giary.

thing-by-Turns, afterwards Sir Fretful PlaThe formal management of the House, Parliamentary tactics, was the constant subject of his thoughts: that which is but the means of a statesman was his end: for the essence of the matter, the thorough comprehension of his age and its forces, was entirely beyond him. He was not an actor, but a stage-manager. He was a Parliamentary bully, just because he was an economical incapable. All his great measures were taken second-hand from some other person: he felt it, and felt that others were aware of it: hence his constant discourtesy to his inferiors, who sometimes touched him only too nearly.

He knew, at this time, and at all times nothing whatever about currency or finance ; but, having read Lord Liver

Peel, who is Chairman of the Bank Committee, professes, I find, to have as yet formed no opinion on the subject, but to be open to conviction' (Wynn. Court

pool's book on the Coins of the Realm, he leaped to the position of a master; instantly conceived himself to have acquired a complete command over the whole subject. Though here, as usual, he was but making use of other people's originality, he called up his best Parliamentary attitude, made a great speech stuffed with cheap learning, 'improved' from his authority, and easily succeeded in throwing

of England ii. 321). So Peel said himself 'he was ready to avow without shame or remorse that he went into the Committee with a very different opinion from that which he at present entertained, for his views on the subject were most materially different when he voted against the resolution brought forward by Mr. Horner as the Chairman of the Bullion Committee.'

His

This is all very well; but what is forgiven to the child cannot be forgiven to the hoary statesman. Like a barber's boy learning to shave on the chins of his customers, Peel educated himself as he went along, and never finished. education was not progressive, like a building: but circular, like a weather-cock. We have all heard of the bishop who commenced his theological education after he had grasped the crozier.

dust in the eyes of the House, who knew less, if that were possible, on the subject than even Peel himself. And yet he had studied his authority to so little purpose as to mistake the very heart of the whole question. It ought to be trumpeted abroad, Meg, that the monometallic gold standard was introduced into England (and thus into the world, for other nations did but copy her) owing to a vital error on the part of the 'open minded' Financier. This absolutely new departure, this financial experimentum in corpore vili, this untried theoretical currency, was actually described by Peel as a return to the old standard1.

He asserted that every sound writer on the subject' (he wisely refrains from giving any names) came to the conclusion,'' the old, the vulgar doctrine' (!!) that a certain weight of gold bullion with an impression on it, denoting it to be of that certain weight and of certain fineness, constituted the only true intelligible and adequate standard of value: and then, confounding, consciously or unconsciously, this standard with the standard from which we had departed twenty-two

The House took him at his word. All were unanimously in favour of Peel's major premiss, that it was necessary to return to the old standard. The only unfortunate thing was, (we must charitably suppose it was a mistake) that Peel's system was not the old system. It is almost incredible that Peel should have been unconscious of the vital difference between the old system and his own but we must believe his own word. It is true, that his system enhanced enormously the value of all creditors' and fundholders' property: it is true that it raised at a blow the value of gold; but that was no doubt a legislative accident, Meg.

years before, he declared that 'to THAT standard the country must RETURN!'

Now, what are we to say to assertions like this? Is it conceivable that Peel could be ignorant to this monstrous extent? But if not-by what name are we to call him? Charity forces us to the conclusion, that he had not the dimmest notion of what he was talking about.

In spite of the earnest remonstrances of the Directors of the Bank, Peel's own father, a large number of merchants and traders, and even financial authorities like Mr. Rothschild, the Bill became law; principally because Peel succeeded in persuading the House, that it was a return to the old system. Its immediate effect was, of course, an enormous and sudden contraction of the currency. Trade and Commerce had expanded up to the limits of a plentiful currency a this new measure shrank round

The theory of the Bullion Committee, that the price of gold in Bank Notes proved that the notes were depreciated owing to excessive issue, stands in flat contradiction to notorious facts.

1. On that theory, the price of gold in Bank Notes should have risen and fallen with the issue of notes. But it did not.

2. The price of gold rose or fell-varied exactly, with the demand for gold for the war.

3. Everyone who took Notes had to pay for them: how then could they be in excess, more than were wanted?

4. The theory assumes that gold has an absolute value