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THREE:Such was the state of affairs at home and abroad during the recess of 1829. The Government hoped that by the mollifying influence of time the rancour of the Tory party would be mitigated, and that by the proposal of useful measures the Whig leaders would be induced to give them their support, without being admitted to a partnership in power and the emoluments of office. But in both respects they miscalculated. The Duke met Parliament again on the 4th of February, 1830. It was obvious from the first that neither was Tory rancour appeased nor Whig support effectually secured. The Speech from the Throne, which was delivered by commission, was unusually curt and vague. It admitted the prevalence of general distress. It was true that the exports in the last year of British produce and manufacture exceeded those of any former year; but, notwithstanding this indication of an active commerce, both the agricultural and the manufacturing classes were suffering severely in "some parts" of the United Kingdom. There was no question about the existence of distress; the only difference was as to whether it was general or only partial. In the House of Lords the Government was attacked by Earl Stanhope, who moved an amendment to the Address. He asked in what part of the country was it that the Ministers did not find distress prevailing? He contended that the kingdom was in a state of universal distress, likely to be unequalled in its duration. All the great interests��agriculture, manufactures, trade, and commerce��had never at one time, he said, been at so low an ebb. The Speech ascribed the distress to a bad harvest. But could a bad harvest make corn cheap? It was the excessive reduction of prices which was felt to be the great evil. If they cast their eyes around they would see the counties pouring on them spontaneously every kind of solicitation for relief; while in towns, stocks of every kind had sunk in value forty per cent. The depression, he contended, had been continuous and universal ever since the Bank Restriction Act passed, and especially since the suppression of small notes took effect in the beginning of the previous year. Such a universal and continued depression could be ascribed only to some cause pressing alike upon all branches of industry, and that cause was to be found in the enormous contraction of the currency, the Bank of England notes in circulation having been reduced from thirty to twenty millions, and the country bankers' notes in still greater proportion. The Duke of Wellington, in reply, denied that the Bank circulation was less than it had been during the war. In the former period it was sixty-four millions, including gold and silver as well as paper. In 1830 it was sixty-five millions. It was an unlimited circulation, he said, that the Opposition required; in other words, it was wished to give certain individuals, not the Crown, the power of coining in the shape of paper, and of producing a fictitious capital. Capital was always forthcoming[308] when it was wanted. He referred to the high rents paid for shops in towns, which were everywhere enlarged or improved, to "the elegant streets and villas which were springing up around the metropolis, and all our great towns, to show that the country was not falling, but improving." After the Duke had replied, the supporters of the amendment could not muster, on a division, a larger minority than nine. In the House of Commons the discussion was more spirited, and the division more ominous of the fate of the Ministry. The majority for Ministers was only fifty-three, the numbers being 158 to 105. In the minority were found ultra-Tories, such as Sir Edward Knatchbull, who had proposed an amendment lamenting the general distress, Mr. Bankes, Mr. Sadler, and General Gascoigne, who went into the same lobby with Sir Francis Burdett, Lord John Russell, Mr. Brougham, Mr. Hume, and Lord Althorp, representing the Whigs and Radicals; while Lord Palmerston, Mr. Huskisson, Mr. Charles Grant, and Sir Stratford Canning represented the Canning party. No such jumble of factions had been known in any division for many years. Lorem ipsum dolor sit amet.

THREE:At this moment Meer Jaffier found it impossible to retain his seat without the support of the English. Shah Allum, the eldest son of the Great Mogul, was coming against him with a large army. Clive met and defeated him, and for this service he received from his puppet a jaghire, or domain worth twenty-seven thousand pounds a year.The prejudiced old man fought with desperation against the measure in the Lords. He was tremendously severe on the Government. He said, much as he had heard of the march of mind, he did not believe that the march could have been so rapid as to induce some of the changes of opinion which he had witnessed within the last year. His opinions are now among the curiosities of a bygone age. His idea of religious liberty may be seen from the following:��"The Sacramental Act, though often assailed, had remained ever since the reign of Charles II., and the Annual Indemnity took away all its harshness. The obnoxious Act did not interfere with the rights of conscience, as it did not compel any[267] man to take the sacrament according to the rites of the Church of England, and only deprived him of office if he did not." He concluded by solemnly saying, "From his heart and soul, 'Not Content.'" He was effectually answered by the Duke of Wellington, and the Bill was read a second time, without a division, on the 17th of April. On the 21st he proposed an amendment to exclude Roman Catholics from the benefit of the measure by inserting in the declaration the words, "I am a Protestant." The amendment was negatived by 117 to 55; but so eager was he to have it adopted, that he renewed it on the third reading of the Bill, when the Contents were 52, Not Contents 154. Still he entered on the Journals a violent protest against the Bill, in which he was joined by the Duke of Cumberland and nine other peers. As soon as the measure was carried, all the world acknowledged the Duke of Wellington's sagacity in declining the offer of Lord Eldon to return to office; for if that sturdy adherent to ancient prejudices had been Lord Chancellor or President of the Council, the Government must either have been speedily dissolved by internal dissensions or overthrown by a vain resistance to the popular voice. Lorem ipsum dolor sit amet.

THREE: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 unexampled��bankers, 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 bubbles��the railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculations��which 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.The kindred science of medicine was also in marked advance. Dr. Thomas Sydenham, who died in 1689, at the very commencement of this period, had prepared the way for a more profound knowledge of the science by his careful and persevering observation of facts and symptoms; and the improvements he introduced guided medical men in the treatment of disease till the end of this period. Anatomical science was greatly advanced at this era by Malpighi, Steno, Ruysch, Duverney, Morgagni, Albinus, Haller, and other Continental physicians. In England Humphrey Ridley published a work on the brain in 1695, and William Cowper, in 1698, his anatomical tables, said to be borrowed from the Dutch anatomist, Bidloo. In 1726 Alexander Munro published his "Osteology;" he was also founder of the Medical School of Edinburgh. In 1733 William Cheselden, the most expert operator of his day, published his "Osteography." In 1727 Stephen Hales published his "Vegetable Statics," and in 1733 his "H?mastatics," which carried both vegetable and animal physiology beyond all preceding knowledge either here or abroad. Zoology and comparative anatomy also received some progress from the labours of Nehemiah Grew, Tyson, Collins, and other members of the Royal Society. Lorem ipsum dolor sit amet.

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