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The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] 936,300; Wigan and Co., 674,700; Wildes and Co., 505,000; total acceptances, 2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to 1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampledbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubblesthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculationswhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.

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At length, after much mischievous delay, the Government ventured to lay hands upon the disseminators of sedition and the organisers of rebellion. On the 13th of May John Mitchel was arrested and committed to Newgate. On the 15th, Mr. Smith O'Brien, who had been previously arrested and was out on bail, was brought to trial in the Queen's Bench, and arraigned on ex officio information as being a wicked, seditious, and turbulent person, and having delivered a speech for the purpose of exciting hatred and contempt against the Queen in Ireland, and inducing the people to rise in rebellion. He was defended by Mr. Butt, a Conservative barrister, who spoke of the ancient lineage and estimable character of the prisoner, concluding thus:"Believe me, gentlemen, all cannot be right in a country in which such a man as William Smith O'Brien is guilty, if guilty you pronounce him, of sedition." At the conclusion of this sentence the majority of the bar, and of the people in court, rose from their seats and loudly cheered, the ladies in the galleries waving their handkerchiefs. The jury were locked up all night without refreshments, but they could not agree. The next day Meagher was tried, with a similar result, and was hailed by a cheering multitude outside, whom he addressed from a window in the Nation office. Mitchel, however, was tried, found guilty, and sentenced to transportation for fourteen years; he was immediately conveyed in the police prison van to a small steamer which waited in the bay, and then to a man-of-war which conveyed him to Bermuda.
TWO:These motions were defeated, and Lord North, on the 21st of June, moved for the introduction of a Bill to double the militia and raise volunteer corps. The proposal to double the militia was rejected, that to raise volunteer corps accepted. To man the Navy a Bill was brought in to suspend for six months all exemptions from impressment into the Royal Navy. The measure was passed through two stages before rising, and carried the next morning, and sent up to the Lords. There it met with strong opposition, and did not receive the Royal Assent till the last day of the Session. This was the 3rd of July, and was followed, on the 9th, by a Royal Proclamation ordering all horses and provisions, in case of invasion, to be driven into the interior. The batteries of Plymouth were manned, and a boom was drawn across the harbour at Portsmouth. A large camp of militia was established at Cox Heath, in front of Maidstone, and, in truth, this demonstration of a patriotic spirit was very popular.

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THREE:But the question of the restrictions upon Dissenters was again taken up by Lord Stanhope, in 1811. On the 21st of March he presented to the House of Lords a short Bill "For the better securing the liberty of conscience." It had the same fate as his former ones. Ministers seemed rather inclined to abridge the liberty of conscience, for immediately afterwards, namely, on the 9th of May, Lord Sidmouth brought in a Bill to limit the granting of licences to preach, asserting that this licence was made use of by ignorant and unfit persons, because having such a licence exempted them from serving in the militia, on juries, etc. The Bill excited great alarm amongst the Dissenters, and Lord Stanhope and Lord Grey, on the 17th of the month, when Lord Sidmouth moved for the second reading of the Bill, prayed for some time to be allowed for the expression of public opinion. The second reading was, accordingly, deferred till the 21st, by which time a flock of petitions came up against it, one of which was signed by four thousand persons. Lord Erskine said that these petitions were not a tenth part of what would be presented, if time were afforded for the purpose; and he ridiculed the idea of persons obtaining exemption from serving in the militia by merely taking out licences to preach. Lord Grey confirmed this, saying that it was impossible for persons to obtain such licences, except they were ministers of separate congregations. This was secured by an Act passed in 1802, and still more, the party applying for such licence was restricted from following any trade, except that of keeping a school. These regulations, he stated, were most minutely adhered to, both in the general and local militia, and he challenged Lord Sidmouth to show him a single instance, since the Act of 1802, where exemption had been improperly obtained by a Dissenter. Lord Grey proved from actual returns that the whole number of persons who had been licensed during the last forty-eight years had only been three thousand six hundred and seventy-eight, or about seventy-seven[165] annually on an average, and that the highest number reached in any one year had been only about one hundred and sixty. He contended that these facts demonstrated the non-necessity of the Bill. It was lost.
