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The Position of the Chancellor of the Exchequer in the Money Market. Nothing can be truer in theory than the economical principle that banking is a trade and only a trade, and nothing can be more surely established by a larger experience than that a Government which interferes with any trade injuries that trade.
Idler and absentee as he is, the Prince is faithful to the traditions of his house; the merchant indeed sails without dread beneath the once dreaded rocks of the pirate haunt; but a new pirate town has risen on the shores of its bay. It is the pillage of a host of gamblers that maintains the heroic army of Monaco, that cleanses its streets, and fills the exchequer of its lord.
It will, of course, be recalled that Lord Grey, the Prime Minister, was in the House of Lords, and, not so readily I think, that Althorp was Chancellor of the Exchequer and the leader of the House of Commons. On Althorp, under ordinary circumstances, it would have been incumbent to take charge of this highly important measure, which had been agreed upon by the Cabinet after counsel with the King.
That he had been generous, courageous, and zealous, could not be denied; and, on the whole, he had accomplished as much in the field as could have been expected of him with such meagre forces, and so barren an exchequer. It must be confessed, however, that his leaving the Netherlands at that moment was a most unfortunate step, both for his own reputation and for the security of the Provinces.
He was at any rate great in figures; and as he was possessed of much industry, and was obedient withal, he was a man who might make himself useful to a Chancellor of the Exchequer ambitious of changes.
The Royal Bank of Liverpool failed; among several principal establishments in that town, one alone stopped payment for upwards of a million sterling. The havoc at Manchester was also great. The Newcastle bank and the North and South Wales bank stopped. Consols fell to 79 1/4, and exchequer bills were at last at 35 per cent, discount.
So by water to the Exchequer, and there up and down through all the offices to strike my tallys for L17,500, which methinks is so great a testimony of the goodness of God to me, that I, from a mean clerke there, should come to strike tallys myself for that sum, and in the authority that I do now, is a very stupendous mercy to me. I shall have them struck to-morrow.
His presence would have saved his exchequer thousands had he been nothing more than an economical despot; and even had he been less, the awe of his person would have preserved a territory which was lost through hatred and contempt for his instruments.
Sir Robert was not, indeed, himself Chancellor of the Exchequer, that office being filled by Mr. Goulburn, but it was certain that the Budget was inspired by a deference to the Prime-minister's views.
"And I trust you added, my Lord, that the King's Highness would never knowingly consent to have his exchequer enriched by such shameful means," said Charles, with a look of indignation.
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