FORE:
THREE:
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FORE:The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] 936,300; Wigan and Co., 674,700; Wildes and Co., 505,000; total acceptances, 2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to 1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampledbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubblesthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculationswhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.
THREE:
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FORE:Civil war seems to have been averted only by the Duke's precipitate abandonment of the undertaking to form a Ministry. No one can for a moment imagine that the chief members of the Grey Administration ever intended to proceed to illegal extremities, but that the conduct of their friends led the Reforming world to think of and prepare for armed resistance admits of little doubt. Parliament and the country were kept in suspense and anxiety by varying rumours about the formation of a Government for several days, during which comments were freely made on the conduct of the Duke of Wellington and his friends. On the one hand, it was confidently stated that the king would keep his word as to Reform, which the Duke had agreed to carry. On the other hand, it was denied that the Duke could ever consent to tergiversation so base. On the former supposition, Mr. Macaulay said he was willing that others should have "infamy and place." But he added, "Let us have honour and Reform." Sir Robert Inglis was too honest to differ from this view of the matter, and too candid to conceal his sentiments. He declared that he could not but regard such a course on the part of his leader "with the greatest pain, as one of the most fatal violations of public confidence which could be inflicted."
THREE:[584]
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03.
THREE:Thus was another glorious chance for the utter dispersion of the American army thrown away by this most incompetent commander; and, as Washington saw that he had nothing to fear during the winter, except from the elements, he determined to encamp himself, so as to keep the British in constant anxiety about him. He selected a strong piece of ground at a place called Valley Forge, covered with wood. He set his soldiers to fell trees and make log-huts, the interstices of which they stopped with moss, and daubed up with clay. As they had plenty of fuel, they could thus pass the winter in some degree of comfort. A great number of his men were on the verge of the expiration of their term, and were impatient to return home; but he persuaded many to remain, and he employed them in throwing up entrenchments on the right of his camp, which was open towards the plain. His left was defended by the Schuylkill, and his rear by a steep precipice[240] descending to the Valley Creek. He began two redoubts, but he soon saw that there was no fear of Howe moving so long as the winter lasted, and he left them unfinished. And thus the winter went over, Howe lying snugly at Philadelphia, enjoying his wine and his cards, and apparently forgetful that there was any such place as Valley Forge within five-and-twenty miles of him.
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04.
THREE:
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10.
super flexible..
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05.
think smart..
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06.
start out fresh..
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11.
start out fresh..
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07.
brand new ideas..
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08.
cooler than ice..
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12.
cooler than ice..
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