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Earl Grey had lived to witness the triumphant realisation of all the great objects for which throughout his public life he had contended, sometimes almost without hope. Catholic Emancipation had been yielded by his opponents as a tardy concession to the imperative demand of the nation. In the debates on that question in the House of Lords, Lord Grey was said to have excelled all others, and even himself. The long dormant question of Parliamentary Reform was quickened into life by the electric shock of the French Revolution of 1830, when the Duke of Wellington, with equal honesty and rashness, affirmed that the existing system of representation enjoyed the full and entire confidence of the country. This declaration raised a storm before which he was compelled to retire, in order to make way for a statesman with keener eye and firmer hand, to hold the helm and steer the vessel in that perilous crisis of the nation's destiny. Throughout the whole of that trying time Earl Grey's wisdom, his steadfastness, the moral greatness of his character, and the responsibility of his position, made him the centre of universal interest, and won for him the respect and admiration of all parties in the nation. Baffled again and again in the struggle for Reform, undismayed by the most formidable opposition, not deterred or disheartened by repeated repulses, he renewed his attacks on the citadel of monopoly and corruption, till at last his efforts were crowned with victory. And well did he use the great power for good which the Reform Parliament put into his hands. The emancipation of the slaves, the reform of the Irish Church, and the abolition of the gigantic abuses of the Poor Law system, were among the legislative achievements which he effected. His foreign policy, in the able hands of Lord Palmerston, was in harmony with his own domestic policybold, just, moderate, true to the cause of freedom abroad, while vigilantly guarding the national honour of his own country. By his vigorous diplomacy he had saved Belgium from being overwhelmed by the Dutch, and at the same time kept her independent of France. A capable Sovereign had been provided for her in Leopold of Saxe-Coburg, the widowed husband of Charlotte of England. Finally, when the Dutch declined to give way to the remonstrances of the Western Powers, a joint Anglo-French expedition was dispatched, which compelled the citadel of Antwerp to capitulate on December 23rd, 1832. Nevertheless, such was the obstinacy of the Dutch that the question remained unsettled on the fall of the Grey Ministry. Lord Palmerston's foreign policy was equally noteworthy in other quarters of the globe. If he could do little for the revolution in Poland, he could at least preserve constitutionalism in the Peninsula, where it was threatened by Dom Miguel in Portugal, and, after the death of Ferdinand in 1833, by Don Carlos in Spain. On the 22nd of April, 1834, Palmerston, in concert with Talleyrand, now French Minister in London, drew up the Quadruple Treaty, by which the two Powers undertook to deliver the Peninsula from the Absolutist pretenders. Its effect for the time being was remarkable; they both fled from the country, and constitutionalism was restored.
THREE:It was on this occasion that Mr. Disraeli, rising from the benches filled with the ordinary supporters of the Government, delivered one of those bitter and sarcastic diatribes which thenceforward proved so effective in arousing the revengeful feelings of those of the party who believed their interests to have been betrayed in deference to the League. "I remember," he said, "in 1841 the right hon. baronet used these words: he said, 'I have never joined in the anti-slavery cry, and now I will not join in the cry of cheap sugar.' Two years have elapsed, and the right hon. gentleman has joined in the anti-slavery cry, and has adopted the cry of cheap sugar. But," he continued, appealing to the rebellious supporters of the Government, whom the Minister had just defied, "it seems that the right hon. baronet's horror of slavery extends to every place except the benches behind him. There the gang is still assembled, and there the thong of the whip still resounds. The right hon. gentleman," he added, "came into power upon the strength of our votes, but he would rely for the permanence of his Ministry upon his political opponents. He may be righthe may even be to a certain degree successful in pursuing the line of conduct which he has adopted, menacing his friends, and cringing to his opponents; but I, for one, am disposed to look upon it as a success neither tending to the honour of the House nor to his own credit. I therefore must be excused if I declare my determination to give my vote upon this occasion as I did in the former instance; and as I do not follow the example of the hon. and gallant member near me (Sir H. Douglas), it will not subject me to the imputation of having voted on the former occasion without thought or purpose." The appeal of the Ministers, however, was, fortunately for the Free Trade movement, for a time successful. The Government were reinstated by a vote of 255 to 233, in a House in which both parties had evidently done their utmost.The year 1805 was opened by Buonaparte addressing a second letter to George III. Its tenor may be gathered from the concluding paragraph. "Alas! what a melancholy prospect to cause two nations to fight, merely for the sake of fighting. The world is sufficiently large for our two nations to live in it, and reason is sufficiently powerful to discover means of reconciling everything, when the wish for reconciliation exists on both sides. I have, however, fulfilled a sacred duty, and one which is precious to my heart. I trust your Majesty will believe in the sincerity of my sentiments, and my wish to give you every proof of it.Napoleon." ONE:MR. STANLEY (AFTERWARDS 14th EARL OF DERBY). [From a photograph by S. A. Walker, Regent Street, London.
