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FORE: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."In Europe, Pitt was still bent on those attacks on the coast of France which long experience had shown were of little use as means of successful war, but highly objectionable, as fraught with excessive inhumanity to the innocent people of the seaboard. This, his second expedition, was aimed at St. Malo. A fleet of eighteen ships of the line, thirteen frigates, with sloops, fire-ships, and bomb-ketches, was put under the command of Lord Howe; but as Sir Edward Hawke, his senior, struck his flag, and refused to serve as second, Lord Anson, to get rid of the difficulty, put himself nominally at the head of the squadron. The command of the troops was given to the Duke of Marlborough, a brave man, but destitute of the genius of his father, and Lord George Sackville and Lord Granby were under him. There were fourteen thousand troops of the line and six thousand marines. With these went a number of aristocratic volunteers, amongst them Lord Downe, Sir John Armitage, and Sir John Lowther, the possessor of fourteen thousand pounds a-year. On the 5th of June, 1758, the transports anchored in Cancale Bay, and next day the troops were landed and led against St. Malo. This town, built on one of a cluster of granite rocks which rise out of the sea on that iron-bound coast, they found too strongly fortified to storm, but they burnt a hundred and thirty privateers and a great quantity of small craft in the harbour, and then returned to their ships. They then sailed for Le Havre, but were prevented by the wind from doing the same damage, and so continued their voyage to Granville and Cherbourg, whence they were driven by storm; and thereupon coasting a considerable way farther, but to no purpose, the fleet returned to Portsmouth, the main result being a heavy expense. Fox and the Opposition in the Commons called it breaking windows with guineas; and the old king, who had expressed his dislike of this sort of warfare, said we should brag of having burnt the French ships, and the French of having driven us away.
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FORE:News arrived that the king, by proclamation, had prohibited the export of arms and military stores to America. This news was received with a burst of rage. The people of Rhode Island, who had burnt the king's schooner, The Gaspee, seized forty pieces of cannon on the batteries defending the harbour, and carried them into the country. The people of New Hampshire surprised a small fort called William and Mary, garrisoned only by one officer and five men, and carried off the ordnance, arms, ammunition and military stores. Everywhere orders were issued for the purchase of arms and ammunition; for training the militia; for erecting powder mills, and manufactories of arms and shot, as well as for making saltpetre. So far as it depended on the people of Massachusetts, it was already rebellion. Still, however, the other colonies, except, perhaps, Virginia, were far from this bellicose temper. The colonies, in general, thought the measures of the late Congress too strong; and the State of New York, in spite of the impetuosity of such men as Jay, carried a vote rejecting the resolutions of the Congress.Owing to these circumstances, occasion was taken, on the presentation to the Privy Council of the petition of the people of Boston for the removal of the Governor and Lieutenant-Governor of Massachusetts, to animadvert on Franklin's conduct. This took place on the 29th of January, 1774, when Dunning and Lee were retained on the part of the petition, and Wedderburn, the Solicitor-General, appeared for the Crown. There were no less than thirty-five Privy Councillors present, amongst them Lord North, and Lord Gower at their head, as Lord President. Neither Dunning nor Lee spoke effectively, but as if they by no means relished the cause in which they were engaged; while Wedderburn seemed animated by extraordinary life and bitterness. He was the friend of Whately, who was now lying in a dangerous state from his wound. After speaking of the Charter and the insubordinate temper of the people of Massachusetts, he fell with withering sarcasm on Franklin, who was present. Hitherto, he said, private correspondence had been held sacred, even in times of the most rancorous party fury. But here was a gentleman who had a high rank amongst philosophers, and should be the last to sanction such infamous breaches of honour, openly avowing his concern in them. He asked where, henceforth, Dr. Franklin could show his face; and said that henceforth he must deem it a libel to be termed "a man of letters," he was "a man of three letters, f u r, a thief." Wedderburn could compare him only to Zanga, in Dr. Young's "Revenge:"
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FORE:The Greeks had been struggling to emancipate themselves from the tyrannical dominion of the Turks, aided in their war of independence only by the voluntary contributions and personal services of enthusiastic friends of freedom, like Lord Byron. At length, however, the sanguinary nature of the contest, and the injury to commerce by piracy, induced the Great Powers of Europe to interfere in order to put an end to the war. Accordingly, on the 6th of July, 1827, a treaty was signed in London by the Ministers of Great Britain, France, and Russia, for the pacification of Greece. In pursuance of this treaty, a joint expedition, consisting of British, French, and Russian ships, entered the Bay of Navarino on the 20th of October, with the object of compelling the Sultan to concede an armistice, in order that there might be time for effecting an arrangement. The Sultan, Mahmoud, having declined the mediation of the combined Powers, and Ibrahim Pasha having received a large reinforcement of troops from Egypt, he was ordered to put down the insurrection at every cost by land and sea. He had accordingly recommenced the war with fanatical fury. All Greeks found in arms were to be put to the sword, and the Morea was to be laid waste. The combined fleet of the Allies had received orders to demand an armistice, and if this were refused by the Turkish admiral, they were to intercept the Turkish supplies, but not to commit hostilities. When the Turkish fleet met the Allies, the futility of these instructions became evident. They found it ranged at the bottom of the bay, in the form of a crescent. Instead of parleying, the Turks began to fire, and the battle commenced apparently without plan on either side. It soon became general. Admiral Codrington, in the Asia, opened a broadside upon the Egyptian admiral, and soon reduced his ship to a wreck; others in rapid succession shared the same fate. The conflict lasted with great fury for four hours. When the smoke cleared off, the enemy had disappeared, and the bay was strewn with the fragments of their ships. Among the Allies, the loss of the British was greatest, though not largeonly 75 men killed[263] and 197 wounded. The catastrophe produced immense excitement at Constantinople, and had the Janissaries (those fierce and bigoted defenders of Mohammedanism whom the Sultan had so recently extirpated) been still in existence, it would have fared ill with Christians in that part of the world. The Sultan demanded satisfaction, which would not be granted, and the European ambassadors left Constantinople. The battle of Navarino occurred at the time when the Duke of Wellington assumed the reins of office, our ambassador having then returned from Constantinople.At the Church of St. Anne, Shandon, under a kind of shed attached to a guard-house, lay huddled up in their filthy fetid rags about forty human creaturesmen, women, children, and infants of the tenderest agestarving and fever-stricken, most of them in a dying state, some dead, and all gaunt, yellow, hideous from the combined effects of famine and disease. Under this open shed they had remained during the night, and until that hourabout ten in the morningwhen the funeral procession was passing by, and their indescribable misery was beheld by the leading citizens of Cork, including the mayor, and several members of the board of guardians. The odour which proceeded from that huddled-up heap of human beings was of itself enough to generate a plague.