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THREE:[See larger version]Lord Castlereagh, in recounting the aid given by Great Britain to the sovereigns of the Continent in this grand effort to put down the intolerable military dominance of Buonaparte, drew a picture of expenditure such as no country had presented since the commencement of history. He said that the nations of the north of Europe were so exhausted by their former efforts, that not one of them could move without our aid; that this year alone we had sent to Russia two million pounds; to Prussia two million pounds; to Austria one million pounds in money, and one hundred thousand stand of arms; to Spain two million pounds; to Portugal one million pounds; to Sicily four hundred thousand pounds. By these aids Russia had been able to bring up men from the very extremities of the earth, and Prussia to put two hundred thousand men into the field. We had sent during the year five hundred thousand muskets to Spain and Portugal, and four hundred thousand to other parts of the Continent. There was something sublime in the contemplation of one nation, by the force of her wealth and her industry, calling together the armies of the whole world to crush the evil genius of the earth. Lorem ipsum dolor sit amet, consectetur adipisicing elit.
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FORE:The Minister still claimed the character of the landowner's friend; and in the House of Commons, out of 658 members, 125 was the utmost number that could be considered as Free Traders. But the progress of the League agitation this year was immense. Five years had elapsed since the Anti-Corn-Law Association in Manchester had put forth its humble appeal for five-shilling subscriptions, and now in one single year 50,000 had been given for the objects of the Association, and it was resolved to raise a further fund of 100,000. Mr. Bright had been returned for Durham in July, and already his touching appeals for justice for the people had struck the ear of the House. Like his fellow-labourers, Cobden, Colonel Thompson, George Wilson, W. J. Fox, M.P., and others, he had been busy in all parts of England, addressing audiences sometimes of 10,000 persons. The League speakers had also visited Scotland, and had been everywhere received enthusiastically. The great Free Trade Hall in Manchester was finished, and had been the scene of numerous gatherings and Free Trade banquets, at which 7,000 or 8,000 persons had sometimes sat down together. The metropolis, however, was still behind the great provincial cities in supporting the movement; and the League, therefore, resolved on holding a series of great meetings in Drury Lane Theatre, which was engaged for one night a week during Lent. The first of these important meetings was held on the 15th of March, and was attended by so large a number of persons that the pit, boxes, and even the higher gallery were filled immediately upon the opening of the doors. The succeeding meetings were no less crowded and enthusiastic. Attempts were made to obstruct these meetings, but without success. The use of Drury Lane Theatre had soon to be relinquished, the Earl of Glengall and the committee of shareholders having prohibited Mr. Macready, the lessee, from letting it for political purposes. The League were, in like manner, refused admittance to Exeter Hall; but they were soon enabled to obtain the use of Covent Garden Theatre, where they quickly prepared for a series of great meetings, which proved to be no less crowded and enthusiastic.In Andalusia, the French under Sebastiani held Malaga and Granada; but more eastward, the Spanish made a very troublesome resistance. It was in vain that Sebastiani marched into the mountains of Murcia to disperse the forces that Blake was again collecting there. Beaten in one place, they appeared in another. A strong force, under General Lacey, surprised a body of six thousand French at Ronda, and put them to flight, securing their arms and stores. In Catalonia, General O'Donnell stood his ground well, the country not only being by nature strong, but lying along the coast, where the British could support them by their fleets. Rushing from their hills and mountain forts, the Catalonian militia continually inflicted severe chastisement on the French invaders, and then retired to their fortresses. Marshals Suchet, Augereau, and Macdonald found it impossible to make permanent head against O'Donnell and the Catalonians. In fact, though Spain might seem to be conquered, having no great armies in the field, it was never less soand that Buonaparte felt. Wherever there were hills and forests, they swarmed with sharpshooters. For this species of warfarethe guerillathe Spanish were peculiarly adapted. The mountaineers, headed by the priest, the doctor, or the shepherd, men who, in spite of their ordinary habits, had a genius for enterprise, were continually on the watch to surprise and cut off the enemy. Other bodies of them were led by men of high birth, or of military training, but who were distinguished for their superior spirit and endurance of fatigue. These leaders had the most perfect knowledge of the woods and passes of the mountains, and had the most immediate information from the peasantry of the movements of the French. They could, therefore, come upon them when totally unlooked-for, and cut them off suddenly. If they were repulsed they disappeared like shadows into the forests and deserts. Sometimes they came several thousand strong; sometimes a little band of ten or twenty men would dash forward from their concealment and effect some startling deed. To chase them appeared hopeless, for they vanished in a thousand ways, as water sinks into the earth and disappears. To intimidate them, Soult published a proclamation that he would treat them as bandits, and immediately shoot all that he captured; and the commanders replied by another proclamation that for every Spaniard shot they would execute three Frenchmen; and they so literally fulfilled their threat that the French were compelled to return to the ordinary rules of warfare.