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FORE:The Congress of Vienna, interrupted by the last razzia of Buonaparte, now resumed its sittings, and the conditions between France and the Allies were finally settled, and treaties embodying them were signed at Paris by Louis XVIII. on the 20th of November. France was rigorously confined to the frontier of 1790, losing the additions conferred on it by the first Treaty of Paris; and to prevent any danger of a recurrence of the calamities which had called the Allies thus a second time to Paris, they were to retain in their hands seventeen of the principal frontier[118] fortresses, and one hundred and fifty thousand of their soldiers were to be quartered, and maintained by France, in different parts of the kingdom. The term of their stay was not to exceed five years, and that term might be curtailed should the aspect of Europe warrant it. The Allied sovereigns also insisted on the payment of the enormous expenses which had been occasioned by this campaign of the Hundred Daysthe amount of which was estimated at seven hundred millions of francs. This sum, however, was not to be exacted at once, but to be paid by easy instalments.

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FORE:On the afternoon of this day, Monday, the 11th of May, as the Minister was entering the House, about five o'clock, a man of gentlemanly appearance presented a pistol, and shot him deadat least, he did not survive two minutes. In the confusion and consternation the man might have escaped, but he made no such attempt; he walked up to the fireplace, laid down his pistol on a bench, and said, in answer to those inquiring after the murderer, that he was the person. He gave his name as Bellingham, expressed satisfaction at the deed, but said that he should have been more pleased had it been Lord Leveson Gower. In fact, his prime intention was to shoot Lord Gower, but he had also his resentment against Perceval, and therefore took the opportunity of securing one of his victims. It appeared that he had been a Liverpool merchant, trading to Russia, and that, during the embassy of Lord Leveson Gower at St. Petersburg he had suffered severe and, as he deemed, unjust losses, for assistance in the redress of which with the Russian Government he had in vain sought the good offices of the ambassador. On his return to England he had applied to Perceval; but that Minister did not deem it a case in which Government could interfere, and hence the exasperation of the unhappy man against both diplomatists. The trial of the murderer came on at the Old Bailey, before Chief Justice Mansfield, on the Friday of the same week. A plea of insanity was put in by Bellingham's counsel, and it was demanded that the trial should be postponed till inquiries could be made at Liverpool as to his antecedents. But this plea was overruled. Bellingham himself indignantly rejected the idea of his being insane. He declared that the act was the consequence of a cool determination to punish the Minister for the refusal of justice to him, and he again repeated, in the presence of Lord Leveson Gower, that his chief object had been himself for his cruel disregard of his wrongs. Both Lord Mansfield and the rest of the judges would hear of no delay; a verdict of "Wilful Murder" was brought in by the jury, and they condemned him to be hanged, and he was duly hanged on the following Monday at nine o'clock, exactly the day week of the perpetration of the act.The two rival Ministers of England became every day more embittered against each other; and Bolingbroke grew more daring in his advances towards the Pretender, and towards measures only befitting a Stuart's reign. In order to please the High Church, whilst he was taking the surest measures to ruin it by introducing a popish prince, he consulted with Atterbury, and they agreed to bring in a Bill which should prevent Dissenters from educating their own children. This measure was sure to please the Hanoverian Tories, who were as averse from the Dissenters as the Whigs. Thus it would conciliate them and obtain their support at the[19] very moment that the chief authors of it were planning the ruin of their party. This Bill was called the Schism Bill, and enjoined that no person in Great Britain should keep any school, or act as tutor, who had not first subscribed the declaration to conform to the Church of England, and obtained a licence of the diocesan. Upon failure of so doing, the party might be committed to prison without bail; and no such licence was to be granted before the party produced a certificate of his having received the Sacrament according to the communion of the English Church within the last year, and of his having also subscribed the oaths of Allegiance and Supremacy.

