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Prevented by the arrival of Daun from utterly destroying Dresden, though he had done enough to require thirty years of peace to restore it, Frederick marched for Silesia. Laudohn, who was besieging Breslau, quitted it at his approach; but the Prussian king, who found himself surrounded by three armies, cut his way, on the 15th of August, at Liegnitz, through Laudohn's division, which he denominated merely "a[140] scratch." He was instantly, however, called away to defend his own capital from a combined army of Russians under Todleben, and of Austrians under Lacy, another Irishman; but before he could reach them they had forced an entrance, on the 9th of October. The Russians, departing from their usual custom of plunder, touched nothing, but levied a contribution of one million seven hundred thousand dollars on the city. At Frederick's approach they withdrew.
ONE:It was on this occasion that the loyalty of the British settlers in Upper Canada shone forth with the most chivalrous devotion to the throne of the Queen. The moment the news arrived of Mackenzie's attack upon Toronto, the militia everywhere seized their arms, mustered in companies, and from Niagara, Gore, Lake Shireve, and many other places, set out on their march in the heavy snow in the depth of winter. So great was the excitement, so enthusiastic the loyalty, that in three days 10,000 armed volunteers had assembled at Toronto. There was, however, no further occasion for their services in that place, and even the scattered remnants of the insurrection would have been extinguished but for the interference of filibustering citizens of the United States, who were then called "sympathisers," and who had assembled in considerable numbers along the Niagara River. They had established their headquarters on Navy Island in the Niagara River, about two miles above the Falls, having taken possession of it on the 13th of December, and made it their chief dep?t of arms and provisions, the latter of which they brought from the American shore by means of a small steamer called the Caroline. Colonel M'Nab resolved to destroy the Caroline, and to root out the nest of pirates by whom she was employed. On the 28th of December a party of militia found her moored opposite Fort Schlosser, on the American side, strongly guarded by bodies of armed men, both on board and on shore. Lieutenant Drew commanded the British party, and after a fierce conflict the vessel was boarded and captured, a number of those who manned her being taken prisoners. These being removed, the British set the vessel on fire, and the flaming mass was swept down the rapids, and precipitated into the unfathomable abyss below. According to the American version of this affair, the British had made an unprovoked and most wanton attack upon an unarmed vessel belonging to a neighbouring State, on American territory, at a time of profound peace. The truth came out by degrees, and the American President, Van Buren, issued a proclamation on the 5th of January, 1838, warning all citizens of the United States that if they interfered in any unlawful manner with the affairs of the neighbouring British provinces, they would render themselves liable to arrest and punishment.
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FORE:From the 24th of September till the commencement of October Buonaparte continued to maintain himself at Dresden, though the Allies were fast gathering round him. Occasionally he made a rush from the city, and on one occasion pursued Blucher as far as Nollendorf, beyond Kulm; but these expeditions only served to exhaust his troops, without producing any effect on the enemy. As he chased one body on one side, others were closing up on other sides. Seeing that he could not remain long at Dresden, and that Bernadotte and Bülow had quitted the neighbourhood of Berlin, he suddenly conceived the design of marching rapidly on that city, and taking up his headquarters there; but this scheme met with universal disapprobation from his officers, and he was compelled to abandon it. He then continued for days, and even weeks, in a state of listless apathy, for hours together mechanically making large letters on sheets of paper, or debating some new schemes with his generals; but the only scheme to which they would listen was that of retreating to the left bank of the Rhine. In fact, they and the army were completely worn out and dispirited.

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FORE:

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FORE:In the midst of these cabals died the Regent, and Townshend, acting with Walpole, sent over Walpole's brother Horace to watch their interests at Paris. Carteret, on the other hand, ordered Sir Luke Schaub to make every exertion for the grant of the dukedom. On the arrival of Horace Walpole, Bolingbroke, obeying the impulses of the courtier and not of the man, immediately waited on him, and placed all his influence at the French Court at his service; but Walpole, who had an invincible repugnance to Bolingbroke, whilst he availed himself of the advantages offered by Bolingbroke, still kept him at a great and stately distance. Undeterred by this conduct, however, Bolingbroke swallowed his mortification, and continued to keep his eye and his hope on the Walpole Ministry. Unassisted by Bolingbroke, the dukedom could not be obtained; but George reconciled Madame Platen to the match by giving her daughter a portion of ten thousand pounds. Horace Walpole, at the same time, succeeded in getting Schaub recalled, and himself installed in his office of Ambassador at Parisa decided victory over Carteret; indeed, so decided, that Carteret was removed from the Secretaryship to the Lord-Lieutenancy of Ireland.

