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THREE:[145]
FORE:On the subject of the Free Trade measures generally, the Speech continued:The opening of the year 1840 saw no flagging in the efforts of the Manchester men to bring forward the question, which the Annual Register had just regarded as finally set at rest. It had[484] been determined that a great meeting of delegates should be held in that city. There was no hall large enough to hold half of the then members even of the local association, and it was therefore resolved to construct one. Mr. Cobden owned nearly all of the land then unbuilt on in St. Peter's Fieldthe very site of the Peterloo massacre of 1819. In eleven days one hundred men constructed on this spot a temporary pavilion, which afterwards gave place to the permanent Free Trade Hall, which long continued to be the favourite scene of great political meetings. The Manchester Times described the pavilion as comprising an area of nearly 16,000 square feet. It contained seats for dining 3,800 persons, and 500 more were admitted after the dinner. Among the most conspicuous speakers at the banquet were Daniel O'Connell, Mr. Cobden, and Mr. Milner Gibson; but perhaps the most interesting feature in the proceedings was the operatives' banquet, which took place on the following day. Five thousand working men, overlooked by their wives, sisters, and daughters in the galleries, sat down on that occasion. It was evident from this that the people were emancipating themselves from the advice of evil counsellors, and were beginning to see the importance to their interests of the movement of the League.
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FORE:
SHOES FALL 2014
THREE:
FORE:By six o'clock in the evening the Allied army had lost ten thousand men in killed and wounded, besides a great number of the dispersed Belgians and other foreigners of the worst class, who had run off, and taken refuge in the wood of Soigne. But the French had suffered more severely; they had lost fifteen thousand in killed and wounded, and had had more than two thousand taken prisoners. At about half-past four, too, firing had been heard on the French right, and it proved to be the advanced division of Bulow. Grouchy had overtaken the Prussians at Wavre, but had been stopped there by General Thielemann, by order of Blucher, and kept from crossing the Dyle till it was too late to prevent the march of Blucher on Waterloo; so that whilst Thielemann was thus holding back Grouchy, who now heard the firing from Waterloo, Blucher was on the track of his advanced division towards the great battle-field. When Buonaparte heard the firing on the right, he thought, or affected to think, that it was Grouchy, whom he had sent for in haste, who was beating the Prussians; but he perceived that he must now make one gigantic effort, or all would be lost the moment that the main armies of the British and Prussians united. Sending, therefore, a force to beat back Bulow, he prepared for one of those thunderbolts which so often had saved him at the last moment. He formed his Imperial Guard into two columns at the bottom of the declivity of La Belle Alliance, and supporting them by four battalions of the Old Guard, and putting Ney at their head, ordered him to break the British squares. That splendid body of men, the French Guards, rushed forward, for the last time, with cries of "Vive l'Empereur!" and Buonaparte rode at their head as well as Ney, as far as the farm of La Haye Sainte. There the great Corsican, who had told his army on joining it this last campaign that he and they must now conquer[100] or die, declined the death by suddenly wheeling his horse aside, and there remaining, still and stiff as a statue of stone, watching the last grand venture. The British right at this moment was wheeling towards Buonaparte's position, so that his Guards were received by a simultaneous fire in front and in the flank. The British soldiers advanced from both sides, as if to close round the French, and poured in one incessant fire, each man independently loading and discharging his piece as fast as he could. The French Guards endeavoured to deploy that they might renew the charge, but under so terrible a fire they found it impossible: they staggered, broke, and melted into a confused mass. As they rolled wildly down the hill, the battalions of the Old Guard tried to check the pursuing British; but at this moment Wellington, who had Maitland's and Adams's brigades of Guards lying on their faces behind the ridge on which he stood, gave the command to charge, and, rushing down the hill, they swept the Old Guard before them. On seeing this, Buonaparte exclaimed, "They are mingled together! All is lost for the present!" and rode from the field. The battle was won. But at the same moment Wellington ordered the advance of the whole line, and the French, quitting every point of their position, began a hasty and confused retreat from the field.
THREE:THE MUTINY AT SPITHEAD: HAULING DOWN THE RED FLAG ON THE "ROYAL GEORGE." (See p. 456.)
THREE: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.per cent.[2]
