ONE:Immediately after this engagement Blucher was joined by part of the grand army, under the Prince of Würtemberg; he therefore determined to attack Napoleon, and on the 1st of February drew out his forces. Napoleon would have declined the engagement; but he had the deep river Aube in his rear, and only the bridge of Lesmont by which to pass it. He preferred, on this account, to risk the battle, rather than retreat in such circumstances. Blucher attacked at once from the villages of La Rothire, Dienville, and Chaumont. The battle was severely contested for the whole day, the Prince of Würtemberg greatly distinguishing himself in it. In the end Buonaparte was wholly defeated, lost four thousand prisoners and seventy-three guns, and must have been captured himself, had not the Austrians, by surprising slowness, allowed him to escape over the bridge. He then retreated towards Troyes, where he was joined by his Imperial Guard; but his losses had been very heavy. Had Blucher and Schwarzenberg, who had now met, marched on united, they must have been in Paris in a very short time; but, with the German fatality of dividing, they had no sooner experienced the benefit of a powerful union than they called a council at the chateau of Brienne, and agreed to separate again. Blucher, joining to his own the divisions of Yorck and Kleist, proceeded towards Paris by the Marne, and Prince Schwarzenberg followed the course of the Seine.Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of 174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which 70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:
ONE:The manner in which a great deal of these vast sums, so freely voted, was spent, was, at this very moment, staring the public most fully in the face, through the military inquiry set on foot under the administration of Pitt, and continued under the present Ministry. It appeared that one Davison, being made Treasurer of the Ordnance by Pitt, had been in the habit of drawing large sums from the Treasury long before they were wanted, and had generally from three million to four million pounds of the national funds in his hands to trade with, of which the country lost the interest! Nor was this all: there had been an understanding between himself, Delauny, the Barrackmaster-General, and Greenwood, the army agent. All these gentlemen helped themselves largely to the public money, and their accounts were full of misstatements and overcharges. Those of Delauny were yet only partly gone through, but there was a charge of ninety thousand pounds already against him for fraudulent entries and impositions. As for Davison, there was found to be an arrangement between him and Delauny, by which, as a contractor, he was to receive of Delauny two-and-a-half per cent. on beds, sheets, blankets, towels, candles, beer, forage, etc., which he furnished for barrack use. Besides this, he was to supply the coals as a merchant. Having always several millions of the country's money in hand, he bought up the articles, got his profit, and then his commission, without any outlay of his own. Lord Archibald Hamilton gave notice of a motion for the prosecution of Davison at common law, but Ministers said they had put the matter into the proper hands, and that Davison had been summoned to deliver up all his accounts that they might be examined, and measures taken to recover any amount due by him to the Treasury. But Lord Henry Petty talked as though it was not certain that there were sufficient proofs of his guilt to convict him. The Attorney-General, however, was ordered to prosecute in the Court of King's Bench, but the decision did not take place till April, 1809, more than two years afterwards, and then only the miserable sum of eighteen thousand one hundred and eighty-three pounds had been recovered, and Davison was condemned to twenty-one months' imprisonment in Newgate.
ONE:
