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PRINCE CHARLIE'S VANGUARD AT MANCHESTER. (See p. 100.)
  • THREE:During these debates, Ministers detailed the proceedings which had for some time past taken place between the Governments of France and Britain, to show that the maintenance of peace was impossible. The chief of these transactions were briefly these:From the date of the conferences at Pillnitz in 1791, when Prussia and Austria resolved to embrace the cause of the French king, and invited the other Powers to support them, Britain declared, both to those Powers and to France, her intention of remaining neutral. It was no easy matter to maintain such neutrality. To the Jacobin leaders, every country with an orderly Government, and still more a monarchy, was an offence. Against Britain they displayed a particular animus, which the most friendly offices did not remove. When, towards the end of 1791, the Declaration of the Rights of Man having reached St. Domingo, the negroes rose in insurrection to claim these rights, Lord Effingham, the Governor of Jamaica, aided the French Colonial Government with arms and ammunition, and the fugitive white people with provisions and protection. When this was notified to the National Assembly, with the King of Britain's approval of it, by Lord Gower, the ambassador at Paris, a vote of thanks was passed, but only to the British nation, and on condition that not even Lord Effingham's name should be mentioned in it. Other transactions on the part of the French still more offensive took place from time to time, but Britain still maintained her neutrality. When war was declared by France against Austria, in April, 1792, Chauvelin announced the fact to the British Government, and requested that British subjects should be prohibited from serving in any foreign army against France. Government at once issued an order to that effect. In June the French Government, through Chauvelin, requested the good offices of Britain in making pacific proposals to Prussia and Austria; but find that France expected more than friendly mediationactual armed coalition with Francethe British Government declined this, as contrary to existing alliances with those Powers. The proclamations of the French Government were already such as breathed war to Europe; all thrones were menaced with annihilation. At this time Mr. Miles, who exerted himself to maintain a friendly feeling between the nations, records, in his correspondence with the French Minister Lebrun and others, that Roland declared to one of his friends that peace was out of the question; that France had three hundred thousand men in arms, and that the Ministers must make them march as far as ever their legs could carry them, or they would return and cut all their throats.

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  • THREE:The direct consequence was that he was immediately nominated again by the freeholders of Middlesex. Mr. Dingley, a mercantile speculator of London, offered himself as the Government candidate, but withdrew in a fright, and Wilkes was returned, without opposition, on the 16th of February, only thirteen days after his expulsion. The next day Lord Strange moved in the Commons, that John Wilkes, after having been expelled, was incapable of serving again in the present Parliament, and the case of Sir Robert Walpole was quoted in justification. Wilkes was a second time declared incapable of sitting, the election was declared void, and the public indignation rose higher than ever. The freeholders of Middlesex instantly met at the "London" Tavern, and subscribed on the spot two thousand pounds towards defraying the expenses of Wilkes's election. They then formed themselves into a "Society for Supporting the Bill of Rights," and a third time proposed Wilkes as their candidate. He was immediately returned for Middlesex, Dingley not finding any one who dared to nominate him. The next day, the 17th of March, the Commons again voted the election void.

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  • THREE:Under Sir Joshua Reynolds a perfect revolution in the art of painting, as practised in England, was effected. He threw aside past traditional fashions, and returned to nature; and his portraits at once excited the consternation of the painters of the day, and placed him in the very first rank of artists. In 1768 was established the Royal Academy, and amongst its foreign members were Benjamin West and Angelica Kauffmann. West produced all his great works in England, and, however much they may now be criticised, they showed an advance on past art in England, and had the merit of introducing modern costume for modern heroes, as in the "Death of General Wolfe," contrary to the advice of even Reynolds himself. Barry made a spasmodic attempt to lead the public back to what he deemed the classical, but in vain; and the successive appearance of Wilson, Gainsborough, and Opie, in different styles, but all genuinely English, established the public in its attachment to the true English school. Wilson, during his lifetime, indeed, was neglected, and died in poverty; but the next generation made the amende to his fame, though too late for his own enjoyment of it. To[202] Paul Sandby we owe the origin of the water-colour school, which afterwards grew so extensive and so rich in production. Amongst eminent painters of this portion of the reign we must mention Wright of Derby, Mortimer, Stubbs and Sawrey, animal painters, and Copley, who, though an American by birth, produced most of his works in England.

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THREE:
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THREE:Lord Wellington, notwithstanding that the destruction of these armies, on which the defence of Andalusia and the provinces of the south depended, completely proved the justice of his statements to the Junta, was deeply chagrined by the circumstance. "I lament," he said, in his despatches, "that a cause which promised so well a few weeks ago, should have been so completely lost by the ignorance, presumption, and mismanagement of those to whose direction it was entrusted. I declare that, if they had preserved their two armies, or even one of them, the cause was safe. The French could have sent no reinforcements which could have been of any use; time would have been gained; the state of affairs would have daily improved; all the chances were in our favour; and, in the first moment of weakness, occasioned by any diversion on the Continent, or by the growing discontent of the French themselves with the war, the French armies must have been driven out of Spain." Lord Wellington's position was, by the destruction of these armies, left totally open, and he had for some time resolved to retire wholly into Portugal, and had been planning that system of defence which afterwards proved so astonishing to the French. Though he was left with about twenty thousand men to maintain himself against the whole French host in Spain, he never for a moment contemplated quitting the Peninsula, nor despaired of the final result. The experienced eye of Lord Wellington, after the battle of Vimiera, had, at a glance, seen the admirable capability of the mountain ranges of Torres Vedras for the construction of impregnable lines of defence for Lisbon. So far from holding any notion of being driven to his ships, like Sir John Moore, he was satisfied that, by fortifying the defiles through these hills, and keeping our ships on the Tagus and on the coast, he could defy all the armies of France. He proceeded now to Lisbon, where he arrived on the 10th of October, reconnoitred the hills, and, having done so, left with Colonel Fletcher, of the Engineers, a clearly written statement of all that he desired to be done, so as to make the double line of defences complete: to erect batteries on each side of the defiles through which the necessary roads ran, to erect breastworks and entrenchments where required, and to break down the bridges in front of them. He ascertained the precise time it would require to accomplish all this, and, ordering all to be carried on with the utmost quickness, he returned to Badajos, and next proceeded to Seville, to join his brother in urging on the Spanish Government the necessary measures for the defence of the country. After visiting Cadiz[580] with his brother, he returned to his headquarters, where he had scarcely arrived on the 17th of November, when he received the news of the total overthrow of the Spaniards at Oca?a. He then made a deliberate and orderly retreat from Spain, crossing the Tagus at Abrantes, where he left General Hill with his division, supported by General Fane's brigade of heavy horse, and marched to Almeida, and quartered his army there in a more healthy situation. His troops were now also well supplied with provisions. During the long interval of reposethat is, till the following MayWellington actively employed himself in putting life and order into the commissariat, baggage, and conveyance departments; and General Beresford, to whom the important function of disciplining the Portuguese troops was assigned, laboured in that with such effect, that he produced at the next campaign troops which, led by British officers, and mixed with British regiments, fought admirably. The Portuguese were wise enough to allow the British commander full control, and by this means they avoided those defeats and calamities which fell long and heavily on the Spaniards.Amongst the earliest of the prose writers may be mentioned the theological authors. Cumberland was the author of a Latin treatise, "De Legibus Natur?," in which he successfully combated the infidelity of Hobbes. Bull, who, as well as Cumberland, became a bishop, distinguished himself before the Revolution by his "Harmonia Apostolica," an anti-Calvinistic work, and by his "Defensio Fidei Nicen?." In 1694 he published his "Judicium Ecclesi? Catholic?." John Norris, of the school of Cudworth and Henry More, and nearly the last of that school called the English Platonists, published, besides many other works, his "Essay on the Ideal World" in 1701 and 1702. He also wrote some religious poetry of no particular mark.