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FORE:The world looked on in astonishmentdiplomatists in dread of more secret and momentous compacts, and that not without cause. In the heat of this hastily-formed alliance, it was proposed to marry the young Archduchess, the heiress of the Austrian States, to one of the Infants of Spaina contract, if carried out, which would probably have overthrown all that had been done at such cost of life and wealth for the establishment of the balance of power. This dangerous project was frustrated by other events, but serious engagements were entered into for compelling England to surrender Gibraltar and Minorca to Spain, and for placing the Pretender on the throne of Great Britain.

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THREE:On the 22nd of June, 1781, Lord Macartney arrived at Madras to take the place of Whitehill as Governor. He brought the news of the war having broken out between the British and the Dutch, and he determined to take advantage of it to seize the Dutch settlements on the coast of Coromandel and in Ceylon. But Sir Eyre Coote had lately had a stroke of palsy; his faculties were failing, and his temper had grown morose. Finding he could obtain no assistance from the Commander-in-chief, Macartney called out the militia of Madras, and at their head reduced the Dutch settlements of Sadras and Pulicat. Finding Sir Hector Munro waiting at Madras for a passage to England, in consequence of the insulting conduct of Sir Eyre Coote, he induced him to take the command of an expedition against Negapatam. Admiral Hughes landed the troops near Negapatam on the 21st of October; they then united with a force under Colonel Braithwaite, and on the 12th of November Negapatam was taken, with large quantities of arms and military stores. Leaving Braithwaite to make an expedition in Tanjore, where, in February of the coming year, he was surrounded by Tippoo and Lally, the French general, and taken prisoner, Admiral Hughes sailed across to Ceylon, a most desirable conquest, because of its secure harbour of Trincomalee, as well as the richness and beauty of the island, and also on account of its position, for it lay only two days' sail from Madras. On the 11th of January, 1782, Trincomalee was won.
