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Opening of 1843Assassination of DrummondThe Quarterly on the LeagueScene between Peel and CobdenMr. Villiers's Annual MotionPeel's Free Trade AdmissionsProgress of the League AgitationActivity of its PressImportant AccessionsInvasion of the County ConstituenciesThe Free Traders in ParliamentDisraeli attacks PeelLord John Russell's AttitudeDebate on Mr. Villiers's MotionMr. Goulburn's BudgetThe Sugar DutiesDefeat of the GovernmentPeel obtains a Reconsideration of the VoteDisraeli's SarcasmsThe Anti-League LeagueSupposed Decline of CobdenismThe Session of 1845The BudgetBreach between Peel and his PartyThe Potato DiseaseThe Cabinet CouncilMemorandum of November 6Dissent of Peel's ColleaguesPeel's Explanation of his MotivesLord Stanley's ExpostulationAnnouncement in the TimesThe Edinburgh LetterResignation of the MinistryRussell Fails to Form a GovernmentReturn of PeelParliament meetsDebates on the Queen's SpeechPeel's general StatementMr. Bright's EulogiumThe Corn Bill passes the Commons and the LordsDefeat of Sir Robert PeelSome scattered Facts of his Administration.
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THREE:A combination of circumstances invested the accession on the 20th of June, of the Princess Victoria, with peculiar interest. She was the third female Sovereign called to occupy the throne since the Reformation; and like those of Elizabeth and Anne, her reign has served to mark an era in British history. The novelty of a female Sovereign, especially one so young, had a charm for all classes in society. The superior gifts and the amiable disposition of the Princess, the care with which she had been educated by her mother, and all that had been known of her private life and her favourite pursuits, prepared the nation to hail her accession with sincere acclamations. There was something which could not fail to excite the imagination and touch the heart, in seeing one who in a private station would be regarded as a mere girl, just old enough to come out into society, called upon to assume the sceptre of the greatest empire in the world, and to sit upon one of the oldest thrones, receiving the willing homage of statesmen and warriors who had been historic characters for half a century. We are not surprised, therefore, to read that the mingled majesty and grace with which she assumed her high functions excited universal admiration, and "drew tears from many eyes which had not been wet for half a lifetime;" and that warriors trembled with emotion, who had never known fear in the presence of the enemy. When the ceremony of taking the oath of allegiance had been gone through, her Majesty addressed the Privy Council:"The severe and afflicting loss which the nation has sustained by the death of his Majesty, my beloved uncle, has devolved upon me the duty of administering the government of this empire. This awful responsibility is imposed upon me so suddenly, and at so early a period of my life, that I should feel myself utterly oppressed by the burden, were I not sustained by the hope that Divine Providence, which has called me to this work, will give me strength for the performance of it; and that I shall find in the purity of my intentions, and in my zeal for the public welfare, that support and those resources which usually belong to a more mature age and to long experience. I place my firm reliance upon the wisdom of Parliament, and upon the loyalty and affection of my people."

By Elena Smith

Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of 174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which 70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:[See larger version]SIR JAMES MACKINTOSH. (After the Portrait by Sir T. Lawrence, P.R.A.)The naval transactions of 1810 were almost wholly confined to watching the French, Spanish, and Italian coasts, to thwart the French, who, on their part, were continually on the watch for any of our blockading ships being driven by the weather, or called to some other station, in order to run out and convey men and stores into Spain. The last action of Lord Collingwood took place in this service. Though his health was fast failing, and he had repeatedly entreated the Admiralty to allow him to give up the command and go home to his familythe only chance of his long survivalthey always refused. His complaint was declared by the faculty to be owing to his long confinement on board ships, and he had now scarcely set foot on shore for three years. But notwithstanding all this, with a singular selfishness the Admiralty kept him on board, and he was too high-minded to resign his commission whilst he could be of service to his country. In this state of health he was lying off Toulon, blockading that port, when he was driven to Minorca by a gale of wind. He had regained the coast of Catalonia, when he heard that the French fleet had issued from Toulon, and were making for Barcelona. The whole British fleet were in exultation; but on sighting this supposed fleet it was found to consist only of three sail of the line, two frigates, and about twenty other vessels, carrying provisions to the French army at Barcelona. They no sooner caught view of the British fleet than they made off in all haste, and the British gave chase. Admiral Martin was the first to come up with them in the Gulf of Lyons, where two of the ships of the line ran ashore, and were set fire to by the French admiral, Baudin. Two others ran into the harbour of Cette; and eleven of the store-ships ran into the Bay of Rooas, and took refuge under the powerful batteries; but Lord Collingwood, in spite of the batteries, sent in the ships' boats, and in the face of the batteries, and of boarding nets, set fire to and destroyed them. Five other store-ships were captured. This was the last exploit of the brave and worthy Collingwood. His health gave way so fast, that, having in vain endeavoured again to induce the Admiralty to relieve him of his command, expressly assuring them that he was quite worn out, on the 3rd of March he surrendered his post to Rear-Admiral Martin, and set sail in the Ville de Paris for England. But it was too late; he died at sea on the 7th of March, 1810. Very few admirals have done more signal service, or have displayed a more sterling English character than Lord Collingwood; and perhaps none were ever more grudgingly rewarded or so unfeelingly treated by the Admiralty, who, in fact, killed him by a selfish retention of his services, when they could be continued only at the cost of his life.The court-house on the day of nomination presented a striking scene. On the left hand of the sheriff stood a Cabinet Minister, attended by the whole body of the aristocracy and gentry, Protestant and Catholic, of the county Clare. On the right stood Mr. O'Connell, with scarcely a single gentleman by his side. But he was "the man of the people" and of the priests, and so he was master of the situation. Mr. Vesey Fitzgerald was proposed by Sir Edward O'Brien, and seconded by Sir A. Fitzgerald. The Ministerial candidate first addressed the freeholders. He was an accomplished gentleman and an excellent speaker. Mr. Sheil, who was present, remarked that he delivered one of the most effective and dexterous speeches it had ever been his fortune to hear. His venerable father, who had voted against the union in the Irish Parliament, was now on his death-bed, and the knowledge of the[274] contest had been kept from him, lest the excitement should hasten his departure. In alluding to him, and to his own services to the county, Mr. Fitzgerald's eyes filled with tears, and there were few amongst his opponents, excited as they were against him, who did not give the same evidence of emotion; and when he sat down, although the great majority of the audience were strongly opposed to him, and were enthusiasts in favour of the rival candidate, a loud and unanimous burst of acclamation shook the court-house.
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