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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.

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ONE:But the year 1809 opened with one auspicious circumstance. There was no relief from the necessity of continuing the flight; but the proud Corsican, who hoped to annihilate the "English leopards," was suddenly arrested in his pursuit, and called away to contend with other foes. On the 1st of January he was in Astorga, and from the heights above it could see the straggling rear of the British army. Nothing but the most imperative urgency prevented him from following, and seeking a triumph over the hated Britishbut that urgency was upon him. Pressing dispatches from France informed him that the North was in ferment, and that Austria was taking the field. The intelligence was too serious to admit of a moment's delay; but he made sure that Soult could now conquer the British, and on the 2nd he turned his face northward, and travelled to Paris with a speed equal to that with which he had reached Spain.

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TWO:Savary accompanied Ferdinand to conduct him safely into the snare. He spoke positively of meeting Napoleon at Burgos; but when they arrived there, they received the information that Napoleon was only yet at Bordeaux, about to proceed to Bayonne. Savary seemed so sure of his victim, that he ventured to leave Ferdinand at Vittoria, and went on to see Napoleon and report progress; probably, also, to receive fresh instructions. The opportunity was not lost by some faithful Spaniards to warn Ferdinand to make his escape during Savary's absence, and to get into one of his distant provinces, where he could, at least, negotiate with Napoleon independently. Ferdinand was astounded, but persuaded himself that Napoleon could not contemplate such treachery. Although the people opposed the Prince's going, Savary prevailed, and on they went.

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THREE:Marshal Villars, like the French plenipotentiaries, had made a great display of forces, pretty certain, from private information, that there was little fear of being attacked. The Allies had a fine army of one hundred and twenty thousand men opposed to him; but so far as the English were concerned, their commander had his hands tied. The Duke of Ormonde was sent to take the place of the Duke of Marlborougha certain indication that he was meant only for a mere show general. He was a staunch Jacobite, but no general of talents or experience fit to succeed a man like Marlborough. On arriving at the Hague he assured the States General that his instructions were to act zealously with the Allies, and especially the Dutch, and from his letters it would appear that such were his orders. But before his arrival, Mr. Thomas Harley, a relative of Oxford's, and the Abb Gualtier, had reached the Hague, and had assured the plenipotentiaries that the Government had determined on peace, and would not allow the army to fight. They also brought over with them the scheme of the Treaty, which was not yet to be made known to the Dutch. But the States General were too well aware of the hollow proceedings of the English Court, and, disgusted at the withdrawal of Marlborough and the substitution of Ormonde, they would not entrust their troops to him, but appointed Eugene as their own general. Thus, instead of one generalissimo of consummate genius, the army was divided under two chiefs, the abler chief, the Prince Eugene, having the utmost contempt for the martial talents of his colleague. All on the part of England, both in the conference and in the army, was hollow, treacherous, and disgraceful. Yet, though there was to be no fighting, the pretence of it was kept up. The Earl of Albemarle marched with a detachment of the army to Arras, where he burnt and destroyed some magazines of the French. Ormonde, too, joined Prince Eugene on the 26th of May, and the united army passed the Scheldt, and encamped between Haspres and Solennes. Eugene proposed to attack Villars in his lines, and Ormonde consented to it, but he immediately received a peremptory order from Mr. Secretary St. John against engaging in any siege or battle, and he was directed to keep this order profoundly secret from the Allies. Ormonde was also instructed that if Villars should intimate that he was aware of these secret proceedings, he was to take no notice of them; nor was Villars long in letting him know that they might now consider each other as friends. The situation of Ormonde thus became one of extreme embarrassment. On the one hand, Eugene urged him to prepare for an engagement; on the other, the Dutch were impatient to see some stroke which should humble the French and make negotiation more easy; but Ormonde was as unable to move, notwithstanding previous assurances, as if he had been a mere image of wood. He wrote to St. John, expressing in strong terms the embarrassing nature of his situation, assuring him that the Dutch were exclaiming that they were betrayed; but St. John encouraged him to hold out as well as he could, and Ormonde condescended to play this false and degrading part, equally disgraceful to him as a general and a man of any pretences to honour. The prince urged forward the necessity of laying siege to Quesnoy, and Ormonde was allowed, for the sake of keeping up appearances, to furnish a considerable detachment for the purpose. But there was so evident a backwardness in the duke's movements, that the Dutch deputies complained vehemently to the English plenipotentiaries at Utrecht of his refusal to act in earnest against the enemy. Thereupon Robinson, the bishop, took high ground, and retorted that the States General had met the queen's proposals for peace so strangely, that her Majesty now felt herself released from any further obligation to maintain the treaties and engagements between herself and them. This roused the States to great and indignant activity. They entered into communication with the Electors of Hanover, of Hesse-Cassel, and other princes of the Empire, regarding the effective service of their troops in the pay of Great Britain. They sent off warm remonstrances to the Queen of England, and Anne was obliged to summon a council, in which it was agreed that Ormonde should appear as much as possible to concur with Eugene in the siege.Napoleon had so far executed his plans with wonderful success. He had rescued Bavaria, reduced the enemy's army and prestige at once by the capture of Ulm and Vienna, and had driven the Austrians simultaneously from Upper Italy and the Tyrol. But still his situation, for any general but himself, was very critical. The defeated army of the Emperor Francis had united itself to that of the young Emperor of Russia, in Moravia; the two archdukes were mustering great bodies of troops on the confines of Hungary, ready to rush forward and swell the Austro-Russian army; and the King of Prussia was watching the movements of the two parties, ready to strike, if France met with a reverse. Napoleon saw that his only security lay in a bold and decisive blow. He therefore crossed the Danube on the 23rd of November, and began a brisk march into the heart of Moravia, to attack the main body of the Allies under their two Emperors. He was soon before Brünn, its little capital, and the Allies retreated, at his approach, as far as Olmütz. This movement was, however, made to form a junction with the twenty-four thousand men under Benningsen. This being effected, they amounted to about eighty thousand men, but of these, many of the Austrians were troops already discouraged by defeat, and many more were raw recruits. The French were in number about equal, but consisting of veteran soldiers flushed with victory. On the 2nd of December Napoleon brought on the battle of Austerlitz, and before the close of the day the forces of the Coalition were completely beaten, losing upon the field some 27,000 killed and wounded, 20,000 prisoners, and 133 pieces of cannon.

