Various - Blackwood's Edinburgh Magazine, Volume 67, No. 411, January 1850

The third circumstance which seems to have mainly tended to stop the progress of revolution in Europe, has been the great amount of interests in France which could not fail to be injured, either by foreign warfare or domestic Socialist triumph. This is mainly owing to France having already undergone fusion in the revolutionary crucible. Scarcely anything remains to melt, but the dross which had flowed out of the first furnace. The great estates and church lands were divided; two-thirds were cut off from the national debt. Nobody remained to despoil but the tiers état and revolutionary proprietors. They stood shoulder to shoulder in defence of their all, which they saw was seriously menaced; and thence the stoppage of the revolution at Paris, and the rapid retrograde movement of opinion on the subject, in the majority, over all France. Foreign war was not less an object of apprehension than internal spoliation. The peasants recollected the conscription and the Cossacks, and the weighty contributions of the Allies; the bourgeois dreaded the cessation of foreign travelling in their country, and the termination of the prolific shower of English gold. It was a general terror that the best interests of society were in danger which produced the determined resistance to the insurgents in Paris on the 23d of June, and formed the majority of four millions who elected Prince Louis Napoleon to the president's chair. Beyond all doubt, the greater part of the electors, when they recorded their suffrages for him, understood they were really voting for an emperor, and opposing the barrier of force to the revolution.

This circumstance suggests a very important consideration, on which it well becomes the people of this country to ponder, in reasoning from the example of France to themselves. It is not unusual now to hear the opinion advanced, that the result of universal suffrage in France proves that the apprehensions entertained on this subject, on this side of the Channel, are unfounded; and that, in truth, there is no such effectual barrier against revolution as universal, or, at least, a very low suffrage. America is frequently referred to, also, in confirmation of the same opinion. But under what circumstances has universal suffrage been forced to uphold property in these two countries? Recollect that both are overspread with a host of small proprietors: in France no less than 6,000,000 persons, for the most part in very indigent circumstances, being holders of land; and in America, the whole soil, from its having been so recently reclaimed from the forest, and the law of equal succession, ab intestato , being in the hands of the actual cultivators. But can any opinion be formed from this as to what would be the effect of a change in the electoral law, which created 6,000,000 of voters in a country where there are not 300,000 holders of land, and not above an equal number of proprietors in the funds? It is evident that we can never argue from a country which has been revolutionised , and where property has been divided , to one where neither of these events has taken place. Doubtless the robber will make a fight before he allows his prey to be torn from him; and when there are six millions of persons, for the most part possessed of the fruits of robbery, the rendering these back will not be very easily effected. But if we would see the effect of an extended suffrage, in a country which has not been revolutionised, and where the strong curb-chain of individual interest does not exist to restrain the majority, we have only to look to what the electors of France in 1793 did with the estates of the church and the nobility; to what the American freeholders did in 1837, when they destroyed five-sixths commercial wealth of the country, by raising the cry "Bank, or no Bank: " or what the British ten-pounders have done with the other classes of society, and, eventually, though they did not intend it, with themselves, by their measures of free trade and a restricted currency. Beyond all doubt, these measures would at once be repealed by an extended constituency; but are we sure they would stop there? What security have we they would not apply the sponge to the National Debt, confiscate the church property, and openly, or by a graduated assessment on land, divide the estates of the nobility?

But perhaps the most powerful agent, which has been at work, in stopping the progress of revolution in Europe, has been the public and private Insolvency which in an abandoned state of society inevitably and rapidly follows such convulsions. This is the great check upon the government and the madness of the people. That France, ever since the revolution of February 1848, has been in a state of almost hopeless monetary embarrassment, is well known to all the world. In fact, nothing but the most consummate prudence, and the adoption of the wisest measures on the part of the Bank of France, has saved them from a general public and private bankruptcy. What those measures were, will immediately be explained. In the mean time, to show the magnitude of the difficulties against which they had to make head, it is sufficient to observe, that in twenty-one months the Revolutionary Government has incurred a floating debt of £22,000,000; and that the deficiency for the year 1849, wholly unprovided for – and which must be made good by Exchequer bills, or other temporary expedients – is no less than eleven millions and a half sterling . It is not surprising it should have swelled to this enormous amount; for the very first demand of revolutionists, when they have proved victorious, is to diminish the public burdens and increase the public expenditure. And they did this so effectually in France, that in one year after the revolution of 1848, they had increased the public expenditure by 162,000,000 francs, or about £6,500,000; while they had caused the public revenue to fall by 248,000,000 francs, or nearly £10,000,000!

The dreadful prostration of industry which such a state of the public revenue implies, would have proved altogether fatal to France, had it not been rescued from the abyss by the surpassing wisdom with which, in that crisis, the measures of the Bank of France were conducted. But the conduct of that establishment, at that trying crisis, proved that they had taken a lesson from the archives of history. Carefully shunning the profuse and exorbitant issue of paper which, under the name of assignats, effected so dreadful a destruction of property in France in the first revolution, they imitated the cautious and prudent policy by which Mr Pitt surmounted the crisis of 1797, and brought the nation triumphant through the whole dangers of the war. They obtained an act from the legislature authorising the issue, not of £600,000,000 sterling of notes, as in 1793 and 1794, but of 400,000,000 francs, or £16,000,000 sterling, not convertible into gold and silver. This, and this alone, it was that brought France through the crisis of the Revolution. Specie, before this aid was obtained, was fast disappearing from circulation; the Bank of France had suspended cash payments; three of the principal banks in Paris had become bankrupt; the payment of all bills was suspended by act of government – for this plain reason, that no debtor could find cash to discharge his engagements. But this wise measure gave the French people that most inestimable of all blessings in a political and monetary crisis – a currency which, without being redundant, is sufficient, and, being not convertible into the precious metals, neither augments the strain on them, nor is liable to be swept away by foreign export. In consequence of this seasonable advance, the crisis was surmounted, though not without most acute general suffering; and industry, since a government comparatively stable was established, in the person of Prince Louis Napoleon, has revived to a surprising degree over the whole country. Indeed, it may be doubted whether the general misery which prevailed in France, desolated by a revolution, but sustained by a moderate inconvertible paper currency, was greater than was felt in the manufacturing cities of Great Britain, saved by the firmness of government and the good sense of the nation from a political convulsion, but withering under the fetters of a contracted currency, and unrestricted admission of foreign produce. 4 4 In Paris, after the Revolution in April and May, it was stated there were 300,000 persons out of employment, including the dependants of those without work. This number was, doubtless, fearfully great out of a population of 1,200,000 souls. But it was exceeded in some parts of Great Britain. In April 1848, the number of unemployed persons in and around Glasgow was so excessive, that an examination of them was made, by order of the magistrates of that city, with a view to an application to government for assistance. The men out of work were found, in that city and its vicinity, to be 31,000, which, allowing two and a half dependants to each male, implies 93,000 persons destitute of employment, out of a population at that time estimated at 360,000; being somewhat more than 300,000 out of 1,200,000 in Paris.