The History of England, from the Accession of James the Second - Volume 4 by Thomas Babington Macaulay (well read books txt) 📕

increasing, cultivation extending, marts too small for the crowd of buyers and sellers, harbours insufficient to contain the shipping, artificial rivers joining the chief inland seats of industry to the chief seaports, streets better lighted, houses better furnished, richer wares exposed to sale in statelier shops, swifter carriages rolling along smoother roads. He had, indeed, only to compare the Edinburgh of his boyhood with the Edinburgh of his old age. His prediction remains to posterity, a memorable instance of the weakness from which the strongest minds are not exempt. Adam Smith saw a little and but a little further. He admitted that, immense as the burden was, the nation did actually sustain it and thrive under it in a way which nobody could have foreseen. But he warned his countrymen not to repeat so hazardous an experiment. The limit had been reached. Even a small increase might be fatal.371 Not less gloomy was the view which George Grenville, a minister eminently diligent and practical, took of our financial situation. The nation must, he conceived, sink under a debt of a hundred and forty millions, unless a portion of the load were borne by the American colonies. The attempt to lay a portion of the load on the American colonies produced another war. That war left us with an additional hundred millions of debt, and without the colonies whose help had been represented as indispensable. Again England was given over; and again the strange patient persisted in becoming stronger and more blooming in spite of all the diagnostics and prognostics of State physicians. As she had been visibly more prosperous with a debt of a hundred and forty millions than with a debt of fifty millions, so she, as visibly more prosperous with a debt of two hundred and forty millions than with a debt of a hundred and forty millions. Soon however the wars which sprang from the French Revolution, and which far exceeded in cost any that the world had ever seen, tasked the powers of public credit to the utmost. When the world was again at rest the funded debt of England amounted to eight hundred millions. If the most enlightened man had been told, in 1792, that, in 1815, the interest on eight hundred millions would be duly paid to the day at the Bank, he would have been as hard of belief as if he had been told that the government would be in possession of the lamp of Aladdin or of the purse of Fortunatus. It was in truth a gigantic, a fabulous debt; and we can hardly wonder that the cry of despair should have been louder than ever. But again that cry was found to have been as unreasonable as ever. After a few years of exhaustion, England recovered herself. Yet, like Addison's valetudinarian, who continued to whimper that he was dying of consumption till he became so fat that he was shamed into silence, she went on complaining that she was sunk in poverty till her wealth showed itself by tokens which made her complaints ridiculous. The beggared, the bankrupt society not only proved able to meet all its obligations, but, while meeting those obligations, grew richer and richer so fast that the growth could almost be discerned by the eye. In every county, we saw wastes recently turned into gardens; in every city, we saw new streets, and squares, and markets, more brilliant lamps, more abundant supplies of water; in the suburbs of every great seat of industry, we saw villas multiplying fast, each embosomed in its gay little paradise of lilacs and roses. While shallow politicians were repeating that the energies of the people were borne down by the weight of the public burdens, the first journey was performed by steam on a railway. Soon the island was intersected by railways. A sum exceeding the whole amount of the national debt at the end of the American war was, in a few years, voluntarily expended by this ruined people in viaducts, tunnels, embankments, bridges, stations, engines. Meanwhile taxation was almost constantly becoming lighter and lighter; yet still the Exchequer was full. It may be now affirmed without fear of contradiction that we find it as easy to pay the interest of eight hundred millions as our ancestors found it, a century ago, to pay the interest of eighty millions.

It can hardly be doubted that there must have been some great fallacy in the notions of those who uttered and of those who believed that long succession of confident predictions, so signally falsified by a long succession of indisputable facts. To point out that fallacy is the office rather of the political economist than of the historian. Here it is sufficient to say that the prophets of evil were under a double delusion. They erroneously imagined that there was an exact analogy between the case of an individual who is in debt to another individual and the case of a society which is in debt to a part of itself; and this analogy led them into endless mistakes about the effect of the system of funding. They were under an error not less serious touching the resources of the country. They made no allowance for the effect produced by the incessant progress of every experimental science, and by the incessant efforts of every man to get on in life. They saw that the debt grew; and they forgot that other things grew as well as the debt.

