XXII. 1830. man's expo monetary manufac How this state of things affected the general interests CHAP. of industry throughout the country was demonstrated in a very clear way from the parliamentary returns by Mr 12. Alderman Waithman. He pointed out the effect of the Mr Waithmonetary system, introduced in 1819, on the manufac- sition of the turing industry of Great Britain, in diminishing the effect of the money price of commodities, insomuch that while in seven system on years, from 1814 to 1820, though years of much dis- tures. tress, the excess of real or money value in exports was £41,000,000; in eight years, from 1821 to 1828, the excess of the official value over the real was £80,000,000! Including colonial produce, which had suffered extremely by the fall, the annual depreciation on goods exported between 1814 and 1828, a period of fourteen years, was £28,000,000 on £48,000,000, or 60 per cent.* Whoever considers this immense depreciation, and the effect it * EXPORT OF MANUFACTURES AND PRODUCE OF THE UNITED KINGDOM FROM 1814 TO 1828, BOTH INCLUSIVE, WITH OFFICIAL AND REAL Excess of official over real value in eight years, Exports of Colonial produce, real value-average, 1814 to 1820, £14,517,378 £80,532,795 Do. from 1821 to 1828 inclusive, . Difference, -Parl. Deb. xxi. 1202. 9,992,688 £4,524,690 XXII. 1830. CHAP. must have had on industry of every description, while taxes, bonds, bills, and money debts of every description remained the same, will have no difficulty in discerning what it was that uprooted the attachment to old institutions which is so remarkable a feature in the English character, and induced the agricultural distress in Ireland. which paved the way for Catholic emancipation, and the general distress in Great Britain which brought on the Reform Bill. 13. with Portu gal, and re fusal of the vernment to interfere in its con cerns. The only topic, during the remainder of the session of Relations 1829, deserving of attention, was the state of our relations with Portugal, which are chiefly remarkable from English Go- the clear line which was drawn by the Duke of Wellington in regard to the duty of Great Britain as a neutral power, when that country was distracted by opposite factions contending for the crown. To understand how this came about, it is necessary to premise, what will be more fully detailed in the account of the transactions of Portugal, that a counter-revolution had taken place in Lisbon, in conformity with that which had resulted in Spain from the French invasion, and that DON MIGUEL, the uncle of the little queen, and the heir-male of the family, had been placed on the throne by the absolute party. The infant sovereign, Donna Maria, had been supported by the English interest, and she herself received with royal honours at Windsor. In consequence, an application was made to the British government to reestablish the constitutional throne in Portugal by force of arms; but to this application a negative was returned by the British government. "It is assumed," said Lord Aberdeen, the Foreign Secretary, "that the usurpation of the throne of Portugal by the Infant Don Miguel, has given to her most Faithful Majesty the right of demanding from this country effectual succours to recover her throne and kingdom. But in the whole series of the treaties there is no express stipulation which can warrant this pretension; neither is it warranted by their general XXII. tenor or spirit. It is either for the purpose of exciting CHAP. successful rebellion, or of deciding by force a doubtful question of succession, that Great Britain is now called 1830. upon to act. But it is impossible to suppose that any independent state could ever intend thus to commit the control and direction of its internal affairs to the hands of another power. The whole spirit of the treaties, as 1 Parl. Deb. well as their history, shows that the principle of the gua- xxi. 1633; rantee given by England is the protection of Portugal 1829, 187. from foreign interference only." 1 Ann. Reg. dition to An opportunity soon occurred of putting these prin- 14. ciples in practice, and of proving to the world that, how- The expeever determined to protect her allies from foreign aggres- Terceira. sion, Great Britain would not interfere with their internal dissensions; and that she would concede to other countries the same right of choosing their sovereign and form of government which she had assumed to herself. A number of Portuguese refugees, most of them military men, had arrived in Great Britain, upon the occurrence of the revolution in Portugal, and, following the example of those who had so efficiently aided the South American revolution, they immediately began organising an expedition to restore the constitutional régime and the throne of Donna Maria. Upon receiving intelligence of these preparations, the British government informed the Brazilian minister that they could not permit such a breach of neutrality, and that the refugees, as a measure of precaution, would be directed to remove further from the coast. The envoy then stated that these troops were about to be conveyed to Brazil; and, accordingly, four Ann. Reg. vessels, having on board six hundred and fifty officers and 189; Marmen, sailed from Plymouth, with Count Saldanha, the 510, 511. minister-at-war under the Constitutional Government. 2 They were informed, before they set out, that, if they attempted a descent on any part of the Portuguese territories, they would be resisted by the British cruisers. They made straight, however, for Terceira, the largest of 2 1829, 188, tineau, i. XXII. 1829. 15. off by the British Jan. 16, 1830. CHAP. the Azores, which had declared for Don Miguel, and were met by Captain Walpole in the Ranger, who, after firing two shots in the air to bring them to, which failed of And is beat effect, discharged one at Saldanha's vessel, which killed one man and wounded another. This had the desired squadron. effect, and the squadron, after a strenuous effort to effect its object, returned to Brest. This proceeding made a great noise at the time, and was everywhere represented by the liberal party in Europe as an intervention of the British government in favour of Don Miguel. It is evident, however, that it was no such thing, but simply a prevention of intervention by the Liberals, which could not be permitted, according to the laws of neutrality, from the British shores. As such, it is important, as drawing the line between real neutrality and the covert intervention which often bears its name, and affords a striking contrast to the insidious conduct of preceding governments, which, while professing neutrality, allowed expeditions of ten and twelve thousand men to be fitted xxi. 1633; out in the Thames and at Portsmouth, which succeeded in revolutionising South America, and thereby brought unnumbered calamities upon both hemispheres. 1 1 Parl. Deb. Ann. Reg. 1829, 189. 16. tress in tain and Ireland whole of 1829. But it was easier to pursue an honest straightforward Great dis- course in regard to foreign states, which had become the Great Bri- subject of internal contests, than to preserve that contentment and tranquillity at home which might avert during the them from the British Islands. The great contraction of the currency consequent on the entire suppression of small notes, which took effect in March of this year, came to tell with decisive and appalling effect upon all branches of industry. Interest of money was low, and wages still lower-a sure proof, when coexisting, of want of employment for capital, and of failure in the demand for labour. "The interest of money," says Miss Martineau, a decided advocate for the cheapening system, was never known to be lower, and the manufacturers' stocks, with which their shelves were too well loaded, had suffered a depreciation of 40 per cent."2 This 2 Martineau, i. 539. 66 XXII. 1829. prodigious fall, which pervaded alike all branches of CHAP. industry, both agricultural and manufacturing,* occasioned of course a vast diminution of imported articles,† and a corresponding and most distressing fall in wages, and in many places entire cessation in the demand for labour. At Huddersfield it appeared, from a report drawn up by a committee of masters, "that in the several townships occupied in fancy business there are 13,000 individuals who have not more than 24d. a-day to live upon, and find wear and tear for looms." The same deplorable prostration of industry and reduction of wages took place in every branch of manufacturing industry, and in none more than the silk trade; and in consequence the sums expended for the relief of the poor in England and Wales, which in 1824 and 1825 had been on an average £5,750,000, rose in 1828, 1829, and 1830, to nearly £7,000,000 sterling.‡ * PRICE OF WHEAT, COTTON, IRON, &C., FROM 1827 TO 1829. |