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FORE:At the opening of 1841 the country might be said to be free from all excitement on the subject of politics. There was no great question at issue, no struggle between rival parties seemed impending. Many of the principal topics which in former years had agitated the public mind had been settled or laid to rest. The Chartist riots seemed to have abated the desire of the leading Reformers to extend the suffrage to the working classes. Still the Government was lamentably weak, and only existed on sufferance. Nor did the conduct of affairs in the House of Commons tend to strengthen their position. The reintroduction by Lord Stanley of his Bill to regulate the registration of voters in Ireland led to much angry discussion with damaging results to the Government, who had already suffered grievous defeats in attempting to arrest the progress of the measure during the previous Session. Two days later Lord Morpeth brought in a Government Bill for the same object. The main features of the plan were to abolish certificates; to make the register conclusive of the right to vote, except where disqualification afterwards appeared; to establish an annual revision of the registers, and to give a right of appeal equally to the claimant and the objector. The main point of difference between this and Lord Stanley's Bill consisted in the tribunal to which the appeal was to be made. The Government proposed for this purpose the creation of a new court, consisting of three barristers of a certain standing. An additional feature of the Government Bill was a proposal to settle the question of the basis of the franchise by fixing upon the Poor Law valuation as the standard; and the Bill proposed to enact that every occupier of a tenement under a holding of not less than fourteen years, of the annual value of 5, should have the right of voting previously enjoyed by persons who had a beneficial interest of 10. The Conservatives complained of the unfairness of thus introducing by surprise a fundamental alteration in the elective franchise of Ireland, founded upon principles unknown both in England and Scotland. It was represented as a new Reform Bill for Ireland, tacked on as a postscript to a Bill for amending the registration. The 5 franchise, it was argued, would in effect be little short of the introduction of universal suffrage. The House divided on the respective merits of the rival Bills, when the Government measure was carried by a majority of five. The result was hailed with cheers from both sides of the House, the Opposition regarding the victory as little better than a defeat. Lord John Russell at first announced that he would proceed immediately with the measure, but he afterwards moved its postponement till the 23rd of April. During the interval Lord Morpeth announced the conversion of the Ministry to the principle of an 8 rating. When the question was introduced again, on the 26th of April, it gave rise to a party debate. While the House was in committee on Lord Morpeth's Bill, Lord Howick proposed an amendment to the effect that the tenant, in order to entitle him to the franchise, should have a beneficial interest in his holding of 5 a year over and above the rent. Lord Morpeth proposed as a qualification for the franchise a lease of fourteen years, and a low rating of 8. Lord Howick proposed that the yearly tenant should be entitled to vote as well as the leaseholder if he had an annual interest of 5 in it; but Lord Morpeth contended, and showed from statistics, that this principle would disfranchise more than three-fourths of the 10 tenant voters in several of the counties. In short, it would have the effect of almost entirely disfranchising the existing occupying constituency of Ireland. On a division, Lord Howick's amendment was carried by 291 to 270. Finally the Bill was reduced to such a jumble of[477] contradictory amendments that it was impossible to proceed with it. Thus ended the great struggle of the Session. Much time had been wasted in party debates and fruitless discussions, and the proposal to give the Irish people the benefit of the Reform Act by putting its perishing constituencies on a proper basis, simple as it may seem, utterly failed. Lord Stanley also abandoned his measure, and there the matter ended. The whole of the proceedings plainly indicated that the doom of Lord Melbourne's feeble Cabinet was at hand.
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FORE:In 1823 we behold the starting-point of the liberal system of commercial policy, for which not only England, but all the world, is so much indebtedthe rivulet which gradually expanded into a mighty river bearing incalculable blessings upon its bosom to every nation under heaven. The appointment of Mr. Huskisson as a member of the Government was an immense advantage to the nation. He was a man of great abilities, which he had perseveringly devoted to the study of political economy. He was a complete master of all subjects in which statistics were involved, and was universally looked up to as the highest authority on all financial and commercial questions. As President of the Board of Trade he had ample opportunities of turning his knowledge to account, and to him is mainly due the initiation and direction of the course of commercial policy which a quarter of a century later issued in the complete triumph of Free Trade. Mr. Huskisson was not only intimately acquainted with the whole range of economic, financial, and mercantile subjects, in their details as well as in their principles, he was also a powerful debater, a sound reasoner, and was animated in all he did by a spirit of generous philanthropy. At the same time it is only just to point out that he did but carry out the policy of Mr. Wallace, the Vice-President of the Board of Trade, a statesman whose name is almost forgotten.
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