ONE:The distress which had pressed so severely on the people, and which had set them thinking about the most perilous political changes, was intimately connected with the state of the country. Throughout the troubled period of almost incessant war and lavish expenditure between 1797 and 1815, the business of the nation was carried on with an inconvertible paper currency, the precious metals having nearly all departed from the country. Bank notes were issued in such quantities, to meet the exigencies of the Government, that the prices of all commodities were nearly doubled. The Bill which was passed in 1819 providing for the resumption of cash payments had reduced the currency from 48,278,070, which was its amount in 1819, to 26,588,000, in 1822. The consequence was the reduction of prices in the meantime, at the rate of fifty per cent., in all the articles of production and commerce. With this tremendous fall of prices, the amount of liabilities remained unchanged; rents, taxes, and encumbrances were to be paid according to the letter of the contract, while the produce and commoditiesthe sale of which was relied upon to pay themdid not produce more than half the amount that they would have brought at the time of the contracts. The evil of this sudden change was aggravated by the South American Revolution, in consequence of which the annual supply of the precious metals was reduced to a third of its former amount. It was peculiarly unfortunate that this stoppage in the supply of gold and silver occurred at the very time that the Legislature had adopted the principle that paper currency should be regarded as strictly representing gold, and should be at any moment convertible into sovereigns. A paper currency should never be allowed[238] to exceed the available property which it represents, but it is not necessary that its equivalent in gold should be lying idle in the coffers of the Bank, ready to be paid out at any moment the public should be seized with a foolish panic. It is enough that the credit of the State should be pledged for the value of the notes, and that credit should not be strained beyond the resources at its command. The close of 1822 formed the turning-point in the industrial condition of the country. The extreme cheapness of provisions, after three years of comparative privation, enabled those engaged in manufacturing pursuits to purchase many commodities which they had hitherto not been able to afford. This caused a gradual revival of trade, which was greatly stimulated by the opening of new markets for our goods, especially in South America, to which our exports were nearly trebled in value between 1818 and 1823, when the independence of the South American Republics had been established. The confidence of the commercial world was reassured by the conviction that South America would prove an unfailing Dorado for the supply of the precious metals. The bankers, therefore, became more accommodating; the spirit of enterprise again took possession of the national mind, and there was a general expansion of industry by means of a freer use of capital, which gave employment and contentment to the people. This effect was materially promoted by the Small Note Bill which was passed in July, 1822, extending for ten years longer the period during which small notes were to be issued; its termination having been fixed by Peel's Bill for 1823. The average of bank-notes in circulation in 1822 was 17,862,890. In November of the following year it had increased by nearly two millions. The effect of this extension of the small note circulation upon prices was remarkable. Wheat rose from 38s. to 52s., and in 1824 it mounted up to 64s. In the meantime the bullion in the Bank of England increased so much that whereas in 1819 it had been only 3,595,360, in January, 1824, it amounted to 14,200,000. The effect of all these causes combined was the commencement of a reign of national prosperity, which burst upon the country like a brilliant morning sun, chasing away the chilling fogs of despondency, and dissipating the gloom in the popular mind.Far above all other English artists of this period, however, stood William Hogarth (b. 1697). There is no artist of that or any former age who is so thoroughly English. He is a John Bull from head to footsturdy, somewhat headstrong, opinionated, and satirical. He is, indeed, the great satirist of the brush; but his satire, keen as it is, is employed as the instrument of the moralist; the things which he denounces and derides are crimes, follies, and perverted tastes. In his own conduct, as on his canvas, he displayed the same spirit, often knocking down his own interests rather than not express his indignant feeling of what was spurious in art, or unjust towards himself. Hogarth was the first English painter who attracted much notice amongst foreigners, and he still remains one of the most original in genius of the British school. His subjects are not chosen from the loftier regions of life and imagination, but from the very lowest or the most corrupted ones of the life of his country and time. "The Harlot's Progress," "The Rake's Progress," "Marriage la Mode,"[163] "The March to Finchley," "Gín Lane," "Beer Lane," etc., present a series of subjects from which the delicate and sensitive will always revolt, and which have necessarily an air of vulgarity about them, but the purpose consecrates them; for they are not selected to pander to vice and folly, but to expose, to brand, to extirpate them.
FORE:Trautmansdorff now hastened to conciliate in earnest. He issued two-and-twenty separate proclamations, made all kinds of fair promises, restored the arms of the citizens, and liberated the imprisoned patriots. But it was too late. The insurgents, under Van der Mersch, were fast advancing towards Brussels, and Dalton marched out to meet them; but he was confounded by the appearance of their numbers, and entered into an armistice of ten days. But this did not stop the progress of insurrection in Brussels. There the people rose, and resolved to open the gates to their compatriots. Women and children tore up the palisades, and levelled the entrenchments. The population assumed the national cockade, and the streets resounded with cries of "Long live the Patriots!" "Long live Van der Noot!" Dalton retreated into Brussels, but found no security there. The soldiers began to desert. The people attacked those who stood to their colours, and Dalton was glad to secure his retreat by a capitulation. In a few days the insurgents from Breda entered, Trautmansdorff having withdrawn at their approach, and the new federal union of the Netherlands was completely established. The State of Luxembourg was the only one remaining to Joseph, and thither Dalton retired with his forces, five thousand in number.
FORE:The English took the field in the summer of 1763 against Meer Cossim with six hundred Europeans and one thousand two hundred Sepoys. Major Adams, the commander of this force, was vigorously resisted by Meer Cossim, but drove him from Moorshedabad, gained a decided victory over him on the plains of Geriah, and, after a siege of nine days, reduced Monghyr. Driven to his last place of strength in Patna, and feeling that he must yield that, Meer Cossim determined to give one parting example of his ferocity to his former patrons, as, under their protection, he had given many to his own subjects. He had taken prisoners the English belonging to the factory at Patna, amounting to one hundred and fifty individuals. These he caused to be massacred by a renegade Frenchman in his service, named Sombre. On the 5th of October his soldiers massacred all of them except William Fullarton, a surgeon known to the Nabob. The mangled bodies of the victims were thrown into two wells, which were then filled up with stones. This done, the monster Cossim fled into Oude, and took refuge with its Nabob, Sujah Dowlah. The English immediately entered Patna, which was still reeking with the blood of their countrymen, and proclaimed the deposition of[317] Meer Cossim, and the restoration of Meer Jaffier as Nabob of Bengal.
FORE:
