ONE:The English lay all night on their arms, and, as day dawned, began to entrench their position. If ever a general needed to push on his advantage it was now. Every day was consuming Burgoyne's stores; every day was augmenting the forces of the enemy. The country was closed to Burgoyne; it was open with all its resources to the Americans. Yet he lay there, as if paralysed, from the 20th of September to the 7th of October. The reason of this fatal delay is said to have been that Burgoyne had received a letter from General Sir Henry Clinton at New York, informing him that he must expect no co-operation from General Howe, but that he himself would take the responsibility of making a diversion in his favour by attacking the Forts Montgomery and Clinton, on the lower part of the Hudson. Burgoyne, on receiving this intelligence, sent Clinton word that he would remain where he was till the 12th of Octobera fatal resolve, as a calculation of his stores should have shown him, which the acts of the Americans were certain to render calamitous. Elated at being able to stand their ground in some degree, this novel and almost sole success in the war had raised the spirits of the Colonials as by a miracle. They poured in on all sides, and Arnold, ever ready in resource, suggested to Gates an enterprise to be effected while Burgoyne was lying still and consuming his own victuals.Before Walpole thus threw off the mask of moderationindeed, on the very day of his resignationhe introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.
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ONE:It was not till between eleven and twelve o'clock on the morning of Sunday, the 18th of June, that this terrible conflict commenced; for the troops of Napoleon had not yet all reached the ground, having suffered from the tempests of wind and rain equally with the Allies. The rain had now ceased, but the morning was gloomy and lowering. The action opened by a brisk cannonade on the house and wood of Hougomont, which were held by the troops of Nassau. These were driven out;[99] but their place was immediately taken by the British Guards under General Byng and Colonels Home and Macdonald. A tremendous cannonade was kept up on Hougomont by Jerome's batteries from the slopes above; and under cover of this fire the French advanced through the wood in front of Hougomont, but were met by a terrible fire from the British, who had the orchard wall as a breastwork from which to assail the enemy. The contest here was continued through the day with dreadful fury, but the British held their ground with bull-dog tenacity. The buildings of the farmyard and an old chapel were set fire to by the French shells; but the British maintained their post amid the flames, and filled the wood in front and a lane running under the orchard wall with mountains of dead.
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