FORE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."Immediately after this engagement Blucher was joined by part of the grand army, under the Prince of Würtemberg; he therefore determined to attack Napoleon, and on the 1st of February drew out his forces. Napoleon would have declined the engagement; but he had the deep river Aube in his rear, and only the bridge of Lesmont by which to pass it. He preferred, on this account, to risk the battle, rather than retreat in such circumstances. Blucher attacked at once from the villages of La Rothire, Dienville, and Chaumont. The battle was severely contested for the whole day, the Prince of Würtemberg greatly distinguishing himself in it. In the end Buonaparte was wholly defeated, lost four thousand prisoners and seventy-three guns, and must have been captured himself, had not the Austrians, by surprising slowness, allowed him to escape over the bridge. He then retreated towards Troyes, where he was joined by his Imperial Guard; but his losses had been very heavy. Had Blucher and Schwarzenberg, who had now met, marched on united, they must have been in Paris in a very short time; but, with the German fatality of dividing, they had no sooner experienced the benefit of a powerful union than they called a council at the chateau of Brienne, and agreed to separate again. Blucher, joining to his own the divisions of Yorck and Kleist, proceeded towards Paris by the Marne, and Prince Schwarzenberg followed the course of the Seine.
FORE:With the military he had a far more violent contest. After the battle of Plassey, Meer Jaffier had conferred on the officers of the army what was called double batta, meaning an additional allowance of pay. Clive had always told the officers that it was not likely that the Company would continue this; and, now that the territories of Jaffier were become virtually their own, he announced that this must be discontinued. The Governor and Council issued the orders for this abolition of the double batta; he received in reply nothing but remonstrances. The officers, according to Burke's phrase, in his speech of December 1st, 1783, "could not behold, without a virtuous emulation, the moderate gains of the civil service." Clive was peremptory, and found his orders openly set at defiance by nearly two hundred officers, headed by no less a person than his second in command, Sir Robert Fletcher. These gentlemen had privately entered into a bond of five hundred pounds to resign on the enforcement of the order, and not to resume their commissions unless the double batta was restored. To support such as might be cashiered, a subscription was entered into, to which the angry civilians of Calcutta are said to have added sixteen thousand pounds. The conspirators flattered themselves that, in a country like India, held wholly by the sword, Clive could not dispense with their services for a single day. They were mistaken. On receiving the news of this military strike, Clive immediately set off for the camp at Monghyr. He was informed that two of the officers vowed that if he came to enforce the order, they would shoot or stab him. Undaunted by any such threats, although in failing health, and amid drenching rains, he pursued his journey, and, on arriving, summoned the officers of the army, and, treating the threats of assassination as those of murderers, and not of Englishmen, he reasoned with them on the unpatriotic nature of their conduct. His words produced the desired effect on many; the privates showed no disposition to support their officers in their demand, and the sepoys all shouted with enthusiasm for Sabut Jung, their ideal of a hero. The younger officers, who had been menaced with death if they did not support the conspiracy, now begged to recall their resignation, and Clive allowed it. He ordered Sir Robert Fletcher and all who stood out into arrest, and sent them down the Ganges to take their trial at Calcutta. Many are said to have departed with tears in their eyes. By this spirited conduct Clive crushed this formidable resistance, and averted the shame which he avowed not all the waters of the Ganges could wash outthat of a successful mutiny.