supposing them to continue to increase in price as rapidly as they have done during the last three years, in which the security and prosperity of the country has been established by following a system directly opposed to the counsels of the learned gentleman and his friends.
The learned gentleman's illustration, however, though it fails with respect to himself, is happily and aptly applied to the state of France; and let us see what inference it furnishes with respect to the probable attachment of moneyed men to the continuance of the revolutionary system, as well as with respect to the general state of public credit in that country. I do not, indeed, know that there exists precisely any fund of three per cents in France, to furnish a test for the patriotism and public spirit of the lovers of French liberty. But there is another fund which may equally answer our purpose—the capital of three per cent stock which formerly existed in France has undergone a whimsical operation, similar to many other expedients of finance which we have seen in the course of the revolution—this was performed by a decree which, as they termed it, republicanized their debt; that is, in other words, struck off, at once, two-thirds of the capital, and left the proprietors to take their chance for the payment of interest on the remainder. This remnant was afterwards converted into the present five per cent stock. I had the curiosity very lately to inquire what price it bore in the market, and I was told that the price had somewhat risen from confidence in the new Government, and was actually as high as seventeen. I really at first supposed that my informer meant seventeen years' purchase for every pound of interest, and I began to be almost jealous of revolutionary credit; but I soon found that he literally meant seventeen pounds for every hundred pounds capital stock of five per cent, that is, a little more than three and a half years' purchase. So much for the value of revolutionary property, and for the attachment with which it must inspire its possessors towards the system of government to which that value is to be ascribed!
On the question, Sir, how far the restoration of the French monarchy, if practicable, is desirable, I shall not think it necessary to say much. Can it be supposed to be indifferent to us or to the world, whether the throne of France is to be filled by a prince of the House of Bourbon, or by him whose principles and conduct I have endeavoured to develop? Is it nothing, with a view to influence and example, whether the fortune of this last adventurer in the lottery of revolutions shall appear to be permanent? Is it nothing whether a system shall be sanctioned which confirms by one of its fundamental articles that general transfer of property from its ancient and lawful possessors, which holds out one of the most terrible examples of national injustice, and which has furnished the great source of revolutionary finance and revolutionary strength against all the Powers of Europe?
In the exhausted and impoverished state of France, it seems for a time impossible that any system but that of robbery and confiscation, anything but the continued torture, which can be applied only by the engines of the revolution, can extort from its ruined inhabitants more than the means of supporting, in peace, the yearly expenditure of its Government. Suppose, then, the heir of the House of Bourbon reinstated on the throne; he will have sufficient occupation in endeavouring, if possible, to heal the wounds, and gradually to repair the losses, of ten years of civil convulsion; to reanimate the drooping commerce, to rekindle the industry, to replace the capital, and to revive the manufactures of the country. Under such circumstances, there must probably be a considerable interval before such a monarch, whatever may be his views, can possess the power which can make him formidable to Europe; but while the system of the revolution continues, the case is quite different. It is true, indeed, that even the gigantic and unnatural means by which that revolution has been supported are so far impaired; the influence of its principles and the terror of its arms so far weakened; and its power of action so much contracted and circumscribed, that against the embodied force of Europe, prosecuting a vigorous war, we may justly hope that the remnant and wreck of this system cannot long oppose an effectual resistance. But, supposing the confederacy of Europe prematurely dissolved: supposing our armies disbanded, our fleets laid up in our harbours, our exertions relaxed, and our means of precaution and defence relinquished; do we believe that the revolutionary power, with this rest and breathing-time given it to recover from the pressure under which it is now sinking, possessing still the means of calling suddenly and violently into action whatever is the remaining physical force of France, under the guidance of military despotism; do we believe that this power, the terror of which is now beginning to vanish, will not again prove formidable to Europe? Can we forget that, in the ten years in which that power has subsisted, it has brought more misery on surrounding nations, and produced more acts of aggression, cruelty, perfidy, and enormous ambition, than can be traced in the history of France for the centuries which have elapsed since the foundation of its monarchy, including all the wars which, in the course of that period, have been waged by any of those sovereigns whose projects of aggrandizement, and violations of treaty, afford a constant theme of general reproach against the ancient government of France? And with these considerations before us, can we hesitate whether we have the best prospect of permanent peace, the best security for the independence and safety of Europe, from the restoration of the lawful government, or from the continuance of revolutionary power in the hands of Buonaparte?
In compromise and treaty with such a power, placed in such hands as now exercise it, and retaining the same means of annoyance which it now possesses, I see little hope of permanent security. I see no possibility at this moment of concluding such a peace as would justify that liberal intercourse which is the essence of real amity; no chance of terminating the expenses or the anxieties of war, or of restoring to us any of the advantages of established tranquillity; and as a sincere lover of peace, I cannot be content with its nominal attainment; I must be desirous of pursuing that system which promises to attain, in the end, the permanent enjoyment of its solid and substantial blessings for this country, and for Europe. As a sincere lover of peace, I will not sacrifice it by grasping at the shadow, when the reality is not substantially within my reach—Cur igitur pacem nolo? Quid infida est, quia periculosa, quia esse non potest.
If, Sir, in all that I have now offered to the House, I have succeeded in establishing the proposition that the system of the French revolution has been such as to afford to foreign Powers no adequate ground for security in negotiation, and that the change which has recently taken place has not yet afforded that security; if I have laid before you a just statement of the nature and extent of the danger with which we have been threatened; it would remain only shortly to consider, whether there is anything in the circumstances of the present moment to induce us to accept a security confessedly inadequate against a danger of such a description.
It will be necessary here to say a few words on the subject on which gentlemen have been so fond of dwelling; I mean our former negotiations, and particularly that at Lisle in 1797. I am desirous of stating frankly and openly the true motives which induced me to concur in then recommending negotiation; and I will leave it to the House, and to the country, to judge whether our conduct at that time was inconsistent with the principles by which we are guided at present. That revolutionary policy which I have endeavoured to describe, that gigantic system of prodigality and bloodshed by which the efforts of France were supported, and which counts for nothing the lives and the property of a nation, had at that period driven us to exertions which had, in a great measure, exhausted the ordinary means of defraying our immense expenditure, and had led many of those who were the most convinced of the original justice and necessity of the war, and of the danger of Jacobin principles, to doubt the possibility of persisting in it till complete and adequate security could be obtained. There seemed, too, much reason to believe that, without some new measure to check the rapid accumulation of debt, we could no longer trust to the stability of that funding system by which the nation had been enabled to support the expense of all the different wars in which we have engaged in the course of the present century. In order to continue our exertions with vigour, it became necessary that a new and solid system of finance should be established, such as could not be rendered effectual but by the general and decided concurrence of public opinion. Such a concurrence in the strong and vigorous measures necessary for the purpose could not then be expected but from satisfying the country, by the strongest and most decided proofs, that peace on terms in any degree admissible was unattainable.
Under this impression we thought it our duty to attempt negotiation, not from the sanguine hope, even at that time, that its result could afford us complete security, but from the persuasion