Volume Ii Part 31 (1/2)

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.]