THREE:On the death of Stanhope, Sir Robert Walpole was left without a rival, and he received his commission of First Lord of the Treasury on the 2nd of April, and from this period down to 1742 he continued to direct the government of Great Britain. His chief anxiety now was to restore the public credit. He drew up, as Chairman of the Committee of the Commons, a report of all that had been lost in the late excitements, and of the measures that had been adopted to remedy the costs incurred. Amongst these were the resolutions of the House respecting the seven and a half millions the directors of the South Sea Company had agreed to pay to Government; more than five had been remitted, and we may add that on the clamorous complaints of the Company the remainder was afterwards remitted too. The forfeited estates had been made to clear off a large amount of encumbrance, the credit of the Company's bonds had been maintained, and thirty-three per cent. of the capital paid to the proprietors. Such were the[49] measures adopted by the Commons, and these being stated in the report to the king, a Bill was brought in embodying them all. Many of the proprietors, however, were not satisfied. They were very willing to forget their own folly and greediness, and charge the blame on the Government. On the second reading of Walpole's Bill they thronged the lobby of the House of Commons. The next day the Bill was carried, and gradually produced quiet; but Walpole himself did not escape without severe animadversions. He was accused of having framed his measures in collusion with the Bank, and with a clear eye to his own interest; but he had been strenuously vindicated from the charge, and on the whole the vigour and boldness with which he encountered the storm and quelled it deserve the highest praise, and may well cover a certain amount of self-interest, from which few Ministers are free.As for the queen, she was a far superior person. She had been well brought up on the second marriage of her mother after the death of her father, by the Queen of Prussia, Sophia Charlotte, the sister of George I. She had been handsome till she grew corpulent and suffered from the smallpox, and still she was much admired for her impressive countenance, her fine voice, penetrating eye, and the grace and sweetness of her manner. She was still more admired for the striking contrast which she presented to her husband in her love of literature and literary men, extending her interest and inquiries into philosophy, theology, and metaphysics. Those who are disposed to ridicule her pretence to such knowledge admit that she was equally distinguished by prudence and[58] good sense. She combined in her manners royal dignity and unassuming grace, and was more popular with the nation than any one of the Hanover family had ever yet been. She delighted to engage theologians in discussing knotty points of doctrine, and in perplexing them with questions on the various articles of faith in different churches, and corresponded with them on these subjects through her bedchamber woman, Mrs. Clayton, afterwards Lady Sundon. But the best proofs of Queen Caroline's superiority were shown in her pure moral character, which was free from the slightest stain, and in her quick discernment and substantial promotion of the most able men in the Church.
THREE:[See larger version][See larger version]
THREE:With these inglorious events closed the long reign of George III. Indeed, he had passed away before they were brought to their conclusion. He died on the 29th of January, 1820, in the eighty-second year of his age, and the sixtieth of his reign. Only six days previously had died his fourth son, the Duke of Kent, in his fifty-third year. But the duke had not departed without leaving an heir to the Throne in the Princess Victoria, who was born on the 24th of May, 1819. Could the old king have been made sensible of these events, there were others which showed that his line, which of late had appeared likely to die out in one generation, notwithstanding his numerous family, was again giving signs of perpetuation. On the 26th of March, 1819, a son had also been born to the Duke of Cambridge, and a son to the Duke of Cumberland on May 27th of the same year, afterwards King of Hanover.The king, undeterred, descended into the court, and passing along the ranks, addressed them from time to time, telling them he relied on their attachment, and that in defending him they defended their wives and children. He then proceeded through the vestibule, intending to go to the garden, when he was assailed by fierce cries from some of the soldiers: "Down with the veto!" "Down with the traitor!" "Vive la nation!" Madame Campan, who was at a window looking into the garden, saw some of the gunners go up to the king, and thrust their fists in his face, insulting him in the most brutal language. He was obliged to pass along the terrace of the Feuillants, which was crowded with people, separated from the furious multitude merely by a tricolour line, but he went on in spite of all sorts of menaces and abuse. He saw the battalions file off before his face, and traverse the garden with the intention of joining the assailants in the Place du Carrousel, whilst the gensdarmes at the colonnade of the Louvre and other places did the same. This completely extinguished all hope in the unhappy king. The Viscomte Du Bouchage, seeing the situation of Louis from the palace, descended in haste with[403] another nobleman, to bring him in before some fatality happened to him. He complied, and returned with them. When the gunners thrust their fists in his face, Madame Campan says Louis turned as pale as death; yet he had shown no want of courage, had it been of the right sort. He had, indeed, refused to wear a kind of defensive corset which the queen had had made for him, saying, on the day of battle it was his duty to be uncovered, like the meanest of his servants. When the royal family came in again, Madame Campan says, "The queen told me all was lost; that the king had shown no energy, and that this sort of review had done more harm than good." The royal family, amidst insults and reproaches, walked on fast to the Assembly, and placed themselves under its protection. Vergniaud, the president, assured them of safety.
TWO:This, though it was a severe blow to our trade, was but a small part of the damage which the active spirit of Florida Blanca did us. He promoted with all his energies the system of armed neutrality which had long been projected on the Continent to cripple our power. England knew that if she permitted this process, there was little chance of her bringing any of her antagonists to terms; she therefore insisted rigidly on the right of search, and on the seizure of all such contraband articles under whatever flag they were conveyed. Not only did Holland supply France and Spain in Europe, but she allowed the American privateers to carry their English prizes into their West Indian ports for sale. All this time Holland was not only bound by the most immense obligations to Great Britain for the millions of money and the tens of thousands of men whom we had sacrificed for the security of her independence against France, but she was also bound by treaty to furnish us certain aids when we were attacked by France. From the year 1778 Sir Joseph Yorke, our Ambassador at the Hague, had made continual remonstrances against this clandestine trade with our enemies; and France, on the other hand, had, by alternate menaces and persuasions, exerted herself to induce the Dutch to set England at defiance. In this she succeeded to a great extent. Much correspondence ensued, the Dutch maintaining a specious neutrality, but still continuing to carry timber and naval stores to France. Sir Joseph Yorke was therefore instructed to demand from the States the succours stipulated by treaties, and which might have been demanded the moment that France declared war against England. On the 26th of November, 1779, he received not only a positive refusal, but a fresh complaint of the interruption of their trade by English men-of-war.The British Cabinet having come to the conclusion that the Duke of Wellington ought not to abstain from attending the Congress because of its meeting in an Italian city, and thinking so himself, he set out for Verona, after a fortnight's sojourn in Vienna.
TWO: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."