THREE:On the 26th of September the hostile host was seen in full marchcavalry, infantry, and artillery, attended by a vast assemblage of waggons and burden-bearing mules. The spectacle, as described by eye-witnesses, was most imposing in its multitudes and its beautiful order. At night, the whole country along the foot of the hills was lit up by the enemy's camp fires, and towards morning the din of preparation for the contest was plainly audible. Nothing but the overweening confidence of Massena in his invincibility, and the urgent commands of Napoleon, could have induced him to attack the Allied army in such a position; but both he and Buonaparte held the Portuguese as nothing, regarding them no more than as so many Spaniards, unaware of the wonderful change made in them by British discipline. A letter of Buonaparte to Massena had been intercepted, in which he said that "it would be ridiculous to suppose that twenty-five thousand English could withstand sixty thousand French, if the latter did not trifle, but fell on boldly, after having well observed where the blow might be struck." Ney, it is said, was of opinion that this was not such a situation; that it was at too great odds to attack the Allies in the face of such an approach. But Massena did not hesitate; early on the morning of the 27th he sent forward several columns both to the right and left of Wellington's position, to carry the heights. These were met, on Wellington's right, by Picton's division, the 88th regiment being commanded by Lieutenant-Colonel Wallace, and the 45th by Lieutenant-Colonel Meade. They were supported by the 8th Portuguese regiment. The French rushed up boldly to the very heights; but were hurled back at the point of the bayonet, the Portuguese making the charge with as much courage and vigour as the British. Another attempt, still farther to Wellington's right, was made, the French supposing that they were then beyond the British lines, and should turn their flank; but they were there met by General Leith's division, the Royals, the 9th and the 38th regiments, and were forced down the steeps with equal destruction. Both these sanguinary repulses were given to the division of General Regnier. On the left of Wellington the attack was made by Ney's division, which came in contact with that of General Craufurd, especially with the 43rd, 52nd, and 95th regiments of British, and the 3rd Portuguese Ca?adores, and with the same decisive and destructive result. There, too, the Portuguese fought gallantly, and, where they had not room to kill with their bayonets, they imitated the British soldiers, and knocked down the French with the butt-ends of their guns. Everywhere the repulse was complete, and Massena left two thousand slain on the field, and had between three and four thousand wounded. One general was killed, three wounded, one taken prisoner, besides many other officers. The Allies lost about one thousand three hundred, of whom five hundred and seventy-eight were Portuguese. Wellington was delighted with the proof that General Beresford's drilling had answered the very highest expectations, and that henceforth he could count confidently on his Portuguese troops, and he wrote in the most cheering terms of this fact in his dispatches home.Whilst Walpole was thus labouring to secure the peace of Europe, Bolingbroke was as industriously at work to undermine him. He had cultivated his intimacy with the Duchess of Kendal still more diligently, and by liberal bribes, and more liberal promises if he succeeded in once more regaining power, he had brought her to exert her influence with the king in his favour. This most sordid and rapacious of mistresses, who looked on England only as a country to be managed for her benefit, ventured at length to put into the king's hand a memorial drawn up for her by Bolingbroke, demonstrating that the country must be absolutely ruined if Walpole continued in office. The stratagem was too palpable. Whilst she talked only, her suggestions might pass for her own, but the style of the document must have at once caused the king's suspicion of its true source. He put the paper into Walpole's hand. Walpole, after interrogating the two Turks, who were always in attendance on the king, and on their denying all knowledge of the means by which the missive reached the royal person, went directly to the Duchess and charged her with the fact. She did not deny it. Walpole advised the king to admit Bolingbroke to the audience which he solicited in the memorial, trusting that the king's dislike of him would prevail in the interview. The result appeared to be of that kind; nevertheless, Walpole was far from being secure in his own mind. He knew that the mistress would be continually returning to the charge in favour of her friend and paymaster, though she enjoyed a pension from Government of seven thousand five hundred pounds; and he even contemplated retiring with a peerage, but was dissuaded from this by the Princess of Wales and the Duke of Devonshire. On the other hand, Bolingbroke was in the highest expectation of his speedy restoration not only to rank but to office.
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THREE:From economical and colonial, Ministers proceeded to Parliamentary reform. Sir Harbord Harbord had introduced, before their accession to office, a Bill to disfranchise the rotten borough of Cricklade, in Wiltshire, as Shoreham had already been disfranchised. The new Ministry supported it, with the exception of their strange colleague, Thurlow, whom they ought to have insisted on being dismissed. Cricklade was a thoroughly venal borough, regularly sold to some East Indian nabob; and Mr. Frederick Montagu, in the debate, quoted Lord Chatham's remark on Shoreham, which had also been the purchased lair of Indian corruptionists, that he "was glad to find the borough of Shoreham likely to be removed from Bengal to its ancient situation in the county of Sussex."The Session of 1850 was creditably distinguished by the establishment of a policy of self-government for our colonies. They had become so numerous and so large as to be utterly unmanageable by the centralised system of the Colonial Office; while the liberal spirit that pervaded the Home Government, leading to the abolition of great monopolies, naturally reacted upon our fellow-subjects settled abroad, and made them discontented without constitutional rights. It was now felt that the time was come for a comprehensive measure of constitutional government for our American and Australian Colonies; and on the 8th of February, Lord John Russell, then Prime Minister, brought the subject before the House of Commons. It was very fully discussed, Sir William Molesworth, Mr. Roebuck, Mr. Labouchere, and others who had taken an active part in colonial affairs, being the principal speakers. With regard to Canada, great progress had already been made in constitutional government. The same might be said of Nova Scotia and New Brunswick, in which the practice of administration approximated to that observed in Great Britain. It was determined to introduce representative institutions of a similar kind in Cape Colony. In Australia it was proposed that there should be but one Council, two-thirds elected by the people and one-third nominated by the Governor. Mr. Roebuck objected strongly to the Government measure, because it left the colonists free, to a great extent, to gratify the strong desire almost universally felt among them to have power to choose a Constitution for themselves, instead of[606] having a Constitution sent out to them, cut and dry. He wanted the House to plant at once liberal institutions there, which would spare the colonists the agony of working out a scheme of government for themselves. He declared that "of all the abortions of an incompetent Administration, this was the greatest." A ready-made Constitution had been sent out by the Government to South Africa; why, then, could not Parliament send out a ready-made Constitution to Australia? Lord John Russell replied to Mr. Roebuck's arguments, and after a lengthened debate the Bill was read a second time. There was a strong division of opinion in committee as to whether there should be two Chambers or one. Sir William Molesworth moved an amendment to the effect that there should be two, which was rejected by a majority of 218 against 150. The Bill passed the House of Commons on the 18th of May, and on the 31st was brought into the Lords, where also it was subjected to lengthened discussions and various amendments, which caused it to be sent back to the Commons for consideration on the 1st of August. On the motion of Lord John Russell the amendments were agreed to, and the Bill was passed. This was the principal legislative work of the Session and possessed undoubted merits.
THREE:In 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."
