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FORE:For a time, Bute and his colleagues appeared to brave the load of hatred and ignominy which was now piled everywhere upon them, but it was telling; and suddenly, on the 7th of April, it was announced that the obnoxious Minister had resigned. Many were the speculations on this abrupt act, some attributing it to the influence of Wilkes, and his remorseless attacks in the North Briton; others to the king and queen having at length become sensitive on the assumed relations of Bute and the king's mother; but Bute himself clearly stated the real and obvious causewant of support, either in or out of Parliament. "The ground," he wrote to a friend, "on which I tread is so hollow, that I am afraid not only of falling myself, but of involving my royal master in my ruin. It is time for me to retire."[See larger version]
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FORE:Before the close of April a great commercial crisis had taken place in England, and Ministers were compelled to make a new issue, by consent of Parliament, of five millions of Exchequer Bills, to assist merchants and manufacturers, under proper security. The sudden expansion of industry which was met by an undue increase of the paper currency rather than bullion, combined[417] with reckless banking, produced the crisis. It was calculated that out of the 350 provincial banks 100 failed. In the circumstances the issue of Exchange Bills was a most successful makeshift.This and other events at length convinced the stupid and ungrateful Emperor that the war was[56] hopeless. Russia had as good as deserted him; Prussia, so lately won over, was again wavering; Sweden and Holland had joined the allies; and Spain, so far from helping him, could not drive the enemy from a corner of its own territory. He therefore listened to terms of peace which were offered by the allies through the pacific medium of Fleury, and the preliminaries were signed at Paris by the Austrian Ambassador on the 31st of May with England, France, and Holland. The Emperor agreed to suspend for seven years the charter of the Ostend Company; to confirm all treaties previous to 1725; and to refer any other objects of dispute to a general congress. Several articles were introduced regarding Spain. The English consented to withdraw the fleet of Admiral Hosier from blockading Porto Bello, so that the galleons could return home; the siege of Gibraltar was to be discontinued, and the Prince Frederick to be restored. These articles were signed by the Spanish Ambassador at Paris, but Philip himself never ratified them, and England and Spain continued in a dubious state of neither peace nor war.
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FORE:THE CONQUERORS OF THE BASTILLE. (After the Picture by Fran?ois Flameng.)Captain Dacres, of the Guerrire, returning to Halifax to refit after convoying another fleet of merchantmen, fell in with the large United States' frigate Constitution, commanded by Captain Hull. The Guerrire was old and rotten, wanting a thorough refit, or, rather, laying entirely aside. In addition to other defects she was badly supplied with ammunition. The Guerrire had only two hundred and forty-four men and nineteen boys; the Constitution had four hundred and seventy-six men, and a great number of expert riflemen amongst them, which the American men-of-war always carried to pick off the enemy, and especially the officers, from the tops. Yet Captain Dacres stayed and fought the Constitution till his masts and yards were blown away, and his vessel[37] was in a sinking state. In this condition Dacres, who was himself severely wounded with a rifle-ball, struck, the only alternative being going to the bottom. The old ship was then set on fire, the British crew being first removed to the American ship. Though the contest had been almost disgracefully unequal, the triumph over it in the United States was inconceivable. Hull and his men were thanked in the most extravagant terms, and a grant of fifty thousand dollars was made them for a feat which would not have elicited a single comment in England. But when our officers and men were carried on board the Constitution, they discovered that nearly one-halfa number, in fact, equal to their ownwere English or Irish. Some of the principal officers were English; many of the men were very recent deserters; and so much was the American captain alarmed lest a fellow-feeling should spring up between the compatriots of the two crews, that he kept his prisoners manacled and chained to the deck of his ship during the night after the battle, and for the greater part of the following day.
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FORE:
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