es without being obliged to pay full cash value for them
immediately on demand, and the purchasing power of these notes tended to
vary far more than that of a metal currency. Also foreigners refused to
accept a pound note in the place of a pound sterling; foreign payments
had to be made in specie, and the gold was rapidly drained abroad. When
the war was over, Horner and other economists began to draw attention to
the bad effect of this on foreign trade and to the varying price of
commodities at home, due to the want of a fixed currency. As Pitt had
allowed the system of inconvertible paper, the Tories generally
applauded and were ready to perpetuate it. The elder Sir Robert Peel had
been always a firm supporter of these views and his son began by
accepting them. He continued to acquiesce in them till his attention was
definitely turned to the subject. In 1819 he was asked to be a member of
a committee of very eminent men, including Canning and Mackintosh, which
was to investigate the question, and he was elected chairman of it. But,
though his verdict was taken for granted by his party, his mind was so
constituted that he could not shut it against evidence. He listened to
arguments, and judged them fairly; and, being by nature unable to palter
with the truth, once he was convinced of it, he threw in all his weight
with the reformers and reported in favour of a return to cash payments.
History has vindicated his judgement, and he himself crowned his
financial work by the famous Bank Act of 1844, passed when he was Prime
Minister.

The second question on which Peel's conduct surprised his colleagues was
that of Catholic Emancipation. Since 1793 Roman Catholic electors had
the parliamentary vote; but, since no Roman Catholic could sit in
Parliament, they had hitherto been content to cast their votes for the
more tolerant of the Protestant candidates. Pitt had failed to induce
George III to grant the Catholics civil equality, and George IV, despite
his liberal professions, took up the same attitude as his father on
succeeding to the throne. But the majority of the Whigs, and some even
of the Tories, such as Castlereagh and Canning, were prepared to make
concessions; and since 1820 the Irish agitation led by O'Connell had
been gaining in strength. Peel had several reasons for being on the
other side. His early training by his father, his friendship with Eldon
and Wellington, his attachment to the Established Church, all had