On his return he joined with Bright in an agitation for financial and parliamentary reform. While he believed in an extension of the franchise as a means of attaining the objects he had in view, he was essentially an economical, a moral, and a social reformer. He was never an enthusiast for mere reform in the machinery. He made it his special mission to advocate financial reform, and left the advocacy for franchise extension very largely to his colleague.
Retrenchment was the keynote of the financial reform urged by Cobden; and retrenchment involved the furtherance of international peace and the reduction of British armaments by means of the abandonment of the policy of intervention in European disputes and the policy of "clinging to colonies," with the consequent expenditure upon colonial defence. From 1846 to 1851 Lord Palmerston was at the Foreign Office, and was incessantly active in the affairs of half the countries of Europe. To this policy of interference Cobden offered resolute opposition. He was especially energetic in protesting against the lending to Austria and Russia of money that was in effect borrowed to repay the cost of the oppressive war against Hungary. It is impossible not to admire the courage, the sound sense, and the elevation with which Cobden thus strove to diffuse the doctrine of moral responsibility in connection with the use of capital.
In 1852, a Protectionist Ministry under Lord Derby came into power, and the Anti-Corn Law League was revived. The danger, however, soon passed away; the Derby Ministry made no attempt to interfere with freedom of trade, and ere the year ended gave place to the Aberdeen Ministry. Cobden's policy of peace and retrenchment, however, became more and more unpopular. Cobden's urgent feeling about war was not in any degree sentimental. He opposed war because war and the preparation for it consumed the resources which were required for the improvement of the temporal condition of the population. But in the inflamed condition of public opinion his arguments were powerless.
The invasion panic of 1853 was followed in 1854 by the Crimean War, and in opposing that war Cobden and Bright found themselves absolutely alone.
"The British nation," said Lord Palmerston, "is unanimous in this matter. I say unanimous, for I cannot reckon Cobden, Bright, and Co. for anything." His estimate was perfectly correct; Cobden and Bright had the whole world against them. The moral fortitude, like the political wisdom, of these two strong men, stands out with a splendour that already recalls the great historic types of statesmanship and patriotism.
V.--Cobden as Treaty-Maker
In 1857, Cobden was compelled to retire for a time from politics. He vigorously opposed the Chinese War, and succeeded in defeating Lord Palmerston's Government in the House of Commons. Lord Palmerston, with his usual acuteness and courage, at once dissolved parliament, and in the General Election his victory was complete. The Manchester School was routed. Cobden, who contested Huddersfield, was heavily beaten; and at Manchester itself Bright was at the bottom of the poll. Cobden went to his home at Dunford, in Sussex, and remained there nearly two years. Once more he was afflicted with financial trouble. An unfortunate land speculation at Manchester, and certain investments in American railroads, had again brought him into difficulties, from which he was ultimately rescued by a munificent gift of £40,000 from subscribers whose names he never knew.
The General Election of 1859 was held while Cobden was absent in the United States, and on his return he found that he had been chosen member for Rochdale. To his surprise, he also received from his old enemy, Palmerston, an offer of the Presidency of the Board of Trade. Cobden, who had consistently refrained from accepting any office, courteously declined.
But he was none the less able to render a great service to the new Government. Mr. Bright, in a parliamentary speech, incidentally asked why, instead of lavishing the national substance in armaments, they did not go to the French Emperor and attempt to persuade him to allow his people to trade freely with ours. The idea of a commercial treaty occurred to M. Chevalier on reading the speech, and he wrote in this sense to Cobden, who was strongly impressed by the notion. He opened his mind to Gladstone, who was then Chancellor of the Exchequer; and, as the outcome, Cobden went to Paris in the autumn of 1859 as unofficial negotiator of a treaty.
The negotiation was long and tedious. Cobden had to convert the emperor to his views, and to await the reconciliation of the various French interests that were opposed to freedom of trade. It was not until November, 1860, that Cobden's labours were concluded. England cleared her tariff of protection, and reduced the duties which were retained for revenue on the two French staples of wine and brandy. France, on her part, replaced prohibition by a series of moderate duties.