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The fire raged with unabated fury from the 14th till the 19thfive days. Then the city lay a heap of burning ashes. All the wealth which was left behind was burnt or melted down. But there could be no stay at Moscow, for all their provisions had to be brought from distant districts by water carriage in summer, and on sledges in winter. But, as the Russian population had fled, the Russians were only too glad to starve out the French. Not a single article of food came near the place. Alexander returned no answer to Buonaparte's letter. The pledge which he might have made some concessions to redeem had been destroyed by his own orders, and Buonaparte had now nothing to offer worthy of his attention. He and his army were awaiting the attack of the wintry elements to join them in the extermination of the invaders. Buonaparte dispatched General Lauriston to Alexander with fresh offers; but Alexander refused to see him, and turned him over to Kutusoff, who flattered him with hopes and professions of desire for peace, in order to put off the time, for every day nearer to winter was a[48] day gained of incalculable importance. But he said that he must send Napoleon's letter to St. Petersburg, to the Czar, and await his reply. This was on the 6th of October, and the reply could not be received before the 26th; there was nothing for it but to wait, and Lauriston waiteda fatal delay for the French!

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The massacre of Savenay had not settled La Vende. In the spring of 1794 armed parties were again on foot. The largest body was that under Charette, posted on the Isle Noirmoutier, to which many of the fugitives who escaped from the massacre of Savenay betook themselves. Amongst these was the wounded General D'Elbe, with his wife, and a brother of Cathelinau. Charette quitted the isle to make an attack on some of the Republican troops left in small bodies in the country, consigning the care of the sick and wounded to the protection of a garrison of one thousand eight hundred men. This garrison was soon corrupted by the Republican general, Turreau; it surrendered, and D'Elbe and his wife were both shot, and the sick and wounded treated with merciless cruelty. This was about the only place of any strength left the Vendans; but a worse misfortune was at hand. The young and chivalrous Henri La Roche-Jaquelein, marching, at the head of a body of his own peasantry, between Trementine and Nouaill, met two Republican soldiers. The count generously offered them quarter; but, instead of accepting it, one of them instantly levelled his musket and shot him through the head. The two soldiers were immediately dispatched by his followers and, supposing that a Republican column must be at hand, they buried the three hastily in one grave and fled. The young count was only in his twenty-first year, and with him died the hopes and confidence of his peasantry. Stofflet succeeded him in the command of his people, but Charette might be considered the Commander-in-Chief of the Vendans.When peace was made in Europe, the United States became anxious for peace too. Madison had begun the war in the ungenerous hope of wresting Canada from Great Britain, because he thought her too deeply engaged in the gigantic war against Napoleon to be able to defend that colony. He believed that it would fall an easy prey; that the Canadians must so greatly admire the model republic that they would abandon monarchy at the first call, and that he should thus have the glory of absorbing that great world of the north into the American Republic. In all this, he and those who thought with him found themselves egregiously deceived. The Canadians showed they were staunchly attached to Great Britain, and the attempts at invasion were beaten back by the native militia and by our handful of troops with the greatest ease. Meanwhile, the blockade of the east, and the seizure of the merchant shipping, drove the New England and other eastern States to desperation. Throughout this war Great Britain made a uniform declaration of a preference for peace, but her offers were regularly rejected so long as Napoleon was triumphant. The United States, professing the utmost love of freedom, were the blind and enthusiastic worshippers of the man who was trampling the liberties of all Europe under his feet. It was not till the last momentnot till he had been defeated in Russia, driven by Britain out of Spain, routed and pursued out of Germany, and compelled to renounce the Imperial Crown of Francethat the American Government began to understand the formidable character of the Power which it had so long and so insolently provoked, and to fear the whole weight of its resentment directed against its shores. It is certain that, had Britain been animated by a spirit of vengeance, it had now the opportunity, by sending strong fleets and a powerful army to the coast of America, to ravage her seaboard towns, and so utterly annihilate her trade as to reduce her to the utmost misery, and to precipitate a most disastrous system of internal disintegration. The New England States, in 1814, not only threatened to secede, but stoutly declared that they would not furnish another shilling towards paying the expenses of the war. They even intimated an idea of making a separate peace with Britain. In Massachusetts especially these[114] menaces were vehement. Governor Strong spoke out plainly in the Legislative Chamber of that State. Madison endeavoured to mollify this spirit by abandoning his Embargo and Emancipation Acts, but this was now too late, for the strict blockade of the British, in 1814, rendered these Acts perfectly dead.It remained for Austria to put down the revolution in Venice. That city had bravely stood a siege for nearly twelve months, when, after wonderful displays of heroism, its defenders were at last compelled to relinquish the unequal contest. This glorious defence was mainly owing to the extraordinary energy and activity of Manin, who was at the head of the Government. After the capitulation he escaped with General Hesse and other leaders of the Republican party. Manin settled in Paris, where he lived in retirement, supporting himself by giving lessons in Italian. He died there in 1857. The people of Venice honoured his memory by going into mourning on the anniversary of his death, though, by doing sosuch is the meanness of maliceeven ladies incurred the penalties of fine and imprisonment at the hands of the Austrians.
