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THREE:THE ROYAL FAMILY OF FRANCE ON THEIR WAY TO THE ASSEMBLY. (See p. 403.)

THREE: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."We must return from victory abroad to discontent at home. On the 28th of January, 1817, the Prince Regent opened the fifth Session of Parliament. In his speech he expressed indignation at "the attempts which had been made to take advantage of the distresses of the country for the purpose of exciting a spirit of sedition and violence;" and he declared himself determined to put down these attempts by stern measures. The seconder of the Address in the Commons had the good sense to believe that the demagogues and their acts would die of themselves. Certainly, if the demagogues had no cause on which to base their efforts, those efforts must have proved fruitless; and the wisdom of Government consisted in seriously inquiring whether there were such causes. To attempt to insure peace by smothering distress is the old remedy of tyrants, and is like heaping fuel on fire to put it out. Whilst this debate was proceeding, a message arrived from the Lords to announce that the Regent, on his return from the House, had been insulted, and some missile thrown through the windows of his carriage. The House agreed upon an Address to the Regent on this event, and then adjourned.

THREE:By permission of Messrs. S. Hildesheimer & Co., Ltd.

THREE:The progress of our manufactures was equally satisfactory. At the commencement of this period that great innovator and benefactor, the steam-engine, was produced. The idea thrown out by the Marquis of Worcester, in his "Century of Inventions," in 1663, had been neglected as mere wild theory till Savery, in 1698, constructed a steam-engine for draining mines. This received successive improvements from Newcomen and Crawley, and further ones from Brindley in 1756, and Watt extended these at the end of this period, though this mighty agent has received many improvements since. Navigable canals, also, date their introduction by the Duke of Bridgewater, under the management of Brindley, from the latter end of this period, 1758. Other great men, Arkwright, Compton, Hargreaves, etc., were now busily at work in developing machinery, and applying steam to it, which has revolutionised the system of manufacture throughout the world. In 1754 the Society of Arts and Manufactures was established.

THREE:He had, however, lost something of his old self-confidence, and the opposition which he had met with from the State, and the alienation of the people, were not exhilarating. Napoleon saw that he must conciliate the French by concessions, but neither his temperament nor his necessities permitted him to do this liberally. He gave nominal freedom to the press, but he bought up the majority of the editors and proprietors; yet, not being able to do this wholly, the opposition spoke bitter things to him and of him, and damaged his cause seriously. He called on Siéyès, Carnot, and Fouché to assist in framing his constitution; and he gave peerages to Carnot and Siéyès, and those once stern Republicans accepted them. But, even with their aid, he could not bring himself to grant a free constitution. Nobody believed him to be sincere even in what he did give. The police were as strict as ever, and yet every night the walls of Paris were covered with proclamations of Louis XVIII., forbidding the payment of taxes, and announcing the approach of one million two hundred thousand men.The Provisional Government of France lost no time in framing a new constitution, in which the limited monarchy and the House of Lords of Great Britain were imitated. They declared Louis XVIII., the brother of the last king, Louis XVI., the rightful occupant of the throne, and his brothers and the other members of the House of Bourbon, after him in due succession. Talleyrand was the first to put his signature to this document; and the Abbé Siéyès, though he did not sign it, declared his adhesion to the abdication of Buonaparte. On the 11th of April, the same day that Napoleon signed his abdication, the brother of Louis, the Count d'Artois, arrived, and the next day was received by the new Government in a grand procession into Paris. There was a show of much enthusiasm on the part of the people, but this was more show than reality; the Bourbonist party was the only one that sincerely rejoiced at the restoration; and when it was seen that a troop of Cossacks closed the prince's procession, the people gave unequivocal signs of disapprobation. The Duke of Angoulême had already entered the city of Bourdeaux amid much acclamation, for the Bourbonist interest was strong in the south, and he now came on to Paris. The new king, who had been living, since the peace of Tilsit, at Hartwell, in Buckinghamshire, a seat of the Marquis of Buckingham assigned by the British Government for his residence, now went over. Louis was a quiet, good-natured man, fond of books, and capable of saying witty things, and was much better fitted for a country gentleman than for a throne. He was conducted into London by the Prince Regent, and by crowds of applauding people. The Prince Regent also accompanied him[84] to Dover, where, on the 24th of April, he embarked on board a vessel commanded by the Duke of Clarence, afterwards William IV. He was accompanied by the Duchess of Angoulême, the Prince of Condé, and his son, the Duke of Bourbon. On landing at Calais, he embraced the Duchess of Angoulême, saying, "I hold again the crown of my ancestors; if it were of roses, I would place it upon your head; as it is of thorns, it is for me to wear it."