ONE: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.
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ONE:The next step in the increase of means of traffic was the construction of canals. The rivers had previously been rendered more navigable by removing obstructions, deepening channels, and making good towing-paths along their banks; but now it was projected to make artificial rivers. In this scheme, Richard Brindley, under the patronage of the Duke of Bridgewater, was the great engineer; and his intrepid genius dictated to him to carry these canals over hills by locks, over rivers by aqueducts, and through the heart of hills by tunnels. These enterprises at that moment appeared, to the ordinary run of civil engineers, as rash experiments, which were sure to prove abortive. As all new ideas are, these ideas, now so commonplace, were ridiculed by the wise ones as little short of madness. Mr. Brindley's first great work was the formation of the Duke of Bridgewater's canal, from Worsley to Manchester. In this he at once proved all his plans of locks, tunnels, and aqueducts. He conducted his canal by an aqueduct over the river Irwell, at an elevation of thirty-nine feet; and those learned engineers who had laughed at the scheme as "a castle in the air," might now see boats passing over the river at that height with the greatest ease, while other boats were being drawn up the Irwell against the stream and under the aqueduct with five times the labour. At Worsley the canal was conducted into the very heart of the coal-mine by a tunnel, with branches, which conducted the boats up to the different parts of the[191] mine, so that the coal could be loaded on the spot where it was dug. The immediate effect of this canal was to reduce coals in Manchester to half the former price; and the canal being extended so as to connect it with the Mersey, at Runcorn, it reduced the freight of goods from Manchester to Liverpool to the same extent, from twelve shillings to six shillings per ton, the land carriage having been forty shillings. Brindley was next engaged to execute the Grand Trunk Canal, which united the Trent and Mersey, carrying it through Birmingham, Chesterfield, and to Nottingham. This was commenced in 1766, and exhibited further examples of his undaunted skill, and, as he had been laughed at by the pedants of the profession, he now in his turn laughed at their puny mediocrity. One of his tunnels, at Harecastle Hill, in Staffordshire, was two thousand eight hundred and eighty yards long, twelve feet wide, nine high, and in some parts seventy yards below the surface of the ground. This tunnel, after half a century's use, was found too confined for the traffic, and a new one, much wider, was made by Telford. By this time the art of tunnelling had made great progress, and whilst Brindley required eleven years to complete his tunnel, Telford made his much larger one in three. Many causes intervened to check for a time the progress of canals, so that from 1760 to 1774 only nineteen Acts were passed for them; but in the two years of 1793 and 1794 no fewer than thirty-six new Bills were introduced to Parliament, with others for extending and amending rivers, making altogether forty-seven Acts, the expenditure on the canals of these two years' projection amounting to five million three hundred thousand pounds. The work now went on rapidly, and investments in canal shares exhibited at that day, in miniature, the great fever of railway speculation at a later period. Lines of canals were made to connect the Thames, the Tweed, the Severn, and the Mersey; so that the great ports of London, Liverpool, Hull, and Bristol were connected by them, and put into communication with nearly all the great inland manufacturing towns. In 1779 a ship-canal was completed from the Forth to the Clydea work proposed as early as the reign of Charles II. This canal, thirty-five miles in length, had thirty-nine locks, which carried the canal to a height of one hundred and fifty-six feet above the sea, and it crossed the river Kelvin by an aqueduct eighty-three feet from the bed of the river to the top of the masonry. A few years later a much larger ship-canal united Gloucester to the Severn, and wonderfully increased the trade and growth of that city.