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TWO:In order to induce the people to attend to their ordinary spring work, and put in the crops, it was found necessary to adopt the plan of distributing free rations. On the 20th of March, therefore, a reduction of twenty per cent. of the numbers employed on the works took place, and the process of reduction went on until the new system of gratuitous relief was brought into full operation. The authority under which this was administered was called the "Temporary Relief Act," which came into full operation in the month of July, when the destitution was at its height, and three millions of people received their daily rations. Sir John Burgoyne truly described this as "the grandest attempt ever made to grapple with famine over a whole country." Never in the history of the world were so many persons fed in such a manner by the public bounty. It was a most anxious timea time of tremendous labour and responsibility to those who had the direction of this vast machinery. This great multitude was, however, rapidly lessened at the approach of harvest, which happily was not affected by the disease. Food became comparatively abundant, and labour in demand. By the middle of August relief was discontinued in nearly one half of the unions, and ceased altogether on September 12th. It was limited by the Act to the 1st of October. This was the second year in which upwards of 3,000,000 of people had been fed out of the hands of the magistrates in Ireland; but it was now done more effectually than at first. Organised armies, it was said, had been rationed before; but neither ancient nor modern history can furnish a parallel to the fact that upwards of three millions of persons were fed every day in the neighbourhood of their own homes, by administrative arrangements emanating from, and controlled by, one central office. The expense of this great undertaking amounted to 1,559,212a moderate sum in comparison with the extent of the service performed, and in which performance the machinery of the Poor Law unions was found to afford most important aid. Indeed, without such aid the service could hardly have been performed at all; and the anticipations of the advantages to be derived from the Poor Law organisation in such emergencies were fully verified.
FORE:Mr. Jemison, as commissioner for distributing a million and a half of this compensation money! 1,200
FORE:At length the firing mutually ceased, but the Russians did not quit their position; it was the French who drew off, and their outposts, during the following night, were alarmed by the Russian cavalry. The Russians had fifteen thousand killed and thirty thousand wounded; the French ten thousand killed and above twenty thousand wounded, and of these latter very few recovered, for they were destitute of almost every hospital necessary, even lint. The Russians made one thousand prisoners and the French about two thousand. The loss of guns on either side was nearly equal. Had the battle been resumed the next day it must have gone hard with the French; but Kutusoff was not willing to make such another sacrifice of his men, and he resumed the policy of De Tolly and made his retreat, continuing it to Moscow in so masterly a manner, that he left neither dead, nor dying, nor wounded, nor any article of his camp equipage behind him, so that the French were at a loss to know where he had really gone. On the 12th they learned, however, that he had retreated to Moscow, and Buonaparte instantly resumed his march. At Krymskoi Murat and Mortier came upon a strong body of Russians, and were repulsed, with the loss of two thousand men. The Russian rear-guard then hastened on again towards Moscow.This style of verse was thought very magnificent by Anna Seward, of Lichfield, who was intimate with Darwin when he lived there in his earlier career, and who herself was a poetess of some pretension. Miss Seward, however, showed better judgment in being amongst the first to point out the rising fame of Southey and Scott. The verse of Darwin brought Pope's metre to the highest pitch of magniloquence; and the use of the c?sura gives it a perfectly Darwinian peculiarity.
