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ONE:ALEXANDER I.At Calcutta, Francis, Clavering, and Monson were deeply engaged in what appeared to them a certain plan for the ruin of Hastings. The Maharajah Nuncomar, who styled himself the head of the Brahmins, came forward and laid before them papers containing the most awful charges against Hastings. These were that Hastings had encouraged him, at the command of the Secret Committee, to produce charges against Mohammed Rheza Khan and Shitab Roy, when they were in prison, in order to extort money from them; and that Hastings had accepted a heavy bribe to allow Mohammed to escape without punishment. Hastings broke up the Council, declaring that he would not sit to be judged by his own Council. If they had charges to prefer against him, they might form themselves into a committee, and transmit such evidence as they received to the Supreme Court of Justice at Calcutta, or to the Directors at home. But the three declared themselves a majority, voted their own competence to sit and try their own chief, and preferred another huge charge introduced by Nuncomar��namely, that Hastings had appropriated to[327] himself two-thirds of the salary of the Governor of Hooghly, a post formerly held by Nuncomar himself. They determined to introduce Nuncomar to confront Hastings at his own Council board. Hastings declared the Council not sitting; the three declared it sitting and valid, and called in Nuncomar, who proceeded to detail his charges, and ended by producing a letter from the Munny Begum, now Governor of Oude, expressing the gratitude which she felt to the Governor-General for her appointment as guardian of the Nabob, and that in token of this gratitude she had presented him with two lacs of rupees. Immediately on hearing that, Hastings declared the letter a forgery, and that he would prove it so; and he was not long in procuring an absolute denial of the letter from the Begum. Things being driven to this pass, Hastings commenced an action against Nuncomar, Mr. Fowke, one of the most active agents of the trio, and others, as guilty of a conspiracy against him. This was supported by native witnesses, and the Supreme Court of Justice, after a long and careful examination of the case, held Nuncomar and Fowke to bail, and bound the Governor-General to prosecute.

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ONE:

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ONE:The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] ��936,300; Wigan and Co., ��674,700; Wildes and Co., ��505,000; total acceptances, ��2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to ��1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampled��bankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubbles��the railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculations��which had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.It was towards the end of May before Marshal M?llendorf, the Prussian general, began the campaign. He then attacked the French, and drove them out of their entrenchments at Kaiserslautern with great slaughter. There, however, his activity seemed to cease; and on the 12th of July the French again fell upon him. He fought bravely for four whole days, supported by the Austrians; but both these Powers were compelled to retreat down the Rhine, the Prussians retiring on Mayence and the Austrians crossing the river for more safety. The French marched briskly after the Prussians, took Tr��ves, and then sent strong detachments to help their countrymen to make a complete clearance of Belgium and to invade Holland. Clairfait, who was still hovering in Dutch Flanders, was attacked by overwhelming numbers, beaten repeatedly, and compelled to evacuate Juliers, Aix-la-Chapelle, and finally Cologne. The French were so close at his heels at Cologne that they shouted after him that "that was not the way to Paris." Coblenz, where the Royalist Emigrants had so long made their headquarters, though strongly fortified, soon after surrendered. The stout fortress of Venloo, on the Meuse, and Bois-le-Duc, as promptly surrendered, and the French marched on Nimeguen, near which the Duke of York lay, hoping in vain to cover the frontiers of Holland. The people of Holland, like those of Belgium, were extensively Jacobinised, the army was deeply infected by French principles, and to attempt to defend such a country with a mere handful of British was literally to throw away the lives of our men. Yet the duke stood stoutly in this hopeless defence, where half Holland ought to have been collected to defend itself.

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