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THREE:

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    John Deo 53 min ago

  • THREE:We must open the year 1790 by reverting to the affairs of Britain, and of other countries having an influence on British interests. The Parliament met on the 21st of January; and, in the course of the debate on the Address in the Commons, Fox took the opportunity to laud the French Revolution, and especially the soldiers for destroying the Government which had raised them, and which they had sworn to obey. Burke, in reply, whilst paying the highest compliments to the genius of Fox, and expressing the value which he placed on his friendship, endeavoured to guard the House and country against the pernicious consequences of such an admiration as had been expressed by Fox. He declared the conduct of the troops disgraceful; for instead of betraying the Government, they ought to have defended it so far as to allow of its yielding the necessary reforms. But the so-called reforms in France, he said, were a disgrace to the nation. They had, instead of limiting each branch of the Government for the general good and for rational liberty, destroyed all the balances and counterpoises which gave the State steadiness and security. They had pulled down all things into an incongruous and ill-digested mass; they had concocted a digest of anarchy called the Rights of Man, which would disgrace a schoolboy; and had laid the axe to the root of all property by confiscating[371] that of the Church. To compare that revolution with our glorious one of 1688, he said, was next to blasphemy. They were diametrically opposed. Ours preserved the Constitution and got rid of an arbitrary monarch; theirs destroyed the Constitution and kept a monarch who was willing to concede reforms, but who was left helpless. Fox replied that he had been mistaken by his most venerated and estimable friend; that he was no friend to anarchy and lamented the cruelties that had been practised in France, but he considered them the natural result of the long and terrible despotism which had produced the convulsion, and that he had the firmest hopes that the French would yet complete their Constitution with wisdom and moderation. Here the matter might have ended, but Sheridan rose and uttered a grand but ill-considered eulogium on the French Revolution, and charged Burke with being an advocate of despotism. Burke highly resented this; he made a severe reply to Sheridan; and instead of the benefits which he prognosticated, Burke, with a deeper sagacity, declared that the issue of that revolution would be not only civil war but many other wars.Told what no tongue could speak;

    Abraham Doe 53 min ago

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    John Smith 53 min ago

THREE:The evils of this system had reached their height in the years 1832-3. That was a time when the public mind was bent upon reforms of all sorts, without waiting for the admission from the Tories that the grievances of which the nation complained were "proved abuses." The Reformers were determined no longer to tolerate the state of things in which the discontent of the labouring classes was proportioned to the money disbursed in poor rates, or in voluntary charities; in which the young were trained in idleness, ignorance, and vicethe able-bodied maintained in sluggish and sensual indolencethe aged and more respectable exposed to all the misery incident to dwelling in such a society as that of a large workhouse, without discipline or classification, the whole body of inmates subsisting on food far exceeding, both in kind and in amount, not merely the diet of the independent labourer, but that of the majority of the persons who contributed to their support; in which a farmer paid ten shillings a year in poor rate, and was in addition compelled to employ supernumerary labourers, not required on his farm, at a cost of from 100 to 250 a year; in which the labourer had no need to bestir himself to seek work or to please his master, or to put a restraint upon his temper, having all a slave's security for subsistence, without the slave's liability to punishment; in which the parish paid parents for nursing their little children, and children for supporting their aged parents, thereby destroying[364] in both parties all feelings of natural affection and all sense of Christian duty. The Government, therefore, resolved to apply a remedy. The following is a brief outline of the main features of the measure they proposed, and which was adopted by the legislature. They found the greatest evils of the old system were connected with the relief of the able-bodied; and in connection with that lay the chief difficulty of administering relief. It was, above all things, an essential condition that the situation of the pauper should not be madereally or apparentlyso desirable as that of independent labourers of the lowest class; if it were, the majority of that class would have the strongest inducements to quit it, and get into the more eligible class of paupers. It was necessary, therefore, that an appeal to the parish should be a last resourcethat it should be regarded as the hardest taskmaster and the worst paymaster. This principle was embodied in the Poor Law Amendment Act; and the effects which quickly followed on its operation were most marked and salutary. Able-bodied paupers were extensively converted into independent labourers, for whose employment a large fund was created by the reduction of parochial expenditure; next followed a rise in wages; then a diminution, not only of pauper marriages, but of early and imprudent marriages of all sorts; and lastly, there was a diminution of crime, with contentment among the labourers, increasing with their industry: relief of a child was made relief to the parent, and relief of a wife relief to the husband. In fact, the law combined charity with economy.

