THREE:NIAGARA FALLS.On the 6th of November came down that fierce Russian winter of which Buonaparte had been so long vainly warned. A thick fog obscured everything, and snow falling in heavy flakes blinded and chilled the soldiers. Then commenced wild winds, driving the snow around their heads in whirls, and even dashing them to the earth in their fury. The hollows and ravines were speedily drifted full, and the soldiers by thousands disappeared in the deceitful depths, to reappear no more till the next summer revealed their corpses. Numbers of others fell exhausted by the way, and could only be discovered by their following comrades by the slight hillocks that their bodies made under the snow. Thus the wretched army struggled and stumbled to Smolensk, only to find famine and desolation, seeming to forget, in the mere name of a town, that it was now but a name, having been burnt by the Russians. On commencing this terrible march of the 6th of November Buonaparte received the ill news that there was insurrection in Paristhat produced by Mallet, but soon put down; and also that Wittgenstein had driven St. Cyr from Polotsk and Vitebsk, and reoccupied the whole course of the Düna. To clear his retreat of this obstruction, Buonaparte dispatched Victor to repulse Wittgenstein and support St. Cyr. But this was only part of the evil tidings which came in simultaneously with winter. Two thousand recruits from France, under Baraguay d'Hilliers, had been surprised and taken prisoners on the road to Kaluga, and other detachments in other quarters. On arriving at Smolensk Buonaparte's troops had acquired such a wild, haggard, and ragged appearance that the garrison at first refused to admit them; and many perished before they could be relieved from the stores. They had no shelter amid the terrible frost but wretched sheds, reared from half-burnt timber, against the fire-blackened walls.
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THREE:It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.
THREE: H. M. Sandford, made Lord Mount Sandford.
