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5In 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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ONE:They succeeded in landing unobserved by any of the sentinels posted along the shore, where they had to wait for the boats fetching over the second detachment, there not being boats enough. Before this arrived, they began to climb the rocks by a narrow track, so steep and rugged that they could only ascend by clinging to the bushes and projecting crags. Directly above their heads was a watch-post of a captain and a hundred and fifty men. There, as they drew near the summit, Colonel Howea brother of Lord Howe, who fell at Ticonderogaleading the van, the watch became aware of a noise, and fired down the rocks, directed by the sound. The English soldiers imprudently returned the volley upwards, instead of reserving it until they had gained the ascent. They continued their scramble up, however, with redoubled ardour, and the French, on their sudden appearance, panic-struck, fled. The second detachment soon followed them, and the whole little army stood on the heights above the town before the break of day."I have had great satisfaction in giving my assent to the measures which you have presented to me from time to time, calculated to extend commerce, and to stimulate domestic skill and industry, by the repeal of prohibitory and the relaxation of protective duties. 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.VIEW IN DRESDEN.


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THREE:Scarcely was the Prince married, when he began to complain of his limited income. His father, as Prince of Wales, had been allowed one hundred thousand pounds from the Civil List, which then was only seven hundred thousand pounds, but he now received only fifty thousand pounds from a Civil List of eight hundred thousand pounds. Bolingbroke, two years before, on leaving England, told the prince, as his parting advice, to apply to Parliament, without any regard to the king, for a permanent income of one hundred thousand pounds a year. Under these circumstances, Walpole persuaded the king to send a message to the prince, offering to settle a large jointure on the princess, and to make the prince's own income independent of his father. Here the prince ought to have yielded; if he had been either politic or well-disposed, he would have done so. The king was at this time very ill, and his physicians declared that if he did not alter soon, he could not live a twelvemonth. This circumstance of itself would have touched any young man of the least natural feeling, to say nothing of policy; for, if the king died, there was an end of the questionthe prince would be king himself. But he was now in such a temper that he would not listen to the royal proposal; and the next day, the 22nd of February, 1737, Pulteney made his motion in the House of Commons for an address beseeching the king to settle upon the prince a hundred thousand pounds a year, and promising that the House would enable him effectually to do so. What was still stranger, it was seconded by Sir John Barnard. The[68] Commons were not willing to run counter to a prince apparently on the point of ascending the throne, and Walpole would have found himself in a minority had Wyndham, as he hoped, brought the Tories to vote for the prince. But forty-five Jacobites, who could not bring themselves to vote for an heir of the House of Hanover, though they would by that have done a serious mischief to the Hanoverian usurper, as they styled him, rose in a body and quitted the House. On the division, the Ministerial party amounted to two hundred and thirty-four, the Opposition to only two hundred and fourbeing a majority for Ministers of exactly thirty. The next day the same motion was made in the Lords by Carteret, but was rejected by a large majorityone hundred and three to forty.

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THREE:[See larger version]The great meeting had been intended to take place on the 9th of August; and on the 31st of July an advertisement appeared in the Manchester Observer calling on the inhabitants to meet on the 9th in the area near St. Peter's Church for the purpose of electing a representative to Parliament, as well as for adopting Major Cartwright's plan of Parliamentary Reform. This immediately drew from the magistrates a notice that such a meeting would be illegal, and that those who attended it would do so at their peril. The working men on this announced that the meeting would not take place, and a requisition was presented to the borough-reeve and constables, requesting leave to hold such a meeting. It was refused; and on its refusal the people proceeded with their original design, only appointing the 16th as the day of meeting, with Hunt in the chair.

