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ONE:Serious differences between Great Britain and the United States of America occupied the attention of both Governments during the years 1841 and 1842, and were brought to a satisfactory[492] termination by the Ashburton Treaty, referred to in the Royal Speech at the opening of Parliament in 1843. The questions at issue, which were keenly debated on both sides, related to the right of search, the Canadian boundary, and the McLeod affair. The Government of Great Britain regarding the slave-trade as an enormous evil and a scandal to the civilised world, entered into arrangements with other nations for its suppression. For that purpose treaties were concluded, securing to each of the contracting parties the mutual right of search under certain limitations. The United States Government declined to be a party to these treaties, and refused to have their vessels searched or interfered with in time of peace upon the high seas under any pretence whatever. Notwithstanding these treaties, however, and the costly measures which Great Britain had recourse to for suppressing the nefarious traffic in human beings, the slave trade was carried on even by some of the nations that had agreed to the treaties; and in order to do this more effectually, they adopted the flag of the United States. For the purpose of preventing this abuse, Great Britain claimed the right of search or of visitation to ascertain the national character of the vessels navigating the African seas, and detaining their papers to see if they were legally provided with documents entitling them to the protection of any country, and especially of the country whose flag they might have hoisted at the time. Lord Palmerston, as Foreign Secretary, argued that while his Government did not claim the right to search American merchantmen in times of peace, a merchantman could not exempt itself from search by merely hoisting a piece of bunting with the United States emblems and colours upon it. It should be shown by the papers that the vessel was entitled to bear the flag��that she was United States property, and navigated according to law. Mr. Stevenson, the American Minister, protested strongly against this doctrine, denying that there was any ground of public right or justice in the claim put forth, since the right of search was, according to the law of nations, a strictly belligerent right. If other nations sought to cover their infamous traffic by the fraudulent use of the American flag, the Government of the United States was not responsible; and in any case it was for that Government to take such steps as might be required to protect its flag from abuse.CHAPTER III. THE REIGN OF GEORGE II.

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TWO: THREE:Prior to the Revolution the sums voted for the Civil List were granted without any specification as to whether they should be applied to the maintenance of the army, the navy, the civil government, or the household. The king got a lump sum for carrying on the government, defending the country, and supporting the royal dignity; and was allowed to apportion it according to his own discretion��the plan most agreeable to an arbitrary monarch. After the Revolution the expenses of the army and navy were separately voted, and the charges for civil government have been gradually removed from the Civil List. At the accession of William IV. these charges were reduced to the amount required for the expenses of the Royal Household, by the removal of the salaries of the judges, the ambassadors, and the Lord-Lieutenant of Ireland, together with a number of Civil List pensions. This fact should be borne in mind in connection with the sums on the Civil List of former Sovereigns. For example: William III., Anne, and George I. had ��700,000 a year; George II. and George III., ��800,000; George IV., ��850,000; William IV., ��500,000; Queen Victoria received ��385,000. The application was thus limited: Privy Purse, ��60,000; household salaries and retired allowances, ��131,260; household expenses, ��172,500; royal bounty, alms, and special services, ��13,200; leaving an unappropriated balance of upwards of ��8,000 to be employed in supplementing any of the other charges, or in any way her Majesty thought proper. The Pension List was limited to ��1,200 per annum, and the incomes from the Duchies of Lancaster and Cornwall, estimated at ��50,000 a year, were secured to the Crown. Economists grumbled about the magnitude of these allowances, and Lord Melbourne was accused of being over-indulgent to the youthful Sovereign; but her immense popularity silenced all murmurers, and the nation felt happy to give her any amount of money she required.The anti-Gallic spirit was at the same time made violent use of to crush opinion at home. It is true that there was a foolish zeal on behalf of the French Revolution in a certain portion of the British public, which ought, by this time, to have been cooled by the too obvious nature and tendency of that Revolution; but this might readily have been prevented from doing harm by a fair exposure of the folly of the admirers of so bloody and dishonest a system as that of the French Jacobins. But it was more in accordance with the spirit of Government at that time to endeavour to crush the freedom of the press and of speech, under cover of the repression of a Gallic tendency. The persecution began in Scotland.

