THREE:[See larger version]Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of 174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which 70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:
19 August 2015, John Doe
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THREE:These acquisitions were more valuable for the defence which they afforded the British than for the direct income, which did not amount to more than half a million sterling a year; but they included all Tippoo's dominions on the coast of Malabar, thus cutting off his mischievous communications with the French by sea. It would have been easy at this time to have stripped Tippoo of the whole of Mysore, but it was not deemed politic. We were far from having great faith in the continued fidelity of the Mahrattas, and it was thought necessary not to remove the check which the existence of Tippoo's power, and his desire for revenge on the Mahrattas, presented. Besides, the finances of India were in a very embarrassed state, and the question of Indian war was unpopular in Britain. With all the territory resigned to the Indian allies, Lord Cornwallis could not avoid giving deep offence to the Mahrattas, who desired to obtain a regiment of British troops in pay. The ill-concealed jealousy between them and the Nizam made an outbreak between these States very possible; and the moody resentment of Tippoo, who writhed under his humiliation, added greatly to the uncertainty of long-continued peace. On the other hand, the soldiers were highly discontented at not having had the opportunity of plundering the opulent city of Seringapatam; and to soothe them Cornwallis and General Medows, the second in command, surrendered to them their shares of prize money, and the former ordered them, besides, six months' batta out of the money paid by Tippoo.
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