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THREE:Having now kidnapped and disposed of the whole dynasty of Spain, Buonaparte had to inaugurate the new one by the appointment of a king. For this purpose he pitched on his brother Lucien, who, next to himself, was the ablest of the family, and who had rendered him signal services in the expulsion of the Council of Five Hundred from St. Cloud. But Lucien was of too independent a character to become a mere puppet of the great man, like the rest of his brothers. As Napoleon grew haughty and imperious in the progress of his success, Lucien had dared to express disapprobation of his conduct. He declared that Napoleon's every word and action proceeded, not from principle, but from mere political considerations, and that the foundation of his whole system and career was egotism. He had married a private person to please himself, and would not abandon his wife to receive a princess and a crown, like Jerome. Lucien had, moreover, literary tastes, was fond of collecting works of art, and had a fortune ample enough for these purposes. When, therefore, Napoleon sent for him to assume the crown of Spain, he declined the honour. Napoleon then resolved to take Joseph from Naples, and confer on him the throne of Spain and the Indies. Joseph, who was indolent and self-indulgent, and who at Naples could not exempt himself from continual fears of daggers and assassination, received with consternation the summons to assume the crown of Spain, as ominous of no ordinary troubles. He declared that it was too weighty for his head, and showed no alacrity in setting out. Napoleon was obliged to summon him several times, and at length to dispatch one of his most active and trusted aides-de-camp to hasten his movements.Besides the general compact, there was a particular one, which engaged that, should England and France remain at war on the 1st of May, 1762, Spain should on that day declare war against England, and should at the same time receive possession of Minorca. The existence of these compacts was kept with all possible secrecy; but Mr. Stanley penetrated to a knowledge of them in Paris, and his information was fully confirmed from other sources. If these, however, had left any doubt, it would have been expelled by the receipt of a French memorial through M. Bussy, to which a second memorial on Spanish affairs was appended. Pitt received the proposition with a tone of indignation that made it manifest that he would suffer no such interference of a third partywould not yield a step to any such alliance. He declared, in broad and plain terms, that his majesty would not permit the affairs of Spain to be introduced by France; that he would never suffer France to presume to meddle in any affairs between himself and Spain, and that he should consider any further mention of such matters as a direct affront. A similar message was dispatched to the Earl of Bristol in Spain, declaring that England was open to any proposals of negotiation from Spain, but not through the medium of France. This was, in fact, tantamount to a defiance to both France and Spain, and would undoubtedly have put an end to all further negotiation had there not been a purpose to serve. The Spanish treasure ships were yet out at sea on their way home. Any symptoms of hostility would insure their capture by the British, and cut off the very means of maintaining a war. General Wall, therefore, concealed all appearance of chagrin; admitted that the memorial had been presented by France with the full consent of his Catholic majesty, but professed the most sincere desire for the continuance of peaceful relations.

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THREE:Bolingbroke had assured Iberville, the French agent, that, had the queen only lived six weeks longer, his measures were so well taken that he should have brought in the Pretender in spite of everything. On the very day of the queen's death Marlborough landed at Dover, so exactly had he timed his return. He found George I. proclaimed in London, in York, and in other large towns, not only without disorder, but with an acclamation of joy from the populace which plainly showed where the heart lay.The Irish Reform Bill, which had been introduced by Mr. Stanley, then Irish Secretary, became the subject of debate on the 26th of May, when the second reading was moved by him in a speech of great ability. His main object was to prove that the passing of the measure would not endanger the Established Church in Ireland; and that it would not increase the power of O'Connell, whom, instead of conciliating, he exasperated by the contemptuous and defiant tone of his remarks. As the great question of Reform had been conceded in the English Bill, it was only with regard to matters of detail, and to the extent and nature of the franchise, that the Tories maintained their opposition. The second reading was carried by a majority of 116, the numbers being, for the Bill, 246; against it, 130. O'Connell contended that the Bill was not calculated to benefit Ireland, and he said he was sure it was framed with no good feeling to the country; but, on the contrary, was dictated by narrow and bigoted feeling. He complained that certain classes of the forty-shilling freeholders were not restored by the Reform Bill. He was supported by a moderate and greatly respected Irish statesman, the venerable Sir John Newport, who complained of defects in the measure, especially in the mode of registration, which would go far to neutralise all its benefits. O'Connell's proposal was made on the 13th of June, and was rejected by a majority of forty-nine. The Irish Reform Bill, instead of being the means of conciliation, tending to consolidate the union, and taking away the arguments for Repeal, really furnished O'Connell with fresh fuel for agitation. In a series of letters which he addressed to the Reformers of England, he pointed out the defects of the Irish Bill. He objected to it on the ground that it diminished the elective franchise instead of extending it; that the qualification for a voter was too high; that the registration of voters was complicated; and that the number of Irish representatives was inadequate. The substitution in counties of the ten-pound beneficial interest franchise for the forty-shilling freehold caused the disfranchisement of 200,000 voters. He referred to population to prove the unfairness towards Ireland: thus the county of Cumberland, with a population of 169,681, got two additional members, and returned four to Parliament; while the county of Cork, with a population of 807,366, got no additional member, and sent only two to the Reformed Parliament. A similar contrast was presented between other English and Irish counties.