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THREE:

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THREE:The British losses in the battle of Moodkee were very heavy215 killed; among whom were Sir Robert Sale, Sir John M'Caskill, and a number of young officers who had greatly distinguished themselves. The wounded amounted to 657. Meanwhile, the enemy, having left seventeen guns upon the field, retired in tolerably good order, within their entrenched camp, which they had formed at Ferozeshah, on the banks of the Sutlej, near Ferozepore. For two days both armies remained inactive, but ready to renew the conflict. The losses of the British had been made up by the arrival of the 29th Queen's and the 1st Bengal Light Infantry. A memorable event in the history of British warfare in India, was that Sir Henry Hardinge, the veteran commander, the hero of so many battles, the Governor-General of India, offered his services to Sir Hugh Gough as second in command. The offer was accepted, and the army marched forth to attack the enemy's camp. They started at daybreak on the 21st, and about midday a junction[598] was effected with General Littler's division, which had marched out from Ferozepore, according to orders sent the night before. The British army was now raised to 19,000 effective men. The enemy were double that number, strongly entrenched, well provisioned, and fresh after two days' rest; while our troops were ill provided with food, and had marched ten miles that morning. To attack the Sikhs without waiting for some expected reinforcements was hazardous; to postpone the attack for another day seemed still more soas there was a second Sikh army of equal force, which would then have reached the scene of action. An immediate attack was therefore determined uponGough leading the right wing, and Hardinge the left. The Sikh artillery was heavier than the British. The guns were protected behind embrasures, the gunners were sure in their aim; and so terrible was the effect that the 62nd Regiment, which led on the attack, was nearly cut away, and several Sepoy regiments broke and fled. The whole of the left wing, though led on gallantly by the Governor-General, were driven back, after carrying part of the works. The right wing, under General Gough, succeeded better, and held possession of several of the ramparts. But the Sikhs were still in possession of the fortified village of Ferozeshah, and remained so till night closed upon the scene; when the smoke and dust subsided, and the silence was broken only by an occasional shot from the guns, responded to in the darknessthe gunners seeing no enemy, but aiming at the flash of light.

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THREE:[See larger version]

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FORE:When the House met again, Pitt moved for leave to bring in his Bill for the better government and management of the affairs of the East India Company. He was aware, he said, how certain men would triumph when he informed them that he had based his intended measures on the resolutions of the proprietors of India stock. He was so miserably irresolute, he said, as not to venture on a Bill founded on violence and disfranchisement. He was so weak as to pay respect to chartered rights; and he had not disdained, in proposing a new system of government, to consult those who had the greatest interest in the matter, as well as the most experience in it. These were all hard hits at Fox and his party. In his Bill he went on the principle of placing the commerce of India chiefly under the control of the Company itself; but the civil and military government, he admitted, required some other control than that of the Company, yet even this, in his opinion, ought to be established in accordance with the convictions of the Company. In truth, it was a Bill rather calculated to win the good will of the East India Company than to reform the abuses of that body and to protect the interests of the natives. Fox, with as much truth as personal feeling, designated the Bill as the wisdom of an individual opposed to the collective wisdom of the Commons of England.While affairs were in this state, the Prince of Wales died (March 20, 1751). He had been in indifferent health for some time, and had injured his constitution by dissipated habits. He was forty-four years of age, of a weak character, which had led him into excesses, and the consequences of these were made worse by great neglect of his health. The same weakness of character had made him very much the tool of political faction, and placed him in an unnatural opposition to his father. An attempt was made by Lord Egmont to keep together the prince's party. He assembled a meeting of the Opposition at his house on the morning of the prince's death, and hinted at taking the princess and her family under their protection; and he recommended harmony among themselves; but some one said, "Very likely, indeed, that there should be harmony, when the prince could never bring it about;" and so every one hastened away to look after themselves. It was no sooner seen that there was an understanding between the Princess of Wales and the king than numbers of the late prince's friends offered their adhesion to the Pelhams, equally out of dread of the Duke of Cumberland and dislike of the Duke of Bedford, who was opposed to the Pelhams, and, it was feared, likely to support Cumberland, and thus place him at the head of affairs.

