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Princely Debt, Public Credit, and Commercial Values in Late Georgian Britain

Published online by Cambridge University Press:  21 December 2012

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Copyright © North American Conference of British Studies 2004

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References

1 The Times, 17 July 1830. For the public and parliamentary suspicion regarding Victoria's private fortune, see Kuhn, William M., “Queen Victoria's Civil List: What Did She Do with It?Historical Journal 36 (1993): 645–65CrossRefGoogle Scholar.

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8 Ibid., 1:167, 179–80, 214, 272.

9 Ibid., 2:226; Hibbert, George IV, p. 128.

10 Correspondence of George, 3:4.

11 Brooke, John, King George III (New York, 1972), pp. 204, 206–7Google Scholar; Hanoverian, A, A Letter to the House of Peers, on the Present Bill Depending in Parliament, Relative to the Prince of Wales’ Debts (London, 1795), p. 8Google Scholar; this pamphlet was also published under the punchier title, John Bull Starving to Pay the Debts of the Royal Prodigal: A Letter to the House of Peers.

12 Hibbert, George IV, pp. 163–64. The king's message was read to both Houses on 27 April 1795. I drew my accounts of parliamentary debates from The Times and checked them for discrepancies and omissions against the Morning Chronicle and the detailed account of the debates in Huish, Robert, Memoirs of George the Fourth, 2 vols. (London, 1831), 1:336–73Google Scholar.

13 Correspondence of George, 2:250–51Google Scholar; Charles James Fox to Henry Holland, 17 May 1795, Memorials and Correspondence of Charles James Fox, ed. Russell, Lord John, 4 vols. (London, 1854), 3:108Google Scholar.

14 [Miles, William Augustus], A Letter to the Prince of Wales, on a Second Application to Parliament, to Discharge Debts Wantonly Contracted since May, 1787, 11th ed. (of 13) (London, 1795)Google Scholar; for Miles, see Dictionary of National Biography, 1908–9 ed. The author of A Letter to Charles Grey, Esq. on His Royal Highness the Prince of Wales (London, 1795) on p. 40Google Scholar alleged that the author had written an answer to his own pamphlet in order to prolong the controversy: Observations on a Letter to the Prince of Wales, in Consequence of a Second Application to Parliament &c. and on Those Signed Neptune and Legion, in the Same Pamphlet (London, 1795). The Neptune letter of 1784, which presents the prince under the bad influence of Fox, Richard Brinsley Sheridan, and others, is included in the 11th ed., which also contains a postscript answering the Observations. Edward Thurlow, who had been replaced as lord chancellor by Lord Loughborough in June 1792 after a disagreement with Pitt, denounced A Letter to the Prince of Wales in the Lords on 25 June 1795 as a gross, scandalous libel: Correspondence of George, 2:305n.; Prince to Queen Charlotte, 3 July 1795, Correspondence of George, 3:71; Fox to Holland, 14 June 1795, Memorials and Correspondence of Fox, 3:109.

15 Cannadine, David, Aspects of Aristocracy: Grandeur and Decline in Modern Britain (London, 1995), pp. 3741Google Scholar; Habakkuk, Marriage, Debt, and the Estates System, chap. 4; Beckett, Aristocracy, chap. 9.

16 Hoppit, Julian, “The Use and Abuse of Credit in Eighteenth-Century England,” in Business Life and Public Policy: Essays in Honour of D. C. Coleman, ed. McKendrick, Neil and Outhwaite, R. B. (Cambridge, 1986), pp. 6873Google Scholar, and Attitudes to Credit in Britain, 1680–1790,” Historical Journal 33 (1990): 305–22Google Scholar; Hunt, Middling Sort, p. 43.

17 The Times, 15 May 1795. Unless otherwise noted, I drew all background information on M.P.s from Thorne, Roland G., ed., The History of Parliament: The House of Commons, 1790–1820, 5 vols. (London, 1986), vols. 3–5Google Scholar.

18 The Times, 16 May 1795.

19 The Times, 25 June 1795.

20 Morning Chronicle, 15 May 1795.

21 The Times, 6 June 1795; Ayling, Stanley, A Portrait of Sheridan (London, 1985), pp. 107–8Google Scholar.

22 The Times, 9 and 15 May 1795.

23 The Times, 6 June 1795.

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25 The Times, 27 April and 15 May 1795. A Letter to the Lord Chancellor, on the Case of His Royal Highness the Prince of Wales (London, 1795), pp. 12, 15–16Google Scholar, argued that the independence of the heir apparent not only preserved the hereditary succession but also the democratic branch of the constitution by checking the power of the crown.

26 The Times, 28 April and 15 May 1795. This is a central argument in A Loyal, but Solemn Expostulation. A pamphlet sympathetic to the prince nonetheless advised him to reform along these lines. It observed, “The approach to a palace should partake of the magnificence of the building to which it leads: no filth or dirt, or trifling object, or tinsel decoration should be seen in a royal avenue, whose character should gradually mark, and by degrees unfold, the majesty of the edifice to which it belongs.” Two Words of Counsel, and One of Comfort: Addressed to His Royal Highness the Prince of Wales (London, 1795), pp. 1819Google Scholar.

27 The Times, 15 May 1795; Pollock, John, Wilberforce (New York, 1978), pp. 129, 265–68, 302–3Google Scholar.

28 The Times, 15 May 1795. A Morning Chronicle editorial of 29 April 1795 already made the point about the prince's debts paling in comparison to the sums expended on the war. The duke of Bedford and earl of Lauderdale would argue the same in the Lords debate of 24 June: The Times, 25 June 1795.

