TWO:In England Parliament met on the 31st of October, and Lord North now moved, in a Committee of Supply, for forty-five thousand seamen for the service of the following year; and in a warm debate, in which Mr. Luttrell made a severe charge of maladministration at the Admiralty, and of the most shameful corruptions and peculations in that department and in the Commissariat, he called for the production of the necessary papers to enable him to substantiate these charges.The Marquis of Ely " " 45,000
TWO:On the Continent the struggle against the French was renewed. The King of Naples and the Emperor of Austria, in alliance with Russia, determined to free Italy of them in the absence of Buonaparte; but without waiting for the arrival of the Austrians and Russians, Ferdinand mustered nearly forty thousand men, badly disciplined, and worse officered, and set out to drive the French from Rome. General Mack, still in high repute, was sent from Vienna to command this army, and Ferdinand, a most self-indulgent and unwarlike monarch, was advised to march with them in person. Nelson was employed, with an addition of some Portuguese ships, to land a division of five thousand men of this army at Leghorn. Mack, in true Austrian style, then divided the remaining thirty-two thousand men into five columns, and marched them by different routes towards Rome. Nelson had narrowly watched the man?uvres of Mack, and pronounced him incompetent, and that the whole would prove a failure. This was speedily realised. Ferdinand, with a portion of his forces, entered Rome in triumph on the 29th of November; but Championnet, the French general, who evacuated Rome to concentrate his forces at Terni, soon defeated the other divisions of the Neapolitan army in detail, and Ferdinand fled from Rome back to Naples. But there was now no security for him there. Championnet was marching on that capital with twenty thousand veteran soldiers, and Ferdinand availed himself of Nelson's fleet to get over to Palermo. The lazzaroni defended the deserted city for three days with incredible bravery against the French, but they were betrayed by a republican party in the city, which hoisted the tricolour flag, surrendered the forts to the enemy, and fired on the defenders from the Castle of St. Elmo, which commands the town. Championnet took possession of Naples on the 23rd of January, 1799, and proclaimed a republic under the title of "Respublica Parthenopea."But, scarcely had Howe posted himself at Wilmington, when Washington re-crossed the Schuylkill and marched on the British left, hoping to imitate the movement of Cornwallis at the Brandywine which had been so effectual. Howe, aware of the strategy, however, reversed[239] his front, and the Americans were taken by surprise. In this case, Howe himself ought to have fallen on the Americans, but a storm is said to have prevented it, and Washington immediately fell back to Warwick Furnace, on the south bank of French creek. From that point he dispatched General Wayne to cross a rough country and occupy a wood on the British left. Here, having fifteen hundred men himself, he was to form a junction with two thousand Maryland militia, and with this force harass the British rear. But information of this movement was given to Howe, who, on the 20th of September, sent Major-General Greig to expel Wayne from his concealment. Greig gave orders that not a gun should be fired, but that the bayonet alone should be used, and then, stealing unperceived on Wayne, his men made a terrible rush with fixed bayonets, threw the whole body into consternation, and made a dreadful slaughter. Three hundred Americans were killed and wounded, about a hundred were taken prisoners, and the rest fled, leaving their baggage behind them. The British only lost seven men.
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TWO:From the Painting by Andrew C. Gow, R.A.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."
