Selected Speeches on British Foreign Policy 1738-1914
History
Selected Speeches on British Foreign Policy 1738-1914
Great Britain -- Foreign relations; Speeches, addresses, etc., English
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?
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