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THREE:A second question regarding the late Minister became immediately necessary. He had died deeply in debt. It was one of the fine qualities of Pitt that he never had a love of money, or an ambition to create a great estate at the expense of the country, like too many statesmen. At an early period of Pitt's ministerial career, though a bachelor, he was so hopelessly in debt, that his friend, Robert Smith, afterwards Baron Carrington, had looked into his affairs, and declared that, of all scenes of domestic robbery by servants, and wild charges by tradesmen, he had never witnessed anything to compare with it. The financial management of his own income and that of the nation were just on a par in Pitt's case. He let his own money go like water, and he would have flung any quantity of the nation's property away on his quixotic scheme of propping up the thoroughly rotten and hopeless condition of the Continental governments. A strong effort was now made by such of Pitt's creditors as had advanced money to him, to be repaid by the nation. In this endeavour none were more eager than his great friends and relatives, who had been enabled by him to draw a hundredfold from the nation what they had lent him. Wilberforce, however, proposed that they should not only forego their individual claims, but should contribute each a moderate sum towards the raising of forty thousand pounds, which would pay his tradesmen; but here the great relatives and friends became dumb and motionless. Spencer Perceval offered a thousand pounds, and one or two others made some offers; but the appeal was in vain, and a motion was proposed by Mr. Cartwright, on the 3rd of February, that the nation should pay this sum. This was carried at once.The success of the Scottish courts in sentencing Reformers encouraged the Ministers to try the experiment in England; but there it did not succeed so well. First, one Eaton, a bookseller, of Bishopgate, was indicted for selling a seditious libel, called "Politics for the People; or, Hog's-wash." On the 2nd of April, Thomas Walker, a merchant of Manchesterwas, with six others, indicted at the Lancaster assizes; but Eaton, in London, and these Manchester men, were acquitted. Rather irritated than discouraged by these failures, Pitt and Dundas made a swoop at the leaders of the Corresponding Society, and the Society for Constitutional Information in London; and, in the month of May, Horne Tooke, John Thelwalla celebrated political lecturerThomas Hardy, Daniel Adams, and the Rev. Jeremiah Joyceprivate secretary to the Earl of Stanhope, and tutor to his son, Lord Mahonwere arrested and committed to the Tower on a charge of high treason. No sooner was this done, than, on the 12th of May, Dundas announced to the House of Commons that, in consequence of the Government having been informed of seditious practices being carried on by the above-named societies, they had seized their papers, and he now demanded that a committee of secrecy should be appointed to examine these papers. This was agreed to; and on the 16th Pitt brought up the report of this committee, which was so absurd in its results that nothing but the most blind political desperation could have induced the Government to make it known. The committee found nothing amongst these papers but the reports of the societies since the year 1791, which had been annually published and made known to every one. Yet on this miserable evidence Pitt called for the suspension of the Habeas Corpus Act, and it was accordingly granted, Burkewho now seems to have grown quite politically mad by dwelling on the horrors of the French Revolutionbelieving it the only measure to insure the safety of the country. Windham and others asserted that the mere suspension of the Habeas Corpus Act was hardly[430] sufficient: there required yet more stringent measures. Similar language was held in the Lords, but did not pass without some severe comments from the Duke of Bedford, and the Lords Stanhope, Lauderdale, and Albemarle, who declared that Ministers, instead of suppressing, were creating a veritable reign of terror. The Bill was, notwithstanding, readily passed; and on the 13th of June an Address was carried to his Majesty, expressing the determination of their lordships to punish the men who had been concerned in the so-called conspiracy. Fox and Lambton condemned this course energetically in the Commons, declaring that, if there were any conspiracy, the ordinary laws and tribunals were amply sufficient for their punishment. Fox moved that all that part of the Address which expressed a conviction of the existence of a conspiracy should be struck out, but it was carried entire; and such was the alarm of the country at the reverses of the Allies on the Continent and the successes of France, that far more violent measures would have been readily assented to.
THREE:[253]WILLIAM PITT. (After the Portrait by John Hoppner, R.A.)
THREE:[See larger version]Told what no tongue could speak;
THREE:[137]