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FORE:The Free Trade journals did not fail to observe that what they called "this remarkable lecture on Free Trade, Protection, and smuggling, delivered from the Tory Treasury bench," was wound up by the avowal that the principles of Free Trade were now beyond a question, and that the rule to buy in the cheapest market and sell in the dearest was[490] the only valid theory of commerce. In the House some opposition was offered to the reduction of duties on pigs, apples, butter, fish, and other articles; but the Government proposals were affirmed by large majorities, except in the case of apples, which were made to pay 6d. in the bushel. The Opposition, however, raised the old question of the sugar duties, which had been omitted from the list of changes; but the Chancellor of the Exchequer declined to give way, and the Tariff Bill passed the Commons on the 28th of June. It was fiercely debated in the Upper House, but the Whigs did not carry any material amendments.During the summer, meetings of a similar character were held at Cork, Longford, Drogheda, Kilkenny, Mallow, Dundalk, Baltinglass, Tara, and other places. At Tara, in the county Meath, on the 15th of August, an immense multitude was assembled250,000, at the lowest estimate, but represented by the Repeal journals as four times that number. The place was selected because of its association with the old nationality of the country, where its ancient kings were elected and crowned. O'Connell's speech on this occasion was defiant in tone, and in the highest degree inflammatory. Referring to a speech of the Duke of Wellington, he said, "The Duke of Wellington is now talking of attacking us, and I am glad of it. The Queen's army is the bravest army in the world, but I feel it to be a fact that Ireland, roused as she is at the present moment, would, if they made war upon us, furnish women enough to beat the whole of the Queen's forces." The Lord Chancellor Sugden having recently deprived of the commission of the peace all magistrates who were members of the Repeal Association, Mr. O'Connell announced that the dismissed magistrates would be appointed by the Repeal Association as arbitrators to settle all disputes among the people, who were not again to go to the petty sessions. He pronounced the union to be null, to be obeyed as an injustice supported by law, until they had the royal authority to set the matter right and substitute their own Parliament. In his speech after dinner to a more select audience, he said that the statesman was a driveller who did not recollect the might that slumbers in a peasant's arm, and who expected that 700,000 such men would endure oppression for ever. An outbreak would surely come, though not in his time, and then the Government and gentry would weep, in tears of blood, their want of consideration and kindness to the country whose people could reward them amply by the devotion of their hearts and the vigour of their arms. What were the gentry afraid of? It could not be of the people, for they were under the strictest discipline. No army was ever more submissive to its general than the[527] people of Ireland were to the wishes of a single individual.

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FORE:THE "FIGHTING TMRAIRE" TUGGED TO HER LAST BERTH TO BE BROKEN UP, 1838.