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FORE:The demoralisation appeared further in the abuses connected with the distribution of relief. The reports of the Commissioners have stated that, in those districts where the relief committees worked together with zeal and in good faith, the administration was excellent, checking fraud and imposture, while it relieved the really distressed. But in some districts this was unhappily not the case. Abuses existed, varying from apathy and neglect to connivance at frauds and misappropriation of the funds. Gross impositions were daily practised by the poor. The dead or absent were personated; children were lent for a few days in order to give the appearance of large families, and thus entitle the borrowers to a greater number of rations. Almost the whole population, in many cases, alleged poverty and looked for relief; and then, conceiving the receipt of cooked food a degradation, they endeavoured to compel the issue of raw meal. One universal spirit of mendicancy pervaded the people, to which in several places the committees offered no opposition. Yielding to intimidation, or seeking for popularity, they were willing to place the whole population indiscriminately on the lists to be supported by public charity.

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FORE:Buonaparte continued the pursuit of the Allies as far as Pirna, whence, owing to indisposition, he returned to Dresden; but Vandamme, Murat, Marmont, and St. Cyr pushed forward by different ways to cut off the route of the fugitives into the mountains of Bohemia. Vandamme, however, having passed Peterswald, beyond which he had orders not to proceed, was tempted to try for T?plitz, where the Allied sovereigns lay, and take it. In doing this he was enclosed, in a deep valley near Kulm, by Ostermann and other bodies of the Allies, completely routed, and taken prisoner, with Generals Haxo and Guyot, the loss of two eagles, and seven thousand prisoners. This was on the 29th of August.

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On the 19th of June Paris was excited by the announcements of Buonaparte's bulletin that terrible defeats had been inflicted on the Prussians at Ligny, and on the British at Quatre Bras. A hundred cannon and thousands of prisoners were declared to be taken. The Imperialists were in ecstasies; the Royalists, in spite of the notorious falsehood of Buonaparte on such occasions, were dejected. On the 21st whispers were busily circulating that not only had a most dreadful pitched battle been fought, but that the fine French army which had so lately left France was utterly annihilated or dispersed. It was soon added that, instead of being at the head of victorious forces, as he had represented, Buonaparte had again fled from his army, and was in the Palace of the Elyse-Bourbon. And this last news was true. Napoleon had never stopped in his own flight till he reached Philippevill. There he proposed to proceed to Grouchy, and put himself at the head of his division; but he heard that that too was defeated, and he hurried on to Paris, fearful of the steps that the two legislative Chambers might take.On Monday night the whole city was brilliantly illuminated. The excitement of the multitude had time to cool next day, for it rained incessantly from morning till night. But the rain did not keep the Queen in-doors. She was out early through the city, visiting the Bank of Ireland, the National Model Schools, the University, and the Royal Hospital at Kilmainham. There she cheered the hearts of the brave old pensioners by saying, "I am glad indeed to see you all so comfortable." The illuminations were repeated this evening with, if possible, increased splendour, and the streets were filled with people in every direction, all behaving in the most orderly manner. Her Majesty held a levee in Dublin Castle on Wednesday, which was attended by unprecedented numbers. On Thursday she witnessed a grand review in the Ph?nix Park, and held a Drawing-room in her palace in the evening. The Queen left Dublin on Friday evening, followed to the railway station by immense multitudes, cheering and blessing as only[573] enthusiastic Celts can cheer and bless. The scene at the embarkation in Kingstown Harbour was very touching. The whole space and the piers were crowded as when she arrived. The cheering and waving of handkerchiefs seemed to affect her Majesty as the royal yacht moved slowly out towards the extremity of the pier near the lighthouse. She left the two ladies-in-waiting with whom she was conversing on deck, ran up to the paddle-box, and, taking her place beside Prince Albert, she gazed upon the scene before her, graciously waving her hand in response to the parting salutations of her loyal Irish subjects. She appeared to give some order to the commander, the paddles immediately ceased to move, and the vessel merely floated on; the royal standard was lowered in courtesy to the cheering thousands on shore; and this stately obeisance was repeated five times. This incident produced a deep impression on the hearts of the people, and it was this picture that dwelt longest on their minds.
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