ONE:DEPUTATION OF CONSTITUTIONALISTS BEFORE THE QUEEN OF PORTUGAL. (See p. 413.)In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."
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THREE:[See larger version]Whilst Louis lay ill at Metz, France received an unexpected relief. Prince Charles was hastily recalled to cope with Frederick of Prussia, who had now joined France in the counter-league of Frankfort, and burst into the territories of Maria Theresa. He found in Prague a garrison of fifteen thousand men, yet by the 15th of September he had reduced the place, after a ten days' siege. At the same time Marshal Seckendorf, the Imperial general, entered Bavaria, which was defended only by a small force, and quickly reinstated[88] Charles on the throne of Munich. Vienna itself was in the greatest alarm, lest the enemies uniting should pay it a visit. But this danger was averted by the rapid return of Prince Charles of Lorraine from before Strasburg. He had to pass the very front of the French army; nevertheless, he conducted his forces safely and expeditiously to the frontiers of Bohemia, himself hastening to Vienna to consult on the best plan of operations. Maria Theresa again betook herself to her heroic Hungarians, who, at her appeal, once more rushed to her standard; and Frederick, in his turn alarmed, called loudly on the French for their promises of assistance, but called in vain. The French had no desire for another campaign in the heart of Austria. The Prussian invader, therefore, soon found himself menaced on all sides by Austrians, Croatians, and Hungarian troops, who harassed him day and night, cut off his supplies and his forages, and made him glad to retrace his steps in haste.
THREE:[See larger version]
THREE:[65]Blucher's headquarters were at Namur, his right extending to Charleroi, near the left of Wellington, and his left and reserves covering Gevil and Lige. His force amounted to eighty thousand men, supplied with two hundred cannon. On the 15th Buonaparte addressed his army, telling them that the enemies arrayed against them were the same that they had so often beaten, and whom they must beat again if they were the men they had been. "Madmen!" he exclaimed, "the moment of prosperity has blinded them. The oppression and humiliation of the French people are beyond their power. If they enter France they will there find their tomb!" This address had such an effect that the French advanced with all the spirit of their former days. They swept the western bank of the Sambre of the Prussian outposts; they advanced to Charleroi, drove out the Prussians under Ziethen, and compelled them to fall back on the village of Gosselies, and thence to Ligny and St. Amand. It was now seen that the object of Buonaparte was to cut off the communication between the Prussians and British, and defeat the Prussians first, instead of having to fight the two armies at once. To complete this Ney had been dispatched to attack and drive back the British advance at Quatre Bras and Frasnes; but, hearing firing in the direction of Charleroi, which was the engagement with Ziethen, he sent a division to support the French there, and thus found his main body too weak to move the British at Quatre Bras. For doing this without orders, Buonaparte reprimanded Ney, as he afterwards did Grouchy for too implicitly following his orders in pursuit of Blucher.