• FORE:At the close of the Session of 1837 an earnest desire was expressed by the leaders of both parties in the House for an amicable adjustment of two great Irish questions which had been pending for a long time, and had excited considerable ill-feeling, and wasted much of the time of the Legislature��namely, the Irish Church question, and the question of Corporate Reform. The Conservatives were disposed to compromise the matter, and to get the Municipal Reform Bill passed through the Lords, provided the Ministry abandoned the celebrated Appropriation Clause, which would devote any surplus revenue of the Church Establishment, not required for the spiritual care of its members, to the moral and religious education of all classes of the people, without distinction of religious persuasion; providing for the resumption of such surplus, or any part of it, as might be required, by an increase in the numbers of the members of the Established Church. The result of this understanding was the passing of the Tithe Bill. But there were some little incidents of party warfare connected with these matters, which may be noticed here as illustrative of the temper of the times. On the 14th of May Sir Thomas Acland brought forward a resolution for rescinding the Appropriation Clause. This Lord John Russell regarded as a breach of faith. He said that the present motion was not in accordance with the Duke of Wellington's declared desire to see the Irish questions brought to a final settlement. Sir Robert Peel, however, made a statement to show that the complaint of Lord John Russell about being overreached, was without a shadow of foundation. The noble lord's conduct he declared to be without precedent. He called upon Parliament to come to the discussion of a great question, upon a motion which he intended should be the foundation of the final settlement of that question; and yet, so ambiguous was his language, that it was impossible to say what was[451] or was not the purport of his scheme. Sir Thomas Acland's motion for rescinding the Appropriation resolution was rejected by a majority of 19, the numbers being 317 and 298. On the following day Lord John Russell gave Sir Robert Peel distinctly to understand that the Tithe measure would consist solely of a proposition that the composition then existing should be converted into a rent charge. On the 29th of the same month, Lord John Russell having moved that the House should go into committee on the Irish Municipal Bill, Sir Robert Peel gave his views at length on the Irish questions, which were now taken up in earnest, with a view to their final settlement. The House of Commons having disposed of the Corporation Bill, proceeded on the 2nd of July to consider Lord John Russell's resolutions on the Church question. But Mr. Ward, who was strong on that question, attacked the Government for their abandonment of the Appropriation Clause. He concluded by moving a series of resolutions reaffirming the appropriation principle. His motion was rejected by a majority of 270 to 46. The House then went into committee, and in due course the Irish Tithe Bill passed into law, and the vexed Church question was settled for a quarter of a century. The Municipal Bill, however, was once more mutilated by Lord Lyndhurst, who substituted a ��10 for a ��5 valuation. The amendment was rejected by the Commons, but the Lords stood firmly by their decision, and a conference between the two Houses having failed to settle the question, the measure was abandoned. In these events the Ministry had incurred much disrepute.Through all these arrangements Lord North continued to persist in his resignation. If the king had had any glimmering of what was necessary to save the colonies, he would himself have removed North long ago. But the only man who could take the place with any probability of success, or with any of the confidence of the public, was Lord Chatham, whom the king regarded with increasing aversion. Chatham's pride, which would not stoop an inch to mere outside royalty, feeling the higher royalty of his own mind, so far from seeking office, must himself be sought, and this deeply offended the monarch. Lord North could point to no other efficient successor, and George angrily replied that, as regarded "Lord Chatham and his crew," he would not condescend to send for "that perfidious man" as Prime Minister; he would only do it to offer him and his friends places in the Ministry of Lord North.

  Curabitur vestibulum eget mauris quis laoreet. Phasellus in quam laoreet, viverra lacus ut, ultrices velit.

