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The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] 936,300; Wigan and Co., 674,700; Wildes and Co., 505,000; total acceptances, 2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to 1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampledbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubblesthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculationswhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.

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ONE:Stood waiting too, for whom? Lord Chatham."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:MARSHAL LANNES AT RATISBON. (See p. 587.)

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THREE:Cries not when his father dies,PRESS-GANG AT WORK.

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  • FORE:Lord Lovat was the last who was brought to the block for this rebellion, and we will conclude our account of it with his trial and execution, though they did not take place till March, 1747. Lovat had not appeared in arms, nor committed any overt act, and therefore it was difficult to[110] convict him. The cunning old sycophant hoped to elude the law, as he had done so often before, but Murray of Broughton, the brother of Murray, afterwards Lord Mansfield, to save his own life, turned king's evidence, and won eternal infamy by sacrificing his own friends. He not only produced letters and other documents which amply proved the guilt of Lovat, but threw broad daylight on the whole plan and progress of the insurrection from 1740 onwards. The conduct of Lovat on his trial was as extraordinary as his life had been. He alternately endeavoured to excite compassion, especially that of Cumberlandwho attended this, though he avoided the trials of the other insurgentsby representing how he had carried his Royal Highness in his arms about Kensington and Hampton Court Parks as a child, and then by the most amusing jests, laughter, execrations, and tricks, to puzzle or confuse the witnesses.

    At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident.

  • FORE:The strong towns and fortresses of Prussia were all surrendered with as much rapidity as the army had been dispersed. They were, for the most part, commanded by imbecile or cowardly old villains; nay, there is every reason to believe that, in many instances, they sold the places to the French, and were paid their traitor fees out of the military chests of the respective fortresses. Whilst these events were so rapidly progressing, Louis Buonaparte, the new King of Holland, with an army of French and Dutch, had overrun, with scarcely any opposition, Westphalia, Hanover, Emden, and East Friesland. The unfortunate King of Prussia, who had seen his kingdom vanish like a dream, had fled to K?nigsberg, where he was defended by the gallant Lestog, and awaited the hoped-for junction of the Russians marching to his aid. Gustavus Adolphus, of Sweden, forgetting the slighted advice which he had offered to Prussia to unite with Austria, opened Stralsund and Riga to the fugitive Prussians.[See larger version]

    At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident.

  • FORE:The year 1829 was distinguished by disturbances in Ireland, as well as distress in England. The 12th of July, the anniversary of the battle of the Boyne, was celebrated with unusual manifestations of defiance by the Orangemen. The country seemed armed for civil war. In the county Clare there was a conflict between the Protestants and Catholics, in which one man was killed, and seven or eight wounded on each side. In Armagh there was a fight, in which ten men lost their lives. In the county Fermanagh 800 Roman Catholics, armed with scythes and pitchforks, turned out and attacked the Protestants, killing four persons and wounding seven. The same party rose in Cavan, Monaghan, and Leitrim, threatening something like civil war. In Tipperary society was so convulsed that the magistrates met, and called upon the Government for a renewal of the Insurrection Act, and for the passing of a law rendering the possession of fire-arms a transportable offence.

    At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident.

  • FORE:And,Britain had seen her Continental Allies fall away one by one. The time was now approaching when some good allies might have been very useful to herself, if such people were ever to be found. We have seen that, during the American Revolution, the rebellious colonists found admirable allies in the Irish. They had no difficulty in exciting disturbances amongst that ardent Celtic race, and thus greatly to augment our difficulties. No sooner did the French commence the work of revolution than the Irish became transported with admiration of their doings. Not all the bloodshed and horrors of that wild drama could abate their delight in them, and their desire to invite them over to liberate Ireland, as they had liberated Belgium. These views found expression in the north of Ireland, especially in Belfast and other places, where the population was Presbyterian and to a certain extent Republican. The Roman Catholics were inert, and disposed to wait patiently. Ever since the American revolt the necessity of conciliating the Irish had been impressed on the British Government, and many important concessions had been granted them. They had not yet obtained Catholic emancipation, but the public mind was ripening for it, and the chief difficulty was the opposition of the extreme Protestant party in the Irish Parliament. Whatever were the evils which England had inflicted on Ireland, they were nothing compared with those which French fraternity would have perpetrated. But the United Irishmen, as the revolutionaries called themselves, could see nothing of this, not even after all the world had witnessed the French mode of liberating Belgium, and French waggons, guarded by soldiers, were day after day, and month after month, bearing over the Alps the priceless chefs-d'?uvre of the arts from ravaged Italy. In the spring of 1798 the preparations of the French Directory for the invasion of Ireland were too open and notorious to be overlooked by anybody.