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Complimenten, bewonderend gefluit en lonkende blikken zijn enkele risico’s die The Garment Club met zichlaim meebrengt. Onze enige missiede

THREE:

Complimenten, bewonderend gefluit en lonkende blikken zijn enkele risico’s die The Garment Club met zichlaim meebrengt. Onze enige missiede

TWO:[453]Colombian 19 0 0 82 0 0

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TWO:Under the influence of Granville and of Lord Bath, the king refused to admit Pitt, and they determined to resign, but got Lord Harrington to take the first step. He tendered the resignation of the Seals on the 10th of February, 1746, and the king accepted them, but never forgave Harrington. The same day Newcastle and Pelham tendered theirs, and their example was followed by others of their colleagues. The king immediately sent the Seals to Granville, desiring him and Bath to construct a new administration. They found the thing, however, by no means so easy. It was in vain that they made overtures to men of distinction to join them. Sir John Barnard declined the post of Chancellor of the Exchequer; Chief Justice Willes that of Lord Chancellor. After forty-eight hours of abortive endeavours, Lord Bath announced to the king that they were unable to form a Cabinet. It was with extreme chagrin that George was compelled to reinstate the Pelhams. He expressed the most profound mortification that he should have a man like Newcastle thus forced upon hima man, he said, not fit to be a petty chamberlain to a petty prince of Germany. What made it the more galling, the Pelhams would not take back the Seals without authority to name their own terms, and one of them was, that such of the adherents of Bath and Granville as had been retained in the Ministry should be dismissed. The Marquis of Tweeddale was, accordingly, one of these, and his office of Secretary of State for Scotland was abolished. Pitt was introduced to the Cabinet, not as Secretary at War, as he had demanded, but as Vice-Treasurer of Ireland, and subsequently, on the death of Winnington, as Paymaster of the Forces. By this event the Opposition was still further weakened, and the Pelhams for some time seemed to carry everything as they wished, almost without a single ruffle of opposition.
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TWO:The crisis was at hand. The efforts of the Jacobins had culminated in the great blow which should crush this ancient monarchy to the earth. The Federates called a meeting of the Committee of Insurrection to arrange the final plans, and it was resolved that the insurrection should take place on the 10th of August.Another French fleet, under Admiral Willaumez, left Brest at the same time with that of Lessigues, bound for the Cape of Good Hope, to assist the Dutch troops in defending it. The British, however, having taken it before his arrival, he went cruising about and picking up such stray British merchantmen as he could meet with between the continents of Africa and South America. He then stood away for the West Indies, hoping to be able to destroy the British shipping in the ports of Barbadoes. Failing in that, he made for Martinique, which was still in the possession of the French. Willaumez had but six sail of the line, and the English admirals, Sir John Borlase Warren, who had the same number and a frigate, and Sir Richard Strachan, who had seven sail of the line and two frigates, were in eager quest of him. Meanwhile, Willaumez was attacked by a terrible tempest, and then chased by Strachan in the Chesapeake. Of his six ships of the line he took home only two, and was obliged to burn the British merchantmen that he had taken.

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Pitt's expeditions were not particularly well arranged. Instead of sending an army of thirty or forty thousand to the Baltic, and calling on Russia to do the same, which she could have done, notwithstanding the army under the Emperor Alexander, he sent only about six thousand, and sent another eight thousand from Malta, to co-operate with twelve thousand Russians in a descent on the kingdom of Naples. This expedition might have been left till the success in the North was secured; in truth, it had better have been left altogether. When General Don and Lord Cathcart landed in Swedish Pomerania, and were joined by the king's German legion and some other German hired troops, our army amounted only to sixteen thousand men, the Swedes to twelve thousand, and the Russians to ten thousandaltogether, not forty thousand men. But what was worse than the paucity of numbers was the disunion amongst the commanders. Lord Harrowby was sent to Berlin, to endeavour to induce Prussia to join this coalition, but Prussia was well aware of the want of unity in the Allied Army, and, weighing probabilities, she could not be moved. The King of Sweden was so incensed at the cold, shuffling conduct of the King of Prussia, that he wrote him some very indignant and undiplomatic letters, which only furnished him with a further excuse for holding aloof. Gustavus, seeing no good likely to be done, resigned his command of the Allied Army, where, indeed, he had enjoyed no real command at all, and retired with his forces to Stralsund. This was a fatal exposition of want of unity, and it was not till three weeks were gone that the breach was healed. By this time it was the middle of November. Ulm had surrendered, Napoleon was master of Vienna, and Prussia was still watching what would be the fate of the coming battle between Napoleon and the Emperors of Austria and Russia. The union of the Allies came too late; the force was altogether too small to turn the scale of the campaign. Had Gustavus marched into Hanover a month earlier, with sixty thousand men, he might have rendered Austerlitz a nonentity; as it was, he had only time to invest Hameln, where Bernadotte had left a strong garrison, when the news of Austerlitz arrived, and caused the Allies to break up the campaign, and each to hurry off to his own country.Why did his master break?WASHINGTON AT VALLEY FORGE, BY THE CAMP FIRE. (See p. 247.)
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