THREE:The year 1797 was opened by the suspension of cash payments. The Bank of England had repeatedly represented to Pitt, as Chancellor of the Exchequer, that his enormous demands upon it for specie, as well as paper money, had nearly exhausted its coffers and could not long be continued. The payment of our armies abroad, and the advances to foreign kings, were necessarily made[455] in cash. The Government, in spite of enormous taxation, had already overdrawn its account eleven million six hundred and sixty-eight thousand eight hundred pounds, and the sole balance in the hands of the Bank was reduced to three million eight hundred and twenty-six thousand eight hundred and ninety pounds. Pitt was demanding a fresh loan for Ireland, when a message came from the Bank to say that, in existing circumstances, it could not be complied with. Thus suddenly pulled up, the Privy Council was summoned, and it was concluded to issue an order for stopping all further issue of cash, except to the Government, and except one hundred thousand pounds for the accommodation of private bankers and traders. Paper money was made a legal tender to all other parties, and the Bank was empowered to issue small notes for the accommodation of the public instead of guineas. A Bill was passed for the purpose, and that it might not be considered more than a temporary measure, it was made operative only till June; but it was renewed from time to time by fresh Acts of Parliament. The system was not abolished again till 1819, when Sir Robert Peel brought in his Bill for the resumption of cash payments, and during the whole of that time the depreciation of paper money was comparatively slight.Whilst this glorious news came from the West, from the East arrived tidings equally stirring. In India Colonel Coote, afterwards famous as Sir Eyre Coote, defeated the French under Lally, and made himself master of all Arcot. General Ford defeated the Marquis de Conflans, and took Masulipatam, and afterwards defeated a detachment of Dutch, which had landed from Java to aid our enemies in Bengal. Ford completely routed them, and took the seven ships which had brought them over, and which lay in the Hooghly.
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THREE:Dumouriez had no sooner come into office than he laid down a great military plan. He proposed that wherever France extended to what he called her natural limitsthat is, to the Rhine, the Alps, the Pyrenees, and the seathey should act only on the defensive; but in the Netherlands, where the territory did not extend to the Rhine, and in Savoy, where it did not extend to the Alps, there they should act on the offensive, and carry France to what he called its boundaries by the genuine laws of nature. This plan was adopted. The Austrians had only thirty thousand men in Belgium, and Lafayette was to make a dash on that division of the Netherlands. From Namur he was to push on for Lige, which would make him complete master of the country, and was to be strengthened by a reinforcement of thirty thousand infantry, so that he would be seventy-five thousand strong before the Emperor could advance to his attack. Further, while Lafayette was marching from Givet on Namur, a division of his army of ten thousand men, under General Biron, was to march upon Mons, where Beaulieu, the Austrian general, was posted with only two thousand five hundred men. On the same day Major-General Theobald Dillon was to advance with three thousand six hundred men from Lille, in Tournay, and to surprise that place. The French calculated on the support of the Belgians who had been strongly inoculated with the spirit of the Revolution. The two smaller divisions were punctual in their movements; but Lafayette, instead of marching simultaneously, remained strengthening himself in his position at Givet. General Biron set out from Valenciennes, and, on the 29th of April, crossed the Belgian frontiers, and the next day marched towards Mons. But no sooner did the French cavalry come in sight of some light troops, said only to amount to about five hundred men, than they fled, crying that they were betrayed. Beaulieu's horse pursued and captured Biron's baggage and military chest. On the very same day, Dillon's division, on their march from Lille to Tournay, fled with the very same cry from nine hundred Austrians who had issued from Tournay. The French officers in vain endeavoured, in both cases, to rally their forces, and Dillon was murdered by his own men on re-entering Lille with a lieutenant-colonel and an unsworn priest. Lafayette, hearing this strange news, did not venture to quit Givet.
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