usee鐪嬮粍鐗嘷UUU娆х編涓�绾�_v2av_vagaa浜氭床

THREE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had ￡12,658,240, which in August, 1825, was reduced to ￡3,634,320, and before the end of the year it ran as low as ￡1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to ￡14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."

THREE:[282]Under the management of these enlightened men the disproportionate mass of bone was reduced, and flesh increased, and the whole figure assumed a regular and handsome contour. The quality of the meat was as greatly improved.

THREE:Paskievitch and the other Russian generals pleaded earnestly with the Emperor of Austria, imploring him to extend his clemency to all the officers and soldiers who had been engaged in the insurrection. But the Emperor was deeply mortified at the humiliation of having to call for Russian aid against his own rebellious subjects; he was vexed at the horror the Hungarians felt about surrendering to his army, as well as jealous of the magnanimity of the Muscovites. He therefore answered the Russian appeal, that he had sacred duties to perform towards his other subjects, which, as well as the general good of his people, he was obliged to consider. The warmest apologists of Austria were forced to condemn the vindictive and cruel policy now adopted. G?rgei was pardoned and offered rank in the Russian army, which he declined, and Klapka escaped by the terms of his capitulation; but fourteen other Hungarian officers of the highest rank were cruelly immolated to Austrian vengeance. One lady was ordered to sweep the streets of Temesvar, another was stripped and flogged by the soldiery. Many eminent Magyars were hanged. But of all the atrocities which stained the name of Austria, and brought down upon her the execration of the civilised world, none was so base and infamous as the judicial murder of Count Batthyány. This illustrious man, who had presided over the Hungarian Ministry, was sentenced to be hanged. Having taken leave of his wife, he endeavoured, in the course of the night, to escape the infamy of such a death by opening the veins of his neck with[581] a blunt paper-knife; but the attempt was discovered, and the surgeon stopped the bleeding. Next day the noble patriot procured a less ignominious doom—he was shot (October 6, 1849).

THREE:It was proposed also to form, in certain districts, relief committees, which should be empowered to receive subscriptions, levy rates, and take charge of donations from the Government; and that out of the fund thus raised they should establish soup kitchens, and deliver rations to the famishing inhabitants. Sir John Burgoyne, Inspector-General of Fortifications, was appointed to superintend the works. Lord John Russell referred to measures for draining and reclaiming waste land in Ireland, and to advances of money for this purpose to the proprietors, to be repaid in instalments spread over a number of years. On a subsequent day, in answer to questions from Mr. Roebuck, the noble lord gave a statement of the sums that had already been advanced. ￡2,000,000 had been issued on account of the Poor Employment Act of the last Session. He expected that not less than ￡500,000 or ￡600,000 a month would be spent from the present time until August, and he calculated the whole expenditure would not be less than ￡7,000,000. There was great difference of opinion on the subject of the Government plans. A counter-scheme for the establishment of reproductive works deserves to be noticed for the interest it excited and the attention it occupied for years afterwards—namely, the railway plan of Lord George Bentinck. Acts of Parliament, he said, had been passed for 1,582 miles of railway in Ireland, of which only 123 miles had then been completed, while 2,600 miles had been completed in England. In order to encourage the formation of Irish railways, therefore, he proposed that for every ￡100 expended by the companies ￡200 should be lent by the Government at the same interest at which they borrowed the money, Mr. Hudson, who was "chairman of 1,700 miles of railroad," pledging his credit that the Government would not lose a shilling by the transaction. By adopting this plan they could give reproductive employment to 109,000 men in different parts of the country, for earth-works, fences, drains, and watercourses connected with the lines. This would give support of 550,000 souls on useful work, tend to develop the resources of the country, and produce such improvement that the railways constructed would add ￡23,000,000 to the value of landed property in twenty-five years, and would pay ￡22,500 a year to the poor rates. The purchase of land for the railways would moreover place ￡1,250,000 in the hands of Irish proprietors, for the employment of fresh labour, and ￡240,000 in the hands of the occupying tenants for their own purposes. The Government also would reap from the expenditure of ￡24,000,000 on railways in Ireland, an enormous increase of revenue in the augmented consumption of articles of excise and customs. The noble lord's speech, which lasted two hours and a half, was received with cheers from both sides of the House. Leave was given to bring in the Bill, though it was strongly objected to by Lord John Russell, Mr. Labouchere, and other members of the Government. It was also opposed by Sir Robert Peel, who exposed the unsoundness of the economic principles involved in it. The Bill was rejected by a majority of 204, the numbers being 118 for the second reading, and 322 against it. Notwithstanding this decision, loans were subsequently advanced to certain Irish railways, amounting to ￡620,000, so that the objection of the Government was more to the extent than to the principle of Lord George Bentinck's measure.[See larger version]

THREE:[See larger version][See larger version]