FORE: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."But whatever may have been the prudence of the chiefs of the party in Britain, however quietly the suppression may have been effected on the English side of St. George's Channel, the society was very far from dying quietly, or dying at all in Ireland, its native land. It was stunned for the moment, but very soon recovered all its pristine vigour and became as troublesome as ever. Lord Mulgrave went to that country as Viceroy, determined to govern on the principle of strict impartiality between sects and parties, but the Orangemen and the Tories generally denounced him as the most partial and one-sided of Viceroys. It was enough for them that O'Connell declared him to be the best Englishman that ever came to Ireland. Eulogy from his lips was the strongest possible censure in the estimation of the opposite party. The violence of party feeling against the Government may be inferred from the fact that the Recorder of Dublin, Mr. Shaw, one of the ablest and most eloquent of the Protestant chiefs, denounced the Melbourne Administration as infidels in religion. Lord Mulgrave, imitating some of the Viceroys of old times, made a "progress" of conciliation through the country, first visiting the south and then the north. This progress was signalised by the pardon and liberation of a large number of prisoners, which produced much excitement and clamour against the Government. It subsequently appeared that he had during his viceroyalty liberated 822 prisoners, of whom 388 were liberated without advice, the number of memorials which he received being 1,631. Although he evinced his impartiality by setting free all the Orangemen who had been imprisoned in Ulster for taking part in processions on the previous 12th of July, the members of that[396] body were not conciliated. The Dublin Grand Committee published a manifesto, declaring that the mere will of the king was not law, and that their watchword should still be "No Surrender." Sir Harcourt Lees, who had been long famous as an Orange agitator, issuing counter-blasts to O'Connell's letters and speeches, concluded one of his appeals on this occasion thus:"Orangemen, increase and multiply; be tranquil, be vigilant. Put your trust in God, still revere your king, and keep your powder dry." In Ulster the organs of the Orange party called upon its members to resist the law against processions, since the provisions of the Emancipation Act against the Jesuits and other religious orders, who treated the law with defiance, were allowed to remain a dead letter. The Londonderry Sentinel warned off the Liberal Viceroy from that citadel of Protestant ascendency, and said, "If he should come among us, he shall see such a display of Orange banners as will put him into the horrors." The irritation was kept up by various incidents, such as setting aside the election of a mayor of Cork, because he was an Orangeman, setting aside two sheriffs, and the dismissal of constables for the same reason. In the meantime a tremendous outcry was raised on account of the alleged partiality of the Irish Government on the subject of patronage. It was said that every office was at the disposal of the Roman Catholics; that from the bench of justice down to the office of police-constable there was no chance for any one else. In the midst of a war of factions in the spring of 1836 a tremendous sensation was produced by the blowing up of the statue of King William on College Green. On the 8th of February, a little after midnight, this astounding event occurred. The statue stood on a pedestal eighteen feet in height, surrounded by an enclosure of iron railing, the head being about thirty feet from the level of the street. The figure consisted of lead, and though weighing several tons, it was blown up to a considerable height, and fell at some distance from the pedestal. The Government and the corporation offered rewards for the discovery of the authors of this outrage, but without success. It was a mystery how such a quantity of gunpowder could have been got into the statue, and how a train could have been laid without detection in so public a place, the police being always on duty on College Green at night. King William, however, was restored to his position.
We Open in Jamalpur Branch in 2010
