ONE: Lord Loftus, ��30,000 for boroughs, and made an English marquis.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 unexampled��bankers, 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 bubbles��the railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculations��which 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.

ONE:When Ney and Caulaincourt saw Marmont at Essonnes, he informed them that he had entered into a convention with the Allied sovereigns on his own account. They begged him to suspend it and accompany them, and he consented. Whilst the three commissioners were with the Emperor Alexander, news was brought that Count Souham, with whom Marmont had left the command of his troops, had gone over, and marched the division into the lines of the Allies. On this the Emperor said they had better return to Napoleon, and assure him that the Allies would accept nothing short of an absolute and unqualified abdication. When they announced this to him, to their surprise, he exclaimed, "But what provisions are made for me? How am I to be disposed of?" They replied that it was proposed by the Emperor Alexander that he should retain the title of Emperor; should have the island of Elba, a guard, a small fleet, and all the attributes of royalty, with a suitable income. With a mood of mind incomprehensible in any other person, he immediately called for maps and books about Elba, and began contemplating his future position, as though he had only been changing one France for another; but there can be no doubt that he, in reality, was weighing the facilities of the place for that effort to regain the empire of France, which he certainly never renounced for a moment. On the 11th of April he drew up a form of unconditional abdication, signed, and dispatched it. Ney, Macdonald, and Caulaincourt arrived with the treaty to which the Allied sovereigns had agreed. Elba was assigned to him��an island twenty leagues in extent, with twelve thousand inhabitants��and he was to have an income of six millions of francs, besides the little revenue of the island. Two millions and a half more were assigned as annuities to Josephine, and the other members of his family. The Empress was to be created Duchess of Parma, Placentia, and Guastella, in full sovereignty. The marshals and other officers of his army were received into the same ranks and dignities in the army of the Bourbon sovereign. Lord Castlereagh, who had arrived after the conclusion of this treaty, pointed out the folly of it, which must have been apparent to every man of the slightest reflection; for, to a certainty, Napoleon would not for a day longer than he was compelled observe it in a place like Elba, in the very vicinity of France. He declined, on the part of Great Britain, any concern in it; but to avoid a renewal of the war, he offered no formal opposition. Napoleon arrived at Elba on the 4th of May.Parliament was suddenly dissolved by the All the Talents Ministry, in the hope of acquiring a better majority, but this hope was not brilliantly realised. The new Parliament assembled on the 19th of December, and, as all now saw that war must go on, both Houses prepared themselves for large votes of supply. According to Windham's statement, we had 125,631 regulars in the army, of whom 79,158 were employed in defending our West India Islands, 25,000 in India, and upwards of 21,000 foreigners in our pay. Besides this, for home defence we had 94,000 militia and fencibles, and 200,000 volunteers; so that altogether we had 419,000 men under arms. It was, therefore, contended, and with reason, that as we had so deeply engaged ourselves in fighting for our Allies on the Continent, with such a force we might have sent 20,000, with good effect, to unite with Alexander of Russia against Buonaparte, and not have let him be repulsed for want of both men and money. This, indeed, was the disgrace of All the Talents, that they put the country to the expense of an enormous war establishment, and did no real service with it. The supplies, however, were freely voted. There were granted, for the navy, ��17,400,337; for the regular army, ��11,305,387; for militia, fencibles, volunteers, etc., ��4,203,327; ordnance, ��3,321,216. The number of sailors, including 32,000 marines, was fixed at 130,000.

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