FORE:O'CONNELL AT THE MEETING AT TRIM. (See p. 526.)In the department of philosophy flourished also Bishop Berkeley (b. 1684; d. 1753), author of "The Principles of Human Knowledge," whostartled the world with the theory that matter has no existence in the universe, but is merely a fixed idea of the mind; Dr. Mandeville, a Dutchman by birth, who settled in London, and published various medical and metaphysical works of a freethinking character; Hutchinson, an opponent of Dr. Woodward in natural history, and Newton in natural philosophy; and David Hartley, author of "Observations on Man." Bishop Butler, Warburton, Hoadley, Middleton, author of "A Free Inquiry into the Miraculous Powers of the Church," and Secker, Archbishop of Canterbury, were the leading theologians in the Church; but Dissent could also boast of its men of light and leading in Dr. Isaac Watts, author of a system of Logic and of the popular Hymns; Calamy, the opponent of Hoadley; Doddridge, and others.
FORE:
FORE:[See larger version]
FORE:On the following evening Lord Melbourne, having explained why he resigned, said, "And now, my lords, I frankly declare that I resume office unequivocally and solely for this reason, that I will not abandon my Sovereign in a situation[463] of difficulty and distress, and especially when a demand is made upon her Majesty with which I think she ought not to complya demand, in my opinion, inconsistent with her personal honour, and which, if acquiesced in, would make her reign liable to all the changes and variations of political parties, and render her domestic life one constant scene of unhappiness and discomfort." The Whigs, therefore, returned to office, but not to power.
FORE:As this excitement closed the old year, so it opened the new one. No sooner did Parliament meet, after the Christmas recess, than, on the 17th of January, 1764, the order for Wilkes's attendance at the bar was read. It was then found that he had thought it best to retire into France. Still he did not hesitate to send over a medical certificate, signed by one of the king's physicians and an army surgeon, affirming that his wound was in such a condition that it was not safe for him to leave Paris. The House of Commons paid no attention to the certificate, but proceeded to examine evidence, and the famous No. 45 of the North Briton; and after a violent debate, continuing till three o'clock in the morning, passed a resolution that the paper in question contained the grossest insults to his Majesty, to both Houses of Parliament, and tended to traitorous insurrection against the Government. Accordingly, the next day, he was formally expelled the House, and a new writ was issued for Aylesbury.The real fact was, that exertions equally strenuous were all this time being made on the part of the Pretender. As the state of Anne's health became more and more precarious, both parties increased their efforts to secure their ground, and there was a most active and incessant struggle going on round the throne to enable the head of either party to step into it the moment it became vacant. It was considered essential for the claimant to be on the spot, and, therefore, every means was used to induce the queen to admit the Pretender as well as a member of the Electoral House to Court. It was a scheme of the Duke of Berwick, which he communicated to Oxford through the Abb Gualtier, that the queen should be induced to consent to do her brother justice; that he should go to St. James's, and that on the understanding that he consented to allow liberty of the subject and of religion, the queen should pass such Acts as were necessary for the public security on these heads, and that then she should suddenly introduce him in full Parliament.
FORE:On the 12th of February, 1823, the President of the Board of Trade said, in his place in Parliament:"The general exports of the country in the four years from 1815 to 1819 had decreased 14,000,000 in official value; and he took the official value in preference to the declared, because it was from the quantity of goods produced that the best measure was derived of the employment afforded to the different classes of the community. In the year from the 5th of January, 1819, to the 5th of January, 1820, the exports of the country fell off no less than 11,000,000; and in looking at that part of it which more completely embraced British or Irish manufacture, he found that the difference in four years was 8,414,711; and that in the year from the 5th of January, 1820, to the 5th of January, 1821, there was a decrease of 8,929,629. Nobody, therefore, could be surprised that, at that period, the industry of the country appeared to be in a state of the utmost depression; that our manufacturers were most of them unemployed; that our agriculturists were many of them embarrassed; and that the country, to use the phrase of a friend of his in presenting a petition from the merchants of London, 'exhibited all the appearances of a dying nation.' Though the condition of the agricultural interest was not as favourable as he could wish, still it was most satisfactory for him to state that not only did the exports of last year [1822] exceed those of all the years to which he had been alluding, but also those of the most flourishing year which had occurred during the continuance of the war. In all material articles there had been a considerable increase. The export of cotton had increased ten per cent., and hardware seventeen per cent.; of linens twelve per cent., and of woollens thirteen per cent.; and the aggregate exports of 1822 exceeded those of 1820 by twenty per cent., and of 1821 by seven per cent., notwithstanding a deduction was to be made from the exports of one great article, sugar, owing to a prohibitory decree of Russia, amounting to thirty-five per cent." The result of this prosperous state of things was that, in 1823, the new Chancellor of the Exchequer was enabled to present the best and most popular Budget that had been laid before Parliament for many years, remitting a large amount of taxes that had pressed most heavily on the springs of industry, and inflicted the greatest amount of inconvenience and privation upon the people. The revenue of the nation in that year was 57,000,000, and the expenditure was estimated at 49,672,999, leaving a surplus of upwards of 7,000,000. Of this surplus, 5,000,000 was set aside for the reduction of the National Debt, and the remainder for the remission of taxes. As the assessed taxes were most oppressive, they were reduced fifty per[239] cent., a reduction which was estimated on the window tax alone at 1,205,000. On the whole, the assessed taxes were reduced by 2,200,000. This included 100,000, the total amount of assessed taxes in Ireland. In England the whole of the window tax was removed from the ground floors of shops and warehouses.
FORE:But the Government had to receive another lesson this year on the folly of endeavouring, in the nineteenth century, to crush the liberties of Britons. There was an organ called the Press, which, partaking neither of the Governmental fears of a natural complaint by the public of the evils which preyed upon it, nor the Governmental hopes of silencing the sufferers without any attempt to mitigate their calamities, reported freely the mingled folly and cruelty of Ministers, and called for the only remedy of the country's misfortunesReform. On moving the second reading of the Bill for the suspension of the Habeas Corpus Act, Lord Sidmouth observed that some noble lords had complained that the authors and publishers of infamous libels on the Government were not prosecuted. He assured them that the Government were quite as anxious as these noble lords to punish the offenders, but that the law officers of the Crown were greatly puzzled in their attempts to deal with them; that authors had now become so skilful from experience, that the difficulties of convicting them immeasurably exceeded those of any former time.
TWO:Whilst this Bill was passing the Lords, on the 28th of March Lord Gower brought a fresh one into the Commons, which had no less object than the repeal of the Charter of Massachusetts. It was entitled, "A Bill for the Better Regulating Government in the Province of Massachusetts Bay." It went to remove the nomination of the members of the Council, of the judges and magistrates, etc., from the popular constituencies to the Crown. Lord North observed that the Charter of William III. had conferred these privileges on Massachusetts as exceptional to all other colonies, and that the consequence was that the Governor had no power whatever. Strong opposition was made to this proposed Bill by Dowdeswell, Sir George Savile, Burke, Barr, Governor Pownall, General Conway, and Charles Fox, who was now in opposition. The Bill passed the Commons by a majority of two hundred and thirty-nine against sixty-four; and it passed the Lords by a majority of ninety-two against twenty. But even now another Bill passed the House of Commonsa Bill for removing to another colony for trial any inhabitant of Massachusetts Bay, who was indicted for any murder or other capital offence which the Governor might deem to be perpetrated in the attempt to put down tumults and riots. This measure was still more vehemently opposed than the rest.
TWO:The treaty between Russia, Prussia, and Austria for the first division of Poland was signed at St. Petersburg on the 5th of August, 1772. The three robber powers now promised to rest satisfied with their booty; to respect the rights and remaining territories of Polandwords hollow and worthless as they who used them. The invaders divided at this time about one-third of Poland between them. Prussia appropriated the whole of Pomerania, part of Great Poland, the bishopric of Warmia, and the palatinates of Marienburg and Culm; with complete command of the lower part of the Vistula. The whole of this territory did not exceed eight hundred square miles, but it was a territory of vast importance to Prussia, as it united Pomerania with the rest of that kingdom. Russia and Austria acquired immensely more in extent. Russia took nearly the whole of Lithuania, with the vast country between the rivers Dwina and Dniester. Austria secured the country along the left bank of the Vistula from Wieliczka to the confluence of the Vistula and the Viroz. But Russia had Galicia, the palatinate of Belz, and a part of Volhynia. Unsupported by France, England had no course but to acquiesce in the arrangement.

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TWO:This was an attempt as constitutional as it was ignorantly and hopelessly planned by suffering people; but more criminal speculations were on foot. A second report of the Lords' secret committee, recommending the renewal of the suspension of the Habeas Corpus Act, stated that a general insurrection was planned to take place at Manchester, on the 30th of Marchto seize the[125] magistrates, to liberate the prisoners, burn the soldiers in their barracks, and set fire to a number of factories; and that such proposals were really in agitation is confirmed by Bamford and other of the Radical leaders. The report says that the design was discovered by the vigilance of the magistrates, a few days before its intended taking place; but it is far more probable that the magistrates had received some intimation of what was in progress from those who had misguided the ignorant multitude. Bamford tells us that both he and his friends had been applied to to engage in the design, but they had condemned it as the work of incendiaries, who had availed themselves of the resentment of the Blanketeers at their treatment, to instigate them to a dreadful revenge. The truth was, a number of spies in the pay of Government, with the notorious Oliver at their head, were traversing the manufacturing districts of Derbyshire, Nottinghamshire, Yorkshire, and Lancashire, to stimulate the suffering population into open insurrection, that they might be crushed by the military. Bamford and the more enlightened workmen at once saw through the snare, and not only repulsed the tempters, but warned their fellows against their arts. The failure of the first design, however, did not put an end to the diabolical attempt on the part of the spies. They recommended the most secret meetings for the purpose; that another night attack should be prepared for Manchester, and that Ministers should be assassinated. Such proposals were again made to Bamford and his friends, but they not only indignantly repelled them, but sought safety for their own persons in concealment, for continual seizures of leading Reformers were now made.The South Sea Company had immediately on the passing of the Bill proposed a subscription of one million, and this was so eagerly seized on that, instead of one, two millions were subscribed. To stimulate this already too feverish spirit in the public, the Company adopted the most false and unjustifiable means. They had eight millions and a half to pay over to Government as a douceur for granting them the management of the Funds; and, therefore, to bring this in rapidly, they propagated the most lying rumours. It was industriously circulated that Lord Stanhope had received overtures at Paris to exchange Gibraltar and Port Mahon for invaluable gold lands in Peru! The South Sea trade was vaunted as a source of boundless wealth in itself. In August the stock had risen from the one hundred and thirty of the last winter to one thousand! Men sold houses and land to become shareholders; merchants of eminence neglected their affairs and crippled their resources to reap imaginary profits. The Company flattered the delusion to the utmost. They opened a third, and even a fourth subscription, larger than the former, and passed a resolution that from next Christmas their yearly dividend should not be less than fifty per cent.! In labouring to increase the public delusion they seem to have caught the contagion themselves, for they began to act, not like men who were blowing a bubble which they knew must speedily burst, but like persons who had mounted permanently into the very highest seat of prosperous power. They assumed the most arrogant and overbearing manner, even towards men of the highest station and influence. "We have made them kings," said a member of Parliament, "and they deal with everybody as such."
TWO:The indignation of all parties in England was unbounded. They were persuaded that Junot might have been compelled to surrender with all his army as prisoners of war; that his arms and booty ought to have been given up entirely, as[562] well as the Russian fleet; and the army prevented from taking any part in the after war, except upon a proper exchange. And no doubt this might have been the case had Wellesley been permitted to follow his own judgment. A court of inquiry was appointed to sit in the great hall of Chelsea College, which opened on the 14th of November and closed on the 27th of December. Yet matters were so managed that scarcely any blame was cast on Sir Harry Burrard, and all the generals were declared free from blame. Sir Harry was, indeed, included in the praise bestowed by the committeethat Sir Hew Dalrymple, Sir Harry himself, and Sir Arthur Wellesley, as well as the rest of the officers and men, had displayed an ardour and gallantry on every occasion during the expedition that reflected the highest lustre on his Majesty's troops. But the public was not at all mystified by this strange sentence.There were three or four more of these utterly unequal fights, in which the Americans succeeded in capturing small British vessels when at the point of sinking. Such was the case with the Macedon, which, with a crew of two hundred and sixty-two men and thirty-four boys, fought the United States, with more and heavier guns, and with a crew of four hundred and seventy-seven men and one boy. The Macedon was a complete wreck before she struck. Similar cases were those of the Java frigate, Captain Lambert, which struck to the Constitution, and the British eighteen-gun brig-sloop the Frolic, which struck to the American brig-sloop Wasp, of eighteen guns. Here the arms were equal, but the crews most unequal, for the Frolic had a small crew, very sickly from five years' service in the West Indies, and the ship itself was in bad condition. Within a very few hours the Frolic was re-captured by the British seventy-four gun-ship, the Poictiers, which carried off the American vessel too. In none of these cases was there anything like an equal fight, the Americans being too shrewd to risk that if they[38] could avoid it. In all cases a large proportion of the crews was made up of British deserters. The accounts, however, which the Americans published of these affairs were as usual of the most vaunting character.

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TWO:When the intense agitation had in some degree subsided, Fox rose and proposed the mode in which the trial should be conducted, which was that the evidence on both sides should be gone through on each separate charge, and that charge immediately decided, whilst all the facts were fresh in the minds of the lords, who were the judges. But this was opposed by the counsel of Hastings, who knew well the advantage of leaving the decision till the vivid impression of the events was worn off. They succeeded in carrying their object, and when the trial terminated eight years afterwards, the result was quite according to their hopes. The Managers complained loudly, but there was no remedy. Fox, therefore, proceeded to open the Benares case, which occupied[343] five hours. Grey took it up, and completed it the next day. Several succeeding days were employed in reading papers and hearing witnesses, and then Anstruther summed up and commented on the charge.

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There was besides a tax called Church Cess, levied by Protestants in vestry meetings upon Roman Catholics for cleaning the church, ringing the bell, washing the minister's surplice, purchasing bread and wine for the communion, and paying the salary of the parish clerk. This tax was felt to be a direct and flagrant violation of the rights of conscience, and of the principles of the British Constitution; and against it there was a determined opposition, which manifested itself in tumultuous and violent assemblages at the parish churches all over the country on Easter Monday, when the rector or his curate, as chairman of the meeting, came into angry collision with flocks who disowned him, and denounced him as a tyrant, a persecutor, and a robber.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.Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of 174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which 70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:On the 1st of March Mr. Villiers, adhering to his principle, brought forward the last of those annual motions for immediate repeal which had contributed so powerfully to undermine the Corn Laws. After a spirited debate of two evenings, in the course of which Mr. Cobden warned the monopolist party that a protracted resistance would compel the Anti-Corn-Law League to maintain its agitation and concentrate its energies, the House rejected the motion by a majority of 267 to 78.The Duke of Richmond read a paragraph from a newspaper in which the report was stated, naming Lord Temple without any disguise. On this Temple rose, and admitted that he had given certain advice to the king, but would neither admit nor deny that it was of the kind intimated in the report. That the rumour was founded on truth, however, was immediately shown by the division. Numbers of lords who had promised Ministers to vote for the Bill withdrew their support; the Prince of Wales declined voting; and the Opposition carried a resolution for adjournment till the next day, in order to hear evidence in defence of the East India Company. It was clear that the Bill had received its death-blow, and would never pass the Lords after this expression of the royal will, and on the 17th of December it was lost by nineteen votes.
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