ONE:The select committee of the Commons appointed at the instance of Lord Castlereagh, to inquire into the state of the national income and expenditure, now presented its report on the 3rd of June, and it was agreed to. The Chancellor of the Exchequer stated on its authority that, since 1815, taxation had been reduced eighteen million pounds per annum; that in 1816 the revenue of Great Britain and Ireland had been consolidated, and that, at that time, the interest of the Debt of Ireland, including the Sinking Fund provided for its reduction, exceeded the entire revenue of that part of the United Kingdom by one million nine hundred thousand pounds. He then announced that supplies for the present year would be required to the amount of twenty million five hundred thousand pounds; that the existing revenue would only furnish seven million pounds towards this; and that it would be necessary to have recourse to the Sinking Fund to make up the deficiency of thirteen million five hundred thousand pounds. This Sinking Fund was fifteen million five hundred thousand pounds, so that it would leave only two million pounds; but as it was necessary to have a tolerable surplus in hand to meet exigencies, it was proposed to raise this reserve fund to five million pounds by fresh taxes to the amount of three million pounds.Mr. O'Connell's avowed principle of action was "moral force." He was in the constant habit of asserting that "the man who commits a crime gives strength to the enemy;" and that no political advantages, however great, should be obtained at the expense of "one drop of Christian blood." Nevertheless, the letters which he was in the habit of addressing to "the people of Ireland,"[286] and which were remarkable for their clearness, force, and emphatic tautology, had always prefixed to them, as a standing motto, Byron's couplet
ONE: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:In September the Americans in Fort Erie, being strongly reinforced, and elated by their repulse of General Drummond, marched out and made an attack on the British lines. General de Watteville received them with such effect that they rapidly fell back on Fort Erie and, no longer feeling themselves safe even there, they evacuated the fort, demolished its works, and retreated altogether from the shore of Upper Canada. When the news of peace, which had been concluded in December of this year, arrived in the spring, before the commencement of military operationsthough thirty thousand men at a time had invaded the Canadian frontiers, and Hampton, Wilkinson, and Harrison had all been marching in the direction of Kingston and Montreal simultaneously, the British were in possession of their fortress of Niagara, and of Michilimakinac, the key of the Michigan territory; and they had nothing to give in exchange but the defenceless shore of the Detroit. They had totally failed in their grand design on Canada, and had lostin killed, wounded, and prisonersnearly fifty thousand men, besides vast quantities of stores and ammunition. In short, they had incurred an expenditure quite heavy enough to deter them from lightly attacking the Canadas again.
TWO:[See larger version]
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THREE:
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THREE:
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THREE:The king now announced to Ministers his fixed resolve to call in another Cabinet, though the Whigs had endeavoured to keep office by dropping the Bill, and on the 25th of March they delivered to the king their seals of office. Erskine alone retained his for a week, that he might pronounce his decrees on the Chancery suits which had been heard by him; and two days before he parted with the Seal, he took the opportunity to make his son-in-law, Edmund Morris, a Master in Chancery. This was regarded as a most singular act, Erskine being no longer bona fide Chancellor, but only holding the Seal for a few days after the resignation of his colleagues, to complete necessary business. The House adjourned to the 8th of April, and before this day arrived the new appointments were announced. They werethe Duke of Portland, First Lord of the Treasury; Lord Hawkesbury, Secretary of the Home Department; Canning, Secretary for Foreign Affairs; Lord Castlereagh, Secretary for War and the Colonies; the Earl of Chatham, Master of the Ordnance; Spencer Perceval, Chancellor and Under-Treasurer of the Exchequer; Lord Camden, Lord President of the Council; Lord Bathurst, President of the Board of Trade, with George Rose as Vice-President; the Earl of Westmoreland, Keeper of the Privy Seal; Lord Eldon, Lord Chancellor; and the Duke of Richmond, Lord-Lieutenant of Ireland. As the Duke of Portland's health was bad, the real Prime Minister was Mr. Perceval.
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2Solvent recovery and the refinement Solvent recovery and the refinement such as chemical industry, an industry of medical supplies, food industry, the fermentation industry.
THREE:Argyll, who received the news of the retreat about four in the afternoon of that day, occupied Perth with Dutch and English troops by ten o'clock the next morning. They had quitted Stirling on the 29th, and that night they encamped on the snow amid the burnt remains of the village of Auchterarder. Argyll and Cadogan followed the advanced guard and entered Perth on[32] the evening of the 1st of February; but the remainder of the troops did not arrive till late at night, owing to the state of the roads and the weather. Some few of the rebels, who had got drunk and were left behind, were secured. The next day Argyll and Cadogan, with eight hundred light foot and six squadrons of dragoons, followed along the Carse of Gowrie to Dundee. Cadogan, in a letter to Marlborough, complained of the evident reluctance of Argyll to press on the rebels. When he arrived at Dundee on the 3rd, the rebel army was already gone. He and Cadogan then separated, taking different routes towards Montrose. Cadogan, whose heart was in the business, pushed on ahead, and on the 5th, at noon, reached Arbroath, where he received the news that the Pretender had embarked at Montrose and gone to France. In this manner did the descendant of a race of kings and the claimant of the Crown of Great Britain steal away and leave his unhappy followers to a sense of his perfidious and cruel desertion. His flight, no doubt, was necessary, but the manner of it was at once most humiliating and unfeeling. The consternation and wrath of the army on the discovery were indescribable. They were wholly broken up when Argyll reached Aberdeen on the 8th of February.
