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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."
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Jolil Corporation
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FORE:In pursuance of this report, Mr. O'Loughlin, the Irish Attorney-General, introduced a Bill, early in the Session of 1836, for the better regulation of Irish corporations. There still remained, he said, 71 corporations, which included within their territories a population of 900,000, while the number of corporators was only 13,000. Of these, no less than 8,000 were to be found in four of the larger boroughs, leaving only 5,000 corporators for the remaining 67 corporations, containing above 500,000 inhabitants. So exclusive had they been, that though, since 1792, Roman Catholics were eligible as members, not more than 200 had ever been admitted. In Dublin the principle of exclusion was extended to the great majority of Protestants of wealth, respectability, and intelligence. In a word, the Attorney-General said that the management of corporations, and the administration of justice in their hands, was nothing but a tissue of injustice, partisanship, and corruption. He concluded by laying down a plan of Reform which would assimilate the Irish corporations to those of England. On the part of the Conservatives it was admitted that the greater part of the corporations in Ireland were created by James I., avowedly as guardians of the Protestant interests, and to favour the spread of the Protestant religion; and that ancient and venerable system this Bill would annihilatea revolution against which they solemnly protested, even though it covered many abuses which had crept into it during the lapse of time. They were quite appalled at the prospect of the evils that this Bill would produce. Borough magistrates were to be elected by popular suffrage. What a source of discord and animosity! First, there would be the registration of the voters, then the election of the town councillors, and then the election of the mayor, aldermen, and town clerks. What a scene would such a state of things present! How truly was it said that the boroughs would be the normal[391] schools of agitation! Then what was to become of the corporate property, which yielded an income of 61,000, while the expenditure was only 57,000, and the debt charged on it only 133,000? Was all this property to be placed under the control of the priests, whose influence would determine the elections?Full Time
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FORE:Scarcely had Colonel Forde returned from this expedition, towards the end of the year 1759, when the Dutch, envious of the English success, sent an armament of seven men-of-war and one thousand four hundred soldiers from Java. They landed on the Hooghly, and began committing ravages; but Forde surprised and defeated them, taking every one of their ships. They were glad to apologise, and pay the expenses of the war. In February, 1760, a few weeks after these events, Clive, whose health was failing, set sail for England, where he was received with the highest clat, and made an Irish peer, as Lord Clive, Baron of Plassey. He soon after entered Parliament.Part Time
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FORE:By permission of the Corporation of Liverpool.Full Time
Microsoft
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THREE:During these debates, Ministers detailed the proceedings which had for some time past taken place between the Governments of France and Britain, to show that the maintenance of peace was impossible. The chief of these transactions were briefly these:From the date of the conferences at Pillnitz in 1791, when Prussia and Austria resolved to embrace the cause of the French king, and invited the other Powers to support them, Britain declared, both to those Powers and to France, her intention of remaining neutral. It was no easy matter to maintain such neutrality. To the Jacobin leaders, every country with an orderly Government, and still more a monarchy, was an offence. Against Britain they displayed a particular animus, which the most friendly offices did not remove. When, towards the end of 1791, the Declaration of the Rights of Man having reached St. Domingo, the negroes rose in insurrection to claim these rights, Lord Effingham, the Governor of Jamaica, aided the French Colonial Government with arms and ammunition, and the fugitive white people with provisions and protection. When this was notified to the National Assembly, with the King of Britain's approval of it, by Lord Gower, the ambassador at Paris, a vote of thanks was passed, but only to the British nation, and on condition that not even Lord Effingham's name should be mentioned in it. Other transactions on the part of the French still more offensive took place from time to time, but Britain still maintained her neutrality. When war was declared by France against Austria, in April, 1792, Chauvelin announced the fact to the British Government, and requested that British subjects should be prohibited from serving in any foreign army against France. Government at once issued an order to that effect. In June the French Government, through Chauvelin, requested the good offices of Britain in making pacific proposals to Prussia and Austria; but find that France expected more than friendly mediationactual armed coalition with Francethe British Government declined this, as contrary to existing alliances with those Powers. The proclamations of the French Government were already such as breathed war to Europe; all thrones were menaced with annihilation. At this time Mr. Miles, who exerted himself to maintain a friendly feeling between the nations, records, in his correspondence with the French Minister Lebrun and others, that Roland declared to one of his friends that peace was out of the question; that France had three hundred thousand men in arms, and that the Ministers must make them march as far as ever their legs could carry them, or they would return and cut all their throats.CHARTISTS AT CHURCH. (See p. 456.)
