In the year 1793 Pitt gained a fresh right to their gratitude by the assistance he afforded them during a brief monetary crisis which threatened to be very destructive. The year had been one of great financial difficulty. The sudden expansion of manufacturing industry which had followed upon the great inventions at the beginning of the reign, and the increase of commerce which followed the close of the American War, had rendered necessary a large amount of capital. The want had been met by a largely increased paper currency. Reckless banking had become prevalent, and provincial banks issued notes far beyond their capital. A very slight panic would be enough to cause the collapse of such a system. It was found that to meet the necessities of the exchange between England and the rest of the world bullion would have to leave England. Bullion was already scarce, and the Bank of England therefore thought it necessary to restrict its issues. This was enough to cause the failure of a few great houses; a panic ensued; there was a run upon the provincial banks; out of 350 more than 100 failed. Yet there was in reality quite enough property both in securities and in goods to enable merchants to meet all demands. It was only for the moment that there was a deficiency of money, that is, of the means of exchange. Pitt, with admirable clearness, recognized the real solvency of the country, and authorized the issue of bills on the Exchequer to the value of five millions. These were advanced to merchants, who could prove their solvency, against securities or goods. As these bills rested on the credit of the nation, they were readily received, the engagements of the merchants were satisfied by their means, and credit was restored. As it proved, not more than four millions was borrowed, and the whole sum was speedily repaid without loss to the nation.
Effect of Pitt's new policy of repression.
The effect of the complete trust placed in Pitt was to allow him to give full rein to his new policy. Now that policy was one entirely of repression, and the effect of it in the long run, indeed before the year was out, was to divide England much more sharply into the propertied and non-propertied classes, and to bring into existence a state of feeling highly undesirable, and which tended much to produce those very evils it was intended to prevent. While every movement in a liberal direction was certain to be checked, laws of the most stringent description were willingly passed, and at first the execution of existing laws, especially with regard to seditious writing, received great public The Traitorous Correspondence Bill. March 15, 1793. support. In this class may be mentioned the Traitorous Correspondence Act. There has always been great dislike to tampering with or extending the law of treason, yet there were but fifty-three members of the House of Commons who could be found to lift their voices against this Bill, which declared guilty of high treason, firstly, all those who supplied any arms or military or naval stores to the enemy; secondly, all those who purchased lands in France, for the use of assignats rendered the sale of land the chief support of French finance, and the purchase of land was therefore regarded as indirectly strengthening the hands of the enemy; thirdly, it prohibited all intercourse with France without special license under the Great Seal; and fourthly, the insurance of French vessels by English merchants. The two first of these offences were to fall directly under the old law of Edward III., and to deprive those who were guilty of them of the advantages secured to them by the ameliorations of the law which had since been made, such as the right to employ counsel, and to be furnished with the list of the jury, the necessity of two witnesses to secure conviction, and the lapse of a certain period between the indictment and the trial.
Trials for seditious writings.
But it was chiefly in the prosecution for seditious meetings and seditious writings that the character of the Government showed itself. The best known of these in the year 1793 was that of Muir. This young man, a member of the Society of the Friends of the People, was indicted for spreading the works of Thomas Paine. He defended himself with great ability upon the ground that he had only aimed at the reform of Parliament. His speech was greeted with loud applause, but the Lord Justice-Clerk summed up most strongly against him, and asserted the strange doctrine that the Government was made up of the landed interest. "As for the rabble," said he, "who have nothing but personal property, what hold has the nation on them?" He sentenced Muir to fourteen years' transportation. The severity of the judges and the frequent trials that the Government ordered had not the effect of checking the popular feeling. Delegates from various parts of Scotland, in concert with the Friends of the People and other societies, assembled at Edinburgh. The leading spirits were Maurice Margarot and Joseph Gerald, agents from London. These delegates assumed the name of a convention, spoke of the first year of the British Republic, and otherwise mimicked their French brethren. In December the law came upon them, and three of them, with Margarot and Gerald, were transported for fourteen years.
Pitt resists the growing desire for peace,
Up till this time the people as a whole had been heartily with Pitt; but the course of the year had tended to change their feelings, the war had been by no means the light undertaking expected, and it began to be seen that its continuation meant fearful expenses, heavy taxes, and a system of government but little in accordance with the general character of English administration. Some even of Pitt's old friends began to whisper of peace, but his will was not one to yield to opposition. In Parliament he was still supreme, and in this first beginning of difficulties he exhibited the greatness of his energy and his resources. He branded with fierce words, which reminded his hearers of his great father, all who dared to think of peace; he openly avowed that the idea was impossible till some total change took place in the French Government, thus putting his actions on their true basis. Backed by his commercial friends, he found means to continue the subsidies to Prussia and Austria, he purchased the adhesion of several of the smaller German states, induced the Spaniards to continue a war which was wholly against their own interests, and obliged the lesser Italian states to join the coalition; he even allowed Russia to perpetrate the second partition of Poland as a price of her neutrality. With such efforts as these he contrived to carry on his war; it was not unreasonably that he became the ogre of the French, the one object of their insatiable hatred.
and continues the prosecutions for seditious writings.
At home he would not abate one jot of his policy. Again the prosecutions went forward. So little had the late action of Government been successful that discontent and the intrigues of the societies were becoming even more envenomed. The English had taken a leaf out of the Scotch book; two of the great societies—the Constitutional Society and the Corresponding Society—determined that they too would have a convention. It seems to have been a far more real and dangerous thing than the Scotch convention. The workmen were stirred up, meetings were held in all the great towns attended by delegates from London, revolutionary songs were composed and circulated, and a considerable number of weapons constructed and secreted. It was the intention of the Convention to overawe Parliament somewhat in the same way as the Jacobin Club overawed the French Assembly. The Government determined to act as strongly as possible against it, and instead of accusing the leaders of seditious practices merely, they thought it advisable to treat their conduct as a great and capital crime, and to bring them to trial for high treason. The leaders arrested were Hardy, Secretary of the Corresponding Society, Adams, Secretary of the Constitutional Society, Horne Tooke, the well-known opponent of Junius, the Rev. Jeremiah Joyce, author of the "Scientific Dialogues," and tutor to Lord Stanhope's sons, Thelwall, a political lecturer of some importance, and three others. A secret committee of the House, having examined their books and papers, reported that there were ample proofs of a traitorous conspiracy for overawing Parliament. Upon this report the Government advanced a step further, and in spite of the eager opposition of the minority, carried through the House the suspension of the Habeas Corpus. Trials for high treason followed both in England and Scotland. In Scotland the prosecution was successful, but the English trials did not go off so smoothly. Hardy was tried first on the 28th of October. Sir John Scott (afterwards Lord Eldon) conducted the prosecution; but although the evidence, if true, tended to show that language of a most seditious character had been used, and weapons and plans of insurrection made, yet the skill and eloquence of Erskine, who laid his chief stress on the grave constitutional danger of any enlargement of the Treason Act, procured an acquittal. The Government was not satisfied, Horne Tooke was also tried. He defended himself with his usual effrontery and humour, and again an acquittal was obtained. Still the Crown persisted, and Thelwall the lecturer was tried; again the accused was acquitted. The excitement about the trials was intense, the speeches of the rival barristers were listened to with extreme interest, and the acquittals were hailed with the wildest enthusiasm. It was plain that a considerable change had taken place in the feelings of the people; the strings of repression had been drawn too tight; the line between class and class was becoming more sharply marked.