A long experience justifies us in believing that England may, in the twentieth century, be better able to bear a debt of sixteen hundred millions than she is at the present time to bear her present load. But be this as it may, those who so confidently predicted that she must sink, first under a debt of fifty millions, then under a debt of eighty millions then under a debt of a hundred and forty millions, then under a debt of two hundred and forty millions, and lastly under a debt of eight hundred millions, were beyond all doubt under a twofold mistake. They greatly overrated the pressure of the burden; they greatly underrated the strength by which the burden was to be borne.

It may be desirable to add a few words touching the way in which the system of funding has affected the interests of the great commonwealth of nations. If it be true that whatever gives to intelligence an advantage over brute force and to honesty an advantage over dishonesty has a tendency to promote the happiness and virtue of our race, it can scarcely be denied that, in the largest view, the effect of this system has been salutary. For it is manifest that all credit depends on two things, on the power of a debtor to pay debts, and on his inclination to pay them. The power of a society to pay debts is proportioned to the progress which that society has made in industry, in commerce, and in all the arts and sciences which flourish under the benignant influence of freedom and of equal law. The inclination of a society to pay debts is proportioned to the degree in which that society respects the obligations of plighted faith. Of the strength which consists in extent of territory and in number of fighting men, a rude despot who knows no law but his own childish fancies and headstrong passions, or a convention of socialists which proclaims all property to be robbery, may have more than falls to the lot of the best and wisest government. But the strength which is derived from the confidence of capitalists such a despot, such a convention, never can possess. That strength,- and it is a strength which has decided the event of more than one great conflict,-flies, by the law of its nature, from barbarism and fraud, from tyranny and anarchy, to follow civilisation and virtue, liberty and order.

While the bill which first created the funded debt of England was passing, with general approbation, through the regular stages, the two Houses discussed, for the first time, the great question of Parliamentary Reform.

It is to be observed that the object of the reformers of that generation was merely to make the representative body a more faithful interpreter of the sense of the constituent body. It seems scarcely to have occurred to any of them that the constituent body might be an unfaithful interpreter of the sense of the nation. It is true that those deformities in the structure of the constituent body, which, at length, in our own days, raised an irresistible storm of public indignation, were far less numerous and far less offensive in the seventeenth century than they had become in the nineteenth. Most of the boroughs which were disfranchised in 1832 were, if not positively, yet relatively, much more important places in the reign of William the Third than in the reign of William the Fourth. Of the populous and wealthy manufacturing towns, seaports and watering places, to which the franchise was given in the reign of William the Fourth, some were, in the reign of William the Third, small hamlets, where a few ploughmen or fishermen lived under thatched roofs; some were fields covered with harvests, or moors abandoned to grouse; With the exception of Leeds and Manchester, there was not, at the time of the Revolution, a single town of five thousand inhabitants which did not send two representatives to the House of Commons. Even then, however, there was no want of startling anomalies. Looe, East and West, which contained not half the population or half the wealth of the smallest of the hundred parishes of London, returned as many members as London.372 Old Sarum, a deserted ruin which the traveller feared to enter at night lest he should find robbers lurking there, had as much weight in the legislature as Devonshire or Yorkshire.373 Some eminent individuals of both parties, Clarendon, for example, among the Tories, and Pollexfen among the Whigs, condemned this system. Yet both parties were, for very different reasons, unwilling to alter it. It was protected by the prejudices of one faction and by the interests of the other. Nothing could be more repugnant to the genius of Toryism than the thought of destroying at a blow institutions which had stood through ages, for the purpose of building something more symmetrical out of the ruins. The Whigs, on the other hand, could not but know that they were much more likely to lose than to gain by a change in this part of our polity. It would indeed be a great mistake to imagine that a law transferring political power from small to large constituent bodies would have operated in 1692 as it operated in 1832.

In 1832 the effect of the transfer was to increase the power of the town population. In 1692 the effect would have been to make the power of the rural population irresistible. Of the one hundred and forty-two members taken away in 1832 from small boroughs more than half were given to large and flourishing towns. But in 1692 there was hardly one large and flourishing town which had not already as many members as it could, with any show of reason, claim. Almost all therefore that was taken from the small boroughs must have been given to the counties; and there can be no doubt that whatever tended to raise the counties and to depress the towns must on the whole have tended to raise the Tories and to depress the Whigs. From the commencement of our civil troubles the towns had been on the side of freedom and progress, the country gentlemen and the country clergymen on the side of authority and prescription. If therefore a reform bill, disfranchising small constituent bodies and giving additional members to large constituent bodies, had become law soon after the Revolution, there can