• FORE:Sir Arthur was anxious to engage and defeat Victor before he was joined by the forces of Joseph from Madrid, and of Sebastiani from La Mancha. He therefore dispatched Sir Robert Wilson, at the head of a considerable body of Spanish and Portuguese troops, on the way towards Madrid; and Sir Robert executed this duty with so much promptitude and address that he threw himself into the rear of Victor at Escalona, only eight leagues from the capital. On the 22nd of July the united armies of Britain and Portugal attacked Victor's outposts at Talavera, and drove them in. The stupid old Cuesta was nowhere to be seen; and the next day, the 23rd, when the British were again in position, ready to attack the French, the day was lost, because Cuesta said he would not fight on a Sunday. This tried Sir Arthur's patience past endurance, for every moment was precious, and he wrote on the occasion��"I find General Cuesta more and more impracticable every day. It is impossible to do business with him, and very uncertain that any operation will succeed in which he has any concern. He has quarrelled with some of his principal officers, and I understand they are all dissatisfied with him." The opportunity of beating Victor was thus lost. At midnight he quitted Talavera, and retreated to Santa Olalla, and thence towards Torrijos, to form a junction with Sebastiani. The next morning Wellesley took possession of Talavera, but he could not pursue the enemy, for he says, "he found it impossible to procure a single mule or a cart in Spain." Neither could he procure food for his army. He says his troops had actually been two days in want of provisions, though Cuesta's camp abounded with them. He declared that, under such treatment by those that he had come to save, he would return to Portugal before his army was ruined. On this, Cuesta became as wildly and madly active as he had been before stubbornly passive. He dashed forward after Victor alone, never stopping till he ran against the rear of the[576] united army of Victor and Sebastiani, at Torrijos. Wellesley was quite sure what the result would be, and in a few days Cuesta came flying back with a confused mass of men, bullocks, flocks of sheep, baggage waggons, and artillery, beaten and pursued by the enemy.

  Quisque luctus, quam eget molestie commodo, lacus purus cursus purus, nec rutrum tellus dolor id lorem.

• FORE:Meanwhile, in America military intrigues were on foot against Washington. Amongst these endeavours was one for alienating from him Lafayette. For this purpose an expedition was planned against Canada, and Lafayette, as a Frenchman, was appointed to the command, hoping thus to draw to him the Frenchmen of Canada. Not a word was to be breathed of it to Washington; and Conway and Starke, two of the most malicious members of the cabal, were to take command under Lafayette. On the 24th of January, 1778, Washington received a letter from Gates, the President of the Board of War, commanding him to send one of his best regiments to Albany, on the Hudson, for a particular service, and enclosing another to Lafayette, requiring his immediate attendance on Gates. Gates found, however, that Lafayette was not to be seduced from his attachment to Washington. He would not accept the command, otherwise than as acting in subordination to his Commander-in-Chief; and he should send all his despatches and bulletins to him, at the same time that he furnished copies to Congress. The vain Frenchman verily believed that he was going to restore Canada, not to America, but to the French Crown��a fear which began to haunt Congress after he had set out; but the fear was needless. When Lafayette reached his invading army, instead of two thousand five hundred men, it amounted to about one thousand two hundred, and the militia were nowhere to be heard of. Clothes, provisions, sledges, were all wanting, and, instead of leading his troops, as he was directed, to Lake Champlain, whence he was to proceed to ?le-aux-Noix to blow up the English flotilla, and thence, crossing the Sorel, to descend the St. Lawrence to Montreal, he gave up the expedition with a sigh, and returned to the camp of Washington.Had Sir Home Popham been satisfied with this well-executed piece of service, he would have merited honour; but, this being done, he suggested to Sir David Baird that an expedition might be made with advantage against the Spanish colonies in South America. It was reported��not truly, as it turned out��that these colonies were as poorly defended as they were wealthy. Sir David was weak enough to fall into the scheme, and, without any authority from home, as it would appear, for so important a proceeding, he permitted General Beresford to sail in Sir Home's squadron with a part of his forces. The fleet touched at St. Helena, and took in a few more soldiers, but the whole body did not then amount to more than sixteen hundred. With this contemptible handful of men, the British squadron entered the river La Plata, and landed the troops, on the 24th of June, at a short distance from Buenos Ayres. The few Spanish troops in the city were easily routed, and the place capitulated on the 27th, and Beresford entered and took up his quarters there. But he was not long left at peace. The Spaniards discovering, as a matter of course, the insignificance of the force which had thus rashly surprised the city, collected in sufficient numbers to make prisoners of them all. A French officer in the Spanish service, M. Liniers, landed with a thousand men from Monte Video and Sacramento, and, being joined by the troops of the neighbourhood which had been repulsed by Beresford, appeared before the city on the 10th of July, and summoned the British to surrender. This was the signal for the inhabitants to rise en masse and fall on them. They were prevented from escaping to their ships by the badness of the weather, and were assailed from the windows and doors, and exposed to a general attack in the great square, and were compelled to yield, on condition of being allowed to re-embark; but no sooner had they laid down their arms, than Liniers, who probably looked on them as no better than filibusters, treated them as such, and marched them up the country, where they were rigorously treated. Four hundred of them had perished in this mad attempt. Meanwhile, Sir Home Popham had sent home upwards of a million of dollars, reserving two hundred and five thousand for the pay of the army. There were great rejoicings in London at the news, and at the receipt of the specie. Popham, in his despatches, represented himself as having conquered a great colony, and opened up a wonderful mart for our manufactures; and the Ministry, delighted at the receipt of the dollars, though they had, on first hearing of the scheme, sent out orders to stop the squadron, now, on the 20th of September, issued an Order in Council declaring Buenos Ayres and its dependencies open to our trade. Long before this order could have reached America the whole scene was reversed. Sir Home Popham had, indeed, blockaded the river La Plata, and had attempted to bombard Monte Video, but his ships could not get near enough. In October reinforcements arrived from the Cape and from England, but not in sufficient strength to enable him to do anything decisive. He therefore contented himself with landing troops at Maldonado, and drove the Spaniards from the isle of Gorriti, where he lay to, and waited for greater reinforcements.

