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THREE:THE ATTACK ON THE "VILLE DE PARIS." (See p. 292.)Rodney, on reaching the West Indies, found, as we shall see, a combined fleet of French under the Count de Guichen, and of Spanish under Admiral Solano; but he could not bring them to an engagement, and, after a brief brush, they eventually eluded him, Solano taking refuge in Havana, and De Guichen convoying the home-bound merchant ships of France. Disappointed in his hopes[272] of a conflict with these foes, Rodney sailed for the North American coasts. Scarcely had he quitted the European waters, however, when the Spaniards took a severe revenge for his victory over them at St. Vincent. Florida Blanca, the Minister of Spain, learnt, through his spies in England, that the English East and West Indian traders were going out under a very foolishly feeble escort��in fact, of only two ships of the line. Elated at the news, Florida Blanca collected every vessel that he could, and dispatched them, under Admirals Cordova and Gaston, to intercept this precious prize. The enterprise was most successful. The Spanish fleet lay in wait at the point where the East and West India vessels separate, off the Azores, captured sixty sail of merchantmen, and carried them safe into Cadiz. The two vessels of war escaped, but in the East Indiamen were eighteen hundred soldiers going out to reinforce the troops in the East.

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THREE:The Irish peasantry very soon learnt that whatever Emancipation had done or might do for barristers and other persons qualified to hold situations under Government, from which Roman Catholics had previously been almost entirely excluded, it had done nothing to remove or even to mitigate their practical grievances. They found that the rackrents of their holdings were not reduced; that the tax-collector went round as usual, and did not abate his demands; that the tithe-proctor did not fail in his visits, and that, in default of payment, he seized upon the cow or the pig, the pot or the blanket. Through the machinery of the Catholic Association, and the other associations which O'Connell had established, they became readers of newspapers. They had read that a single tithe-proctor had on one occasion processed 1,100 persons for tithes, nearly all of the lower order of farmers or peasants, the expense of each process being about eight shillings. It would be scarcely possible to devise any mode of levying an impost more exasperating, which came home to the bosoms of men with more irritating, humiliating, and maddening power, and which violated more recklessly men's natural sense of justice. If a plan were invented for the purpose of driving men into insurrection, nothing could be more effectual than the tithe-proctor system. Besides, it tended directly to the impoverishment of the country, retarding agricultural improvement and limiting production. If a man kept all his land in pasture, he escaped the impost; but the moment he tilled it, he was subjected to a tax of ten per cent, on the gross produce. The valuation being made by the tithe-proctor��a man whose interest it was to defraud both the tenant and the parson,��the consequence was that the gentry and the large farmers, to a great extent, evaded the tax, and left the small occupiers to bear nearly the whole burden; they even avoided mowing their meadows in some cases, because then they should pay tithe for the hay.

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THREE:Meer Cossim, for a time, served their purpose. They obtained, as the price of his elevation, a large sum of money and an accession of territory. But he was not a man of the obsequious temper of Meer Jaffier. He removed his court from Moorshedabad to Monghyr, two hundred miles farther from Calcutta. He increased and disciplined his troops; he then made compulsory levies on the English traders, from which they had always claimed exemption. There was a loud outcry, and a determined resistance on the part of the English; but Meer Cossim not only continued to compel them to pay the same revenue dues as others, but imprisoned or disgraced every man of note in his dominions who had ever shown regard to the English. It was clear that he chafed under the impositions of his elevators, and meant to free himself from them and their obligations together. It was in vain that the English Council in Calcutta uttered warning and remonstrance; there was the most violent controversy between the English factory at Patna and Meer Cossim. Vansittart hastened to Monghyr, to endeavour to arrange matters with Cossim. He consented to the payment, by the English, of the inland revenue to the amount of nine per cent.; and on his part he accepted a present for himself from Cossim of seven lacs of rupees, or upwards of seventy thousand pounds. But on this occasion, though Vansittart had pocketed this large bribe from Meer Cossim, the council in Calcutta, who got nothing, voted the terms most dishonourable, and sent a fresh deputation to Cossim at Monghyr. This deputation was headed by Mr. Amyott; but as it went to undo what Vansittart had just done, Cossim, who saw no end of exactions, and no security in treating with the English, caused his troops to fall on the unfortunate deputation as they passed through Moorshedabad, and they were all cut to pieces. Here was an end to all agreement with this impracticable man, so the Council immediately decreed the deposition of Meer Cossim, and the restoration of the more pliant puppet, Meer Jaffier.

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THREE:The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.

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