THREE:Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of 174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which 70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:
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THREE:Another attempt was to burn a portion of the Brest fleet, which was found lying off La Rochelle, in the Basque Roads. Lord Gambier, on the 11th of March, wrote to the Admiralty proposing to send fire-ships amongst them and destroy them. The Admiralty seized on the idea; but instead of leaving Lord Gambier to work out his own plan, they appointed Lord Cochrane to that service, under Gambier. This was sure to create jealousies, not only in the mind of Gambierto whom the Admiralty had written on the 19th, approving his design, and ordering him to execute it according to his own ideasbut also in the minds of other officers in Gambier's fleet. Lord Cochrane proceeded to the Basque Roads in a frigate, arriving there on the 3rd of April, and presenting Gambier with a letter informing him of the change of plan by the Admiralty. Mr. Congreve, with a supply of his rockets, was to accompany the fire-ships from England; and on the 11th, these having arrived, and being joined by several large transports which Lord Gambier had converted into fire-ships, the attack was made. The French squadron was lying between the isle of Aix and the town of La Rochelle, in a narrow passage, commanded by powerful batteries both on the land and on the island of Aix. Besides this, numbers of gunboats were placed so as to defend the approach to the vessels; but still more, a very strong boom was stretched across the passage, formed of enormous cables, secured by equally enormous anchors, and supported by buoys. None of the officers, not even Gambier or Cochrane, seem to have been aware of this boom till some of the foremost fire-ships ran against it; and several of the ships, whilst thus detained, exploded, being too far off to do any harm. But Captain Woolridge, in the Mediator, burst the boom asunder, and the fire-ships sailed up towards the French ships in the dark, and exploded, one after another, with a terrible uproarone fire-ship alone containing fifteen hundred barrels of gunpowder, besides three or four hundred shells and three or four thousand hand-grenades. But the only mischief done was to cause the French to cut their cables, and run their ships ashore. There, the next morning, they were seen; and Lord Cochrane signalled to Lord Gambier to stand in and destroy them before the rising of the tide should float them, and enable them to run up the river Charente. No ships, however, arriving, Cochrane again more urgently signalled that all the fleet was aground, except two vessels, and might easily be destroyed. Lord Gambier paid no attention to these signals, and, as the tide rose, the vessels floated and escaped up the river, except four, which still stuck fast, and were destroyed by[586] Cochrane. Those which escaped were all greatly damaged. Had Gambier stood in with his vessels promptly, no doubt the whole squadron would have been destroyed.Another topic of the speech was the mental derangement of the king, which was now asserted, on the authority of the physicians, to be more hopeless; Mr. Perceval argued, therefore, the necessity of arranging the Royal Household so as to meet the necessarily increased expenditure. Resolutions were passed granting an addition of seventy thousand pounds per annum to the queen towards such augmented expenditure, and to provide further income for the Prince Regent. Two Courts were to be maintained, and the Regent was to retain his revenue as Prince of Wales. The Civil List chargeable with the additional seventy thousand pounds to the queen was vested in the Regent; and no sooner were these particulars agreed to than he sent letters to both Houses, recommending separate provision for his sisters; so that the Civil List was at once to be relieved of their maintenance and yet increased, simply on account of the charge of a poor blind and insane old man, who could only require a trusty keeper or two. The separate income agreed to for the princesses was nine thousand pounds a-year each, exclusive of the four thousand pounds a-year each already derived from the Civil Listso that there was needed an annual additional sum of thirty-six thousand pounds for the four princesses, besides the sixteen thousand pounds a-year now being received by them. Some members observed that the grant to the Regent, being retrospective, removed altogether the merit of his declaration during the last Session of Parliament that, "considering the unexampled contest in which the[23] kingdom was now engaged, he would receive no addition to his income." In fact, little consideration was shown by any part of the royal family for the country under its enormous demands. It was understood that there was once more a deficiency in the Civil List, which would have to be made up.
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