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FORE:On the 30th of March the British cast anchor before Copenhagen, between it and the island of Huen. On reconnoitring, the defences of the place were found to be very formidable. Nelson was appointed to make the attack with twelve line-of-battle ships, and some smaller craft. He had asked for ten. The next morningthe 2nd of Aprilthe wind was favourable, and Nelson weighed and drew nearer to the townSir Hyde Parker on the outside threatening the batteries and vessels at the mouth of the harbour. At ten o'clock the firing commenced, and at eleven it was general. Three of the British vesselsthe Agamemnon, the Bellona, and the Russellstuck fast on the shoal. For three hours the battle raged fiercely, for the Danes fought with their well-known valour. It was necessary for Nelson to silence or destroy the floating batteries and gunboats before he could come at the ships of the line and the great land batteries. He had ordered five hundred seamen, under the Hon. Colonel Stuart and Captain Freemantle to storm the Kroner Battery as soon as it was silenced; but at this moment Sir Hyde Parker, seeing the signals of distress flying at the mast-heads of the three vessels aground, and that three others, which he had sent forward as a reinforcement, were making but slow way to the front, signalled for the fleet to draw off, and cease the engagement. But Nelson took no notice of the signal: he continued to walk the deck, and asked if his signal for close action was still hoisted, and, being told it was, said:"Mind you keep it so." About half-past one o'clock the fire of the Danes slackened, and by two it had nearly ceased. But the vessels that had struck their flags recommenced firing on our boats sent to take possession of them, and the fire of the batteries on land and on Amager Island struck these surrendered vessels on one side, and that of our ships on the other. To prevent the destruction of the unhappy Danes placed in this fatal situation, Nelson sent on shore[482] Sir Frederick Thesiger with a flag of truce, and a letter to the Crown Prince, entreating him to put an end to a contest that was uselessly wasting the lives of the brave Danes. Within half an hour after Thesiger's departure, the firing from the Kroner Battery ceased, and Adjutant-General Lindholm came on board to learn the precise object of Nelson's note. Nelson replied that his object was humanity. He demanded that the action should cease, and that the wounded Danes should be taken on shore; that then he would burn or carry away the surrendered vessels, as he should think fit. It was agreed that the combat should cease for twenty-four hours, during which negotiations should be entered into. After five days' arduous discussion, an armistice was concluded for fourteen weeks, during which the treaty of armed neutrality with Russia was to be suspended. Nelson was to have full liberty to purchase any necessaries for his fleet, in Copenhagen or along the coast, and in case of renewal of hostilities all the Danish prisoners were to be again surrendered. Opinions of the Irish Government on the Catholic QuestionRenewal of the Catholic Claims by BurdettVesey Fitzgerald accepts the Board of TradeO'Connell opposes him for ClareHis ReputationHis BackersFather Murphy's SpeechO'Connell to the FrontThe NominationO'Connell's SpeechThe ElectionReturn of O'ConnellAnglesey's PrecautionsPeel's Reflections on the Clare ElectionAnglesey describes the State of IrelandPeel wishes to resignThe Duke waversAnglesey urges ConcessionInsurrection probableWellington determines on RetreatWhy he and Peel did not resignThe Viceroy's OpinionMilitary Organisation of the PeasantryThe Brunswick ClubsPerplexity of the GovernmentO'Connell's "Moral Force"The Liberator ClubsDawson's Speech"No Popery" in EnglandThe Morpeth BanquetThe Leinster DeclarationWellington's Letter to Dr. CurtisAnglesey's Correspondence with O'ConnellThe Premier Censures the ViceroyAnglesey dismissedHe is succeeded by NorthumberlandDifficulties with the King and the English BishopsPeel determines to remainHis Views communicated to the KingThe King yieldsOpening of the SessionPeel defeated at Oxford UniversitySuppression of the Catholic AssociationThe Announcement in the King's SpeechPeel introduces the Relief BillArguments of the OppositionThe Bill passes the CommonsThe Duke's SpeechIt passes the Lords by large MajoritiesThe King withdraws his ConsentHe again yieldsHis Communication to EldonNumbers of the Catholics in BritainThe Duke's Duel with WinchilseaBill for the disfranchisement of "the Forties"O'Connell presents himself to be swornHe refuses to take the OathsHe is heard at the BarFresh Election for ClareO'Connell's new AgitationThe Roman Catholic HierarchyRiots in the Manufacturing DistrictsAttempt to mitigate the Game LawsAffairs of PortugalNegotiations with the CanningitesPitched Battles in IrelandMeeting of ParliamentDebate on the AddressBurdett's Attack on WellingtonThe Opposition proposes RetrenchmentsThe Duke's EconomiesProsecution of Mr. AlexanderIllness and Death of George IV.

