THREE:Contemporary with Cowper was Mrs. Tighe, the author of "Psyche," an allegorical poem, in which the beauty of the sentiment made acceptable that almost exploded form of composition. But there was at this period a number of writers who had much more false than true sentiment. The euphuism of the reign of Queen Elizabeth broke forth in another fashion. A kind of poetical club was formed at Batheaston, the residence of Lady Miller, near Bath. She and her guests, amongst whom was Miss Seward, wrote verses, which they published under the title of "Poetical Amusements." A still more flaunting school set themselves up amongst the English at Florence, one of whom, a Mr. Robert Merry, dubbed himself "Della Crusca," whence the clique became known as the "Della Cruscan School." Amongst the members of it figured Mrs. Piozzi, the widow of Thrale the brewer, Boswell, Johnson's biographer, Mary Robinson, the younger Colman, and Holcroft, the dramatist, with others of less name. They addressed verses to each other in the most florid and extravagant style under the names of "Rosa Matilda," "Laura Maria," "Orlando," and the like. The fashion was infectious; and not only were the periodicals flooded by such silly mutual flatteries, but volumes were published full of them. Gifford, the editor of the Quarterly Review, and translator of Juvenal, attacked this frenzy in a satire called the "Baviad," and continued the attack in the "M?viad," which, however, was more particularly a censure on the degraded condition of the drama. This put an end to the nuisance, and Gifford won great fame by it; though, on referring to his two celebrated satires, we are surprised at their dulness, and are led to imagine that it was their heaviness which crushed these moths of literature. Gifford had himself a great fame in his day, which was chiefly based on his formidable position as editor of the Quarterly Review.
FORE:On the 7th of March the House of Commons went into committee on the establishment of the Duke of York, on account of his marriage. Fox united with Pitt in supporting the recommendation that twenty-five thousand pounds per annum should be added to the twelve thousand pounds which the duke already had; besides this the duke had a private yearly revenue of four thousand pounds, making altogether forty-one thousand a year, in addition to the bishopric of Osnaburg, in Germany, which had been conferred on the duke, though a layman and a soldier. Notwithstanding the union of Whigs and Tories on this occasion, the vote did not pass without some sharp remarks on the miserable stinginess of the King of Prussia, who only gave his daughter the paltry sum of twenty-five thousand pounds as a dowry, and stipulated that even that should be returned in case of the duke's death, though in that case his daughter was to have a permanent allowance of eight thousand pounds a year.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 docauses 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 discoverya 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.
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FORE:THE CORONATION OF NAPOLEON IN NOTRE DAME. (See p. 499.)
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FORE:ARREST OF BRITISH SAILORS BY GREEK SOLDIERS. (See p. 606.)Peel has been even more severely censured than the Duke of Wellington for the part he took on this memorable occasion. He wrote a long letter to the Duke, in which he earnestly[283] protested against taking charge of the Emancipation Bill in the House of Commons, offering, at the same time, to give it his earnest support. He also offered to resign, as a means of removing one obstacle to the adjustment which the interests of the country demanded. The letter concluded as follows: "I do not merely volunteer my retirement at whatever may be the most convenient time, I do not merely give you the promise that out of office (be the sacrifices that I foresee, private and public, what they may) I will cordially co-operate with you in the settlement of this question, and cordially support your Government; but I add to this my decided and deliberate opinion that it will tend to the satisfactory adjustment of the question if the originating of it in the House of Commons and the general superintendence of its progress be committed to other hands than mine." And in his "Memoirs" he remarks: "Twenty years have elapsed since the above letter was written. I read it now with the full testimony of my own heart and conscience to the perfect sincerity of the advice which I then gave, and the declarations which I then made; with the same testimony, also, to the fact that that letter was written with a clear foresight of the penalties to which the course I resolved to take would expose methe rage of party, the rejection by the University of Oxford, the alienation of private friends, the interruption of family affections. Other penalties, such as the loss of office and of royal favour, I would not condescend to notice if they were not the heaviest in the estimation of vulgar and low-minded men, incapable of appreciating higher motives of public conduct. My judgment may be erroneous. From the deep interest I have in the result (though now only so far as future fame is concerned), it cannot be impartial; yet, surely, I do not err in believing that when the various circumstances on which my decision was taken are calmly and dispassionately consideredthe state of political partiesthe recent discussions in Parliamentthe result of the Clare election, and the prospects which it openedthe earnest representations and emphatic warnings of the chief governor of Irelandthe evils, rapidly increasing, of divided counsels in the Cabinet, and of conflicting decisions in the two Houses of Parliamentthe necessity for some systematic and vigorous course of policy in respect to Irelandthe impossibility, even if it were wise, that that policy should be one of coercionsurely, I do not err in believing that I shall not hereafter be condemned for having heedlessly and precipitously, still less for having dishonestly and treacherously, counselled the attempt to adjust the long litigated question, that had for so many years precluded the cordial co-operation of public men, and had left Ireland the arena for fierce political conflicts, annually renewed, without the means of authoritative interposition on the part of the Crown."
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FORE:But on the 29th of February, 1776, the treaties lately entered into by the British Government with a number of German princes to furnish troops to fight in America, were laid on the table of the Commons; and intense indignation was raised against this most odious and impolitic measure. There had been negotiations with Russia for the purpose of procuring her savages to put down our kinsmen in America; but this barbarous attempt had failed. It was more successful with the petty princes of Germany. The Duke of Brunswick, the Landgrave of Hesse-Cassel, and other little despots, now greedily seized on the necessity of England, to drive the most extravagant terms with her. Under the name of levy-money, they were to receive seven pounds ten shillings for every man; and besides maintaining them, we were to pay to the Duke of Brunswick, who supplied four thousand and eighty-four men, a subsidy of fifteen thousand five hundred and nineteen pounds; the Landgrave of Hesse-Cassel, who furnished twelve thousand men, did not get such good terms as Brunswickhe had ten thousand pounds; the hereditary Prince of Hesse received six thousand pounds a-year, for only six hundred and eighty-eight men. Besides this, the men were to begin to receive pay before they began to march. Brunswick was also to get double his sum, or thirty-one thousand and thirty-eight pounds a-year, for two years after they had ceased to serve; and the Landgrave of Hesse was to receive twelve months' notice of the discontinuance of the payment after his troops had returned to his dominions. The payment for 1776 was to be four hundred and fifty thousand crowns, or nearly one hundred thousand pounds. The Prince of Waldeck soon after engaged to furnish six hundred and seventy men on equally good terms. Beyond all these conditions, England was bound to defend the dominions of those princes in the absence of their troops. The independent members of both Houses nobly discharged their duty in condemnation of this engagement of German mercenaries, but without effect, and the king prorogued Parliament, under the pleasing delusion that his foreign troops would soon bring his rebellious subjects to reason; and the Ministers apparently as firmly shared in this fallacious idea.On the very day that this report was being read in the House died one of the accused, James Craggs, Secretary of State. His complaint was smallpox; but the state of mind induced by this exposure is supposed to have rendered the malady fatal. His father, who was Postmaster-General, was so shamefully involved in the same dishonest proceedings, that he took poison.
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