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ONE:Lord Howe arrived from England, and cast anchor off Sandy Hook, a few hours after the Declaration of Independence had been read to the army by Washington. He had been expected by his brother, General Howe, who had arrived at the same point on the 29th of June, supposing he should find the admiral there. General Howe found Washington already in New York, and actively engaged in throwing up entrenchments, both there and on Long Island, to close the Hudson against the British fleet. Washington's headquarters were at New York; those of General Sullivan, at the western extremity of Long Island, opposite to New York; and Governor's Island, Paulus Hook, New Rochelle, and other points, were strongly defended to protect the rear of the city. At the time of Admiral Howe's arrival, the army of Washington did not amount to more than seventeen thousand men, of whom three[228] thousand were sick, and but about ten thousand men fit for duty. From his letters to Congress, it is clear that he entertained very little hope of maintaining his ground in case of attack, for the fresh forces brought by Howe from England, being joined by the shattered remains of Sir Peter Parker's squadron, amounted to twenty thousand men. A few days afterwards, however, he was joined by two regiments from Philadelphia, and by large bodies of New York and New England Militia, raising his army to twenty-seven thousand men, but of these a large number were sick. He now posted strong reinforcements in Brooklyn. On this General Howe quitted Sandy Hook, and advanced to Staten Island, where he could watch the operations of the enemy. The Americans abandoned Staten Island, on his approach, without firing a gun.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 do��causes 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 discovery��a 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.