ONE:The butcheries were not terminated till late at night; but the shouts of victory had, so early as eleven o'clock in the morning, informed the Assembly that the people were masters of the[404] Tuileries. Numbers of the insurrectionists had appeared at the Assembly from time to time, crying, "Vive la Nation!" and the members replied with the same cry. A deputation appeared from the H?tel de Ville, demanding that a decree of dethronement should be immediately passed, and the Assembly so far complied as to pass a decree, drawn up by that very Vergniaud who had assured the king that the Assembly was prepared to stand to the death for the defence of the constituted authorities. This decree suspended the royal authority, appointed a governor for the Dauphin, stopped the payment of the Civil List, but agreed to a certain allowance to the royal family during the suspension, and set apart the Luxembourg for their residence. The Luxembourg Palace being reported full of cellars and subterranean vaults and difficult of defence, the Temple, a miserable dilapidated old abbey, was substituted, and the royal family were conveyed thither.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."
TWO:CHAPTER XXII. REIGN OF VICTORIA (continued).
ONE:Among the other causes which contributed to the unpopularity of the Duke of Wellington and the weakness of his Administration was the prosecution by the Attorney-General of Mr. Alexander, the editor of the Morning Journal. A series of articles had appeared in that paper, which were considered so virulent and libellous, so far surpassing the bounds of fair discussion, that the Duke felt under the same necessity of ordering a prosecution that he had felt to fight the duel with Lord Winchilsea. It was regarded as an inevitable incident of his position, one of the things required to enable him to carry on the king's Government. He obtained a victory, but it cost him dear: a sentence of fine and imprisonment was inflicted upon his opponent, and the Morning Journal was extinguished; but, in the temper of the times, the public were by no means disposed to sympathise with the victor in such a contest. On the contrary, the victory covered him with odium, and placed upon the head of the convicted the crown of martyrdom. Mr. Alexander was visited daily in the King's Bench prison by leading politicians, and a motion was made in the House of Commons with a view to incriminate the Government who ordered the prosecution. In another instance also, but of a nature less damaging, the Government received a warning of its approaching downfall. Mr. Peel, anxious to mitigate the severity of the criminal code, and to render it less bloody, proposed to inflict the penalty of death only on persons committing such forgeries as could not by proper precautions be guarded against. It was a step in the right direction, but one too hesitating, and stopping short of the firm ground of sound policy. Sir James Mackintosh, therefore, on the third reading of the Bill, moved a clause for the abolition of the penalty of death in all cases of forgery, which was carried by a majority of 151 against 138. Thus the Session wore on, in a sort of tantalising Parliamentary warfare, with no decisive advantages on either side till the attention and interest of Parliament and the nation were absorbed by the approaching dissolution of George IV. and the dawning light of a new reign.During the Republic of France, and in the worst times of Robespierre, the French had their Minister, M. Genet, in the United States, who excited the democrats to acts of hostility against Great Britain, and gave them French authority to seize and make prizes of British vessels at sea, though they were nominally at peace with England. And though Washington, then President, protested against these proceedings, the main body of the people were against him, and were supported in that spirit by Jefferson, who was Secretary of State. When Jefferson became President, in 1801, and Madison his Secretary of State, the hatred to Great Britain was carried to its extreme, and the friendship of Buonaparte was cultivated with the utmost zeal. When Jefferson was a second time President, in 1807, he violently resisted our right of search of neutral vessels, thus playing into the hands of Buonaparte and his Berlin Decree, in the hope of carrying on a large trade with the European Continent at our expense. Out of this arose the affair of the Leopard and the Chesapeake off the capes of Virginia, in which the Chesapeake, refusing to allow a search for British deserters, was attacked and taken. This put the whole of the democracy of America into a raging fury, though the boarding of the United States war-sloop, the Hornet, in the French port of L'Orient, for the same purpose, was passed over without a murmur. To prevent such collisions, Canning, on the part of the British Government, issued orders that search of war-ships should be discontinued. This, however, did not prevent Jefferson from making proclamations prohibiting British men-of-war from entering or remaining in American ports; and the utmost indignities were offered to all the officers and crews of our men-of-war who happened to be lying in American harbours. Moreover, Jefferson issued, in December, 1807, an embargo against all American vessels quitting their own ports, because if at sea they did not submit to be searched to ascertain whether they were carrying goods to French ports, they were treated as hostile by Great Britain, were attacked and seized. This was in retaliation of Buonaparte's Berlin Decree, and made necessary by it. On the other hand, Buonaparte seized any American or other vessel entering into any port of Europe under the power of France, which had submitted to search. To prevent this certain seizure of trading vessels, the embargo was issued, and all merchant vessels of all nations were prohibited from entering American ports. A more[34] suicidal act than this could not be conceived, and the people of the United States soon complained loudly of the consequences. In 1809, Madison succeeding Jefferson in the Presidency, and Buonaparte having now rendered matters worse by his Milan Decree, besides his Berlin one, Madison abolished the general embargo with all nations except France and Great Britain, and declared this, too, at an end, whenever either or both of these nations withdrewthe one its Decrees and the other its Orders in Council. But in 1810 Madison declared that France had withdrawn its Decrees so far as America was concerned; though this was notoriously untrue. Numbers of American vessels continued to be seized in French ports, though the United States Government dared not complain, nor did they ever recover any compensation from Napoleon; it was from Louis Philippe that they first obtained such compensation, and, curiously enough, through the friendly intervention of Great Britain.
TWO:When the news of this distractedly hopeless condition of the Council in Calcutta reached London, Lord North called upon the Court of Directors to send up to the Crown an address for the recall of Hastings, without which, according to the new Indian Act, he could not be removed till the end of his five years. The Directors put the matter to the vote, and the address was negatived by a single vote. The minority then appealed to the Court of Proprietors, at the general election in the spring of 1776, but there it was negatived by ballot by a majority of one hundred, notwithstanding that all the Court party and Parliamentary Ministerialists who had votes attended to overthrow him. This defeat so enraged Lord North that he resolved to pass a special Bill for the removal of the Governor-General. This alarmed Colonel Maclean, a friend of Hastings, to whom he had written, on the 27th of March.[328] 1775, desiring him, in his disgust with the conduct of Francis, Clavering, and Monson, and the support of them by the Directors, to tender his resignation. Thinking better of it, however, he had, on the 18th of the following May, written to him, recalling the proposal of resignation. But Maclean, to save his friend from a Parliamentary dismissal, which he apprehended, now handed the letter containing the resignation to the Directors. Delighted to be thus liberated from their embarrassment, the Directors accepted the resignation at once, and elected Mr. Edward Wheler to the vacant place in the Council.
