THREE:France and England being already agreed, independently of the consent of the rest of the Allies, the conference began on a basis which was sure to lead to immediate confusion and contention. The Dutch plenipotentiaries were astonished to see the different tone displayed by the French ambassadors. They were no longer the humble personages that they had been at Gertruydenberg. The Abb Polignac, who was the chief speaker, assumed a high and confident manner. The French envoys, therefore, when the Dutch deputies demanded that the treaty should be carried out on the basis of the terms offered at Gertruydenberg, told them plainly that matters were now quite altered, and that the conditions offered at Gertruydenberg could not be entertained by France at all, but those to which the Queen of England had agreed in London; that unless the Dutch were willing to treat on these conditions, they would find their allies concluding peace without them, and that on the spot. The chief article to which the Allies objected was the concession of Spain to Philip; and they were the more resolute because it had become imminently necessary from changes that had now taken place in France. The Dauphin had died of the smallpox during the last year. The title had been conferred on his son, the Duke of Burgundy; but the Duke of Burgundy had just expired, too, in the sixth year of his age; and of the Dauphin's children there only now remained the Duke of Anjou, a sickly child of two years old. This child was the only remaining obstacle to Philip, the King of Spain, mounting the throne of France. The danger was so obvious of the union of France and Spain in a very few yearsto prevent which had been the object of the warthat the English Government was compelled to demand from Philip a distinct renunciation of all claims on the French Crown, and from France as distinct a one in the treaty that any such claim should be resisted. St. John entered into a correspondence with De Torcy, the French minister, on this point; and the answers of De Torcy must have shown the English Government how useless it was to attempt to bind Frenchmen on such matters. He replied that any renunciation on the part of Philip or any French prince would be utterly null and void according to the laws; that on the king's death the next heir male of the royal blood succeeded, independently of any disposition or restriction of the late king, or any will of the people, or of himself, even; that he was, by the laws of France, sovereign by right of succession, and must be so, in spite of any circumstances to the contrary; that neither himself, the throne, nor the people had anything to do with it, but to obey the constitution. Therefore, even if Philip did bind himself to renounce the Crown of France, should the present Dauphin die, he would be king, independently of any circumstances whatever. Another expedient, however, was proposed by the English ministry, who must have seen clearly enough the folly of their treating on such hollow ground. That was, if Philip did not like to renounce the Crown of France, he should at once quit the throne of Spain, and agree that the Duke of Savoy should take it and the Indies, surrendering his own territories to Philip, to which should be added Naples, Sicily, Montserrat, and Mantua, all of which, whenever Philip succeeded to the French Crown, should be annexed to France, with the exception of Sicily, which should be made over to Austria. Louis XIV. professed to be delighted with this arrangement, but Philip would not listen to it, showing plainly that he meant, notwithstanding any renunciation, to retain his claim to both France and Spain.And, in truth, everything now seemed to run counter to Walpole, and to tend towards war. His colleague, the Duke of Newcastle, who had been one of the most obsequious of subordinates both under Stanhope and Walpole, now thought he should serve himself decidedly by advocating war. The king was naturally of a martial turn; he had won some military repute in his youth, and he was no longer under the exceedingly sensible guidance of the queen. Newcastle, therefore, probably in the hope of supplanting Walpole, fostered this spirit in the king, and took advantage of it to recommend warlike measures in the Cabinet, and to send despatches to the British ambassadors in Spain, which but for the energy and wisdom of Walpole might have done irreparable mischief, and which rendered the negotiations extremely difficult. Lord Chancellor Hardwicke and Lord Harrington arrayed themselves on the same side, and blew the war-note in the House of Lords with unrestrained zeal. There was a time when Walpole would have had[71] these antagonistic colleagues dismissed; but both he and they saw too well that there was such a strong war spirit in both king and people, that no such thing was possible. He therefore pursued his efforts with the Court of Spain for peaceable conclusions, at the same time that he fell in so far with the belligerent spirit as to make active preparations as if for an encounter. This, however, was his last and most powerful argument for peacean argument meant to tell on the fears, as he could not reach a spirit of conciliation in the Spaniards.
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THREE: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:
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THREE:When Ney and Caulaincourt saw Marmont at Essonnes, he informed them that he had entered into a convention with the Allied sovereigns on his own account. They begged him to suspend it and accompany them, and he consented. Whilst the three commissioners were with the Emperor Alexander, news was brought that Count Souham, with whom Marmont had left the command of his troops, had gone over, and marched the division into the lines of the Allies. On this the Emperor said they had better return to Napoleon, and assure him that the Allies would accept nothing short of an absolute and unqualified abdication. When they announced this to him, to their surprise, he exclaimed, "But what provisions are made for me? How am I to be disposed of?" They replied that it was proposed by the Emperor Alexander that he should retain the title of Emperor; should have the island of Elba, a guard, a small fleet, and all the attributes of royalty, with a suitable income. With a mood of mind incomprehensible in any other person, he immediately called for maps and books about Elba, and began contemplating his future position, as though he had only been changing one France for another; but there can be no doubt that he, in reality, was weighing the facilities of the place for that effort to regain the empire of France, which he certainly never renounced for a moment. On the 11th of April he drew up a form of unconditional abdication, signed, and dispatched it. Ney, Macdonald, and Caulaincourt arrived with the treaty to which the Allied sovereigns had agreed. Elba was assigned to himan island twenty leagues in extent, with twelve thousand inhabitantsand he was to have an income of six millions of francs, besides the little revenue of the island. Two millions and a half more were assigned as annuities to Josephine, and the other members of his family. The Empress was to be created Duchess of Parma, Placentia, and Guastella, in full sovereignty. The marshals and other officers of his army were received into the same ranks and dignities in the army of the Bourbon sovereign. Lord Castlereagh, who had arrived after the conclusion of this treaty, pointed out the folly of it, which must have been apparent to every man of the slightest reflection; for, to a certainty, Napoleon would not for a day longer than he was compelled observe it in a place like Elba, in the very vicinity of France. He declined, on the part of Great Britain, any concern in it; but to avoid a renewal of the war, he offered no formal opposition. Napoleon arrived at Elba on the 4th of May.
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THREE:"I confess that the multiplied proofs which I have given at all times of my love for the people, and the manner in which I have always conducted myself, ought, in my opinion, to demonstrate that I was not afraid to expose myself in order to prevent bloodshed, and ought to clear me for ever from such an imputation."
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