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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."[See larger version]
THREE:Mr. Baring, who represented the Duke in the House of Commons, seemed to regard this declaration from the high-minded member for Oxford University as fatal to the Tory scheme for recovering power. They came at length to understand that the new Premier would be equally unacceptable to the country, whether he appeared with a Reform Bill or a gagging Bill. Both Baring and Sutton, the late Speaker, sent in their resignations. The Duke at length confessed that he had failed in his attempt to form an Administration; and the king had no other resource but to submit to the humiliation of again putting himself in the hands of his late Ministers. He had before him only the terrible alternative of a creation of peers or civil war. Earl Grey was determined not to resume office, "except with a sufficient security that he would possess the power of passing the present Bill unimpaired in its principles and its essential provisions." The consequence was, that on the 17th of May the following circular was sent to the hostile Lords by Sir Henry Taylor:"My dear lord, I am honoured with his Majesty's commands to acquaint your lordship that all difficulties to the arrangements in progress will be obviated by a declaration in the House of Peers to-night from a sufficient number of peers, that in consequence of the present state of affairs they have come to the resolution of dropping their further opposition to the Reform Bill, so that it may pass without delay as nearly as possible in its present shape." Wellington, as usual, obeyed and withdrew from the House, but his seceding comrades prefaced their departure by defiant speeches in which they reserved to themselves the right of resuming their position. Then the Cabinet insisted on obtaining the royal[352] consent to an unlimited creation; and it was given on condition that they, in the first instance, called to the House of Lords the eldest sons of peers or the collateral heirs of childless noblemen. But Sir Henry Taylor's circular had done its work, and the extreme step was unnecessary. 19 August 2015, John Doe
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THREE:Numbers of persons fled from the different towns to the frontiers of Holland, trade became stagnant, manufactories stood empty; the whole country began to assume a melancholy and ruinous aspect. Many of the refugees, formed into revolutionary clubs by French emissaries, were prepared not merely to oppose Joseph's despotism, but all monarchical government whatever. A powerful body of these placed themselves under the leadership of Van der Noot, a lawyer, who assumed the title of plenipotentiary agent of the people of Brabant; and of Van der Mersch, an officer who had served in the Seven Years' War, who was made their commander-in-chief. These two men were in league with the new Assembly of Breda, and issued their proclamations. These Trautmansdorff caused to be burnt by the executioner. The patriots in Brussels who sympathised with those in arms were, many of them, arrested; the citizens were disarmed, the fortifications strengthened by palisades, and every means of defence was resorted to. 19 August 2015, John Doe
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THREE:But whilst Gifford was thus demolishing an outbreak of bad taste, a much more remarkable evidence that those who lay claim to good taste frequently have it not was given by the appearance of several new plays and other documents attributed to Shakespeare. The chief of these was "Kynge Varrtygerne," a tragedy, edited by Samuel Ireland. Numbers of persons of high name and pretension, as Dr. Parr, Boswell, Pye, the laureate, Chalmers, the editor of an issue of "British Poets," Pinkerton, a writer of all sorts of things, etc., became enthusiastic believers and admirers of these pretended discoveries. They turned out to be impudent forgeries by the son of the editor, named William Henry Ireland, and are in reality such trash that they are a melancholy proof of how little value, from some learned persons, is the adoration of Shakespeare. Malone, in an "Inquiry" into the authenticity of these writings, in 1796, completely exposed their spuriousness. Pinkerton, one of their most zealous advocates, himself perpetrated a similar forgery of a volume of Scottish poems, issued as ancient ones. He enjoyed the particular patronage of Horace Walpole.Cumberland was now hunting down the fugitives on all sides. He posted himself at Fort Augustus, which the insurgents had blown up before leaving it, and from that centre he sent out his myrmidons in every direction to hunt out the Highlanders, and shoot them down on the spot or bring them in for execution. Everywhere the unhappy clans were pursued by their hereditary enemies, the Whig clans, especially by the men of Argyllshire, and massacred with the most atrocious cruelty. They stripped their houses and then burned them down, drove away the cattle, and tracking the miserable families into dens and caves, smothered them with burning heather, or thus forced them to rush out upon their bayonets. In all these diabolical proceedings, the Duke of Cumberland and the brutal General Hawley were foremost. "After all," Cumberland (whose wicked work earned him the name of "The Butcher") wrote to the Duke of Newcastle from Fort Augustus, "I am sorry to leave this country in the condition it is in, for all the good that we have done has been a little blood-letting, which has only weakened the madness, but not at all cured it; and I tremble for fear[108] that this vile spot may still be the ruin of this island and our family." 19 August 2015, John Doe
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THREE:In the autumn of this year the British Admiralty tested a plan to blow up and destroy the French invasion flotilla in the harbour of Boulogne. It consisted of a chest, pitched outside and made waterproof, containing forty barrels of gunpowder, which was to be ignited by a certain contrivance when it struck smartly against a solid body. This machine was called a catamaran. The experiment was tried by Lord Keith on the 2nd of October. There were one hundred and fifty French gunboats, praams, and floating batteries anchored outside the pier of Boulogne. Lord Keith anchored opposite to them with three line-of-battle ships and several frigates, covering a number of bomb-ships and fire-ships and the catamarans. Four fire-ships were towed into the neighbourhood of the French flotilla and exploded with a terrific noise, but did no injury whatever to the flotilla or the French, beyond wounding some half-dozen men. The catamarans exploded, for the most part, with the same failure of effect. 19 August 2015, John Doe
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The violent discontent with the conduct of Bute and his Ministry gave considerable strength to the Opposition, at the head of which now stood Pitt, supported by Lord Temple and the Duke of Newcastle. George Grenville, not satisfied with the terms of the peace, resigned the post of Secretary to Halifax, and took his new one at the head of the Admiralty; and Henry Fox, Paymaster of the Forces, became the leader of the Commons. The Duke of Devonshire and the Marquis of Rockingham also resigned their places in the royal household; and the king, in his vexation, striking Devonshire's name out of the list of Privy Councillors, the Duke's kinsmen, Lords George Cavendish and Bessborough, also resigned.[See larger version]So prejudiced were the Allied Sovereigns against England, that they were ready to believe any tale to her disadvantage. One story which was circulated amongst them at the time was that Great Britain had bound herself to support Spain against France in return for certain stipulated commercial advantages. Another was that she had entered into a secret treaty to defend Portugal against France, even though Portugal should join Spain in the war. After all the Duke's arguments, explanations, and remonstrances, the French plenipotentiary was about to set off for Paris, representing all the Powers as being perfectly unanimous on the policy adopted towards Spain, and the Duke was obliged to threaten him with a public contradiction if he did not alter that statement and except Great Britain.Man and woman of middle class Parson Lady and gentleman Labourer and wife
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