  Nulla sed nunc et tortor luctus faucibus. Morbi at aliquet turpis, et consequat felis. Quisque condimentum.

• FORE:

  Sed porttitor placerat rhoncus. In at nunc tellus. Maecenas blandit nunc ligula. Praesent elit leo.

• FORE:The year 1759 is one of the most glorious in our annals. Pitt, by his own spirit, and by selecting brave and able men, had infused such ardour into our service, that our officers no longer seemed the same men. Still, France, stung by the reverses and insults which we had heaped on her, but especially by our ravages of her coast, contemplated a retaliatory descent on ours. Gunboats were accumulated at Le Havre and other ports, and fleets were kept ready at Toulon and Brest, as well as a squadron at Dunkirk, under Admiral Thurot, a brave seaman. The king sent a message to the Commons, demanding the calling out of the militia; and[132] the twenty-four thousand French prisoners who had been left in great destitution by their own Government on our hands, were marched into the interior of the country. In July Admiral Rodney anchored in the roads of Le Havre, bombarded the town, set it on fire in several places, and destroyed many of the gunboats. In August the Toulon fleet, commanded by Admiral De la Clue, on its way to operate against our coast, was pursued by Boscawen, who had recently returned from America, and overtaken off Lagos, in Algarve. De la Clue was mortally wounded, and his ship��reckoned the finest in the French navy��and three others were taken, whilst a fifth was run aground and burnt. At the same time the blockades of Dunkirk and Brest were vigorously kept up.In the following Session Sir Henry Houghton brought it forward again, on the 17th of February. On this occasion a great many Methodist congregations petitioned against the Bill; for the Methodists, though separating themselves from the Church, still insisted that they belonged to it, and held all its tenets, at least of that section of it which is Arminian. It again passed the Commons,[160] but was rejected by the Lords. Finding the Lords so determined against the measure, it was allowed to rest for six years, when circumstances appeared more favourable, and it was again brought forward, in 1779, by Sir Henry Houghton, and carried through both Houses, with the introduction of a clause to this effect, that all who desired to be relieved by the Act should make the affirmation��"I, A. B., do solemnly declare that I am a Christian and a Protestant Dissenter, and that I take the Old and New Testaments, as they are generally received in Protestant countries, for the rule of my faith and practice."

  Vivamus vel quam lacinia, tincidunt dui non, vehicula nisi. Nulla a sem erat. Pellentesque egestas venenatis lorem .

• FORE:

  Quisque hendrerit purus dapibus, ornare nibh vitae, viverra nibh. Fusce vitae aliquam tellus.