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FORE:Delay was demanded, to hear what was the feeling of merchants and manufacturers in England, and these soon poured in petitions against these concessions, from Liverpool, Manchester, and other places; one of them, from the Lancashire manufacturers, being signed by eighty thousand persons. After two months had been spent in receiving these petitions, hearing evidence and counsel, Mr. Pitt introduced his propositions on the 12th of May. It was then found that British interests, as usual, had triumphed over the Ministerial intentions of benefiting Ireland. Not only was Ireland to be bound to furnish, in return for these concessions, a fixed contribution out of the surplus of the hereditary revenue towards defraying the expenses of protecting the general commerce, but to adopt whatever navigation laws the British Parliament might hereafter enact. Lord North and Fox opposed these propositions, on the ground that the cheapness of labour in Ireland would give that country an advantage over the manufacturers in this. The[312] resolutions were at length carried both in the Committee and in the House at large on the 25th of July.

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TWO:Upon the formation of the Shelburne Cabinet, and the news of Rodney's victory over De Grasse, the negotiations were still continued, Mr. Grenville only being recalled, and Mr. Alleyne Fitzherbert, afterwards Lord St. Helens, being put in his place. France, Spain, Holland, were all groaning under the cost and disasters of the war, yet keeping up an air of indifference, in order to enhance their demands. The Americans were more decided, for they were stimulated by the accounts of the wretched condition of affairs at home. It was represented to Franklin by Congress, that, however France or Spain might delay proposals for peace, it was necessary for the United States. The position of Franklin, nevertheless, was extremely difficult. There was the treaty of alliance between France and the States of 1778, strictly stipulating that neither party should conclude either peace or truce without the other. What added to the difficulty was, that France had, within the last two years, shown an unusual interest and activity of assistance. Franklin, in order to strengthen his hands for the important crisis, requested that other commissioners might be sent to Paris; and John Jay quickly arrived from Spain, John Adams from Holland, and Henry Laurens from London. The American Commissioners soon became strongly impressed with the sentiment that France and Spain were keeping back a peace solely for their own objects; and this was confirmed by a letter of M. de Marbois, the secretary of the French legation at Philadelphia, which had been seized by an English cruiser, and had been laid by Mr. Fitzherbert before them. This letter appeared to be part of a diplomatic correspondence between the French Minister, Vergennes, and the French Minister in America, which threw contempt on the claim which America set up to a share of the Newfoundland fisheries. It created a strong belief that France was endeavouring to keep America in some degree dependent on her; and Jay and Adams were extremely incensed at Vergennes, and not only accused Franklin of being blindly subservient to the French Court, but it made them resolve that no time should be lost in effecting a separate treaty. Vergennes contended for the rights of the Indian nations between the Alleghanies and the Mississippi, and of Spain on the lower Mississippi, and this the American Commissioners perceived to be an attempt to divide[297] and weaken their territory. A private and earnest negotiation for peace with England was therefore entered upon as soon as a severe illness of Franklin permitted.
TWO:MARSHAL BERESFORD. (From the Portrait by Sir W. Beechey, R.A.)It was with this object that Mr. Pierce Mahony got up the celebrated "Leinster declaration," so called from the signature of Ireland's only duke. But the experiment served only to reveal the weakness of the moderate party, for after lying for signature in Latouche's Bank for two months, only forty-two names were attached to it within that period. When, however, the struggle between the two parties was on the point of having a bloody issue, the alarm spread through the ranks of moderate men on both sides, and the document rapidly received signatures. The declaration set forth that the disqualifying laws which affected Roman Catholics were productive of consequences prejudicial in the highest degree to the interests of Irelandthe primary cause of her povertythe source of political discontents and religious animositiesdestructive alike of social happiness and national prosperity. Unless the legislature should speedily apply a remedy to those evils, they must in their rapid progression assume such a character as would, perhaps, render their removal impossible. It was stated, therefore, to be a matter of paramount importance that the whole subject should be taken into immediate consideration by Parliament, "with a view to such a final conciliatory adjustment as may be conducive to the peace and strength of the United Kingdom, to the stability of our national institutions, and to the general satisfaction and concord of all classes of his Majesty's subjects."
TWO:On the 6th of Juneonly a fortnight after Howe's departurethe three Commissioners, Lord Carlisle, Mr. Eden, and Governor Johnstone, arrived. They learned with consternation and unspeakable chagrin this order for the evacuation of Philadelphia, and, still more, that so important a dispatch had been kept concealed from them. There was not a single circumstance in favour of the Commissioners. At the same moment that we were making this disastrous retreat from the hardly-won Philadelphia, publishing our weakness to the world, Congress had just received the mighty news of French alliance, French aid, and French ships and troops steering towards their coasts. The Commissioners came furnished with propositions the most honourable and favours the most absolute. They were authorised to offer to the Americans that no military forces should be maintained in the Colonies without the consent of the General Congress or of the Assembly of a particular State; that England would take measures to discharge the debts of America, and to give full value to its paper money; would admit an agent or agents from the States into the British Parliament, and send, if they wished it, agents to sit with them in their Assemblies; that each State should have the sole power of settling its revenue, and perfect freedom of internal legislation and governmentin fact, everything except total severance from the parent country. Such terms, conceded at the proper time, would have made war impossible; but the proper time was long past, and they were now useless. The Commissioners applied to Washington for a passport to Congress, in order to lay the proposals brought by the Commissioners before them. But Washington bluntly refused the passport; and only consented to forward the letter through the common post. Congress took time to deliberate on the contents of the letter, and then returned an answer through their President, that the Act of Parliament and the forms of the Commission all supposed the American States to be still subject to Great Britain, which had long ceased to be fact; and that Congress could listen to no overtures from the King of England until he had withdrawn his fleet and armies, and was prepared to treat with them as independent States. The Commissioners could only retire, leaving behind them a manifesto threatening the utmost severities of war.
