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THREE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."The Emperor of Germany was delighted at the Spanish offer. He had always felt himself aggrieved by the conditions of the Quadruple Alliance. He was afraid of France, and hated George of England for his German policy. He had, moreover, embroiled himself with both England and Holland, by establishing at Ostend an East India Company, which was declared to be in violation of the Treaty of Westphalia, and was, at all events, regarded with particular jealousy by both England and Holland. This being the case, Ripperda, the envoy of Spain, a Dutch adventurer, who had been the tool of Alberoni, completed with ease a treaty with the Emperor at Vienna, which was signed on the 30th of April, 1725.
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THREE:When the subsidy to Hesse-Cassel was sent home to receive the signatures of the Cabinet, it was found to amount to an annual payment by England of one hundred and fifty thousand crowns, besides eighty crowns to every horseman, and thirty crowns to every foot soldier, when they were really called out to service. That to Russia was immensely greater; then came in prospective that to Saxony, to Bavaria, etc. These latter States had been fed all through the last few years for doing nothing, and now demanded vastly higher terms. Yet when the Hessian Treaty was laid on the Council table by the compliant Newcastle, Ministers signed it without reading it. Pitt and Fox, however, protested against it; and when the Treasury warrants for carrying the treaty into execution were sent down to Legge, the Chancellor of the Exchequer, he refused to sign them.
FORE:Blucher's headquarters were at Namur, his right extending to Charleroi, near the left of Wellington, and his left and reserves covering Gevil and Lige. His force amounted to eighty thousand men, supplied with two hundred cannon. On the 15th Buonaparte addressed his army, telling them that the enemies arrayed against them were the same that they had so often beaten, and whom they must beat again if they were the men they had been. "Madmen!" he exclaimed, "the moment of prosperity has blinded them. The oppression and humiliation of the French people are beyond their power. If they enter France they will there find their tomb!" This address had such an effect that the French advanced with all the spirit of their former days. They swept the western bank of the Sambre of the Prussian outposts; they advanced to Charleroi, drove out the Prussians under Ziethen, and compelled them to fall back on the village of Gosselies, and thence to Ligny and St. Amand. It was now seen that the object of Buonaparte was to cut off the communication between the Prussians and British, and defeat the Prussians first, instead of having to fight the two armies at once. To complete this Ney had been dispatched to attack and drive back the British advance at Quatre Bras and Frasnes; but, hearing firing in the direction of Charleroi, which was the engagement with Ziethen, he sent a division to support the French there, and thus found his main body too weak to move the British at Quatre Bras. For doing this without orders, Buonaparte reprimanded Ney, as he afterwards did Grouchy for too implicitly following his orders in pursuit of Blucher.
THREE:This letter, though marked "private and confidential," was, like the Duke's letter to the same prelate, made public, and became the subject of comment in the Association and in the press, which tended still more to embarrass the question by irritating the king and the Duke, and furnishing exciting topics to the enemies of the Catholic cause. The Marquis of Anglesey, indeed, from the time he went to Ireland, held the strongest language to the Government as to the necessity of carrying the measure. At a subsequent period he expressed a wish that his opinions should be made fully known to the king and his Ministers, because they could then better judge of his fitness for carrying into effect the measures they might decide upon adopting. On the 31st of July he wrote:"I will exert myself to keep the country quiet, and put down rebellion under any circumstances; but I will not consent to govern this country much longer under the existing law."Mr. Nicholls next applied himself to the solution of the problem how the workhouse system, which had been safely and effectually applied to depauperise England, might be applied with safety and efficiency to put down mendicancy and relieve destitution in Ireland. In that country the task was beset with peculiar difficulties. Assuming the principle that the pauper should not be better off than the labourer, it would be difficult to devise any workhouse dress, diet, or lodging that would not be better than what many of the poor actually enjoyed. But, on the other hand, the Irish poor were fond of change, hopeful, sanguine, migratory, desultory in their habits, hating all restraints of order and system, averse from the trouble of cleanliness; and rather than be subject to the restrictions and regularity of a workhouse, an Irishman, in health and strength, would wander the world over to obtain a living. Hence, no matter how well he might be lodged, fed, and clad in a workhouse, he could not endure the confinement. Consequently, Mr. Nicholls found in the state of Ireland no sufficient reason for departing from the principle of the English Poor Law, which recognises destitution alone as the ground of relief, nor for establishing a distinction in the one country that does not exist in the other.
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FORE:During the French war, when the Paris fashions were intercepted, much variety in the fashion of dress took place amongst both gentlemen and ladies; but before the peace had arrived the most tasteless costumes had become general, and the waists of both sexes were elevated nearly to their shoulders. The tight skirts and short waists of the ladies gave them the most uncouth aspect imaginable; and the cut-away coats and chimneypot hats of the gentlemen were by no means more graceful. The military costume had undergone an equally complete revolution, and with no better success.
