ONE:The news spread on every side; the retreat of the English from Concord, which always was intended, as soon as the object was accomplished, was represented as an ignominious flight before the conquering Americans, and the effect was marvellous. Men flocked from all quarters. There were some twenty thousand men assembled round Boston, forming a line nearly twenty miles in extent, with their left leaning on the river Mystic, and their right on the town of Boston. Putnam and Ward became the souls of the American army. Gage, who was awaiting fresh reinforcements, lay quiet, contented to hold his post, when he might, according to military authorities, have attacked the American lines, at first loose, and without any proper order and consistency, with great advantage. The inhabitants of Boston, not relishing the idea of a blockade, applied to Gage for permission to retire. He replied that they were at liberty to do so with their families and effects, on surrendering their arms. The Bostonians at once interpreted this to mean the whole of their merchandise, and Gage, in consequence, countermanded his permission.In this year the Spanish Legion, which had been sent to help the Constitutionalists in Spain was dissolved, after an inglorious career. It had been constantly attacked by the Conservatives in Parliament. Thus, in the Session of 1837, Lord Mahon, who had been Under-Secretary for Foreign Affairs in Sir Robert Peel's Government, reviewed the line of policy pursued by Lord Palmerston. He complained that the public had been kept in a[454] state of ignorance whether they were at peace or at war, and in his opinion it was a peace without tranquillity and a war without honour. The object of the Quadruple Alliance had been to appease the civil dissensions in Portugal, and not to sanction the intervention of France and Britain in Spain. He lamented the policy that led to the additional articles signed in 1834, which stipulated for a certain degree of interference. But Lord Palmerston had thought proper to proceed still further, in suspending the Foreign Enlistment Act, and allowing 12,000 Englishmen to enlist under the banners of the Queen of Spain. More than 540,000 had been already expended in the war; and in Lord Mahon's opinion the influence of Great Britain in Spain had not been augmented by these measures, in proof of which he alleged that British merchants got less fair play there than French merchants. Lord Palmerston defended his policy against the attacks of Lord Mahon and other speakers. The Quadruple Treaty, he contended, contemplated assistance to the Constitutional party in Spain as well as in Portugal. It was concluded because there was a civil war in Portugal; and when the civil war was transferred to Spain, the same parties who took part with Portugal by treaty were bound at an early period to extend its provisions to Spain, its object being expressly "the pacification of the Peninsula by the expulsion of the two Infants from it." He differed widely from Lord Mahon in thinking the suspension of the Foreign Enlistment Act was disgraceful to the Government. Examples of the same kind were to be found in the most brilliant periods of the history of England.
TWO:The Company was then compelled to reduce its dividends to six per cent. and apply to Parliament for a loan of a million and a half to meet its pecuniary difficulties. This, Ministers and Parliament complied with, and proceeding to relieve the Company of its embarrassments, Lord North[208] proposed and carried a measure, by which the Company, which had no less than seventeen million pounds of tea in its warehouses, should, without limit of time, be authorised to export its teas to the British colonies of America duty free. This was thought a great and conciliatory boon to the Americans, but it proved otherwise. The import duty of threepence in the pound was still stubbornly retained, and the Americans, looking at the principle of taxation, and not at a mere temptation of a cheapened article, saw through the snare, and indignantly rejected it. The principal tea merchants declared that this would be the case, and that the whole Government scheme was wild and visionary.
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.Such was the state of Spain, though nominally conquered by the French. It was only held by a vast force, and there was no prospect that this force could ever be dispensed with. Joseph was so heartily tired of his kingdom that, on going to Paris to attend Napoleon's marriage, he declared that he would abdicate unless he were made generalissimo of all the forces in Spain, the separate generals, in their own provinces, paying but little regard to his commands, but each acting as if viceroy of his own province. To Napoleon the state of things was equally irksome. The drain of men and money was intolerable, and appeared without prospect of any end. He resolved, therefore, to make a gigantic effort to drive the British out of Portugal, when he hoped to be able to subjugate Spain. He could not yet proceed thither himself, but he sent heavy reinforcements under Drouet and Junot, and dispatched Massena, who was reckoned the greatest general next to himself, to drive Wellington into the sea. Massena had been so uniformly victorious, that Buonaparte styled him "the dear child of victory," and had made him Prince of Esslingen.
Nunc at viverra risus. In euismod quam ac dictum varius. Nunc at viverra risus.
Nunc at viverra risus. In euismod quam ac dictum varius. Nunc at viverra risus. In euismod quam ac dictum varius. Nunc at viverra risus. In euismod quam ac dictum varius. Nunc at viverra risus.