29 Reid, Loren, Charles James Fox, A Man for the People (Columbia, Mo., 1969), pp. 4043, 122–24Google Scholar; Ehrman, John, The Younger Pitt: The Years of Acclaim (London, 1969), pp. 107, 591–603Google Scholar, quote on p. 601; Reitan, E. A., “The Civil List in Eighteenth-Century British Politics: Parliamentary Supremacy versus the Independence of the Crown,” Historical Journal 9 (1966): 318–37CrossRefGoogle Scholar.

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35 Reitan, “Civil List.” See also Kuhn, “Queen Victoria,” pp. 647–48; and Harling, Philip, The Waning of “Old Corruption”: The Politics of Economical Reform in Britain, 1779–1846 (Oxford, 1996)CrossRefGoogle Scholar.

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38 2 and 28 July 1792, respectively, Catalogue of Political and Personal Satires Preserved in the Department of Prints and Drawings in the British Museum, vols. 5–11, ed. M. D. George (London, 1935–54) (hereafter BMC), nos. 8112, 8117.

39 James Gillray, Frying Sprats, Vide. Royal Supper and Toasting Muffins, 28 November 1791, BMC, nos. 7922–23; Richard Newton, Contributing to the Sinking Fund, 3 April 1792, BMC, no. 8078.

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42 See, e.g., Billy in the Dumps, or How to Manage Affairs on the Next Meeting of Parliament, March 1794, BMC, no. 8434; Richard Newton, The Inexhaustible Mine! 22 June 1797, BMC, no. 9025.

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47 See Morning Chronicle, 12 and 17 January 1792, 5 June 1793, and 5 June 1794.

48 Morning Chronicle and True Briton, 1 March 1796; The Times, 5 June 1798; Telegraph, 20 May 1796.

49 “Caroline Girle Powys Annual Journal, 1757–1808,” 3 vols., British Library Additional Manuscript 42160, fols. 138–40 (20 August 1789), and 42161, fol. 6 (16 April 1795).

50 The Times, 9 August 1792, 18 November 1791; Morning Post, 19 January 1796; The Times 26 November 1791.

51 See Correspondence of George for 1786.

52 Hoppit, “Use and Abuse of Credit,” p. 77.

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57 Habakkuk, Marriage, Debt, and the Estates System, pp. 294–95; A Loyal, but Solemn Expostulation, p. 8. Phyllis Deutch's study of the movement against aristocratic gaming argues that Fox's reputation as a gamester damaged his political standing in the 1780s; Deutch, Phyllis, “Moral Trespass in Georgian London: Gaming, Gender, and Electoral Politics in the Age of George III,” Historical Journal 39 (1996): 637–56CrossRefGoogle Scholar.

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59 Jefferys, Nathaniel, A Review of the Conduct of His Royal Highness the Prince of Wales in His Various Transactions with Mr. Jefferys, during a Period of More than Twenty Years, Containing a Detail of Many Circumstances Relating to Their Royal Highnesses the Prince and Princess of Wales, Mrs. Fitzherbert &c. &c. &c., 2d ed., with additions (London, 1806), p. 8Google Scholar; Morning Chronicle, 19 February 1796; Thorne, History of Parliament (Jeffreys served as M.P. for Coventry, 1796–1803); Philo-Veritas [Gilliland, Thomas], Diamond Cut Diamond; or, Observations on a Pamphlet Entitled A Review of the Conduct of His Royal Highness the Prince of Wales, Comprising a Free and Impartial View of Mr. Jeffreys, as a Tradesman, Politican, and Courtier, during a Period of Twenty Years (London, 1806)Google Scholar.

60 The Times, 16 May and 25 June 1795. Observations on a Letter, pp. 25–26; and Thoughts on the Prince's Debts, 2d ed. (London, 1795), pp. 1718Google Scholar, note the cheats to which princes were prey; [Miles], A Letter to the Prince of Wales, p. 87; and A Letter to the House of Peers, pp. 14–23, suggest that the prince and his creditors be left to thrash it out. See Hoppit, “Attitudes to Credit,” p. 315, and “The Use and Abuse of Credit,” pp. 73–78.

61 Hoppit, Julian, Risk and Failure in English Business, 1700–1800 (Cambridge, 1987)CrossRefGoogle Scholar; Brewer, John, “Commercialization and Politics,” in The Birth of a Consumer Society: The Commercialization of Eighteenth-Century England, ed. Brewer, John, McKendrick, Neil, and Plumb, J. H. (Bloomington, Ind., 1982), pp. 197262Google Scholar, quotation on p. 199; Sainsbury, John, “John Wilkes, Debt, and Patriotism,” Journal of British Studies 34 (1995): 165–95CrossRefGoogle Scholar.

62 The contradictions present in royal financial practices parallel the ambiguities that historians find in the measures taken to quell food riots. Not only were political and judicial authorities divided between the paternalist moral economy and the laissez faire political economy; the supposedly opposing philosophies often overlapped in practice. Supporters of free trade advocated paternalist measures like soup kitchens, promotion of alternatives to wheaten bread, and raising subscriptions to help the poor buy food. Although intended to prevent the government from interfering with the procedures of grain traders or imposing price controls, these measures in practice represented intervention, and in the case of subsidies for the poor, could even drive prices upward. See Douglas Hay, “The State and the Market in 1800: Lord Kenyon and Mr. Waddington,” Past and Present, no. 162 (1999): 101–62; Brown, Susan E., “‘A Just and Profitable Commerce’: Moral Economy and the Middle Classes in Eighteenth-Century London,” Journal of British Studies 32 (1993): 305–32CrossRefGoogle Scholar.

63 Lubbock, Jules, The Tyranny of Taste: The Politics of Architecture and Design in Britain, 1550–1960 (New Haven, Conn., 1995), p. 44Google Scholar.

64 The Times, 26 June 1795.