ONE:[See larger version]At the very time that Washington was flying before the British army, Congress, putting a firm face on the matter, went on legislating as boldly as ever. It established Articles of Confederation and perpetual union between the several States. These Articles were a supplement to and extension of the Declaration of Independence, and were sixteen in number:1st. That the thirteen States thus confederating should take the title of the United States. 2nd. That each and all were engaged in a reciprocal treaty of alliance and friendship for their common defence, and for their general advantage; obliging themselves to assist each other against all violence that might threaten all or any of them on account of religion, sovereignty, commerce, or under any other pretext whatever. 3rd. That each State reserved to itself alone the exclusive right of regulating its internal government. 4th. That no State in particular should either send or receive embassies, begin any negotiations, contract any engagements, form any alliances, or conclude any treaties with any king, prince, or power whatsoever, without the consent of the United States assembled in Congress; that no person invested with any post in the United States should be allowed to accept any presents, emoluments, office, or title, from any king, prince, or foreign Power; and that neither the General Congress, nor any State in particular, should ever confer any title of nobility. 5th. That none of the said States should have power to form alliances, or confederations, even amongst themselves, without the consent of the General Congress. 6th. That no State should lay on any imposts, or establish any duties, which might affect treaties to be hereafter concluded by Congress with foreign Powers. 7th. That no State in particular should keep up ships of war, or land troops beyond the amount regulated by Congress. 8th. That when any of the States raised troops for the common defence, the officers of the rank of colonel and under should be appointed by the legislature of the State, and the superior officers by Congress. 9th. That all the expenses of the war, etc., should be paid out of a common treasury. Other clauses defined the functions and powers of Congress, and the 14th offered to Canada admission to all the privileges of the other States, should she desire it; but no other colony was to be admitted without the formal consent of nine of the States composing the union.
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ONE: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:In Europe war was about to break forth, in consequence of war in America. Yet the Court of France did not lack solemn warnings of the fatal path on which they were entering. The honest and far-sighted financier, Turgot, who had been employed by Louis XVI., as Comptroller-General, to endeavour to bring the terribly disordered revenue of France into order, said, "I must remind you, sire, of these three words'No bankruptcy, no augmentation of imposts, no loans.' To fulfil these three conditions there is but one meansto reduce the expenditure below the receipt, and sufficiently below it to be able to economise, every year, twenty millions, in order to clear off the old debts. Without that, the first cannon fired will force the State to bankruptcy." He assured the king that all colonies, on arriving at a condition of maturity, would as naturally abandon the control of the mother country as children, arriving at majority, do the control of their parents; that the independence of America would, therefore, come of itself, without France ruining herself to accelerate the event; that, as to France wishing Spain to join in this attempt, Spain must remember her own colonies, for, by assisting to free the British colonies, she would assuredly assist to liberate her own.
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ONE:D'Estaing, who expected to have taken the place with little trouble, greatly alarmed lest the English should seize most of the French West Indian islands in his absence, urged an assault contrary to the wishes of Lincoln, and this was made on the 9th of October. The forces, five thousand eight hundred in number, were led on in two columns, but they were received by such a raking fire from walls and redoubts, and from the brig flanking the right of the British lines, that they were thrown back in confusion; and before D'Estaing and Lincoln could restore order, Colonel Maitland made a general sortie with fixed bayonets, and the whole attacking force fled in utter rout. D'Estaing would now remain no longer, but re-embarked his forces, and sailed away, to the unspeakable chagrin of the Americans, who retreated in all haste, the greater part of the militia breaking up and returning home.
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