THREE:But though we punished the Dutch for their French predilections, the tide of French success was rolling on in various quarters, and presenting a prospect of a single-handed conflict with France. The powers on whose behalf we had armed were fast, one after another, making terms with the Republicans. Holland was in their hands, and the King of Prussia, on the 5th of April, concluded a peace with them at Basle, in which he agreed to surrender to France all his possessions on the left bank of the Rhine, on condition of retaining those on the right. There was a mutual exchange of prisoners, including the troops of such other German States as had served with Prussia. Spain hastened to follow the example of Prussia. A peace was concluded at the same placeBasleon the 22nd of July, by which she gave up all the Spanish part of San Domingo. To purchase the French evacuation, the Ministers of Spain itself recognised the Batavian Republicwhich was become, in reality, a province of Franceand promised to intercede with Portugal, Naples, Parma, and Sardinia. The Grand Duke of Tuscany followed with a proclamation of a treaty of neutrality with France, on the 1st of March. Sweden and the Protestant Cantons recognised the French Republic and the Batavian one, its ally; and the Duke of Hesse-Cassel, and even George III., as Elector of Hanover, were compelled to an agreement to furnish no more troops to the Emperor of Germany. Whilst the Allies were thus falling away in rapid succession before the forces of[444] Republican France, Britain, instead of taking warning, and resolving to mind only her own business, went madly into fresh treaties with Continental Powers. Russia and Austria were received into fresh treaties of mutual defence. Russia we were to assist with ships, and Austria with twenty thousand foot and six thousand horse, or to pay each month ten thousand florins for every thousand infantry, and thirty thousand florins for every thousand of cavalry. To complete the circle of treaties, Sir Gilbert Elliot, British Governor of Corsica, entered into a treaty with the Dey of Algiers, by which, on payment of a hundred and seventy-nine thousand piastres, he was to restore all the Corsicans captured and enslaved by him, and was to enjoy the strange privilege of carrying all his piratical prizes into the ports of Corsica, and to sell them therewhich was, in fact, licensing this chief of sea-robbers to plunder all the other Italian States.The year 1797 was opened by the suspension of cash payments. The Bank of England had repeatedly represented to Pitt, as Chancellor of the Exchequer, that his enormous demands upon it for specie, as well as paper money, had nearly exhausted its coffers and could not long be continued. The payment of our armies abroad, and the advances to foreign kings, were necessarily made[455] in cash. The Government, in spite of enormous taxation, had already overdrawn its account eleven million six hundred and sixty-eight thousand eight hundred pounds, and the sole balance in the hands of the Bank was reduced to three million eight hundred and twenty-six thousand eight hundred and ninety pounds. Pitt was demanding a fresh loan for Ireland, when a message came from the Bank to say that, in existing circumstances, it could not be complied with. Thus suddenly pulled up, the Privy Council was summoned, and it was concluded to issue an order for stopping all further issue of cash, except to the Government, and except one hundred thousand pounds for the accommodation of private bankers and traders. Paper money was made a legal tender to all other parties, and the Bank was empowered to issue small notes for the accommodation of the public instead of guineas. A Bill was passed for the purpose, and that it might not be considered more than a temporary measure, it was made operative only till June; but it was renewed from time to time by fresh Acts of Parliament. The system was not abolished again till 1819, when Sir Robert Peel brought in his Bill for the resumption of cash payments, and during the whole of that time the depreciation of paper money was comparatively slight.
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THREE:
THREE:Evidently the endeavor succeeded, for the amphibian dived, and took to the water, while Larry, directed by Jeff, swept around in a circle out of range if the amphibian rose unexpectedly, but within visual range of its maneuvers.
