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XII.

1823.

CHAP. the 5 per cents into 3 per cents, taking the latter at 75. They had made arrangements with the leading bankers in Paris to advance the requisite funds to pay off such of the public creditors as should decline to submit to the reduction, the lenders of the money receiving the new 3 per cents stock at the same rate. This measure, it was calculated, would effect a reduction in the annual charge of the debt of 30,000,000 francs (£1,200,000), and at the same time would establish the credit of Government and the nation on the most solid foundation, by demonAnn. Hist. strating the trust of the leading capitalists in the inteMoniteur, grity of its administration, and the magnitude of its re1823; Cap. sources; while, by effecting so great a diminution of the public burdens, it might pave the way for ulterior measures, which would close the last wounds of the Revolution.1

vii. 36, 37;

April 6 & 7,

viii. 283, 285.

114.

Which is

the Depu

ties, but

thrown out

by the Peers.

It was ascertained at this time that there were 250,000 persons in France holders of Government annuities, of passed by whom more than a half held right to only 500 francs (£20) a-year or under. The public funds were thus the great savings-bank of the nation; and it might easily have been foreseen, what the event soon proved, that the proposal to reduce their incomes would excite the most violent commotions. Nothing, accordingly, could exceed the violence with which it was assailed, both in the legislature and in the public journals; and every day that the discussion lasted, the public excitement became greater. Such, however, was the influence of Government in the Royalist Chamber, that, after a prolonged discussion, and having encountered the most violent opposition, it passed the Deputies, on the 3d May, by a majority of 238 to 145. But the result was different in the Peers, where, on the 31st July, it was thrown out by a majority of 34, the numbers being 128 to 94. It was particularly May 4 and observed, that M. de Chateaubriand, though holding the 1823; Ann. situation of Foreign Secretary, did not speak in favour of the ministerial project, and that several of his party, both in the Peers and Commons, voted against it.2

" Moniteur, Aug. 1,

Hist. vii.

85, 168.

XII.

1823.

115.

on this de

funds,

In forming an opinion on this decision, it is necessary CHAP. to distinguish between the situation of the holders of stock in the English and French funds. In the former, where the whole debt has been contracted by money advanced Reflections at different times to Government, it is impossible to dis- cision. Difpute that, if a succeeding administration are in a situation ference of the English to repay the capital sum borrowed, the holder of the stock and French has no reason to complain. In this country, accordingly, various parts of the public debt have at different times undergone a reduction of interest, without the slightest complaint, or imputation of injustice to Government. But the case is widely different in France. There the public debt consisted almost entirely of perpetual annuities, or "rentes," as they are called, which were contracted by Government for no principal sum advanced at any one time, but as a compensation for the bankruptcies, spoliations, and confiscations of the Revolution, when twothirds of the national debt were swept away, or in consideration of sums advanced to extricate Government from its embarrassments, or to effect the liberation of the territory in 1818. It was an essential condition of all such advances and arrangements, that the annuity was to be perpetual, and it was the understanding that it was to be such which constituted its principal marketable value. To transfer to these holders of rents the principles rightly applied to the English loans of capital was obviously un- 1 Lam. vii. just, and therefore there seems to be no doubt that the 277, 728; decision of the House of Peers on this momentous ques- 303, 306. tion was consonant to justice.1

Cap. viii.

116.

The rejection of this law gave the utmost satisfaction in Paris, and was celebrated by bonfires in the streets, Splendid position of and all the noisy ebullitions of popular rejoicing. It led M. de Chato one result, however, of a very important character, and teaubriand. which, in its ultimate results, was eminently prejudicial to the Government of the Restoration. M. de Chateaubriand was not personally agreeable to Louis XVIII., and he was the object of undisguised jealousy to the whole

XII. 1823.

CHAP. administration. This is noways surprising; genius always is so. Power hates intellectual influence, mediocrity envies renown, ambition dreads rivalry. Obsequious talent, useful ability, is what they all desire, for they aid without endangering them. In truth, since the successful issue of the Spanish war, the position of Chateaubriand had become so commanding that it overbalanced that of the Prime Minister himself. He united in his own person the political influence of Mr Canning, and the literary fame of Sir Walter Scott. This was more than human nature could bear; a similar combination of political and military power had roused the jealousy which proved fatal to Marlborough. The conduct of Chateaubriand and his friends, on the question of reduction of the rentes, had indicated a desire to court popularity, which was suspected, not without reason, to spring from a secret design to supplant the Prime Minister.

117.

