FORE:Before Walpole thus threw off the mask of moderationindeed, on the very day of his resignationhe introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.
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TWO: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:
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Nothing To Hide Here
FORE:The invasion of Scotland was again brought under his notice, and strongly recommended by his chief confidant and minister, Baron Gortz. Charles now listened with all his native spirit of resentment, and Gortz immediately set out on a tour of instigation and arrangement of the invasion. He hastened to Holland, where he corresponded with Count Gyllenborg, the Swedish Ambassador at London, and Baron Spaar, the Swedish Minister at Paris. He put himself also into communication with the Pretender and the Duke of Ormonde. The scheme of Gortz was able and comprehensive. A peace was to be established between Charles and his great enemy and rival, Peter of Russia. They both hated George of Hanover and England, and by this union might inflict the severest injuries on him. Next a conspiracy was to be excited against the Regent of France, so as to prevent him aiding England according to the recent Treaty, and all being thus prepared, Charles XII. was himself to conduct the army of twelve thousand veterans destined to invade Scotland, and, if supported by the Jacobites, England.While this was going on, the town of San Sebastian was stormed by the British. Sir Thomas Graham conducted the assault, which was led on by the brigade of General Robinson, bravely supported by a detachment of Portuguese under Major Snodgrass. The place was captured; the French were driven through it to the castle standing on a height, in which they found refuge. Seven hundred prisoners were taken. The British lost two thousand men in the assaulta loss which would have been far greater had a mine, containing one thousand two hundred pounds of gunpowder, exploded, but which was fortunately prevented by the falling in of a saucisson. Many less would have fallen, however, had General Graham allowed shells to be thrown into the town, which he would not, on account of the inhabitants. But the French had not only prepared this great mine, but exploded various other appliances for setting the town on fire. In fact they showed no care for the people or the town. When driven to the castle, after a murderous street fightin which they picked off our men from behind walls and windows, killing Sir Richard Fletcher, the commanding engineer, and wounding Generals Robinson, Leith, and Oswald, besides slaughtering heaps of our menthey continued to fire down the streets, killing great numbers of the inhabitants besides our soldiers. Yet, after all, they charged Lord Wellington with not only throwing shells into the town, but with[61] setting it on fire, and plundering it. His lordship indignantly repelled these accusations in his letter to his brother, Sir Henry Wellesley. He declares that he himself had been obliged to hasten to his headquarters at Lezaco, on the morning of the 31st of August, but that he saw the town on fire in various places before our soldiers entered it; in fact, the French had set it on fire in six different places, and had their mine exploded scarcely a fragment of the town would have been left, or a single inhabitant alive. The lenity shown to the town by Wellington and Graham, who acted for him, was not used towards their calumniators in the castle. It was stoutly bombarded, and being soon almost battered to pieces about the ears of the defenders, the French surrendered on the 8th of September, two thousand five hundred in number; but the siege of both town and fort had cost the allies four thousand men in killed and wounded. Had the town been, as the French represented, bombarded like the castle, some thousands of English and Portuguese lives would have been spared, but at the expense of the inhabitants.
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