ONE:But on the 29th of February, 1776, the treaties lately entered into by the British Government with a number of German princes to furnish troops to fight in America, were laid on the table of the Commons; and intense indignation was raised against this most odious and impolitic measure. There had been negotiations with Russia for the purpose of procuring her savages to put down our kinsmen in America; but this barbarous attempt had failed. It was more successful with the petty princes of Germany. The Duke of Brunswick, the Landgrave of Hesse-Cassel, and other little despots, now greedily seized on the necessity of England, to drive the most extravagant terms with her. Under the name of levy-money, they were to receive seven pounds ten shillings for every man; and besides maintaining them, we were to pay to the Duke of Brunswick, who supplied four thousand and eighty-four men, a subsidy of fifteen thousand five hundred and nineteen pounds; the Landgrave of Hesse-Cassel, who furnished twelve thousand men, did not get such good terms as Brunswickhe had ten thousand pounds; the hereditary Prince of Hesse received six thousand pounds a-year, for only six hundred and eighty-eight men. Besides this, the men were to begin to receive pay before they began to march. Brunswick was also to get double his sum, or thirty-one thousand and thirty-eight pounds a-year, for two years after they had ceased to serve; and the Landgrave of Hesse was to receive twelve months' notice of the discontinuance of the payment after his troops had returned to his dominions. The payment for 1776 was to be four hundred and fifty thousand crowns, or nearly one hundred thousand pounds. The Prince of Waldeck soon after engaged to furnish six hundred and seventy men on equally good terms. Beyond all these conditions, England was bound to defend the dominions of those princes in the absence of their troops. The independent members of both Houses nobly discharged their duty in condemnation of this engagement of German mercenaries, but without effect, and the king prorogued Parliament, under the pleasing delusion that his foreign troops would soon bring his rebellious subjects to reason; and the Ministers apparently as firmly shared in this fallacious idea.Music advanced at an equal rate with its sister arts, and during this period added to its conquests the compositions of Purcell and Handel. William was too much engaged in war to become a patron of music, or of any of the fine arts, and his queen, Mary, does not appear to have possessed much taste for it. She is related by Sir[155] John Hawkins to have sent for Purcell and Mrs. Arabella Hunt, a famous singer, to entertain her. Mrs. Hunt sang some of Purcell's splendid compositions, and Purcell accompanied them on the harpsichord; but Mary soon grew weary of these, and called on Mrs. Hunt to sing the Scottish ballad, "Cold and Raw!"
TWO:It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.
Duis bibendum diam non erat facilaisis tincidunt. Fusce leo
neque, lacinia at tempor vitae, porta at arcu. Vestibulum
varius non dui at pulvinar. Ut egestas orci in quam
sollicitudin aliquet.
