provinces of France deluged with the blood of its inhabitants, obstinately contending for their ancient laws and religion. We have recently seen, in the revival of that war, a fresh instance of the zeal which still animates those countries in the same cause. These efforts (I state it distinctly, and there are those near me who can bear witness to the truth of the assertion) were not produced by any instigation from hence; they were the effects of a rooted sentiment prevailing through all those provinces, forced into action by the Law of the Hostages and the other tyrannical measures of the Directory, at the moment when we were endeavouring to discourage so hazardous an enterprise. If, under such circumstances, we find them giving proofs of their unalterable perseverance in their principles; if there is every reason to believe that the same disposition prevails in many other extensive provinces of France; if every party appears at length equally wearied and disappointed with all the successive changes which the revolution has produced; if the question is no longer between monarchy, and even the pretence and name of liberty, but between the ancient line of hereditary princes on the one hand, and a military tyrant, a foreign usurper, on the other; if the armies of that usurper are likely to find sufficient occupation on the frontiers, and to be forced at length to leave the interior of the country at liberty to manifest its real feeling and disposition; what reason have we to anticipate that the restoration of monarchy, under such circumstances, is impracticable?
The learned gentleman has, indeed, told us that almost every man now possessed of property in France must necessarily be interested in resisting such a change, and that therefore it never can be effected. If that single consideration were conclusive against the possibility of a change, for the same reason the revolution itself, by which the whole property of the country was taken from its ancient possessors, could never have taken place. But though I deny it to be an insuperable obstacle, I admit it to be a point of considerable delicacy and difficulty. It is not, indeed, for us to discuss minutely what arrangement might be formed on this point to conciliate and unite opposite interests; but whoever considers the precarious tenure and depreciated value of lands held under the revolutionary title, and the low price for which they have generally been obtained, will think it, perhaps, not impossible that an ample compensation might be made to the bulk of the present possessors, both for the purchase-money they have paid and for the actual value of what they now enjoy; and that the ancient proprietors might be reinstated in the possession of their former rights, with only such a temporary sacrifice as reasonable men would willingly make to obtain so essential an object.
The honourable and learned gentleman, however, has supported his reasoning on this part of the subject by an argument which he undoubtedly considers as unanswerable—a reference to what would be his own conduct in similar circumstances; and he tells us that every landed proprietor in France must support the present order of things in that country from the same motive that he and every proprietor of three per cent stock would join in the defence of the constitution of Great Britain. I must do the learned gentleman the justice to believe that the habits of his profession must supply him with better and nobler motives for defending a constitution which he has had so much occasion to study and examine, than any which he can derive from the value of his proportion (however large) of three per cents, even 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