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    FORE:"To issue forthwith an Order in Council remitting the duty on grain in bond to one shilling, and opening the ports for the admission of all species of grain at a smaller rate of duty until a day named in the order.[See larger version]
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    FORE:This was a blow which for a time completely prostrated the Prussian monarch. Nothing but the most indomitable spirit and the highest military talent could have saved any man under such circumstances. But Frederick had disciplined both his generals and soldiers to despise reverses, and he relied on their keeping at bay the host of enemies with which he was surrounded till he had tried a last blow. On the field of Rosbach, near the plain of Lützen, where Gustavus Adolphus fell, after having relieved Marshal Keith at Leipsic, Frederick gave battle to the united French and Austrians. The French numbered forty thousand men, the Austrians twenty thousand; yet, with his twenty thousand against sixty thousand, Frederick, on the 5th of November, took the field. His inferior numbers favoured the stratagem which he had planned. After fighting fiercely for awhile, his troops gave way, and appeared to commence a hasty retreat. This, however, was continued only till the French and Austrians were thrown off their guard, when the Prussians suddenly turned, and received the headlong squadrons with a murderous coolness and composure. The Austrians, confounded, fled at once; and Soubise, a general of the princely House of Rohan, who owed his appointment to Madame Pompadour, was totally incapable of coping with the Prussian veterans. He saw his troops flying in wild rout, and galloped off with them, leaving a vast number of slain, seven thousand prisoners, and the greater part of his baggage, artillery, and standards in the hands of the enemy.
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    FORE:The Lords Justices having met, appointed Joseph Addison, afterwards so celebrated as a writer, and even now very popular, as their secretary, and ordered all despatches addressed to Bolingbroke to be brought to him. This was an intimation that Bolingbroke would be dismissed; and that proud Minister, instead of giving orders, was obliged to receive them, and to wait at the door of the Council-chamber with his bags and papers. As the Lords Justices were apprehending that there might be some disturbances in Ireland, they were about to send over Sunderland as Lord-Lieutenant, and General Stanhope as Commander-in-Chief; but they were speedily relieved of their fears by the intelligence that all had passed off quietly there; that the Lords Justices of Ireland, the Archbishop of Armagh, and Sir Constantine Phipps, who had been more than suspected of Jacobitism, had proclaimed the king on the 6th of August, and, to give evidence of their new zeal, had issued a proclamation for disarming Papists and seizing their horses. The proclamation of George passed with the same quietness in Scotland, and no king, had he been born a native, in the quietest times, could have succeeded to the throne more smoothly. Eighteen lords, chiefly Whigs, were nominated by the new king to act as a Council of Regency, pending his arrival, and the Civil List was voted by Parliament.Lord Wellington, notwithstanding that the destruction of these armies, on which the defence of Andalusia and the provinces of the south depended, completely proved the justice of his statements to the Junta, was deeply chagrined by the circumstance. "I lament," he said, in his despatches, "that a cause which promised so well a few weeks ago, should have been so completely lost by the ignorance, presumption, and mismanagement of those to whose direction it was entrusted. I declare that, if they had preserved their two armies, or even one of them, the cause was safe. The French could have sent no reinforcements which could have been of any use; time would have been gained; the state of affairs would have daily improved; all the chances were in our favour; and, in the first moment of weakness, occasioned by any diversion on the Continent, or by the growing discontent of the French themselves with the war, the French armies must have been driven out of Spain." Lord Wellington's position was, by the destruction of these armies, left totally open, and he had for some time resolved to retire wholly into Portugal, and had been planning that system of defence which afterwards proved so astonishing to the French. Though he was left with about twenty thousand men to maintain himself against the whole French host in Spain, he never for a moment contemplated quitting the Peninsula, nor despaired of the final result. The experienced eye of Lord Wellington, after the battle of Vimiera, had, at a glance, seen the admirable capability of the mountain ranges of Torres Vedras for the construction of impregnable lines of defence for Lisbon. So far from holding any notion of being driven to his ships, like Sir John Moore, he was satisfied that, by fortifying the defiles through these hills, and keeping our ships on the Tagus and on the coast, he could defy all the armies of France. He proceeded now to Lisbon, where he arrived on the 10th of October, reconnoitred the hills, and, having done so, left with Colonel Fletcher, of the Engineers, a clearly written statement of all that he desired to be done, so as to make the double line of defences complete: to erect batteries on each side of the defiles through which the necessary roads ran, to erect breastworks and entrenchments where required, and to break down the bridges in front of them. He ascertained the precise time it would require to accomplish all this, and, ordering all to be carried on with the utmost quickness, he returned to Badajos, and next proceeded to Seville, to join his brother in urging on the Spanish Government the necessary measures for the defence of the country. After visiting Cadiz[580] with his brother, he returned to his headquarters, where he had scarcely arrived on the 17th of November, when he received the news of the total overthrow of the Spaniards at Oca?a. He then made a deliberate and orderly retreat from Spain, crossing the Tagus at Abrantes, where he left General Hill with his division, supported by General Fane's brigade of heavy horse, and marched to Almeida, and quartered his army there in a more healthy situation. His troops were now also well supplied with provisions. During the long interval of reposethat is, till the following MayWellington actively employed himself in putting life and order into the commissariat, baggage, and conveyance departments; and General Beresford, to whom the important function of disciplining the Portuguese troops was assigned, laboured in that with such effect, that he produced at the next campaign troops which, led by British officers, and mixed with British regiments, fought admirably. The Portuguese were wise enough to allow the British commander full control, and by this means they avoided those defeats and calamities which fell long and heavily on the Spaniards.
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    FORE:

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[See larger version]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."JOHN WILKES.
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