THREE:Scarcely had Parliament ceased to sit, and the king was gone to spend the summer months in Germany, when the vigilance of the Ministry was demanded to ward off a fresh invasion. Alberoni, defeated in his schemes on France, and his hopes of the invasion of England by Charles XII. crushed by that monarch's death, determined now to make a grand effort to support the Pretender himself. For this purpose, he invited him to Spain, and at the same time began the equipment of a formidable fleet to carry over a Spanish force, under the command of the Duke of Ormonde, to the shores of Britain. The Pretender was not intended to accompany the expedition, but to be in readiness to follow on the first news of its[43] successful landing. But it was no more destined to reach these shores than the Grand Armada. It has always been the fate of invading squadrons to encounter providential tempests in coming hitherward, and the usual hurricane was ready to burst. Scarcely, indeed, had the fleet lost sight of Cape Finisterre before the storm swooped down upon it. For twelve days the terrible Bay of Biscay was swept by a frightful wind, which drove the vessels in all directions, and rendered it impossible to manage them. Fortunate would it have been if every vessel had failed to reach the shores at which they aimed; but two vessels, on board of which were the Earls Marshal and Seaforth, and the Marquis of Tullibardine, accompanied by about three hundred Spanish soldiers, reached Scotland, and landed, on the 16th of April, at Kintail, in Ross-shire. In the hope that Ormonde would still reach England, this small force lay quiet for some time, and so little did they excite notice, that the Government imagined that they had re-embarked. Their presence there, however, had the mischievous effect of exciting some few of the Highlanders to join them. They seized Donan Castle, and thus attracted the attention of the English. Some vessels of war arrived upon the coast. The castle was speedily retaken, and Lord Carpenter, the commander of the forces in Scotland, sent some troops from Inverness against them. General Wightman, the officer thus despatched, was attended by about a thousand men, and found the enemy, now swollen to about two thousand, strongly posted at Glenshiel. He immediately attacked them, and the miscellaneous force speedily dispersed. The Highlanders, who knew the country, rapidly disappeared amongst the hills, and the Spaniards had no other resource than to lay down their arms.Government now resorted to vigorous measures; the Chartist leaders were brought to trial, and sentenced to various terms of imprisonment. At a meeting of the National Convention held on the 14th of September, it was moved by Mr. O'Brien, and seconded by Dr. Taylor, that the Convention be dissolved. On a division, the numbers were for the dissolution eleven; against it eleven. The chairman gave his casting vote in favour of the dissolution. It was thereupon hoped, and, indeed, publicly declared by the Attorney-General, that Chartism was extinct and would never again be revived. It soon appeared, however, that this was a delusion, and that a most formidable attempt at revolution by force of arms had been planned with great care and secrecy, and on a comprehensive scale, the principal leader being a justice of the peace. Among the new borough magistrates made by the Whigs after the passing of the Reform Bill was Mr. John Frost, a linendraper at Newport. At the beginning of the Chartist agitation in 1838 Mr. Frost attended a meeting in that town, when he made a violent speech, for which he was reprimanded by the Home Secretary. But this warning was far from having the desired effect. During the autumn of 1839 he entered into a conspiracy with two other leadersJones, a watchmaker, of Pontypool, and Williams, of the Royal Oak Inn, in the parish of Aberystwithto take possession of the town of Newport, which was to be the signal for a simultaneous rising of the Chartists in Birmingham and in all other parts of the kingdom. But the weather was unfavourable and the night was dark. The divisions under the command of Jones and Williams failed to arrive at the appointed time, and the party under the command of Frost himself was late. The intention was to surprise Newport at about midnight on Sunday, the 3rd of November; but owing to the wetness of the weather it was not till ten o'clock on Monday morning that the insurgents entered the town in two divisions, one headed by Frost, and another by his son, a youth of fourteen or fifteen. They were armed with guns, pistols, pikes, swords, and heavy clubs. The mayor, Mr. Thomas Philips, apprised of their approach, had taken prompt measures for the defence of the place.
THREE:Contemporary with Cowper was Mrs. Tighe, the author of "Psyche," an allegorical poem, in which the beauty of the sentiment made acceptable that almost exploded form of composition. But there was at this period a number of writers who had much more false than true sentiment. The euphuism of the reign of Queen Elizabeth broke forth in another fashion. A kind of poetical club was formed at Batheaston, the residence of Lady Miller, near Bath. She and her guests, amongst whom was Miss Seward, wrote verses, which they published under the title of "Poetical Amusements." A still more flaunting school set themselves up amongst the English at Florence, one of whom, a Mr. Robert Merry, dubbed himself "Della Crusca," whence the clique became known as the "Della Cruscan School." Amongst the members of it figured Mrs. Piozzi, the widow of Thrale the brewer, Boswell, Johnson's biographer, Mary Robinson, the younger Colman, and Holcroft, the dramatist, with others of less name. They addressed verses to each other in the most florid and extravagant style under the names of "Rosa Matilda," "Laura Maria," "Orlando," and the like. The fashion was infectious; and not only were the periodicals flooded by such silly mutual flatteries, but volumes were published full of them. Gifford, the editor of the Quarterly Review, and translator of Juvenal, attacked this frenzy in a satire called the "Baviad," and continued the attack in the "M?viad," which, however, was more particularly a censure on the degraded condition of the drama. This put an end to the nuisance, and Gifford won great fame by it; though, on referring to his two celebrated satires, we are surprised at their dulness, and are led to imagine that it was their heaviness which crushed these moths of literature. Gifford had himself a great fame in his day, which was chiefly based on his formidable position as editor of the Quarterly Review.
