Social Transformations of the Victorian Age: A Survey of Court and Country. Escott Thomas Hay Sweet

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СКАЧАТЬ the first decade of the Victorian epoch, better harvests coincided with the importation of gold in small quantities from the Ural mines. The railway enthusiasm provided fresh employment for the working classes. More even than by gold and railways was done by the fiscal reforms due to Cobden, Bright, Peel, Villiers and Gladstone to give impetus to trade, and commerce, and to make England the market of the world. Hence the origin and multiplication of English millionaires. The country was thus gladdened by fitful gleams of a long unknown prosperity. But budgets continued to be bad, and Whig finance was in chronic disrepute. During no small part of a century, English exports had remained almost stationary at £51,000,000 a year. The distress was aggravated by the cotton spinning failures of 1842-3. On the eve of these the Burnley guardians told the Home Secretary of the inadequacy of their funds for the relief of local necessities. So gloomy indeed seemed the national fortune, that the Government of the day sold the Crown rights over Epping Forest. Nor as a fact was it till the forty-fifth year of the Queen’s reign that in 1882, this historic pleasure ground presented those scenes with which it is chiefly identified to-day.3

      The first of the most striking transformations of the Victorian era took place in the eleventh year of the Queen’s reign and continued during two or three years thereafter. The gold discoveries in California began in 1848. They differed from those which had preceded them elsewhere on American soil in the circumstance that the new treasures were distributed among the entire population, and were not confined to a small band of despotic aliens, as had happened under the sway of the Spanish chiefs and the Incas of Peru. In 1850-1 the same precious metal as three years earlier had been yielded to diggers on the Californian slopes and on the banks of the Sacramento River was found to exist in the alluvial plains of Ballarat in our own Australian colonies. The practical value of these new sources of wealth was variously regarded by political critics and scientific economists. The French Chevalier, and our own Cobden predicted as a result of the new gold supplies a fall in the value of money, a revolution in property, the doubling of wages and prices and the impoverishment of capitalists. Others foretold the speedy exhaustion of the new gold mines. That view was sanctioned by the expert authority of the famous geologist, Sir Roderick Murchison, who spoke of the limits of the recently discovered gold as ‘Nature’s Currency Restriction Act.’ Sir Archibald Alison, not an incautious person, and certainly no friend to innovation, elaborately supported a contrary opinion. He engaged in a series of minute calculations for the purpose of showing that the gold supply now available could not be used up within four centuries. When the alluvial soil was drained of its precious deposits, there would, as Alison argued, remain the parent rocks, the cost of working which seemed likely to diminish and not to increase with time. Nor was this authority less sanguine as to the beneficent effects upon all classes and interests of the new gold. Commerce, he argued, would be promoted at every turn. With increasing production there would be fresh employment, a practical decrease in taxation, and generally in the payments made by the poorer classes to the rich. Before the Australian discoveries of 1850, scarcity of gold had, as Alison contended, raised the value of money, and emphasized the difference between the rich and the poor. The Currency Restriction Act had been passed in 1844. ‘Nature’s Grand Currency Extension Act’ was the name given by the historian to the fresh sources of wealth revealed in Bendigo and Ballarat. The facts and figures were something to the following effect. The discoveries of 1850-1 had added sixteen or eighteen millions to the world’s money in comparison with the eight or ten millions which in the fifteenth century and onwards had been provided by Mexico and Peru. On the other hand the economist Chevalier anticipated that, as a consequence of the new gold, money in ten years would fall by one half. ‘In 1800,’ so ran the argument of this economist, ‘the annual addition to the gold of Christendom was barely two and a half millions. In 1848 it amounted to thirty-eight millions. In 1858 the total was a hundred and ninety millions. Hence,’ he insisted, ‘between 1858 and 1868 the additions to the world’s available stock of the precious metal would be at least as much as the aggregate of additions during the three preceding centuries, that is four hundred millions sterling.’ The stages in this induction may be thus briefly epitomized. During the three and a half centuries since the voyages of Columbus and of Cabot opened the New World to the Old, two thousand millions sterling had been added to the gold and silver of our planet. The hectolitre of wheat before A.D. 1492 cost in Paris from 2s. 6d. to 2s. 9d. Between 1848-58 it cost 16s. 8d. In other words if the usual grain test be applied, money had fallen during three and a half centuries to nearly one-sixth of its original value. It was upon calculations like these as well as upon certain other considerations that Chevalier based his argument that the fresh influx of gold would make money fall again by three-fourths of its value. This was in effect to say that to procure the same amount of subsistence as hitherto four times as much gold would be required. Cobden’s anticipations were to the same effect. So general was the belief of an impeding depreciation of gold and appreciation of silver that Holland actually demonetized gold and adopted silver as its standard money. All these fears were doomed to disappointment. The hopes were more than realized. The third quarter of our present century has proved the most prosperous which modern Europe or the world has ever known. A careful and voluminous writer on this subject, the late R. H. Patterson4 attributes this miscalculation to the ‘famous currency principle’ which grew up after the great war.

      The agencies that have changed the material basis underlying the structure of English society were thus fairly now in operation. They were supplemented by other circumstances all tending to produce the same result. Chief among these was the fact of the English coal supply surpassing that of other countries in its abundance and its universal distribution by land and sea. The character and the progress of the Victorian era are due in no small degree to the sagacity and shrewdness of the Prince Consort. He was now the first to recognize that the time had come when the cultivation of the artistic sense was alone needed to make the English workman the best in that world of which from the days of Chatham onwards, his country had been pre-eminently the workshop. French industry had not even yet recovered from the blow dealt to it by the revolution of the last century. That effacement of an earlier régime had differed in important particulars from all analogous movements in earlier ages. The havoc, the massacres, the proscriptions and confiscations of ancient Rome during her passage from a Republic to an Empire, had seriously affected the highest classes alone. The substitution for the French monarchy of a Robespierre first, of a Napoleon afterwards, had involved all orders in a common ruin. The Queen’s husband made it the business of his life to insure the maintenance of the advantage which history itself had thus given to English industry and manufacture, and which the fresh supply of the precious metal directly favoured.

      The universal attraction to Englishmen of the Australian gold fields may be summarized in a very few facts and figures. In 1852 the English emigrants to the treasure stores of the Antipodes were 369,000; a larger number, that is, than was represented by the increase of the Queen’s subjects at home through the excess of births over deaths. Our population in fact stood still in order that Australia, like California, might be peopled. During the four or five years of the gold fever under the Southern Cross, we sent out 1,356,000; more, in other words, than the whole population of Scotland at the time of the Union. The annual average of English emigrants was thus a trifle over a quarter of a million. Somewhat later, the collapse of the railway mania in England and the potato famine in Ireland, swelled the average total of this annual exodus to nearly half a million.

      Other results of the influx of gold during the second Victorian decade remain to be epitomized. The precious metal in the Bank of England, from less than eight millions in 1847, increased to twenty-two millions in 1853. The Bank rate during the whole decade was two per cent. The growth of trade was suddenly but steadily promoted. During 1853, twenty millions more of gold money than within any preceding twelvemonth changed hands among the public. Incidentally, it should be mentioned that a belief in the permanence of the low interest rate just mentioned caused Mr Gladstone, when Chancellor of the Exchequer in April 1853, to bring forward a scheme for the conversion of a portion of the three per cent. Consols, into Consols bearing a lower rate of interest, and that the interest on Exchequer Bills was a penny a day or one and a half per cent, per annum. The harvests of 1853-4 in England had been bad. The fresh purchases by the gold mine countries of English goods fully compensated СКАЧАТЬ