More failures may be expected.[12]
The funds may fall still lower.
Any interference by Government in the way of issuing more notes might postpone but would aggravate the distress.
The railway calls add much to the present difficulty.
No forcible interference with railways would be justifiable, but a voluntary postponement of the execution of their Acts might be proposed to Parliament.
It will be seen by this short summary that the persons who by official position, practical experience, and much reflection are most capable of giving an opinion think that little or nothing can be done by Parliament or by Government.
It is one of those revulsions in trade which take place periodically, increased in extent by the expansion of commerce, but controlled in its operation by the sound principles of currency which have lately prevailed.
The Act of 1844 is generally blamed, but without the least reason.
The accommodation afforded by the Bank has been large, liberal, and continuous. The circulation of notes approaches nineteen millions.
Upon fully considering the difficulty of finding a person of ability and experience to place at the head of the Poor Law Commission, Lord John Russell has come to the conclusion that the best course he can take is to propose to Mr Cobden to accept the Presidency with a seat in the Cabinet, and to propose to the Duke of Bedford at the same time a seat in the Cabinet without office.
Various reasons for making this offer to Mr Cobden will occur to your Majesty. His ability, his popularity with the working cla.s.ses, and his knowledge of sound principles of political economy are undoubted. Sir Robert Peel"s tribute to him has raised him both on the Continent and in this country, so that his presence in the Cabinet would give satisfaction to many.
On the other hand, the landed n.o.bility and gentry would be glad to see the Duke of Bedford take part in the deliberations of the Government.
With your Majesty"s permission Lord John Russell will propose these arrangements to the Cabinet to-morrow.
He has sent for Mr Lee[13] to offer him the Bishopric of Manchester.
It is with great regret he states that Mr Stephen[14] is obliged from ill health to retire from the Colonial Office. He has asked Lord Grey to be made a Privy Councillor, having received an a.s.surance from Lord Stanley that Sir Robert Peel would propose it to your Majesty on his retirement. Lord John Russell submits the proposal to your Majesty as an honour due to Mr Stephen"s long, able, and calumniated[15] public services.
Lord John Russell has the honour to submit a letter of Lord Clarendon"s in reference to a Memorandum of His Royal Highness Prince Albert.
Lord John Russell thinks that in the present state of affairs, the abolition of the Lord-Lieutenancy must not be thought of, and that with the exception noticed by Lord Clarendon, the suggestions made by the Prince would be the best measures for adoption, when that event takes place.
It is possible the Prince may not have a copy of the Memorandum.
[Footnote 11: Afterwards Lord Overstone.]
[Footnote 12: There had been many failures in London, Liverpool, and elsewhere.]
[Footnote 13: James Prince Lee, then Headmaster of King Edward"s School, Birmingham, Bishop of Manchester, 1847-1869.]
[Footnote 14: James Stephen, Under-Secretary for the Colonies, 1836-1847, afterwards Professor of Modern History at Cambridge.]
[Footnote 15: He had made enemies by supporting the abolition of slavery.]
_Queen Victoria to Lord John Russell._
WINDSOR CASTLE, _14th October 1847._
The Queen has received Lord John Russell"s letter, bringing several very important subjects before her. She regrets that the state of the Money Market should still be so uncomfortable, but is sure that the Government cannot by any interference do much to mend matters, though it might easily render them still more complicated, and make itself responsible for a crisis, which it has in no way either brought on or been able to avert.[16]
As to Mr Cobden"s appointment to the Poor Law Board, the Queen thinks that he will be well qualified for the place in many respects, and that it will be advantageous to the Government and the Country that his talents should be secured to the service of the State, but the elevation to the Cabinet directly from Covent Garden[17] strikes her as a very sudden step, calculated to cause much dissatisfaction in many quarters, and setting a dangerous example to agitators in general (for his main reputation Mr Cobden gained as a successful agitator).
The Queen therefore thinks it best that Mr Cobden should first enter the service of the Crown, serve as a public functionary in Parliament, and be promoted subsequently to the Cabinet, which step will then become a very natural one.
The Duke of Bedford"s entrance into the Cabinet the Queen would see with great pleasure.
The Queen returns the Prince"s Memorandum to Lord John, whilst she has retained Lord Clarendon"s letter upon it, which the Prince is anxious to keep if Lord John will allow him. The Queen must agree with Lord John and Lord Clarendon that the present moment is not a favourable one for the experiment of abolishing the Lord-Lieutenancy.
Mr Stephen"s elevation to the Privy Council will be a very proper reward for his long and faithful services. Would he not be a proper person for one of the new Civil degrees of the Bath?[18]
[Footnote 16: Matters, however, became worse, and Lord John Russell and Sir Charles Wood wrote recommending that the Bank should enlarge their discounts and advances, for which they would propose a bill of indemnity. By degrees the panic subsided.]
[Footnote 17: Free Trade meetings had taken place in Covent Garden Theatre.]
[Footnote 18: He was made a K.C.B.]
[Pageheading: ENGLAND"S FOREIGN POLICY]
_Queen Victoria to Lord John Russell._
WINDSOR CASTLE, _18th October 1847._
The Queen cannot resist drawing Lord John Russell"s attention to the enclosed paragraph taken from the _Revue des Deux Mondes_, which gives an account of the late events in Spain. How little honourable our line of policy appears according to this version, which the Queen is afraid is so very plausible that it will be received as the truth by the whole French public and a great part of the European public at large!
It is, no doubt, perverted, but still the Queen must admit that our policy, and especially Mr Bulwer"s conduct at Madrid, lays itself open to similar construction. After the gross duplicity and immorality which characterised the conduct of France with respect to the Spanish marriages, though she had all the profit and we all the loss, still we had a very strong position on the side of integrity, morality, and honour. The Queen is afraid that the diplomatic intrigues and counter intrigues at Madrid have made us lose daily more of that advantageous position without _any_ compensation on the other side. The Queen entreats Lord John Russell not to underrate the importance of keeping our foreign policy beyond reproach. Public opinion is recognised as a ruling power in our domestic affairs; it is not of less importance in the society of Europe with reference to the conduct of an individual state. To possess the _confidence_ of Europe is of the utmost importance to this country. That is the reason why the Queen is uneasy about our dealings in Greece, and anxious that we should not be misunderstood with respect to Italy. The Queen is sorry to perceive that the French complain of unfair dealing on our part with reference to the negotiations in the River Plate.[19] Have they any right to do so? Have Lord Howden"s private instructions been at variance in any way with the public instructions which had been agreed upon with the French Government? The Queen would consider any advantage gained at the expense of an ally as a loss.
[Footnote 19: Sir John Hobart Caradoc, second Lord Howden, British Minister at Rio Janeiro, was, together with Count Walewski, the French Minister there, engaged in a special mission to the River Plate and Uruguay; Buenos Ayres was blockaded by the British Fleet.]
[Pageheading: THE QUEEN OF SPAIN]
_Queen Victoria to Viscount Palmerston._
WINDSOR CASTLE, _24th October 1847._
The Queen has perused with eagerness Mr Bulwer"s accounts of the late extraordinary events in Spain, but must confess that she has in vain looked for an explanation of the real motives and causes of the crisis. Has Lord Palmerston received any private letters throwing more light upon the matter? There seems to prevail the greatest mystery about the affair. Is the Queen reconciled with her husband? Has she sent for him? Have all the accounts of her hatred for Don Francisco and the Queen-Mother been false? All these questions are unanswered.
[Pageheading: THE QUEEN OF PORTUGAL]