ONE:Cleaves the dark air, and asks no star but thee!The year 1800 opened in the British Parliament by a debate on an Address to the king, approving of the reply to an overture for peace by Buonaparte, as First Consul of France. The letter addressed directly to the king was a grave breach of diplomatic etiquette, and was answered by Lord Grenville, the Secretary for Foreign Affairs, in a caustic but dignified tone. A correspondence ensued between Lord Grenville and M. Talleyrand, as French Minister for Foreign Affairs; but it ended in nothing, as the British Minister distinctly declined to treat. If Buonaparte had been sincerely desirous of peace, he must have withdrawn the French army from Egypt, as it was there with the open declaration of an intention to make that country a stepping-stone to India. But, so far from this, Buonaparte was, at the same moment, preparing to make fresh and still more overwhelming invasions of Italy, Switzerland, and Germany, and the proposal was simply made to gain time.

ONE:THE EARL OF MAR RAISING THE PRETENDER'S STANDARD. (See p. 28.)But the surprise of Antwerp and the destruction of the docks of Flushing were determined upon; and Lord Chatham, rather for his name than for any military talent that he possessed, was appointed the commander of the forces. Lord Chatham was so notorious for his sluggish and procrastinating nature, that he had long been nicknamed the late Lord Chatham; the justice of this epithet had been too obvious in all the offices that he had hitherto held; and yet this expedition which demanded the utmost promptness and active skill, was entrusted to him. At the head of the fleet was placed Sir Richard Strachan, a man of no energy. The commander of the ships on such an occasion should have been Lord Cochrane, for Sir Sidney Smith was already engaged on the coast of Italy. The orders for each commander were extremely loose and indefinite thereby leaving every chance of disputes and consequent delays and mishaps; and, to complete the disgraceful management of the Government, no inquiries had been made as to the healthiness or unhealthiness of the district where the army would have to encamp. Though the island of Walcheren had been occupied by our troops under William III., no record was to be found, or, indeed, was sought for, as to the cost of life to our men on that occasion from the climate. The whole plan was laid in ignorance and carried out with carelessness, and it was no wonder, therefore, that it ended in misery and disgrace.

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The King of Spain hoped, by the dismissal of Alberoni, to obtain more advantageous terms of peace from France and England; but they still stood firmly to the conditions of the Quadruple Alliance. On the 19th of January, 1720, the plenipotentiaries of England, France, and Holland signed an engagement at Paris not to admit of any conditions of peace from Spain contrary to those of the alliance. Stanhope despatched his secretary, Schaub, to Madrid, to endeavour to bring over the queen to this agreement, and Dubois sent instructions to the Marquis Scotti, Father d'Aubenton, and others in the French interest to press the same point. She stood out firmly for some time, but eventually gave way, and the mind of the king was soon influenced by her. Some difficulties which could not be overcome were referred to a congress to be held at Cambray. On the 26th of January Philip announced his accession to the Quadruple Alliance, declaring that he gave up his rights and possessions to secure the peace of Europe. He renewed his renunciation of the French Crown, and promised to evacuate Sicily and Sardinia within six months, which he faithfully performed.

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The distress which had pressed so severely on the people, and which had set them thinking about the most perilous political changes, was intimately connected with the state of the country. Throughout the troubled period of almost incessant war and lavish expenditure between 1797 and 1815, the business of the nation was carried on with an inconvertible paper currency, the precious metals having nearly all departed from the country. Bank notes were issued in such quantities, to meet the exigencies of the Government, that the prices of all commodities were nearly doubled. The Bill which was passed in 1819 providing for the resumption of cash payments had reduced the currency from ��48,278,070, which was its amount in 1819, to ��26,588,000, in 1822. The consequence was the reduction of prices in the meantime, at the rate of fifty per cent., in all the articles of production and commerce. With this tremendous fall of prices, the amount of liabilities remained unchanged; rents, taxes, and encumbrances were to be paid according to the letter of the contract, while the produce and commodities��the sale of which was relied upon to pay them��did not produce more than half the amount that they would have brought at the time of the contracts. The evil of this sudden change was aggravated by the South American Revolution, in consequence of which the annual supply of the precious metals was reduced to a third of its former amount. It was peculiarly unfortunate that this stoppage in the supply of gold and silver occurred at the very time that the Legislature had adopted the principle that paper currency should be regarded as strictly representing gold, and should be at any moment convertible into sovereigns. A paper currency should never be allowed[238] to exceed the available property which it represents, but it is not necessary that its equivalent in gold should be lying idle in the coffers of the Bank, ready to be paid out at any moment the public should be seized with a foolish panic. It is enough that the credit of the State should be pledged for the value of the notes, and that credit should not be strained beyond the resources at its command. The close of 1822 formed the turning-point in the industrial condition of the country. The extreme cheapness of provisions, after three years of comparative privation, enabled those engaged in manufacturing pursuits to purchase many commodities which they had hitherto not been able to afford. This caused a gradual revival of trade, which was greatly stimulated by the opening of new markets for our goods, especially in South America, to which our exports were nearly trebled in value between 1818 and 1823, when the independence of the South American Republics had been established. The confidence of the commercial world was reassured by the conviction that South America would prove an unfailing Dorado for the supply of the precious metals. The bankers, therefore, became more accommodating; the spirit of enterprise again took possession of the national mind, and there was a general expansion of industry by means of a freer use of capital, which gave employment and contentment to the people. This effect was materially promoted by the Small Note Bill which was passed in July, 1822, extending for ten years longer the period during which small notes were to be issued; its termination having been fixed by Peel's Bill for 1823. The average of bank-notes in circulation in 1822 was ��17,862,890. In November of the following year it had increased by nearly two millions. The effect of this extension of the small note circulation upon prices was remarkable. Wheat rose from 38s. to 52s., and in 1824 it mounted up to 64s. In the meantime the bullion in the Bank of England increased so much that whereas in 1819 it had been only ��3,595,360, in January, 1824, it amounted to ��14,200,000. The effect of all these causes combined was the commencement of a reign of national prosperity, which burst upon the country like a brilliant morning sun, chasing away the chilling fogs of despondency, and dissipating the gloom in the popular mind.