THREE:Before this great measure had passed, Pitt had introduced his Budget. On the 30th of June he made his financial statement. He said that the resources of the country were in a very burthened and disordered state; but that was not his work, but the work of his predecessors. The outstanding arrears, owing to the late war, were already ascertained to amount at least to fourteen million pounds. These operated very injuriously on the public credit, being at a discount of from fifteen to twenty per cent.; and that without greatly[308] affecting the public securities, he should not be able to find more than six million six hundred thousand six hundred pounds of them at once. To meet the interest, he proposed to raise taxes to the amount of nine hundred thousand pounds a year. The impostssome entirely new, and some augmentedwere on hats, ribbons, gauzes, coals, saddle and pleasure horses, printed linens and calicoes, candles, paper, and hackney coaches; licences to deal in excisable commodities, bricks, and tiles; licences for shooting game.For the reasons here stated, early in the summer a powerful fleet was fitted out with the utmost dispatch and secrecy by the new Ministry, and sent to the Baltic. The fleet consisted of twenty-five sail of the line, more than forty frigates, sloops, bomb-vessels, and gun-brigs, with three hundred and seventy-seven transports to convey over twenty-seven thousand troops from Stralsund, a great part of which were Germans in British pay. Admiral Gambier commanded the fleet, and Lord Cathcart the army, having second in command Sir Arthur Wellesley. On the 1st of August the British fleet was off the entrance of Gothenburg, and Admiral Gambier sent Commodore Keats into the Great Belt to cut off any passage from Holstein for the defence of Copenhagen. Admiral Gambier himself entered the Sound, passed the castles without any attack from them, and anchored in Elsinore Roads. By the 9th of August the whole fleet and the transports were collected there, and Mr. Jackson, who had been many years British envoy in the north of Germany, and knew most of the Danish Ministers, was dispatched to Kiel, in Holstein, where the Crown Prince lay with an army of from twenty[541] thousand to thirty thousand men, to endeavour to induce him to enter into an alliance with Great Britain, and to deliver the fleet to its keeping till the peace, stating the necessity that the British commanders would otherwise be under of taking possession of it by force. The Crown Prince, though the British had made it impossible to cross over and defend the fleet, received the overture with the utmost indignation. Mr. Jackson returned to Admiral Gambier, and the Crown Prince sent a messenger to order Copenhagen to be put into a state of defence. But there was scarcely a gun upon the walls, and the population only numbered, excluding the sailors, some thirteen thousand men, inclusive of five thousand five hundred volunteers and militia. On the 17th several Danish gunboats came out of the harbour, fired at some of our transports coming from Stralsund, burnt an English vessel, and attacked the pickets of Lord Cathcart's army. These vessels were driven back again by bombshells, and that evening Admiral Gambier took up a nearer station north-east of the Crown battery, the Trekroner. He then proceeded to surround the whole of the island of Zealand, on which Copenhagen stands, with our vessels. The division of the army landed at Wedbeck having now marched up, was joined by other divisions, and proceeded to entrench themselves in the suburbs of Copenhagen. They were attacked by the gunboats, but, on the 27th, they had covered themselves by a good battery, and they then turned their cannon on the gunboats, and soon compelled them to draw off. On the 29th Sir Arthur Wellesley marched to Ki?ge, against a body of Danish troops that had strongly fortified themselves there in order to assail the besiegers, and he quickly routed them. The Danish troops then made several dashing sorties from Copenhagen, while their gunboats and floating batteries attacked our advanced vessels, and managed, by a ball from the Trekroner, to blow up one of our transports. The French had now arrived at Stralsund, and Keats was sent to blockade that port, to hinder them from crossing over into Zealand; nothing but the extreme rapidity of the movements of the British prevented a powerful army of French from being already in Copenhagen for its defence.
THREE:Parliament met on the 15th of November, and the very first object which engaged the attention of both Houses was Wilkes. In such fiery haste were Ministers, that Lord Sandwich, in the Peers, started up, before the king's speech could be considered, and declared that he held in his hand a most filthy and atrocious libel, written by Wilkes, called "An Essay on Woman." Wilkes never had published the filth. He had written, as it appeared, by the assistance of a profligate and now deceased son of Archbishop Potter, this "Essay on Woman;" but he had never published it. It had lain in his desk, and had only been read to two personsone of whom was Sandwich himself. When Wilkes, however, was driven to set up a printing press in his own house, he had printed a dozen copies of the "Essay on Woman," to give to his dissolute friends, whom he used to meet at the Dilettanti Club, in Palace Yard. Sandwich, aware of the existence of the essay, had bribed one of Wilkes's printers, named Curry, to lend him a copy of it, and had paid him five guineas as a guarantee for its safe return. The whole thing was a stupid parody of Pope's "Essay on Man;" in which, instead of the inscription to Bolingbroke, commencing "Awake, my St. John!" there appeared an invocation beginning, "Awake, my Sandwich!" and there were also ridiculous notes attributed to Warburton.
