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1816," it was asked, "a period of very considerable com- 

 mercial and agricultural distress?" "Very great indeed," 

 answered Mr. Hurman. " Did not that distress render it 

 necessary to relieve the public by an increased issue of bank 

 notes ?" " Yes." " Were not the advances made in that 

 year by the Bank to Government, a great instrument of re- 

 lieving the distress you have spoken of, by affording more 

 plentiful circulation ?" " Yes ; inasmuch as they made money 

 plentiful." Money was made plentiful, and the distress van- 

 ished (hear). But Government persevered in urging on cash 

 payments. Peel made his first public change of opinion, and 

 came out of the committee of 1819 a bullionist. In January, 

 1819, the country had fully recovered from its prostration. 

 The Prince Regent told Parliament that he had the " greatest 

 " satisfaction in being able to inform them that the trade, 

 " commerce, and manufactures of the country, were in a most 

 " flourishing condition. The average price of wheat for 1818 

 was 84s. a quarter ; agriculture was therefore also flourishing. 

 The revenue of the country, without a new tax, increased in 

 1818 no less than 4,700,000. Peel's bill passed on July 2, 

 1819. The consequences of that measure shall be described 

 to you by Mr. Matthias Attwood. In a speech delivered by 

 him on June 8, 1830, (which contains, I venture to affirm, 

 more statesmanlike principles, more profound and sagacious 

 views oh monetary science than any speech delivered on this 

 subject in either of the Houses of Parliament) in that speech 

 he says, " That Act fell on the calm prosperity and labours of 

 "the people on the prosperous industry of the country to 

 " confound, and disorder, and destroy. All the calamities of 

 "1816 were renewed. The blow was first felt by the 

 " manufacturing population. Without employment without 

 "wages without the means of subsistence; suffering from 

 " artificial famine in the midst of plenty ignorant from whence 

 " the blow came, by thousands and tens of thousands the 

 " manufacturing population prepared for resistance." In No- 

 vember of the same year, Parliament was called together again. 

 The Prince Regent thus addressed them. " I have observed." 

 he said, " with great concern, the attempts made in some of 

 " the manufacturing districts to take advantage of local distress 

 " to excite disaffection to the institutions and government of 

 " the country. A spirit is now fully manifested, utterly hos- 

 " tile to the constitution of this kingdom, and aiming, not only 



