THREE:Under the influence of this persuasion, Buonaparte suddenly made overtures of peace to Great Britain, though, on the conditions which he proposed, they were certain to be rejected. The Duke of Bassano wrote to Lord Castlereagh, offering to secure the independence of Spain under the present reigning dynasty; that Portugal should continue under the rule of the House of Braganza, and Naples under Murat. Lord Castlereagh replied that if by the present reigning dynasty of Spain was meant King Joseph, there could be no treaty, and there the matter ended; for even Fouch says that Napoleon's Ministers were ashamed of so clumsy a proposal of ignorance and bad faith. Failing with Great Britain, Buonaparte turned to Russia herself, intimating a desire for peace, but not finding it in his heart to offer any terms likely to be accepted. In fact, he was now so demented by the ambition which meant soon to destroy him, that he fancied that a mere mention of peace was enough to win over any of his enemies in face of his vast armies. Including the forces of his German and Italian subsidiaries, he had on foot one million one hundred and eighty-seven thousand men. Of these, he led four hundred and seventy thousand men into Russia. Italy, Naples, Austria, Prussia, Würtemberg, Baden, Saxony, Westphalia, and other Confederates of the Rhine furnished each from twenty thousand to sixty thousand men. To swell up his French portion, he had called out two conscriptions, each of a hundred thousand men, in one year, and had organised a new system of conscription under the name of "National Guards," which professedly were only to serve in France as a militia but which were soon drafted off into foreign service. This consisted of three levies, or bans"the ban," "the second ban," and "the arrire ban." They included all who were capable of bearing arms of all classes. The ban was composed of youths from twenty to twenty-six years of age; the second ban of men from twenty-six to forty, and the arrire ban of those from forty to sixty. By such means was the native population of France being rapidly drawn off into destruction by this modern Moloch.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:
