TWO:In return for this favour, Clive obtained one of infinitely more importance. It was the transfer of the sole right of dominion throughout the provinces of Bengal, Orissa, and Bahar. All that vast territory was thus made the legal and valid property of the East India Company. The conveyance was ratified by public deed, which was delivered by the Great Mogul to Clive in presence of his court, the throne on which he was elevated during this most important ceremony being an English dining-table, covered with a showy cloth. And of this princewho was entirely their own puppetthe British still continued to style themselves the vassals, to strike his coins at their mint, and to bear his titles on their public seal! Clive saw the immense importance of maintaining the aspect of subjects to the highest native authority, and of avoiding alarming the minds of the native forces by an open assumption of proprietorship. By this single treaty, at the same time that he had freed the Company from all dependence on the heirs of Meer Jaffier, he derived the Company's title to those states from the supreme native power in India; and he could boast of having secured to his countrymen an annual revenue of two millions of money. Thus began a system which has played a leading part in our Indian history.[See larger version]
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- THREE:
- THREE:The news of this great victory, which at once freed from the French armies the rich province of Andalusia and the cities of Cadiz and Seville, spread joy and exultation over Spain, and filled Buonaparte, who received it at Bordeaux, with the deepest anxiety, but the Spaniards were led into a confidence which brought its subsequent chastisement. The news no sooner reached Madrid than the king ceased to feel himself safe there. He determined to retire to Vittoria, which was at a convenient distance from the French frontier. On the 3rd of July he quitted the city by night, and, guarded by French troops, took the road to Vittoria, leaving Grouchy and Marshal Bessires to cut off any pursuit of the Spaniards. Grouchy then despatched a letter requiring Casta?os to send an officer to take charge of the city, and to protect the French invalids in the hospitals. He sent General Moreno, and himself arrived to hold the city on the 23rd of August. Such of the Spanish grandees as had encouraged the French fled, with Joseph, for safety, and obtained the name of "Josepinos," or "Infrancsados;" the rest joined the Spanish cause.A great portion of the present Session was[143] occupied with discussing the return to cash payments, which, by the Act of Parliament, ought to take place on the 5th of July of this year. It appears that no less than fifty debates and conversations in both Houses took place on this important subject during the Session. Very soon after the meeting of Parliament a secret committee of each House was appointed to inquire into the state of the Bank. These committees were, however, so managed, by delivering to the members lists of suitable persons for such committees, that scarcely any but Ministerial men were voted, though these votes were given by ballot. In the Commons this result was so evident that the Opposition declined to vote at all. The first reports of the committees went rather to close more strictly than to open the issue of gold by the Bank. It had been paying in gold its notes issued previous to January, 1817. This payment it was proposed to stop, as, at present, evidently injurious to the interests of the country. Mr. Peel, on moving for a Bill for this purpose, stated that the gold at the present price was fast finding its way abroad, and was as rapidly absorbed in re-minting a gold coinage for France. It appeared that during the first half of 1818 gold to the value of no less than one hundred and twenty-eight million francs had been coined at the French mint, of which three-fourths were derived from the gold coinage of England. A Bill was accordingly passed to stop payment altogether in gold till the necessary preparations were made by a fresh Bill. Still, the condition of the Bank was represented as flourishing. Its liabilities were stated in January, 1819, as amounting to thirty-three million eight hundred and ninety-four thousand five hundred and eighty pounds; its assets, including the debt due from Government, fifty-three million seven hundred and eighty-three thousand seven hundred pounds. The total Bank surplus appeared to be nineteen million eight hundred and eighty-nine thousand one hundred and twenty pounds; and its surplus, independent of the Government debt, and therefore available for current use, was five million two hundred and two thousand three hundred and twenty pounds. The committees adopted the scheme broached by Mr. Ricardo in his "Proposals for an Economical and Secure Currency," published in 1816. This was that the Bank, in the first instance, should not pay for its notes in gold coin, but in ingots of a certain weight, its fineness being attested by a stamp; and this degree of purity should be regulated from time to time till the gold descended to the Mint price of three pounds seventeen shillings and tenpence-halfpenny per ounce. When the Mint gold at length reached this rate of value, then the payment in coin was to be begun. Resolutions to this effect were moved by the Earl of Harrowby on the 21st of May, and they received the approval, not only of the Ministerial side, but of the leading Opposition members, Lords Grenville, Lansdowne, and King.
TWO:GENERAL ELECTION OF 1784: THE HUSTINGS, COVENT GARDEN: THE WESTMINSTER DESERTER DRUMMED OUT OF THE REGIMENTDEFEAT OF SIR CECIL WRAY. (Reduced facsimile of the Caricature by T. Rowlandson.)
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TWO:But the Czarina, though mistress of Oczakoff, was far from the end of her designs. She contemplated nothing but the subjugation of the Turkish empire. For this purpose she determined to excite insurrection in all the tributary states of that empire. Her agents had excited the Montenegrins to an outbreak; they had prepared the Greeks for the same experiment, and the Mameluke Beys in Egypt. She determined to send a powerful fleet into the Mediterranean to co-operate with these insurgents, to seize on the island of Crete, to ravage the coasts of Thrace and Asia Minor, and to force the passage of the Dardanelles, or, if that were not practicable, to blockade them. Thus opening the communication between her forces in the Mediterranean and in the Black Sea, she considered that Turkey would lie helpless at her feet. To give the necessary ascendency to her fleet, she had long been encouraging English naval officers to take commands in it. At the famous battle of Chesm, it was the British Admirals Elphinstone, Greig, and others who had made Potemkin victorious. Greig was now at the head of the fleet that was being prepared at Cronstadt for this Mediterranean enterprise. She had also managed to engage eighteen British ships to serve as transports of troops, artillery, and stores.