TWO: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.Immediately after this debate the Government took active steps to crush that spirit of free discussion in books, pamphlets and associations, which no doubt had been greatly stimulated by the excitement of the French Revolution, and which they professed to believe was aiming at the same objectthe destruction of the monarchy. But in attempting to check this spirit, they adopted the un-English plan of fettering the press and individual opinion. Pitt's Government issued a proclamation against seditious books, and societies corresponding with the Republicans across the water; and magistrates were desired to make diligent inquiries as to the authors of seditious books and pamphlets, to put down all mischievous associations, and to take the promptest means of suppressing and preventing riots and disturbances. An Address in approbation of this proclamation was moved by Mr. Pepper Arden, the Master of the Rolls, in the Commons, and a short debate was the consequence. In this Grey and Fox declared that the proclamation was unconstitutional, mischievous, and oppressive; that it was a stimulus given to hot-headed and bigoted magistrates all over the country to invade the freedom of the press and of private life, on pretence of preventing disturbance; that the true constitutional remedy for any wrong opinions promulgated by the press was their regulation by right and sound opinions; that the blow was aimed against the Society of the Friends of the People, and intended to crush Reform, and divide the Whig party; that, in truth, the riots and instigations to anarchy came not from the Reformers, but from the Church, the magistracy, and the Tories; and they appealed for the truth of this to the disgraceful scenes which had occurred at Birmingham. They reminded Government that in 1782 Pitt had joined the Duke of Richmond, Major Cartwright, and Horne Tooke, in a meeting, at the Thatched House Tavern, for Reform; that they, the Whigs, had never gone to the length of Cartwright and Horne Tooke in their principles of Reform, as Pitt had done; and they reproached the Minister with his shameful inconsistency. Lord John Russell, Francis, Lambton, and others, supported Grey and Fox; and Windham, Lord North, Dundas, etc., supported Pitt. The Address was carried; and when sent up to the Lords produced another striking exhibition of the change going on in the Whig party; for the Prince of Wales, who had hitherto been in such close union with them, and had been so zealously supported by them, now rose and gave his decided approbation to the Address, declaring that he had been educated in admiration of the established Constitution, and was determined, so far as in him lay, to support it. These words were received with triumph by the Government party, the Address was carried almost unanimously, and was followed by an immediate prosecution of the "Rights of Man," by the Attorney-General, which caused it to be far more generally read than it otherwise would have been.
THREE:Besides the miscellaneous poets, the dramatic ones numbered Congreve, Vanbrugh, Farquhar, Colley Cibber, Nicholas Rowealready mentionedSavage, Lansdowne, Ambrose Philips, and others. In many of the plays of these authors there is great talent, wit, and humour, but mingled with equal grossness. Congreve's dramas are principally "The Old Bachelor," "The Incognita," "The Double Dealer," "The Way of the World," comedies, and "The Mourning Bride," a tragedy. Vanbrugh, the celebrated architect, produced "The Relapse," "The Provoked Wife," "The Confederacy," "The Journey to London," and several other comedies. Farquhar's principal plays are "The Beaux's Stratagem," "Love and a Bottle," and "The Constant Couple." Savage was the author of the tragedy of "Sir Thomas Overbury;" Nicholas Rowe, of five or six tragedies and one comedy, the most popular of which are "The Fair Penitent" and "Jane Shore." Rowe also translated Lucan's "Pharsalia." As for Colley Cibber, he was a mere playwright, and turned out above two dozen comedies, tragedies, and other dramatic pieces. Lord Lansdowne was the author of "The She-gallants," a comedy, and "Heroic Love," a tragedy of some merit; and John Hughes wrote "The Siege of Damascus," a tragedy, which long remained on the stage.Dr. Erasmus Darwin assumed the hopeless task of chaining poetry to the car of science. He was a physician of Derby, and, like Sir Richard Blackmore, "rhymed to the rumbling of his own coach wheels;" for we are told that he wrote his verses as he drove about to his patients. His great poem is the "Botanic Garden," in which he celebrates the loves of the plants, and his "Economy of Vegetation," in which he introduces all sorts of mechanical inventions. Amongst the rest he announces the triumphs of steam in sonorous rhymes
THREE:The army of Joseph dispersed at full speed, and as our cavalry could not pursue them across the hedges and ditches, they managed to escape, and made their way to Pampeluna in one wild, chaotic herd. On the field they profess to have left eight thousand men in killed and wounded, but their loss was far greater. They left, also, one hundred and fifty-one pieces of brass ordnance, four hundred and fifteen caissons, more than forty thousand rounds of ammunition, nearly two million musketball cartridges, forty thousand six hundred and sixty-eight pounds of gunpowder, fifty-six forage[59] waggons, and forty-four forge waggons. The allied army had killed, British, five hundred and one; Portuguese, one hundred and fifty; Spaniards, only eighty-nine: wounded, British, two thousand eight hundred and seven; Portuguese, eight hundred and ninety-nine; Spanish, four hundred and sixty-four. Lord Wellington reported the conduct of almost every officer engaged as admirable. King Joseph did not stop till he was safe, for a time, within the strong walls of Pampeluna, but the garrison there would not admit the rabble herd of fugitives, but sent them off like enemies; and they were forced to continue their flight into the Pyrenees.The Bills were highly necessary, and, on the whole, well calculated to nip in the bud those ever-growing abuses of India and its hundred millions of people which, some seventy years later, compelled Government to take the control out of the hands of a mere trading company, whose only object was to coin as much money as possible out of the country and the folk. But it needed no sagacity to see that the means of defeat lay on the very surface of these Bills. Those whose sordid interests were attacked had only to point to the fact that Parliament, and not the Crown, was to be the governing party under these Bills, in order to secure their rejection. This was quickly done through a most ready agent. Thurlow had been removed by the Ministry from the Woolsack, where he had remained as a steady opponent of all the measures of his colleagues; and it required but a hint from the India House, and he was at the ear of the king. Nothing was easier than for Thurlow to inspire George III. with a deep jealousy of the measure, as aiming at putting the whole government of India into the hands of Parliament and of Ministers, and the effect was soon seen.
- Justine Goliyad
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- Justine Goliyad