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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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THREE:Colonel Gardiner endeavoured to charge the advancing enemy with his dragoons; but it was in vain that he attempted to animate their craven souls by word and exampleat the first volley of the Highlanders they wheeled and fled. The same disgraceful scene took place on the left, at nearly the same moment. Hamilton's regiment of horse dispersed at the first charge of the Macdonalds, leaving the centre exposed on both its flanks. The infantry made a better stand than the cavalry; it discharged a steady and well-directed volley on the advancing Highlanders, and killed some of their best men, amongst others, a son of the famous Rob Roy. But the Highlanders did not give them time for a second volley; they were up with them, dashed aside their bayonets with their targets, burst through their ranks in numerous places, so that the whole, not being able to give way on account of the park wall of Preston, were thrown into confusion, and at the mercy of the foe. Never was a battle so instantly decidedit is said not to have lasted more than five or six minutes; never was a defeat more absolute. Sir John Cope, or Johnnie Cope, as he will be styled in Scotland to the end of time, by the assistance of the Earls of Loudon and Home, collected about four hundred and fifty of the recreant dragoons, and fled to Coldstream that night. There not feeling secure, they continued their flight till they reached Berwick, where Sir Mark Kerr received Cope with the[97] sarcastic but cruelly true remark that he believed that he was the first general on record who had carried the news of his own defeat.The Premier was at this time subjected to a great mortification in being compelled by the House of Commons, and public opinion out of doors, to cancel the appointment of the Marquis of Londonderry as ambassador to St. Petersburg. A deep sympathy with the oppressed Poles, and an abhorrence of the unrelenting despotism of Russia pervaded the public mind in the United Kingdom. The Marquis of Londonderry had distinguished himself by sympathies of an opposite kind, and had characterised the Poles as the Czar's rebellious subjects. It was generally felt that England could not be fairly represented at the Court of St. Petersburg by a man of such well-known sentiments. The press was loud in its condemnation of the appointment, and Mr. Sheil brought the subject before the House of Commons by moving that an Address be presented to his Majesty for a copy of the appointment. As Lord Stanley declared emphatically against the selection of the noble marquis for such a mission, it was evident that if Government had gone to a division they would have been defeated. Sir Robert Peel therefore gave way with a good grace, stating that the appointment had not been formally made out; and though the House seemed to be interfering unduly with the Royal Prerogative, he would not advise his Majesty to persist in it. The motion was then withdrawn, and when Lord Londonderry read the report of the debate in the papers next day, he immediately sent in his resignation. In announcing this in the House of Peers, he said: "Having but one object, and that to serve the king honestly and to the best of my ability, were I to depart from this country after what has passed in the House of Commons, I should feel myself, as a representative of his Majesty, placed in a new, false, and improper position. My efficiency would be impaired, and it would be impossible for me to fill the office to which I have been called with proper dignity or effect. Upon these grounds, I have now to announce that no consideration will induce me to accept the office which his Majesty has been graciously pleased to confer on me."

By Elena Smith

THREE:Each union of parishes, or each parish, if large and populous enough, was placed under the management of a board of guardians, elected annually by the ratepayers; but where under previous Acts an organisation existed similar to that of unions or boards of guardians, under the Poor Law Amendment Act these were retained. The following table exhibits the local divisions of England and Wales made under that Act:In 1823 we behold the starting-point of the liberal system of commercial policy, for which not only England, but all the world, is so much indebtedthe rivulet which gradually expanded into a mighty river bearing incalculable blessings upon its bosom to every nation under heaven. The appointment of Mr. Huskisson as a member of the Government was an immense advantage to the nation. He was a man of great abilities, which he had perseveringly devoted to the study of political economy. He was a complete master of all subjects in which statistics were involved, and was universally looked up to as the highest authority on all financial and commercial questions. As President of the Board of Trade he had ample opportunities of turning his knowledge to account, and to him is mainly due the initiation and direction of the course of commercial policy which a quarter of a century later issued in the complete triumph of Free Trade. Mr. Huskisson was not only intimately acquainted with the whole range of economic, financial, and mercantile subjects, in their details as well as in their principles, he was also a powerful debater, a sound reasoner, and was animated in all he did by a spirit of generous philanthropy. At the same time it is only just to point out that he did but carry out the policy of Mr. Wallace, the Vice-President of the Board of Trade, a statesman whose name is almost forgotten.

