THREE:
THREE:
THREE:Sir John Stuart did not long remain idle at Palermo. At the suggestion of Lord Collingwood, he sent out an expedition to seize on a number of the Ionian Isles, which had been taken possession of by the French, who were calculating on further conquests in that directionnamely, in continental Greece itself. The Warrior, commanded by Captain Spranger, attended by other vessels, carried over one thousand six hundred troops, under command of Brigadier-General Oswald. The troops were half of them British, and half Corsicans, Sicilians, Calabrians, and other foreigners in British pay. They carried with them Signor Foresti and an Ionian Greek as interpreters and agents with their countrymen, many of whom, they were aware, had an indignant hatred of the French domination. They arrived off Cephalonia on the 28th of September, and on the 1st of October, being joined by their transports and gunboats, they anchored in the bay of Zante, and the following morning commenced a landing, under the cover of a brisk fire from some of the ships and gunboats. The land-batteries were soon silenced, and before night the French commander had not only surrendered the castle, but the islands of Zante, Cephalonia, Ithaca, and Cerigo. Two of the seven islands remained for the time in the hands of the FrenchSanta Maura and Corfu. But Santa Maura, after a sharp contest, was carried, in the following April, by General Oswald, most brilliantly supported by Lieutenant-Colonel Hudson Lowe, Major Church, and other officers. General Camus, the French commandant, surrendered with his garrison of one thousand men. There remained only Corfu, but this, the most important island of the group, would have required a much stronger force to reduce it; and as it was completely useless to the French, being cut off from all communication with France by our ships, it remained under France till 1814, when, at the Congress of Paris, it was made over by Louis XVIII., and the whole seven islands were declared a republic, under the protection of Great Britain. Such was the origin of our connection with the Ionian Islands, where we maintained a Commissioner and a body of troops, much to the discontent of a party in the islands, who desired to join the kingdom of Greece.CHAPTER IX. REIGN OF GEORGE III. (continued).
TWO: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:The advice of Pitt prevailed. Ministers determined to bring in two Acts in accordance with his counsels: an Act declaratory of the supreme[189] power of Parliament over the colonies, and another repealing the Stamp Act, on the plea which he had suggested. The Declaratory Act passed readily enough, for all parties agreed in it; but the repeal of the Stamp Act met with stout opposition. Grenville, with the pertinacity of a man who glories in his disgrace, resisted it at every stage. When he was hissed by the people, he declared that "he rejoiced in the hiss. If it were to do again, he would do it!" In the Lords there was a strong resistance to the repeal. Lord Temple, who had now deserted Pitt, supported his brother Grenville with all his might. Lords Mansfield, Lyttelton, and Halifax, the whole Bedford faction, and the whole Bute faction, opposed it. The king declared himself for repeal rather than bloodshed.
TWO:Quippe ferant rapidi secum verrantque per auras.'