TWO:Every one knows how well these instructions were carried out; how the final hope of Napoleon was destroyed by the conflagration of Moscow, and the terrors of that fearful retreat, in which clouds of Cossacks, mingling with those of the snow and hail, completed the most horrible tragedy which the history of wars from the world's foundation contains; with what consummate ability Bernadotte led his Swedes, through all the great and eventful campaign of 1813, from Leipsic to Paris, and how he received his rewardthe possession of Norway, and a family compact between himself and the Czar of Russia; while Denmark, with a fatal blindness to the signs of the times, adhered to the falling power, and became, like Saxony, dismembered and debilitated.If we were to believe figures, and the returns of exports and imports, and of duties paid, we must set down the opening of the year 1819 as considerably prosperous. This was the view which Ministers took of the condition of Great Britain when they met the new Parliament on the 14th of January. The speculations that had been carried on during 1818 had swelled the revenue, and given an impression of growing commerce, which unfortunately did not exist. The results of these speculations in imports of raw material, especially of cotton, and in extensive exports of manufactures to countries not yet sufficiently reinvigorated to purchase, had produced numerous and heavy failures during the latter part of the past year, and these still continued, in strange contrast to the self-congratulating language of Ministers. In nothing was the fall of price so great as in cotton, and those who had bought[142] largely suffered in proportion. These bankruptcies were not confined to Great Britain; they extended to New York, and to southern ports of the United States, where the same speculation had been going on largely.
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