    At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident.

THREE:Jellacic, the Ban, or Governor, of Croatia, resolved to hold a Slavonic Diet at Agram on the 5th of June; but it was forbidden as illegal by the Austrian Government, and the Ban was summoned to Innsbruck to explain his conduct to the emperor. He disobeyed the summons. The Diet was held, and one of its principal acts was to confer upon Jellacic the title of Ban, which he had held under the now repudiated authority of the emperor. He was consequently denounced as a rebel, and divested of all his titles and offices. The emperor proceeded to restore his authority by force of arms. Carlowitz was bombarded, and converted into a heap of ruins; and other cities surrendered to escape a similar fate. It was not, however, from disloyalty to the imperial throne, but from hostility to the ascendency of Hungary, that the Ban had taken up arms. He therefore went to Innsbruck early in July, and having obtained an interview with the emperor, he declared his loyalty to the Sovereign, and made known the grievances which his nation endured under the Hungarian Government. His demands were security and equality of rights with the Hungarians, both in the Hungarian Diet and in[579] the administration. These conditions were profoundly resented by the Magyars, who, headed by Count Batthyny and Louis Kossuth, had in 1847 extorted a Constitution from the emperor. It was the unfortunate antipathy of races, excited by the Germanic and Pan-Slavonic movements, that enabled the emperor to divide and conquer. The Archduke Stephen in opening the Hungarian Diet indignantly repelled the insinuation that either the king or any of the royal family could give the slightest encouragement to the Ban of Croatia in his hostile proceedings against Hungary. Yet, on the 30th of September following, letters which had been intercepted by the Hungarians were published at Vienna, completely compromising the emperor, and revealing a disgraceful conspiracy which he appears to have entered into with Jellacic, when they met at Innsbruck. Not only were the barbarous Croatians, in their devastating aggression on Hungary, encouraged by the emperor while professing to deplore and condemn them, but the Imperial Government were secretly supplying the Ban with money for carrying on the war. Early in August the Croatian troops laid siege to several of the most important cities in Hungary, and laid waste some of the richest districts in that country. In these circumstances the Diet voted that a deputation of twenty-five members should proceed at once to Vienna, and make an appeal to the National Assembly for aid against the Croats, who were now rapidly overrunning the country under Jellacic, who proclaimed that he was about to rid Hungary "from the yoke of an incapable, odious, and rebel Government." The deputation went to Vienna, and the Assembly, by a majority of 186 to 108, resolved to refuse it a hearing. Deeply mortified at this insult, the Hungarians resolved to break completely with Austria. They invested Kossuth with full powers as Dictator, whereupon the Archduke resigned his vice-royalty on the 25th of September, and retired to Moravia.

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10JUNE2015

FORE:[See larger version]The new Ministry consisted of Addington, son of Chatham's old physician, Dr. Addington, as First Lord of the Treasury and Chancellor of the Exchequer: the Duke of Portland, President of the Council; Lord Eldon, Chancellor; Earl St. Vincent, First Lord of the Admiralty; the Earl of Chatham, Master-General of the Ordnance; Lord Pelham, Secretary of the Home Department; Lord Hawkesbury, the eldest son of the Earl of Liverpool, Secretary for Foreign Affairs; Lord Hobart, Secretary for the Colonies. Several of Pitt's Ministers remained, but the important members, Grenville, Dundas, Woodham and Spencer retired with him. It was soon seen, however, that though Pitt was out of office his principles dominated in it, and that there was no chance of a change of system. The Cabinet was one of mediocrities, and was probably regarded by Pitt as a convenient makeshift until he could return to power.[480]

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20JUNE2015

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10APRIL2015

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THREE:

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The convention, which did not contain a word about the opium trade, gave great dissatisfaction at home, and Lord John Russell declared in the House of Commons, on the 6th of May, that it had been disapproved of by the Government; that Captain Elliot had been recalled, and Sir Henry Pottinger appointed plenipotentiary in his stead. The Chinese, meanwhile, soon violated their engagements. On the 19th of February an English boat was fired upon from North Wang-ton, in consequence of which the squadron under Captain Sir H. Flemming Senhouse attacked the forts on the 26th of February, and in a very short time the British colours were flying on the whole chain of these celebrated fortifications, and the British became masters of the islands without the loss of a single man. Proceeding up the river towards the Whampoa Reach they found it fortified with upwards of forty war junks, and the Cambridge, an old East Indiaman. But they were all silenced in an hour, when the marines and small-arm men were landed and stormed the works, driving before them upwards of 3,000 Chinese troops, and killing nearly 300. Next day Sir Gordon Bremer joined the advanced squadron, and the boats were pushed forward within gunshot of Howgua's fort; and thus, for the first time, were foreign ships seen from the walls of Canton. On the 2nd of May the Cruiser came up, having on board Major-General Sir Hugh Gough, who took command of the land forces. On approaching the fort it was found to be abandoned, as well as those higher up the river, the Chinese having fired all their guns and fled. The Prefect or Governor of Canton then made his appearance, accompanied by the Hong merchants, announcing that Keshin having been recalled and degraded, and the new Commissioner not having arrived, there was no authority to treat for peace. Captain Elliot again hesitating, requested the naval and military commanders to make no further movement towards the city until it was seen what was the disposition of the provincial authorities at Canton, and admitted the[475] city to a ransom of 1,250,000. But Sir G. Bremer observed in a despatch that he feared the forbearance was misunderstood, and that a further punishment must be inflicted before that arrogant and perfidious Government was brought to reason. He was right; for on the 17th of March a flag of truce, with a message sent by Captain Elliot to the Imperial Commissioner, was fired upon by the Chinese. In consequence of this, a force under Captain Herbert, who was in advance of the rest of the armament, carried in succession all the forts up to Canton, taking, sinking, burning, and otherwise destroying the flotilla of the enemy, and hoisted the union Jack the same day on the walls of the British factory.PRINCE CHARLIE'S VANGUARD AT MANCHESTER. (See p. 100.)Halifax, possessed of this authority, returned to the House of Lords, and announced that, by the king's permission, he proposed the re-commitment of the bill, with the names only of the queen and the sons of the late king now living. Thus, the Princess Dowager was publicly stigmatised, on the authority of her own son, as incapable of reigning. The amendment, as the royal pleasure, was agreed to. The country was struck with astonishment. The Duke of Bedford is represented by Horace Walpole as almost dancing about for joy; the consternation of Bute and his party was indescribable. To cover the disgrace, they represented it as the wish of the Princess Dowager herself. But when the king was left to his own reflections, it began to dawn upon him that he had, by his weak compliance, openly insulted his own parent in the grossest manner. He bitterly upbraided Halifax with having thus stolen his consent by a surprise. But Grenville, with his usual obstinacy, declined to replace the princess's name unless it were strongly pressed upon him in the House. He trusted, however, that the Opposition, who hated the princess, would relieve him of this necessity by voting against the reinsertion of the name. But he was mistaken. Mr Morton, the chief justice of Chester, one of the Bute party, moved for the insertion of the princess's name in the bill, and the Opposition made no objection; they only too much enjoyed Grenville's embarrassment. He was therefore compelled to insert the name, whichthus falsifying Halifax's assertion to the king, that, if left in, it would be struck out by Parliamentwas carried by an overwhelming majority.This result was due to important negotiations behind the scenes. For many months the more extreme section of the Cabinet had urged Lord Grey to recommend the king to swamp the hostile majority by a creation of peers. Both he and Althorp objected to this course, and fresh overtures were made to the waverers, while the king undertook to convert the Bishops. Both attempts[348] failed, and then the Cabinet was nearly rent in twain. Lord Durham attacked his father-in-law in language which Althorp declared to be "brutal," and for which, said Lord Melbourne, he deserved to be knocked down. At last the king resolved to agree to a creation of peers on condition that the new creations should not exceed the number of 24. This alarmed the waverers, and with the aid of Charles Greville they came to terms with the Government. Lord Harrowby and Lord Wharncliffe secured a majority on the second reading, on condition that no new peers should be created.MUSTER OF THE IRISH AT MULLINAHONE. (See p. 568.) Sir J. G. Blackwood, created Lord Dufferin.
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