is full of information of all sorts, with lively spirits, and a most active mind and body, and will, I think, be as cheerful and amusing a companion as a man could have in such a tour. I trust you take a draughtsman with you, for without that your cortége will be very incomplete.
I do not think Monday's discussion argues at all favourably for the Government, and Huskisson's loss will be most severely felt on the corn cause, if he is really so weak as to be driven from it by a little pelting in pamphlets and speeches. To my taste his speech read as much the best that was made on the former day. But I cannot for the life of me see what good the four millions are to do; nor can I understand, on the other side, Ricardo's fears of the harm they are to do.
The Bank have acted with the same ignorance as has characterized them throughout. If they do not lend their gold to Government, they must lend it to individuals by lowering their discounts, and if they incur loss by either operation, I do not see who but they will suffer by it.
Ever most affectionately yours,
G.
I see by the subsequent accounts in the Courier, that Government does plainly mean to apply the 5,000,000l. at simple, and not at compound interest, and I do not see why one should be sorry for it. But even so, I cannot work 200,000l. up to 500,000l. I suppose the rest is to come, and much more I am confident will come, from casual saving and increased revenue in each successive year.
If I cared a farthing about my predictions, otherwise than as the facts are of public benefit, I should have great cause to be proud of all I have said from the first day of peace, as to the necessary rise of our revenue to follow from it, and that while all the world was croaking all round me on that subject.
The threatened attack did not come off for some time; nevertheless a fair amount of political skirmishing took place in both Houses, and every great question was a wager of battle in which the contending parties exerted themselves to the utmost to overpower their adversaries. Catholic Emancipation was expected to be a severe contest, but the increasing disturbances in the sister kingdom caused the friends of Ireland much anxiety, and rendered a coercive policy inevitable. At this period the country gentlemen began to exhibit a diminution of ministerial support, which created considerable embarrassment.