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ONE:[See larger version]We have now to turn from the feeble and ill-directed efforts of Britain to counteract the plans of Napoleon on land to the successful ones on her really protecting elementthe sea. All Napoleon's endeavours to cross the Channel with his Grand Army he had seen to be impossible. Nelson was riding there in his glory, and the French fleets were only safe while they were in port. The impatience of this restraint caused Napoleon to urge on his admirals a greater daring; and these incitements to a rash hazard brought, eventually, that which must have occurred sooner, had the admirals listened to his suggestions rather than their own knowledge of the truththe utter destruction of the French navy. Under such stimulants from the Emperor, Villeneuve seized the opportunity, when the weather had driven back the blockading British fleet, to steal out of Toulon on the 18th of January, 1805, and another fleet of ten vessels escaped out of Rochefort on the 11th of the same month. These squadrons stood away for the West Indies, and managed to get home again without meeting with a British fleet. Thus encouraged, Villeneuve made another venture. Nelson, who was watching Villeneuve off Toulon, in order to tempt him out, bore away along the Spanish coast as far as Barcelona. Villeneuve put out to sea on the 31st of March, with ten ships of the line, seven frigates, and two brigs. Nelson had gone a little too far, and it was not till the 7th of April that he heard of their issue from port. Before he could prevent it, they had passed the Strait of Gibraltar, and struck once more across the Atlantic. He was joined by the Spanish admiral, Gravina, from Cadiz, with six Spanish ships of the line, and two other French ships of the line. This combined fleet now amounted to eighteen sail of the line, six forty-four gun ships, and a number of smaller craft. Nelson did not hesitate to pursue them with his ten ships of the line and three frigates; but contrary winds withheld him, and it was the 7th of May before he could get out of the Strait of Gibraltar. His ships were, most of them, in very bad condition, one of them, the Superb, not having been in a home port for four years. Villeneuve had upwards of a month's start of Nelson, and his orders were to bear away to Martinique with five thousand one hundred troops, which he had on board, to capture St. Lucia, and strengthen the garrisons of Martinique, Guadeloupe, and Dominica. He was afterwards to wait and see if Gautheaume could get out of Brest and join him with twenty-one more sail of the line, when they were to do all possible mischief amongst our islands and merchantmen. But the chief scheme was, by this means, to draw the British fleet after them, and then, hurrying back, enable Buonaparte to cross the Channel for England. Villeneuve did nothing but take the Diamond Rock, a fortification of the British, lying opposite to Fort Royal Bay, into which he had entered. He then sailed to Guadeloupe, where he was joined by two seventy-four gun ships; and an American having apprised him of a homeward-bound British convoy, he went after it, and succeeded, off Antigua, in capturing fifteen merchantmen. His success was, however, spoiled in the possession of it, for one of the prisoners informed him that Nelson was already in the West Indies in quest of him. Terrified at this news, he burnt all his prizes, and made all sail homewards. Nelson, in the meantime, was misled by some of the Yankee skippers abounding in those seas, and sent on a false scent after Villeneuve towards Venezuela and the mouth of the Orinoco. Not finding him, he was satisfied that he had sailed for Europe, and he made after him. Nelson sighted Cape St. Vincent on the 17th of July, after a run of more than three thousand two hundred miles. The next day he fell in with Admiral Collingwood, who was watching Cadiz, but who had no news of Villeneuve, but informed him that Sir Robert Calder was blockading Ferrol. On the 19th he anchored in the Bay of Gibraltar, and went on shore for the first time for two years, short only of two days. Hearing that Villeneuve was still out in the Atlantic, he bore away westward again to intercept him, but in vain; and, on returning to Ushant, where Collingwood was cruising, he learned that Sir Robert Calder had met with and attacked him at the very time Nelson was off Gibraltar, namely, on the 22nd of July.[509]
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TWO:The same scenes, but on a still larger scale, were exhibiting in the capital. The Reign of Terror was fully inaugurated, and rapidly extending itself. At first, on the expulsion of the Girondists from the Conventionthat is, in Junethe guillotinings were only fourteen. In July the number was about the same; but in August Robespierre became a member of the Committee of Public Safety, which carried on the machinery of government, and then the work went on swimmingly. From the moment that Robespierre took his place on the Committee, the stream of blood flowed freely and steadily. His friendif such monsters can be said to have any friendsBarrre, who belonged to the timid Plain till the Girondists were[424] overthrown, now became his active agent. He proposed, on the 7th of August, that William Pitt should be proclaimed the enemy of the whole human race, and that a decree should be passed that every man had a right to assassinate him. On the 9th it was announced that the Republic was completed; that Hrault de Schelles had produced a new and perfect constitution, which was at once adopted by the Convention. It was a constitution containing all the doctrines of the Mountain, in the bombast of that truculent faction. As it was quickly set aside, we need not detail its principles. Then this constitution was celebrated on the 10th of August, the anniversary sacred to the downfall of monarchy. Next followed fresh executions, among the most notable victims being Marie Antoinette (October 16) and Madame Roland (November 9), while most of the prominent Girondists were hunted down and killed.

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[See larger version]During that evening and night there were serious contentions between the mob and the soldiers still posted in front of Sir Francis's house, and one man was shot by the military. Scarcely had the sheriffs quitted the house of the besieged baronet on the Sunday morning, supposing no attempt at capture would take place that day, when the serjeant-at-arms presented himself with a party of police, and demanded entrance, but in vain. All that day, and late into the night, the mob continued to insult the soldiers who kept guard on the baronet's house, and an order being given at night to clear the streets around, the mob broke the lamps, and threw all into darkness. They then carried away the scaffolding from a house under repair, and made a barricade across[597] Piccadilly, which was, however, removed by the soldiers; and the rain falling in torrents, the mob dispersed.
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