THREE:On the 18th of January, 1815, commenced the final retreat of the British to their ships. They were allowed to march away without molestation, taking all their guns and stores with them, except ten old ship guns of no value, which they rendered useless before they abandoned them. Andrew Jackson, afterwards President of the United States, commanded in this defence of New Orleans, and loud were the boastings of his prowess all over the States, when, in fact, he had not risked a man. His merit was to have shown what excellent shots his countrymen were, and how careful they were to keep out of the reach of shot themselves. So far as the British were concerned, they had shown not only their unparalleled bravery, but also, as on many such occasions, their great want of prudence. This sacrifice of life would have been spared by a single and much more effectual blockade, and the most lamentable part of the business was, that all the time peace had been made, though the news of it had not reached them.
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THREE:Before Walpole thus threw off the mask of moderationindeed, on the very day of his resignationhe introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.
THREE: James M'Cleland, made Baron of Exchequer.
THREE:Lord John Russell was immediately summoned from Scotland, and on the 11th arrived at Osborne, where he received her Majesty's commands to form a Government. On the ground that his party were in a minority in the House of Commons, Lord John Russell at first declined the honour presented to him; but on a paper being placed in his hands by the Queen, in which Sir Robert Peel promised, in his private capacity, to aid and give every support to the new Ministry in settling the question of the Corn Laws, he undertook the task. There was no amicable feeling between the new and the retiring Minister. Lord John Russell's letter, published a few days before, had excited as much attention for its bitter sarcasm against Sir Robert Peel as for the important change in the Whig policy which it announced. Lord John Russell held communication with the late Government, but through Sir James Graham. It was of importance to him to know more clearly the nature of that support which Sir Robert Peel's memorandum seemed to promise; and he was, therefore, anxious to know what the latter would consider a satisfactory settlement. This proposal, however, to the late Minister to become responsible for the measures of his successors was declined. Sir James Graham communicated to Lord John Russell the information as to the state of the country on which they acted; but Sir Robert Peel, through his colleague, declined to state the details of the measures which had lately been contemplated. Lord John Russell then gave, in writing, an outline of the measures which the new Cabinet would propose, and invited the opinion of the late Minister. Sir Robert Peel, however, still declined to take part in the plans of his opponents; and in a letter to the Queen, on the 17th of December, he stated the constitutional grounds on which he considered it improper that any one, not an adviser of the Crown, should take a part in the preparation of Ministerial measures. Lord John Russell thereupon immediately proceeded with his negotiations with his own party. It soon, however, appeared that the task he had proposed to himself was beyond his power. Earl Grey, who had agreed to take the Secretaryship of the Colonies in the new Ministry, suddenly declared that he would not join any Administration in which Lord Palmerston should hold the office of Secretary for Foreign Affairs. This unexpected accident was regarded by Lord John Russell as decisive. On the 20th of December he communicated the facts to the Queen, and begged to be relieved from the task he had undertaken.