By Elena Smith

THREE:In the midst of this prosperous career the two brothers-in-law, the Ministers, began to differ in their views, and Lord Townshend was soon driven by the overbearing conduct of Walpole to resign. Lady Townshend, the sister of Walpole, and even Queen Caroline, exerted their influence for some time to put an end to these feuds; but Lady Townshend soon died, and the queen, finding the breach inevitable, took the side of Walpole as the more indispensable servant of the Crown. There were serious topics on which Townshend and Walpole differed, both domestic and foreign. Townshend did not approve of the length to which matters were carried against the Emperor, and he was weary of the timid temper of the Duke of Newcastle, and strongly urged his dismissal, and the employment of Lord Chesterfield in his place; but a Pension Bill brought the quarrel to a crisis. The object of the Bill, which was warmly supported by the Opposition, was to prevent any man holding a pension, or who had any office held in trust for him, from sitting in Parliament. The king privately styled it "a villainous Bill, which ought to be torn to pieces in every particular." Both Walpole and Townshend were of the same opinion; but Townshend was for openly opposing it, Walpole for letting it pass the Commons, and be thrown out in the Lords. Townshend, to whom the odium of rejecting it was thus carried in the Lords, protested against this disingenuous conduct on the part of Walpole, and assured him that the trick would soon be fully observed, and bring more unpopularity on him in the end than a manly, open oppositionwhich it did.

By Elena Smith

THREE:[See larger version]Still there was no need to despair. The archduke had yet a great force; there were the divisions of the Archdukes John, Ferdinand, and Regnier, and the Tyrolese were all in active operation in their mountains. But the Emperor, on learning the fate of the battle, lost heart, made offers of peace, which were accepted, and an armistice was signed by Francis at Znaim, in Moravia. The armistice took place on the 11th of July, but the treaty of peace was not signed till the 14th of October, at the palace of Sch?nbrunn. The long delay in completing this treaty was occasioned by the exactions which Buonaparte made on Austria of cessions of territory, and the means he took to terrify Francis into submission to his terms. He even addressed a proclamation to the Hungarians, exhorting them to separate from Austria and form an independent kingdom, telling them that they formed the finest part of the Austrian empire, and yet had received nothing from Austria but oppression and misfortunes. By such means, and by constantly exerting himself to sow the germs of discontent through all the Austrian provinces, he at last succeeded in concluding peace on condition of the cession of various territories to his partisans of the Confederacy of the Rhine, and of Trieste, the only Austrian port, to France, thus shutting up Austria, as he hoped, from communication with England. In all, Austria sacrificed forty-five thousand square miles and nearly four millions of subjects to this shameful peace. Neither were his allies, the King of Saxony and the Emperor of Russia, forgotten; each obtained a slice of Austria.

By Elena Smith

The year 1805 was opened by Buonaparte addressing a second letter to George III. Its tenor may be gathered from the concluding paragraph. "Alas! what a melancholy prospect to cause two nations to fight, merely for the sake of fighting. The world is sufficiently large for our two nations to live in it, and reason is sufficiently powerful to discover means of reconciling everything, when the wish for reconciliation exists on both sides. I have, however, fulfilled a sacred duty, and one which is precious to my heart. I trust your Majesty will believe in the sincerity of my sentiments, and my wish to give you every proof of it.Napoleon."The whole of London was thrown into great agitation, and Sir John Anstruther that evening, in the House of Commons, was very severe on the Ministers for not taking more decided measures for the protection of the metropolis. The next day the letter of Sir Francis was taken into consideration. Many severe strictures were made on his conduct, and even Whitbread contended that the Speaker's warrant was perfectly legal, and that[598] Sir Francis had done a great injury to the cause of Reform by stirring up a riot in the prosecution of a constitutional question. There was a call for the expulsion of the Radical baronet from the House; but as this would have produced a new election in Westminster, by which he would certainly have been returned afresh, that was prudently abandoned.True to the pole, by thee the pilot guidesThe American Congress, which had imagined Gates a greater officer even than Washington, because he had captured Burgoyne through the ability of Arnold, though Washingtonfrom envy, as they supposedhad always held a more correct opinion, now saw their error. No sooner was this victory at Camden achieved, than Cornwallis dispatched Tarleton after General Sumter, who was marching on the other side of the Wateree on his way into South Carolina. Tarleton started after him with a couple of hundred of cavalry, and rode so sharply that he had left half his little force behind him, when he came up with him near Catawba Ford, and fell upon his far superior force without a moment's hesitation, killing and wounding one hundred, and taking captive upwards of two hundred, with all Sumter's baggage, artillery, and one thousand stand of arms.
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