TWO:The population of Great Britain had thus rapidly increased, and the condition of the people had improved, notwithstanding heavy taxation, and the burden of an enormous National Debt, incurred by one of the most protracted and expensive wars on record, which strained the national energies to the uttermost. How vast, then, must have been the national resources by which all demands were met, leaving the State stronger and wealthier than ever! The extent of these resources is shown in some measure by the amount of our exports. The total declared value of all British and Irish produce and manufactures exported in 1831 was 37,164,372; in 1841 the value of exports had increased to 51,634,623, being at the rate of 38?9 per cent. Another example of the greatly increased commerce of the country is afforded by the returns of shipping. In 1831 the number of ships, British and foreign, engaged in the colonial and foreign trades was 20,573, of which the total tonnage amounted to 3,241,927. In 1841 the number of ships had increased to 28,052, and the tonnage to 4,652,376, giving an increase of 43 per cent. In the former year the tonnage employed in our coasting trade amounted to 9,419,681; in the latter it had increased to 11,417,991, showing an increase of 20 per cent. But other indications of national wealth were referred to by the Census Commissioners of 1841. During the same period the accumulations in savings-banks were very large, and went on increasing. In 1831 there were nearly 500,000 depositors, whose deposits amounted to about 14,000,000. In 1841 it was found that both the depositors and the amount deposited had very nearly doubled. From the[418] proceeds of the property tax, which in 1815 was about 52,000,000, and in 1842 over 82,000,000, an estimate has been formed, in the absence of returns, for the years 1831 and 1841, which sets down the increase of real property during that period as not less than from 20 to 25 per cent. In 1815 the annual profits of trades in England and Wales were assessed at 35,000,000 in round numbers, and in 1841 they had increased to 50,000,000. During the decennial period, 1831-41, legacy duty had been paid upon a capital of about 423,000,000, or more than one-half the aggregate amount upon which the duty had been paid in the thirty-four preceding years. The stamp duties, also, upon probates of wills and letters of administration in the United Kingdom amounted to upwards of 1,000,000, having increased in ten years at the rate of 10 per cent.
TWO:The year 1771 opened in circumstances which greatly diminished the interest in Parliamentary proceedings. As all reporting was excluded from the House of Lords, the chief speakers there felt that they were no longer addressing the nation, but merely a little knot of persons in a corner, and consequently the stimulus of both fame and real usefulness was at an end. In the Commons, the desire of the Ministry to reduce that popular arena to the same condition of insignificance produced a contest with the City as foolish and mischievous in its degree as the contests then going on with Wilkes and America. George Onslow, nephew of the late Speaker, and member for Guildford, moved that several printers, who had dared to report the debates of the House of Commons, should be summoned to the bar to answer for their conduct. Accordingly, these mediums of communication between the people and their representatives were summoned and reprimanded on their knees. One of their number, named Miller, however, declared that he was a liveryman of London, and that any attempt to arrest him would be a breach of the privileges of the City. The Serjeant-at-Arms dispatched a messenger to apprehend this sturdy citizen, and bring him before the House; but, instead of succeeding, the Parliamentary messenger was taken by a City constable, and carried before Brass Crosby, the Lord Mayor. With the Lord Mayor sat Alderman Wilkes and Alderman Oliver. It was delightful work to Wilkes thus to set at defiance the House of Commons, which had made such fierce war on him. The Lord Mayor, accordingly, was fully confirmed in his view that the messenger of the Commons had committed a[204] flagrant violation of the City charter, in endeavouring to lay hands on one of its liverymen within its own precincts, and they held the messenger accordingly to bail. The House of Commons was fired with indignation at this contemptuous disregard of their dignity. They passed a resolution, by a large majority, ordering the Lord Mayor and the two aldermen to appear at their bar. Wilkes bluntly refused to attend the House in any shape but as a recognised member of it. Crosby pleaded a severe fit of the gout; and Oliver, though he appeared in his place, refused to make any submission whatever, but told them he defied them. The House, in its blind anger, resolved that Oliver should be committed to the Tower, and Crosby to the custody of the Serjeant-at-Arms. But Crosby declared that he would not accept this indulgence at the hands of the House, but would share the incarceration of his honourable friend; and he was accordingly sent also to the Tower. The people out of doors were in the highest state of fury. They greeted the City members on their way to and from the House, but they hooted and pelted the Ministerial supporters. Charles James Fox, still a Government man, as all his family had been, was very roughly handled; Lord North's carriage was dashed in, and himself wounded; and had he not been rescued by a popular member, Sir William Meredith, he would probably have lost his life. The Commons had engaged in a strife with the City, in which they were signally beaten, and no further notice being taken of the printers, from this time forward the practice of reporting the debates of Parliament became recognised as an established privilege of the people, though formally at the option of the House; and so far now from members or Ministers fearing any evil from it, the most conservative of them would be deeply mortified by the omission of their speeches in the reports. The termination of the Session also opened the doors of the Tower, and liberated the Lord Mayor and Alderman Oliver. They were attended from the Tower to the Mansion House by the Corporation in their robes, where a banquet celebrated their restoration to freedom, and the populace displayed their sympathy by bonfires and illuminations.