M. de Villèle saw his danger, and resolved to anticiHis dismiss- pate the blow. The day after the vote in the Peers on of Marshal the rentes, M. de Chateaubriand received a notification,

al, and that

Victor.

1 Chateaubriand, Mem.

d'Outre

Tombe, vii. 457,

462; Lam.

vii. 287,

292; Cap.

viii. 307, 312.

in the coldest terms, from M. de Villèle, that his services were no longer required at the Foreign Office; and, to make the dismissal the more galling, it was sent by a common menial. The portfolio of Foreign Affairs was bestowed on M. de Damas; and at the same time the office of Minister at War was given to M. ClermontTonnerre, in room of Marshal Victor, who received his dismissal. Chateaubriand, who was very ambitious, and, with all his great qualities, inordinately vain, felt his fall keenly; he had not manliness enough to act a noble part on the occasion; he avenged the minister on the throne; and the pen which had mainly contributed to the restoration of the Bourbons, became one of the most powerful agents in bringing about their fall.1

The remainder of the session presented nothing worthy

XII.

1823.

118.

France in

of notice in general history but the budget, which exhi- CHAP. bited the most flattering appearances. From the papers laid before the Chamber, it appeared that the total revenue of the state in 1823 was 1,123,456,000 francs Statistics of (£40,120,000), including 100,000,000 (£4,000,000) this year. borrowed for the Spanish war, and for 1824, only 905,306,633 francs (£36,800,000), in consequence of the cessation of hostilities. The expenditure in the first year was 1,118,025,169 francs (£40,020,000), and in the second 904,734,000 (£36,240,000), leaving in each year a trifling balance of income over expenditure. The public debt in 1823 was 2,700,726,000 francs 1 Ann. Hist. vii., App. (£115,000,000); the army mustered 230,000 combat- 594, 627. ants, the navy 49 ships of the line and 31 frigates.1

Louis

a close.

During this year Louis XVIII. lived, but did not 119. reign. His mission was accomplished; his work was Reign of done. The reception of the Duke d'Angoulême and his XVIII. triumphant host at the Tuileries was the last real act of draws to his eventful career; thenceforward the royal functions, nominally his own, were in reality performed by others. It must be confessed he could not have terminated his reign with a brighter ray of glory. The magnitude of the services he rendered to France can only be appreciated by recollecting in what state he found, and in what he left it. He found it divided, he left it united; he found it overrun by conquerors, he left it returning from conquest; he found it in slavery, he left it in freedom; he found it bankrupt, he left it affluent; he found it drained of its heart's blood, he left it teeming with life; he found it overspread with mourning, he left it radiant with happiness. An old man had vanquished the Revolution; he had done that which Robespierre and Napoleon had left undone. He had ruled France, and showed it could be ruled without either foreign conquest or domestic blood. Foreign bayonets had placed him on the throne, but his own wisdom maintained

XII.

1823.

120.

ing days.

CHAP. him on it. Other sovereigns of France may have left more durable records of their reign, for they have written them in blood, and engraven them in characters of fire upon the minds of men; but none have left so really glorious a monument of their rule, for it was written in the hearts, and might be read in the eyes of his subjects. This arduous and memorable reign, however, so beset His declin- with difficulties, so crossed by obstacles, so opposed by faction, was now drawing to a close. His constitution, long oppressed by a complication of disorders, the result in part of the constitutional disorders of his family, was now worn out. Unable to carry on the affairs of state, sinking under the load of government, he silently relinquished the direction to M. de Villèle and the Count d'Artois, who really conducted the administration of affairs. Madame Du Cayla was the organ by whose influence they directed the royal mind. The pomp of the court was kept up, but Louis was a stranger to it; he sat at the sumptuous table of the Tuileries, but his fare was that of the hermit in his cell. He presided at the councils of his Ministers, but took little part in their deliberations. His only excitement consisted in frequent excursions in his carriage, which was driven with the utmost speed; the rapidity of the motion restored for a brief season his languid circulation. He felt, says Lamartine, the same pleasure in these exercises that a captive does in the presence of the sun. During the summer of 1824 he was manifestly sinking, and he knew it; but no symptoms of apprehension appeared in his conversation or manner. "Let us put a good face upon it," said he to M. de Villèle," and meet death as becomes a king." The Minister, however, was more aware than he was how much the public tranquillity depended on his life; and to prevent alarm on the subject being prematurely excited, the liberty of the press was by royal edict provisionAug. 15. ally suspended, by re-establishing the censure. The people felt the motive, and had delicacy enough to ac

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