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  • FORE:On the 12th of March, 1839, Mr. Villiers again moved for a committee of the whole House to take into consideration the Act regulating the importation of foreign corn, and the Manchester delegates were once more in London to watch the progress of events. On this occasion the House again decided, by 342 votes to 195, not to take the subject into consideration. The defeat was of course expected; but the members of the Association immediately assembled again, and issued an address to the public, in which for the first time they recommended the formation of a permanent union, to be called the Anti-Corn Law League, and to be composed of all the towns and districts represented in the delegation, and as many others as might be induced to form Anti-Corn Law associations, and to join the League. Delegates from the different local associations were to meet for business from time to time at the principal towns represented; but in order to secure unity of action, it was proposed that the central office of the League should be established at Manchester, and that to its members should be entrusted the duties of engaging lecturers, obtaining the co-operation of the public press, establishing and conducting a stamped periodical publication, and keeping up a constant correspondence with the local associations. The delegates then parted, becoming so many local missionaries for spreading the doctrines of the new crusade. The Manchester Association had issued a large number of handbills and placards. It now began to publish more largely and systematically a series of pamphlets. Among these were "Facts for Farmers," in which it was shown to demonstration that, whatever might be the interest of the landowners, their tenants had no real share in the benefits of their monopoly. The cheapness of the publications secured them an extraordinary sale wherever political questions were discussed. Mr. Villiers's speech, extending to thirty-two closely printed pages, was sold at three halfpence; Mr. Poulett Thomson's speech, occupying sixteen pages, at three farthings. When the appeals were made to the electors of the kingdom during the height of the agitation, as many as half a million each of the more popular tracts were issued at a time. In accordance with the resolution passed by the League at its formation in London, a fortnightly organ of the new movement was started on the 16th of April. Its title was the Anti-Corn Law Circular. A preliminary address announced that a copy of the paper would be regularly forwarded to every newspaper, review, and magazine in the empire. The first number contained a "Modern History of the Corn Laws," by Richard Cobden, with various information on the progress of the movement. Meanwhile the work of lecturing went on. Free Trade missionaries were dispatched to all parts, and, to the annoyance of the landlords, even preached their obnoxious doctrines to audiences in smock frocks in the agricultural towns and villages, where the views of the country party had hitherto held undisputed sway. Among the most remarkable of these speakers was Colonel Perronet Thompson, who, by his celebrated "Catechism of the Corn Laws," and his other writings, had done perhaps more than any other man of his time to confute the fallacies of the Protectionist party. The clear and terse style, the shrewd reasoning power, the apt and homely illustration, and, above all, the hearty sincerity and good temper of this remarkable man, were equally acceptable among the most refined or the least educated audiences.
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FORE:Among the historians of the time there are three or four names that deserve to be specially mentioned. The first is that of Sir James Mackintosh, who, notwithstanding the pressure of Parliamentary duties and the attractions of London society, so far conquered his constitutional indolence, increased by his residence in India, as to produce some literary works so valuable that it has been a source of regret that he could not find time to give to the world something more than fragments. His dissertation on "The Progress of Ethical Philosophy" shows what he could have accomplished in that field; while his three volumes of "The History of England" caused a general feeling of disappointment that he was not spared to complete the work. He was engaged on a history of the Revolution of 1688 when he died, rather suddenly, in May, 1832.
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No sooner was this treaty signed than Junot was ordered to cross the Bidassoa with thirty thousand men, and march through Spain for the Portuguese frontier. Two additional armies, partly of French and partly of Spaniards, supported him, and another army of forty thousand was stationed at Bayonne, intended, it was said, to act as an army of reserve, in case the British should land and attempt to defend Portugal, but in reality it was intended for the subjugation of Spain itself. Junot, who had formerly been Buonaparte's ambassador at the Court of Lisbon, made rapid marches through Spain. The Prince Regent of Portugal, knowing that resistance was in vain, sent the Marquis of Marialva to state to the Courts of France and Spain that he had complied with the whole of their demands, as regarded the admission of British goods, and demanded the arrest of the march of the invading army. But no notice was taken of this, and Junot pushed on with such speed as to exhaust his troops with fatigue. He was anxious to seize the persons of the royal family, and therefore this haste, accompanied by the most solemn professions of his coming as the friend and ally of Portugalas the protector of the people from the yoke of the British, the maritime tyrants of Europe.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:[209][See larger version]
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