TWO:Prevented by the arrival of Daun from utterly destroying Dresden, though he had done enough to require thirty years of peace to restore it, Frederick marched for Silesia. Laudohn, who was besieging Breslau, quitted it at his approach; but the Prussian king, who found himself surrounded by three armies, cut his way, on the 15th of August, at Liegnitz, through Laudohn's division, which he denominated merely "a[140] scratch." He was instantly, however, called away to defend his own capital from a combined army of Russians under Todleben, and of Austrians under Lacy, another Irishman; but before he could reach them they had forced an entrance, on the 9th of October. The Russians, departing from their usual custom of plunder, touched nothing, but levied a contribution of one million seven hundred thousand dollars on the city. At Frederick's approach they withdrew.The British Parliament met on the 21st of January, 1794. The Opposition, on the question of the Address, made a strong remonstrance against the prosecution of the war. They urged the miserable conduct of it, and the failures of the Allies, as arguments for peace. They did not discourage the maintenance of a proper system of self-defence, and therefore acceded to the demands of Ministers for raising the navy to eighty-five thousand men. The production of the Budget by Pitt, on the 2nd of February, gave additional force to their appeals for peace. He stated that the military force of England, including fencibles and volunteers, amounted to a hundred and forty thousand men, and he called for nineteen million nine hundred and thirty-nine thousand pounds for the maintenance of this force, and for the payment of sixty thousand German troops. Besides this, he asked for a loan of eleven million pounds, as well as for the imposition of new taxes. This was an advance in annual expenditure of fifteen million pounds more than only two years ago; and when the manner in which the money was spent was inquired into, the objections became far more serious. It thus appeared that we were not only fighting for Holland and Belgium, but that we were subsidising German princes to fight their own battles. There had been a large subsidy to the King of Prussia, to assist him, in reality, to destroy Poland. We were, in fact, on the threshold of that system of Pitt's, by which Britain engaged to do battle all over Europe with money as well as with men. But remonstrance was in vain. Fox, Grey, and Sheridan, and their party in the Commons, the Marquis of Lansdowne, the Duke of Bedford, and the Whigs in the Peers, made amendment after amendment on these points, but were overwhelmed by Pitt's majorities. Burke, in the Commons, was frantic in advocacy of war, because France was revolutionary and impious. THREE:Gustavus Adolphus IV. of Sweden��with all the military ardour of Charles XII., but without his military talent; with all the chivalry of an ancient knight, but at the head of a kingdom diminished and impoverished��had resisted Buonaparte as proudly as if he were monarch of a nation of the first magnitude. He refused to fawn on Napoleon; he did not hesitate to denounce him as the curse of all Europe. He was the only king in Europe, except that of Great Britain, who withstood the marauder. He was at peace with Great Britain, but Alexander of Russia, who had for his own purposes made an alliance with Napoleon, called on him to shut out the British vessels from the Baltic. Gustavus indignantly refused, though he was at the same time threatened with invasion by France, whose troops, under Bernadotte, already occupied Denmark. At once he found Finland invaded by sixty thousand Russians, without any previous declaration of war. Finland was lost, and Alexander saw his treachery rewarded with the possession of a country larger than Great Britain, and with the whole eastern coast of the Baltic, from Tornea to Memel; the ?land Isles were also conquered and appropriated at this time. The unfortunate Gustavus, whose high honour and integrity of principle stood in noble contrast to those of most of the crowned heads of Europe, was not only deposed for his misfortunes, but his line deprived of the crown for ever. This took place in March, 1809. The unfortunate monarch was long confined in the castle of Gripsholm, where he was said to have been visited by the apparition of King Eric XIV. He was then permitted to retire into Germany, where, disdainfully refusing a pension, he divorced his wife, the sister of the Empress of Russia, assumed the name of Colonel Gustavson, and went, in proud poverty, to live in Switzerland. These events led to the last of Sweden's great transactions on the field of Europe, and by far the most extraordinary of all.

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TWO: THREE:France ceded Canada, Nova Scotia, and Cape Breton, stipulating for the free exercise of their religion by the inhabitants of Canada, and for their leaving the country if they preferred it, carrying away their effects, if done within eighteen months. Nova Scotia and Cape Breton were given up unconditionally. The boundaries of Louisiana were more clearly defined. The French retained the right to fish on part of the coast of Newfoundland and in the Gulf of St. Lawrence and to retain the two little islets of St. Pierre and Miquelon, as places of shelter for their fishermen, on condition that no batteries should be raised on them, nor more than fifty soldiers keep guard there. Their fishermen were not to approach within fifteen miles of Cape Breton.