THREE: Charles H. Coote, created Lord Castlecoote, with a regiment, patronage in Queen's County, and 7,500 in cash.
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THREE:[See larger version]Sir Robert Peel began by saying, "Sir, the honourable gentleman has stated here very emphatically, what he has more than once stated at the conferences of the Anti-Corn-Law League, that he holds me individually responsible for the distress and suffering of the country; that he holds me personally responsible." This was pronounced with great solemnity of manner, and at the word "individually" the Premier was interrupted by a loud cheer from the Ministerial benches of a very peculiar and emphatic kind. Sir Robert then continued, "Be the consequences of those insinuations what they may, never will I be influenced by menaces to adopt a course which I consider" But the rest of the sentence was lost in renewed shouts from the Ministerial benches. Mr. Cobden immediately rose and said, "I did not say that I held the right honourable gentleman personally responsible;" but he was interrupted by shouts from the Ministerial benches of, "You did, you did!" mingled with cries of "Order!" and "Chair!" The further remark from Mr. Cobden, "I have said that I hold the right honourable gentleman responsible by virtue of his office, as the whole context of what I said was sufficient to explain," brought renewed shouts from the same quarter of "No, no," accompanied by great confusion. When Sir Robert, says a newspaper of the day, gave the signal for this new light, then, and not till then, the sense so obtained burst forth with a frantic yell, which would better have befitted a company of savages who first saw and scented their victim, than a grave and dignified assembly insulted by conduct deemed deserving of condemnation. Sir Robert afterwards so far recovered from his excitement as to say, "I will not overstate anything. Therefore I will not say I am certain the honourable gentleman used the word 'personally';" but the debate created a painful impression, which was increased by an article in the Times of the following day, deliberately attempting to connect Mr. Cobden with the doctrine of assassination. The friends of the Anti-Corn-Law movement, however, immediately held meetings throughout the country, at which they expressed their indignation at the attempt to fix a calumny upon the man whose arguments in favour of Free Trade in food were unanswered and unanswerable.
THREE:
THREE:The first report related to the duties and revenues of bishops. The Commissioners suggested various alterations of the boundaries of dioceses. They recommended the union of the sees of Gloucester and Bristol, and of Bangor and St. Asaph. They also recommended the establishment of two new sees, Ripon and Manchester. They calculated the net income of the bishoprics of England and Wales at 148,875. They found that, owing to the unequal manner in which this revenue was[408] distributed, the income of one-half the bishoprics was below the sum necessary to cover the expenses to which a bishop is unavoidably subject, which rendered it necessary to hold livings in commendam. To do away with this state of things, and with a view to diminish the inducements to episcopal translations, they recommended a different distribution of episcopal revenues. In the second and fourth reports, and the draft of the fifth report, they presented the result of their inquiries on cathedral and collegiate churches. They recommended the appropriation of part of their revenues, and of the whole of the endowments for non-residentiary prebends, dignitaries, and officers, and that the proceeds in both cases should be carried to the account of a fund, out of which better provision should be made for the cure of souls. In their second report they stated that they had prepared a Bill for regulating pluralities and the residence of the clergy.