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It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.No small curiosity was experienced to see the man that had maintained a defence, obstinate and protracted beyond any related in the annals of modern war. Gorgeously attired in silks and splendid arms, he rode a magnificent Arab steed, with a rich saddle-cloth of scarlet. He but little exceeded the middle size, was powerfully but elegantly formed; his keen, dark, piercing, restless eyes surveyed at a glance everything around. He neither wore the face of defiance nor dejection; but moved along under the general gaze as one conscious of having bravely done his duty.The Scottish rebellion had been an auspicious circumstance for the arms of France. Marshal Saxe had taken the field, to the surprise of the Allies, in the very middle of winter, invested Brussels, and compelled it to surrender on the 20th of February, 1746. One town fell after another; Mons, Antwerp, Charleroi, and finally, Namur capitulated on the 19th of September, after a siege of only six days. As soon as Cumberland could leave Scotland after the battle of Culloden, he returned to London, in the hope that he should be appointed, covered, as he was, with his bloody laurels, to the supreme command of the Allied forces in Flanders, where he flattered himself he could arrest the progress of the French. But that command had been conferred on Prince Charles of Lorraine, the Emperor's brother, much to the disgust of both Cumberland and the king. On the 11th of October the Prince of Lorraine engaged the French at Raucoux, on the Jaar, and was signally defeated; the English cavalry, under General Ligonier, managing to save his army from total destruction, but not being able to stem the overthrow. At the close of the campaign the French remained almost entire masters of the Austrian Netherlands.The warder silent on the hill."[453]
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