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TWO:This and other events at length convinced the stupid and ungrateful Emperor that the war was[56] hopeless. Russia had as good as deserted him; Prussia, so lately won over, was again wavering; Sweden and Holland had joined the allies; and Spain, so far from helping him, could not drive the enemy from a corner of its own territory. He therefore listened to terms of peace which were offered by the allies through the pacific medium of Fleury, and the preliminaries were signed at Paris by the Austrian Ambassador on the 31st of May with England, France, and Holland. The Emperor agreed to suspend for seven years the charter of the Ostend Company; to confirm all treaties previous to 1725; and to refer any other objects of dispute to a general congress. Several articles were introduced regarding Spain. The English consented to withdraw the fleet of Admiral Hosier from blockading Porto Bello, so that the galleons could return home; the siege of Gibraltar was to be discontinued, and the Prince Frederick to be restored. These articles were signed by the Spanish Ambassador at Paris, but Philip himself never ratified them, and England and Spain continued in a dubious state of neither peace nor war.

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THREE:He first published an engraving of "The Small Masquerade Ticket, or Burlington Gate," in ridicule of Lord Burlington's architecture, and of Pope's eulogiums on Burlington and satire of the Duke of Chandos. He illustrated "Hudibras," and produced a satirical plate, "The Taste of the Times," in 1724; and, some years after, "The Midnight Conversation" and "Southwark Fair." Not content with the fame which this vein, so peculiarly his own, was bringing him, he had the ambition to attempt the historical style, but this was a decided failure. In 1734, however, he came out in his full and peculiar strength in "The Harlot's Progress." The melancholy truth of this startling drama, mingled with touches of genuine humour, seized at once on the minds of all classes. It became at once immensely popular; it was put on the stage, and twelve hundred subscriptions for the engravings produced a rich harvest of profit. In the following year he produced "The Rake's Progress," which, though equally clever, had not the same recommendation of novelty. In 1744 he offered for sale the original paintings of these subjects, as well as "The Four Times of the Day," and "The Strolling Actresses Dressing in a Barn;" but here he felt the effects of the sturdy English expression of his sentiments on art, and his distributing of an engraving of "The Battle of the Pictures," as a ticket of admission, gave great offence to painters and their patrons. The whole sum received was only four hundred and twenty-seven pounds. Undaunted by his self-injuring avowal of his opinions, he offered in 1750 the pictures of "Marriage la Mode" for sale, but put forth an advertisement in such caustic terms, as he reflected on the result of his former auction, that he effectually kept away purchasers, and obtained only a hundred and twenty pounds for what Mr. Angerstein afterwards gave a thousand pounds for. His "March to Finchley" being sent for the royal inspection, so impressed George II. with the idea that it was a caricature of his Guards, that, though the engraving of it was dedicated to him, he ordered the picture out of his sight, with expressions of great indignation. Hogarth quietly substituted the name of the King of Prussia in the dedication, as "an encourager of the arts."
FORE:The unnatural state of things induced by the war had now brought about a great change in our currency. As we could manage to get in our goods to the Continent by one opening or another, but could not get the produce of the Continent in return, it would have appeared that we must be paid in cash, and that the balance of specie must be in our favour; but this was not the case. By our enormous payments to our troops in Spain, Portugal, and Sicily, as well as in the East and West Indies, and by our heavy subsidies, gold had flowed out of the country so steadily that there appeared very little left in it, and bank paper had taken its place. On the Continent, impoverished as they were, the people tenaciously clung to their gold, and Buonaparte alone could draw it from them in taxes. He always took a heavy military chest with him on his expeditions, and his officers also carried the money necessary for themselves in their belts, or otherwise about their immediate persons. The gold being enormously diminished in quantity in England, was carefully hoarded on all hands, thus again increasing the scarcity, and raising the value of it. The price of bullion had risen from twenty to thirty per cent., and here was a further strong temptation to hoard or send guineas to the melting-pot. This state of things led a certain class of political economists to call for a repeal of the Act for suspension of cash payments, and Francis Horner obtained a committee of inquiry into the causes of the decrease of gold and the increase of paper: and this committee came to the conclusion that the true cause of the evil lay in the excess of paper, and that the way to restrain it would be to allow the demand for gold at the Bank. But the truth was that the cause of the evil was not the excess of paper, but the enormous diminution of gold; and to have opened a legal demand for gold which could not be had would only have produced a panic, and a complete and horrible assassination of all credit and all business. But there were clearer-sighted men in Parliament, who declared that, though bullion had risen in price, bank-notes would still procure twenty shillings' worth of goods in the market, and that they were not, therefore, really depreciated in value. That was true, but guineas had, notwithstanding, risen to a value of five- or six-and-twenty shillings, and might be sold for that. Gold had risen, but paper had not fallen; and gold could not take the place of paper, because it did not, to any great extent, exist in the country; if it had, paper must have fallen ruinously. Mr. Vansittart and his party, therefore, moved resolutions that the resumption of cash payments being already provided for six months after the conclusion of peace, was an arrangement which answered all purposes, and ought not to be disturbed; that this would keep all real excess of paper in check, and leave gold to resume its circulation when, by the natural influence of peace, it flowed again into the country. These were, accordingly, carried.

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FORE:[See larger version]FROM THE PAINTING BY ROBERT HILLINGFORD.

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FORE:On his return to the Vistula, Buonaparte displayed an unusual caution. He seemed to feel that his advance into Poland had been premature, whilst Prussia was in possession of Dantzic, whence, as soon as the thaw set in, he was open to dangerous operations in his rear, from the arrival of a British army. He therefore determined to have possession of that post before undertaking further designs. The place was invested by General Lefebvre, and capitulated at the end of May. Buonaparte all this time was marching up fresh troops to fill up the ravages made in his army. The Russians, after a drawn battle near Heilsberg on the 10th of June, then crossed the Aller, and placed that as a barrier between them and the French, in order that they might avoid the arrival of a reinforcement of thirty thousand men who were on the march.

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