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FORE:Napoleon, who had every need of success to regain his former position in the opinion of France, sent off in all haste to Paris the most exaggerated account of the battle of Lützen, as one of the most[66] decisive victories that he had ever won, and that it had totally scattered the Allies, and neutralised all the hopes and schemes of Great Britain. The Empress went in procession to Notre Dame, where Te Deum was celebrated by Cardinal Maury, who drew the most extravagant picture of Napoleon's invincible genius. The same false statements were sent also to every friendly Court in Europe, even to Constantinople. The stratagem had its effect. The wavering German princes, who were ready to go over to their own countrymen, still ranged their banners with the French. The King of Saxony had gone to Prague as a place whence he might negotiate his return to the ranks of his own fatherland; but he now hastened back again, and was in Dresden on the 12th of May with Napoleon, who conducted him in a kind of triumph through his capital, parading his adhesion before his subjects who had hailed the Allies just before with acclamations. The Saxon king, in fresh token of amity to Napoleon, ceded to him the fortress of Torgau, much to the disgust of his subjects.True to the pole, by thee the pilot guides

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FORE:Meanwhile the Whigs were anxious to add fresh security to their own lease of office. At the last election they had procured the return of a powerful majority; but two years out of the triennial term had expired, and they looked with apprehension to the end of the next year, when a dissolution must take place. They were aware that there were still strong plottings and secret agitations for the restoration of the banished dynasty. By both the king and his Ministers all Tories were regarded as Jacobites, and it was resolved to keep them out of office, and, as much as possible, out of Parliament. They had the power in their own hands in this Parliament, and, in order to keep it, they did not hesitate to destroy that Triennial Act for which their own party had claimed so much credit in 1694, and substitute a Septennial Act in its place. They would thereby give to their own party in Parliament more than a double term of the present legal possession of their seats. Instead of one year, they would be able to look forward four years without any fear of[33] Tory increase of power through a new election. On the 10th of April, Devonshire, Lord Steward of the Household, moved the repeal of the Triennial Act, long lauded as one of the bulwarks of our liberties, under the now convenient plea that it had been "found very grievous and burthensome, by occasioning much greater and more continued expenses in order to elections of members to serve in Parliament, and more lasting heats and animosities amongst the subjects of this realm than ever were known before the said clause was enacted."In the latest period scarcely any acting dramas were produced. Amongst the unacted tragedies, or such as were acted with no great successbeing better fitted for private studywere Coleridge's "Remorse" and "Zapolya;" Shelley's "Prometheus Unbound" and "The Cenci;" Byron's "Cain," "Manfred," "Sardanapalus," etc.; Maturin's "Bertram," "Manuel," and "Fredolpho;" Joanna Baillie's "Plays on the Passions," "The Family Legend"the last acted with some success at Edinburgh, through the influence of Sir Walter Scott, in 1810Charles Lamb's "John Woodvill," Milman's "Fazio," and Walter Savage Landor's "Count Julian," "Andrea of Hungary," "Giovanni of Naples," "Fra Rupert," "The Siege of Ancona," etc., all masterly dramas, constituting a blaze of dramatic genius which, had it been adapted to the stage, would have given it a new grandeur at the close of this reign.

