THREE:During these debates, Ministers detailed the proceedings which had for some time past taken place between the Governments of France and Britain, to show that the maintenance of peace was impossible. The chief of these transactions were briefly these:From the date of the conferences at Pillnitz in 1791, when Prussia and Austria resolved to embrace the cause of the French king, and invited the other Powers to support them, Britain declared, both to those Powers and to France, her intention of remaining neutral. It was no easy matter to maintain such neutrality. To the Jacobin leaders, every country with an orderly Government, and still more a monarchy, was an offence. Against Britain they displayed a particular animus, which the most friendly offices did not remove. When, towards the end of 1791, the Declaration of the Rights of Man having reached St. Domingo, the negroes rose in insurrection to claim these rights, Lord Effingham, the Governor of Jamaica, aided the French Colonial Government with arms and ammunition, and the fugitive white people with provisions and protection. When this was notified to the National Assembly, with the King of Britain's approval of it, by Lord Gower, the ambassador at Paris, a vote of thanks was passed, but only to the British nation, and on condition that not even Lord Effingham's name should be mentioned in it. Other transactions on the part of the French still more offensive took place from time to time, but Britain still maintained her neutrality. When war was declared by France against Austria, in April, 1792, Chauvelin announced the fact to the British Government, and requested that British subjects should be prohibited from serving in any foreign army against France. Government at once issued an order to that effect. In June the French Government, through Chauvelin, requested the good offices of Britain in making pacific proposals to Prussia and Austria; but find that France expected more than friendly mediationactual armed coalition with Francethe British Government declined this, as contrary to existing alliances with those Powers. The proclamations of the French Government were already such as breathed war to Europe; all thrones were menaced with annihilation. At this time Mr. Miles, who exerted himself to maintain a friendly feeling between the nations, records, in his correspondence with the French Minister Lebrun and others, that Roland declared to one of his friends that peace was out of the question; that France had three hundred thousand men in arms, and that the Ministers must make them march as far as ever their legs could carry them, or they would return and cut all their throats.The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] 936,300; Wigan and Co., 674,700; Wildes and Co., 505,000; total acceptances, 2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to 1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampledbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubblesthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculationswhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.
THREE:In electricity great strides were made. Between the years 1705 and 1711 Francis Hawksbee published in the Transactions of the Royal Society several experiments, in which he had, for the first time, discovered the production of the electric spark by friction, and electrical attraction and repulsion. In 1720 Stephen Gray, a pensioner of the Charterhouse, published the result of his experiments on this subject, with a list of the substances which showed electricity under friction; and in 1732 he discovered the conducting property of non-electrical bodies. Before 1739, Dufray, keeper of the King's Garden at Paris, discovered the repellent power of two similarly-electrified bodies, and the attraction of these positively and negatively electrifiedor, as he termed it, possessing the vitreous and the resinous electricity. Cuneus and Lallemand discovered the mode of accumulating the electric fluid in what was called the Leyden jar in 1745. This discovery gave a new impetus to inquiry, and Nollet, in France, and Watson, in England, conceived the hypothesis of the jar being overcharged on one side and undercharged on the other. This growing perception of the positive and negative conditions of the electric fluid received confirmation from the experiments of Benjamin Franklin, in America. Franklin soon improved the Leyden jar into an electrical battery; and, in 1752, he proved the identity of electricity and lightning by his grand experiment of the kite. On this he recommended lightning conductors, which, however, were not used in England till ten years afterwards.
THREE:Lord Townshend succeeded Stanhope as Secretary of State. Aislabie, who had been deep in the iniquities of the South Sea affair, was compelled to resign his post as Chancellor of the Exchequer, to which Walpole succeeded. Meanwhile the Secret Committee appointed by the Commons continued its labours indefatigably. They sat nearly every day from nine in the morning till eleven at night, and on the 16th of February, 1721, they presented their first report to the House. This revealed a vast amount of Ministerial corruption.