• FORE:General Cartaux arrived and took up his position in the villages around Toulon. He was reinforced by General Doppet, from the Rhone, and General Dugommier, from the Var; and the latter had in his corps-d'arm��e a young lieutenant of artillery, who contained in his yet unknown person the very genius of war��namely, Napoleon Buonaparte. Cartaux was a man who had risen from the ranks; Doppet had been a physician in Savoy; and Dugommier was acting on a plan sent from the Convention. Buonaparte suggested what he thought a much superior plan. "All you need," he said, "is to send away the English; and to do that, you have only to sweep the harbour and the roadstead with your batteries. Drive away the[423] ships, and the troops will not remain. Take the promontory of La Grasse, which commands both the inner and outer harbour, and Toulon will be yours in a couple of days." On this promontory stood two forts, Equilette and Balaquier, which had been much strengthened by the English. It was resolved to assault these forts, and batteries opposite to them were erected by the French under Buonaparte's direction. After much desperate fighting, vast numbers of troops being pressed against the forts, that of Balaquier was taken. This gave the French such command of the inner harbour, that Lord Hood called a council of war, and showed the necessity of retiring with the fleet, and thus enabling the Royalists to escape, who would otherwise be exterminated by their merciless countrymen. This was agreed to, and it was resolved to maintain the different forts till the ships had cleared out. The Neapolitans behaved very ill, showing no regard for anything but their own safety. They held two forts��one at Cape Lebrun, and the other at Cape Lesset; these, they said, they would surrender as soon as the enemy approached. They made haste to get their ships and men out of harbour, leaving all else to take care of themselves. The Spaniards and Piedmontese behaved in a much nobler manner. They assisted willingly all day in getting on board the Royalists��men, women, and children. All night the troops began to defile through a narrow sallyport to the boats under the guns of the fort La Malaga. This was happily effected; and then Sir Sidney Smith, who had recently arrived at Toulon, and had volunteered the perilous office of blowing up the powder-magazines, stores, arsenals, and the ships that could not be removed, began his operations. He succeeded in setting fire to the stores and about forty ships of war that were in the harbour.

  Quisque luctus, quam eget molestie commodo, lacus purus cursus purus, nec rutrum tellus dolor id lorem.

• FORE:The Bute Ministry was now in power, and determined on reversing the policy of Pitt��policy which had added so magnificently to the territory[172] and glory of the country. Bute had now to seek powerful connections to enable him to carry on. The commonplace man seeks to make up for his feebleness by associating with him, not men of merit, but men of aristocratic connection. For this reason he conferred the Privy Seal on the Duke of Bedford, and the Seal of Secretary on the Earl of Egremont. To break the force of popular indignation for the loss of Pitt from the helm��for the people knew who was the great man and successful minister well enough��the king was advised to confer some distinguished mark of favour on Pitt. He was offered the government of Canada as a sinecure, with five thousand pounds a year. Pitt was not the man to undertake a highly responsible office without discharging the duties, and he was next offered the Chancellorship of the Duchy of Lancaster; but he preferred a simple pension of three thousand pounds a-year, and that a title should be conferred on his wife. By this arrangement he was left in the House of Commons, and in a position to continue his exertions for the country. Both these suggestions were complied with.When Emancipation was carried, the Catholics did not forget the claims of Mr. O'Connell, who had laboured so hard during a quarter of a century for its accomplishment. A testimonial was soon afterwards got up to reward him for his services. Mr. C. O'Laughlin, of Dublin, subscribed ��500; the Earl of Shrewsbury 1,000 guineas, and the less grateful Duke of Norfolk the sum of ��100. The collection of the testimonial was organised in every district throughout Ireland, and a sum of ��50,000 sterling was collected. Mr. O'Connell did not love money for its own sake. The immense sums that were poured into the coffers of the Catholic Association were spent freely in carrying on the agitation, and the large annuity which he himself received was mainly devoted to the same object. One means, which had no small effect in accomplishing the object, was the extremely liberal hospitality which was kept up, not only at Derrynane Abbey, but at his town residence in Merrion Square; and he had, besides, a host of retainers more or less dependent upon his bounty.

  Curabitur vestibulum eget mauris quis laoreet. Phasellus in quam laoreet, viverra lacus ut, ultrices velit.

• FORE:[See larger version]It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to do��causes that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discovery��a box containing ��700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from ��17,477,290 to ��25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.

  Nulla sed nunc et tortor luctus faucibus. Morbi at aliquet turpis, et consequat felis. Quisque condimentum.

TWO: H. D. Massey, ��4,000 in cash. THREE:THE GREAT MOGUL ENTERING THE ENGLISH CAMP. (See p. 317.)The consumption of Indian corn during the famine caused a great deal of wild speculation in the corn trade. Splendid fortunes were rapidly made, and as rapidly lost. The price of Indian corn in the middle of February, 1847, was ��19 per ton; at the end of March it was ��13; and by the end of August it had fallen to ��7 10s. The quantity of corn imported into Ireland in the first six months was 2,849,508 tons.

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