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The restrictions, however, if not to any great extent a practical grievance, were felt to be a stigma utterly undeserved, and the necessity for an annual Indemnity Act continually reminded a large, influential, intelligent, energetic portion of the nation of their inferiority to the rest of the king's subjects. The Government felt that public opinion was against them. They therefore allowed the Bill to go into committee without opposition, and there they adopted it as their own by carrying certain amendments. It passed the Commons by a majority of 44, the numbers being 237 to 193. From the tone of the debate in the Commons it was evident that the Government was not sorry to be left in a minority. In the House of Lords the measure encountered more opposition. Lord Eldon, exasperated with the treatment he had received from the Ministers, denounced it with the utmost vehemence. When he heard of its success in the Lower House, he was in a state of consternation.CHAPTER IV. Reign of George II. (continued).He first published an engraving of "The Small Masquerade Ticket, or Burlington Gate," in ridicule of Lord Burlington's architecture, and of Pope's eulogiums on Burlington and satire of the Duke of Chandos. He illustrated "Hudibras," and produced a satirical plate, "The Taste of the Times," in 1724; and, some years after, "The Midnight Conversation" and "Southwark Fair." Not content with the fame which this vein, so peculiarly his own, was bringing him, he had the ambition to attempt the historical style, but this was a decided failure. In 1734, however, he came out in his full and peculiar strength in "The Harlot's Progress." The melancholy truth of this startling drama, mingled with touches of genuine humour, seized at once on the minds of all classes. It became at once immensely popular; it was put on the stage, and twelve hundred subscriptions for the engravings produced a rich harvest of profit. In the following year he produced "The Rake's Progress," which, though equally clever, had not the same recommendation of novelty. In 1744 he offered for sale the original paintings of these subjects, as well as "The Four Times of the Day," and "The Strolling Actresses Dressing in a Barn;" but here he felt the effects of the sturdy English expression of his sentiments on art, and his distributing of an engraving of "The Battle of the Pictures," as a ticket of admission, gave great offence to painters and their patrons. The whole sum received was only four hundred and twenty-seven pounds. Undaunted by his self-injuring avowal of his opinions, he offered in 1750 the pictures of "Marriage la Mode" for sale, but put forth an advertisement in such caustic terms, as he reflected on the result of his former auction, that he effectually kept away purchasers, and obtained only a hundred and twenty pounds for what Mr. Angerstein afterwards gave a thousand pounds for. His "March to Finchley" being sent for the royal inspection, so impressed George II. with the idea that it was a caricature of his Guards, that, though the engraving of it was dedicated to him, he ordered the picture out of his sight, with expressions of great indignation. Hogarth quietly substituted the name of the King of Prussia in the dedication, as "an encourager of the arts."The new Parliament met on the 14th of November. Mr. Manners Sutton was re-elected Speaker. A week was spent in the swearing-in of members, and on the 21st the Session was opened by the king in person. In the Royal Speech allusion was made to the throwing open of the ports for the admission of foreign grain, and the distress that had visited the manufacturing districts. The Address was carried in the Upper House without a division, and in the Lower House an amendment, moved by Mr. Hume, found only twenty-four supporters. On the 5th of December Alderman Waithman moved for a committee of inquiry with reference to the part taken by members of Parliament in the Joint Stock mania of 1824-5-6. He stated that within the last three years six hundred joint-stock companies had been formed, most of them for dishonest purposes. The directors of these fraudulent schemes worked with the market as they pleased, forcing up the prices of shares to sell, and depressing them to buy, pocketing the difference. He dwelt particularly on the Arignon Mining Company, of which the late chairman of the Committee of Ways and Means, Mr. Brogden, had been a director. The directors of this company, besides an allowance of three guineas per day for the use of their names, had divided between them a large surplus, arising from traffic in shares. Other members of the House, he alleged, had enriched themselves by bubble companies, particularly Sir William Congreve. At the suggestion of Mr. Canning, the inquiry was restricted to the Arignon Company. A vast amount of loss and suffering had been inflicted by these bubble companies. A check was given to the steady and wholesome progress of the country by the fever of excitement, followed by a sudden and terrible collapse. Healthful commerce was blighted, and one of the worst results of the revulsion was that it not only swept away the delusive projects of adventurers, but paralysed for a season the operations of legitimate enterprise. The commercial atmosphere, however, had been cleared by the monetary crisis of 1825-6. An extensive decomposition of commercial elements was effected. Masses of fictitious property were dispersed, and much of the real capital of the country was distributed in new and safe channels, which caused the year 1827 to open with more cheering prospects.
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