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TWO:At this point the advance of the Prussians was unexpectedly checked. After the capture of Verdun, on the 2nd of September, they had spread themselves over the plains of the Meuse, and occupied, as their main centre, Stenay. Dumouriez and his army lay at Sedan and in its neighbourhood. To reach him and advance on Chalons in their way to Paris, the Allies must pass or march round the great forest of Argonne, which extends from thirteen to fifteen leagues, and was so intersected with hills, woods, and waters, that it was at that time impenetrable to an army except through certain passes. These were Ch��ne-Populeux, Croix-aux-Bois, Grand Pr��, La Chalade, and Islettes. The most important were those of Grand Pr�� and Islettes, which however were the two most distant from Sedan. The plan therefore was to fortify these passes; and in order to do this Dumouriez immediately ordered Dillon to march forward and occupy Islettes and La Chalade. This was effected; a division of Dillon's forces driving the Austrian general, Clairfayt, from the Islettes. Dumouriez followed, and occupied Grand Pr��, and General Dubouquet occupied Ch��ne-Populeux, and sent a detachment to secure Croix-aux-Bois between Grand Pr�� and Ch��ne-Populeux.

TWO: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 do��causes 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 discovery��a 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.[See larger version]

TWO:CHAPTER XI. THE REIGN OF WILLIAM IV. (concluded).By permission of Messrs. S. Hildesheimer & Co., Ld. Reproduced by Andr�� & Sleigh. Ld., Bushey, Herts.

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TWO:The new year of 1815 was commenced by a heavy fire along the whole of this defence from thirty-six pieces of cannon, the immediate effect of which was to drive the Americans, in a terrible panic, from their guns, and walls composed of cotton bales and earth. Why an immediate advance was not made at this moment does not appear. It would probably have placed the whole of the American defences in the hands of the British troops, and driven the Americans into the city. But even then little advantage would have been gained, for the news of the contest was bringing down riflemen in legions from the country all round, and the British, struggling in bogs, and exposed at every fresh advance, must be mowed down without a chance of retaliating.A great portion of the present Session was[143] occupied with discussing the return to cash payments, which, by the Act of Parliament, ought to take place on the 5th of July of this year. It appears that no less than fifty debates and conversations in both Houses took place on this important subject during the Session. Very soon after the meeting of Parliament a secret committee of each House was appointed to inquire into the state of the Bank. These committees were, however, so managed, by delivering to the members lists of suitable persons for such committees, that scarcely any but Ministerial men were voted, though these votes were given by ballot. In the Commons this result was so evident that the Opposition declined to vote at all. The first reports of the committees went rather to close more strictly than to open the issue of gold by the Bank. It had been paying in gold its notes issued previous to January, 1817. This payment it was proposed to stop, as, at present, evidently injurious to the interests of the country. Mr. Peel, on moving for a Bill for this purpose, stated that the gold at the present price was fast finding its way abroad, and was as rapidly absorbed in re-minting a gold coinage for France. It appeared that during the first half of 1818 gold to the value of no less than one hundred and twenty-eight million francs had been coined at the French mint, of which three-fourths were derived from the gold coinage of England. A Bill was accordingly passed to stop payment altogether in gold till the necessary preparations were made by a fresh Bill. Still, the condition of the Bank was represented as flourishing. Its liabilities were stated in January, 1819, as amounting to thirty-three million eight hundred and ninety-four thousand five hundred and eighty pounds; its assets, including the debt due from Government, fifty-three million seven hundred and eighty-three thousand seven hundred pounds. The total Bank surplus appeared to be nineteen million eight hundred and eighty-nine thousand one hundred and twenty pounds; and its surplus, independent of the Government debt, and therefore available for current use, was five million two hundred and two thousand three hundred and twenty pounds. The committees adopted the scheme broached by Mr. Ricardo in his "Proposals for an Economical and Secure Currency," published in 1816. This was that the Bank, in the first instance, should not pay for its notes in gold coin, but in ingots of a certain weight, its fineness being attested by a stamp; and this degree of purity should be regulated from time to time till the gold descended to the Mint price of three pounds seventeen shillings and tenpence-halfpenny per ounce. When the Mint gold at length reached this rate of value, then the payment in coin was to be begun. Resolutions to this effect were moved by the Earl of Harrowby on the 21st of May, and they received the approval, not only of the Ministerial side, but of the leading Opposition members, Lords Grenville, Lansdowne, and King.

TWO:In the Peninsula, altogether, the French had upwards of two hundred thousand men, but the force which Massena led against Wellington did not amount to more than sixty thousand, Drouet remaining, for the present, in Spain with eighteen thousand men, and Regnier lying in Estremadura[603] with ten or twelve thousand more. To contend against Massena's sixty thousand veterans, Lord Wellington had only twenty-four thousand British on whom he could rely. He had thirty thousand Portuguese regulars, who had been drilled by General Beresford, and had received many British officers. Wellington had great expectation that these troops, mixed judiciously with the British ones, would turn out well; but that had yet to be tried. Besides these, there were numerous bodies of Portuguese militia, who were employed in defending the fortresses in Alemtejo and Algarve, thus protecting the flanks of Wellington's army.

TWO:George II. was born in 1683, and was, consequently, in his forty-fourth year when he ascended the throne. In 1705 he married the Princess Caroline Wilhelmina of Anspach, who was born in the year before himself, by whom he had now four children��Frederick Prince of Wales, born in 1707, William Duke of Cumberland, born in 1721, and two daughters.