THREE:When day dawned, Cornwallis saw that the ground he occupied was so favourable that it rendered his inferiority of numbers of little consequence. He therefore drew out his forces for immediate action. Swamps to the right and left narrowed the ground by which the Americans could approach him, and forming his troops into two lines, commanded by Lord Rawdon and General Webster, he attacked the Americans under Gates and quickly put them to the rout. The Virginian militia ran most nimbly, and sought refuge in the woods. Gates himself galloped away believing all was lost, and never halted till he reached Charlotte, about eighty miles off. The only men who fought well were two brigades of regulars under the command of the German, Von Kalb, who kept his ground against the troops of Lord Rawdon for three-quarters of an hour, sustaining repeated charges of the bayonet unmoved; but Von Kalb fell mortally wounded, and the last of the Americans then gave way and fled for their lives in all directions.
THREE:Oxford had sent round a circular to every Whig lord in or near London who had ever belonged to the Privy Council, warning them to come and make a struggle for the Protestant succession. This was one of the most decided actions of that vibratory statesman, and was, no doubt, prompted by his desire to avenge his recent defeat by Bolingbroke, and to stand well at the last moment with the House of Hanover. In consequence of this, the Jacobite Ministers found themselves completely prostrate and helpless in the midst of the strong muster of Whigs. Even the aged and infirm Somers made his appearance, and threw the weight of his great name into the scale. Prompt measures were taken to secure the advent of the new king. Four regiments were ordered to London; seven battalions were sent for from Ostend, where[23] Marlborough was said to have secured their zealous fidelity to the Elector; a fleet was ordered to put to sea to prevent any interruption of his transit, and to receive him in Holland. An embargo was laid on all ports, and Anne the next morning having sunk again into lethargy, the Council ordered the Heralds-at-Arms and a troop of the Life Guards to be in readiness to proclaim her successor. Mr. Craggs was sent express to Hanover to desire the Elector to hasten to Holland, where the fleet would be ready to receive him. The Council also sent a dispatch to the States General, to remind them of the factwhich for a long time and to this moment the English Government appeared itself to have forgottenthat there was such a thing as a treaty, and that by it they were bound to guarantee the Protestant succession. Lord Berkeley was appointed to the command of the fleet, and a reinforcement was ordered for Portsmouth. A general officer was hastened to Scotland, where much apprehension of a movement in favour of the Pretender existed; and, in short, every conceivable arrangement was made for the safe accession of the Protestant king.On the 14th of January, 1793, the members of the Convention met, amid a mob surrounding the House, and demanding, "Death to the tyrant! Death to him or to us!" Other crowds crammed the galleries. The debate, which had begun immediately after the king's speech, was renewed, and furious menaces and recriminations between the Girondists and the Mountain were uttered. At length the Convention reduced all the questions to these three: 1st. Is Louis Capet guilty of conspiring against the liberty of the nation and the safety of the State? 2nd. Shall the judgment, whatever it be, be referred to the sanction of the people? 3rd. What punishment shall be inflicted on him?
THREE:[422]The distress which had pressed so severely on the people, and which had set them thinking about the most perilous political changes, was intimately connected with the state of the country. Throughout the troubled period of almost incessant war and lavish expenditure between 1797 and 1815, the business of the nation was carried on with an inconvertible paper currency, the precious metals having nearly all departed from the country. Bank notes were issued in such quantities, to meet the exigencies of the Government, that the prices of all commodities were nearly doubled. The Bill which was passed in 1819 providing for the resumption of cash payments had reduced the currency from 48,278,070, which was its amount in 1819, to 26,588,000, in 1822. The consequence was the reduction of prices in the meantime, at the rate of fifty per cent., in all the articles of production and commerce. With this tremendous fall of prices, the amount of liabilities remained unchanged; rents, taxes, and encumbrances were to be paid according to the letter of the contract, while the produce and commoditiesthe sale of which was relied upon to pay themdid not produce more than half the amount that they would have brought at the time of the contracts. The evil of this sudden change was aggravated by the South American Revolution, in consequence of which the annual supply of the precious metals was reduced to a third of its former amount. It was peculiarly unfortunate that this stoppage in the supply of gold and silver occurred at the very time that the Legislature had adopted the principle that paper currency should be regarded as strictly representing gold, and should be at any moment convertible into sovereigns. A paper currency should never be allowed[238] to exceed the available property which it represents, but it is not necessary that its equivalent in gold should be lying idle in the coffers of the Bank, ready to be paid out at any moment the public should be seized with a foolish panic. It is enough that the credit of the State should be pledged for the value of the notes, and that credit should not be strained beyond the resources at its command. The close of 1822 formed the turning-point in the industrial condition of the country. The extreme cheapness of provisions, after three years of comparative privation, enabled those engaged in manufacturing pursuits to purchase many commodities which they had hitherto not been able to afford. This caused a gradual revival of trade, which was greatly stimulated by the opening of new markets for our goods, especially in South America, to which our exports were nearly trebled in value between 1818 and 1823, when the independence of the South American Republics had been established. The confidence of the commercial world was reassured by the conviction that South America would prove an unfailing Dorado for the supply of the precious metals. The bankers, therefore, became more accommodating; the spirit of enterprise again took possession of the national mind, and there was a general expansion of industry by means of a freer use of capital, which gave employment and contentment to the people. This effect was materially promoted by the Small Note Bill which was passed in July, 1822, extending for ten years longer the period during which small notes were to be issued; its termination having been fixed by Peel's Bill for 1823. The average of bank-notes in circulation in 1822 was 17,862,890. In November of the following year it had increased by nearly two millions. The effect of this extension of the small note circulation upon prices was remarkable. Wheat rose from 38s. to 52s., and in 1824 it mounted up to 64s. In the meantime the bullion in the Bank of England increased so much that whereas in 1819 it had been only 3,595,360, in January, 1824, it amounted to 14,200,000. The effect of all these causes combined was the commencement of a reign of national prosperity, which burst upon the country like a brilliant morning sun, chasing away the chilling fogs of despondency, and dissipating the gloom in the popular mind.
TWO:Chemistry also received valuable extensions of its field. Dr. John Mayow published new facts respecting nitre, and on the phenomena of respiration and combustion, as revealed by experiments on this and other substances. At the commencement of the eighteenth century Stahl, a German chemist, propounded his theory of phlogiston as the principle of combustion, which was only exploded by the further discoveries of Dr. Black, Cavendish, and Priestley. Soon after, Dr. Hales threw new light on a?riform bodies, or, as they are now termed, gases; and finally, Dr. Black demonstrated the presence of a gas in magnesia, lime, and the alkalies, which had long before been noticed by Van Helmont, but had been forgotten. This was then termed fixed air, but has now acquired the name of carbonic acid gas, or carbon dioxide. At the end of this period chemistry was extensively studied, and was rapidly revealing its secrets.
TWO:On Newcastle's resignation Bute placed himself at the head of the Treasury, and named Grenville Secretary of Statea fatal nomination, for Grenville lost America. Lord Barrington, though an adherent of Newcastle, became Treasurer of the Navy, and Sir Francis Dashwood Chancellor of the Exchequer. Bute, who, like all weak favourites, had not the sense to perceive that it was necessary to be moderate to acquire permanent power, immediately obtained a vacant Garter, and thus parading the royal favours, augmented the rapidly growing unpopularity which his want of sagacity and honourable principle was fast creating. He was beset by legions of libels, which fully exposed his incapacity, and as freely dealt with the connection between himself and the mother of the king.