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ONE:It is scarcely worth while to attempt to expose the assertions due to Napoleon and the mortified vanity of the French, which have declared that Wellington made a bad choice of his battle-field, and that he would have been beaten had not the Prussians come up. These statements have been amply refuted by military authorities. The selection of the field may be supposed to be a good one when it is known that Marlborough had chosen the very same, and was only prevented from fighting on it by the Dutch Commissioners. But no one can examine the field without seeing its strength. Had Wellington been driven from his position, the long villages of Mont St. Jean and Waterloo behind him, succeeded by the beech wood of Soigne, would have enabled him to hold the French in check for daysmuch more for the time sufficient for the whole Prussian force to come up. When it is seen what resistance such a mere farm as La Haye Sainte, or the chateau of Hougomont, enabled the British to make, what would the houses, gardens, and orchards of Mont St. Jean and Waterloo have done, stretching for two miles, backed by the wood of Soignenot a forest choked by underwood, but of clear ground, from which ascended the tall, smooth boles of the beech trees? As to the danger of being defeated had not the Prussians come up, there was none. No advantage through the whole day had been gained by the French, except making an entry into the court-yard of Hougomont, and in capturing La Haye Sainte, from both of which they had long been driven again. The cuirassiers had been completely cut up before the arrival of the Prussians; not a square of infantry had been broken; and when Buonaparte made his last effortthat of hurling his Guards on the British columnsthey were, according to the positive evidence of Marshal Ney, who led them on, totally annihilated. It is true that the Prussians had been for some time engaged on the right of the French, and had stood their ground; but they had been terribly cut up at Planchenoit, and they do not appear to have made much advance till the total rout of the French by the last charge of the British. Wellington had advanced his whole line, and was leading on the pursuit in person when he and Blucher met on the high ground behind La Belle Alliancethat is, beyond the very ground on which Buonaparte had stood the whole day. The Prussians fought bravely, but they did not affect the question of victory or defeat as it regarded the British; they came in, however, to undertake the chase, for which the British were too tired after standing on the field twelve hours, and fighting desperately for eight; and they executed that chase most completely.The question of Catholic Emancipation was brought forward on the 3rd of May, by Grattan: it was the last time that he did so, but he had the satisfaction of seeing that the question was rapidly advancing, for it was lost by only two votes. A fortnight afterwards Lord Donoughmore introduced a similar motion, in the hope of surmounting this small difference, but, after a long debate, he found the majority increased against it by thirty-nine votes. The closing contest of the Session was for Parliamentary Reform. Sir Francis Burdett brought on his annual motion, on the 1st of July, for the eighteenth time, but was defeated by one hundred and fifty-three votes against fifty-eight. He was seconded by Mr. George Lamb, younger brother of Lord Melbourne, who, however, did not go the length of annual parliaments and universal suffrage. Even at that day, Joseph Hume was for moderate reform, and Lord John Russell was alarmed at anything further than Triennial Parliaments, and the transferring the franchise from certain corrupt boroughs to others not yet represented. Such were the feeble ideas of Reform amongst its self-constituted leaders. Parliament was prorogued, on the 13th of July, by the Prince Regent in person.
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ONE:The funeral was but poorly attended. Few members of either House were there, except those of the Opposition. Gibbon says that "the Government ingeniously contrived to secure the double odium of suffering the thing to be done, and of doing it with an ill grace." Burke and Savile, Thomas Townshend, and Dunning, were pall-bearers; Colonel Barr carried the banner of the barony of Chatham, supported by the Marquis of Rockingham and the Dukes of Richmond, Northumberland, and Manchester; William Pitt, in the place of his elder brother, who was gone to Gibraltar, was the chief mourner, followed by eight Peers, as assistant mourners, amongst whom were Lord Shelburne and Lord Camden. The tomb of Chatham is in the north transept of the Abbey, distinguished by the monument soon afterwards erected to his honour.
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ONE:On the morning of the 19th the battle recommenced with fury. The French were now fighting close under the walls of the town, and Napoleon, posted on an eminence called Thonsberg, watched the conflict. Till two o'clock the fight raged all along the line, round the city; and neither party seemed to make any advance. At length the Allies forced their way into the village of Probstheide, and threw the French on that side into great confusion. Ney, on the north side, was also fearfully pressed by Blucher and the Crown Prince of Sweden, and was compelled to retreat under the walls. On a sudden, as the Russians advanced also against Ney, the Saxonsten thousand in numberwent over to them with a shout. They were sent to the rear, but their cannon was at once turned against the enemy. By evening it was clear that the French could not hold their position another day. Schwarzenberg announced to the Allied sovereigns that victory was certain, and they knelt on the field and returned thanks to God. The French knew this better than their opponents, for in the two days they had fired two hundred and fifty thousand cannon-balls, and had only about sixteen thousand cartridges left, which would not serve for more than two hours, much of their artillery having been sent to Torgau. The retreat, therefore, commenced in the night. There was only one bridge prepared, of timber, in addition to the regular stone bridge, over which one hundred thousand men must pass, with the enemy at their heels. To add to the misery, the temporary bridge soon broke down. Napoleon took a hasty leave of the King and Queen of Saxony, ordered Poniatowski to defend the rear, and himself made for the bridge. It was not without much difficulty, and considerable alarm lest he should be surrounded and taken, that he and his suite got across. Then there was a terrible scene of crushing and scrambling; and the enemy, now aware of the flight, were galloping and running from all sides towards the bridge, to cut off the fugitives. Soon after Buonaparte had got over, the bridge was blown up by the French officer in charge of the mine already made, and twenty-five thousand men were left to surrender as prisoners in the town. Amongst these were Marshals Macdonald and Poniatowski; but, disdaining to surrender, they sprang, with their horses, into the Pleisseto swim. Macdonald escaped, but Poniatowski, though he crossed the Pleisse, was again nearly cut off, and plunging into the deep and muddy Elster, was drowned. No braver man perished in these tragic campaigns; both Allies and French in Leipsic followed his remains to the tomb, in sincere honour of his gallantry. The triumph of the Allied monarchs was complete. They met in the great square of the city, and felicitated each other. The King of Saxony was sent, without any interview, under a guard of Cossacks to Berlin, and at the General Congress he was made to pay dearly in territory for his besotted adhesion to the invader of Germany. In this awful battle the French lost three hundred guns. The slain on both sides amounted to eighty thousand, and thousands of the wounded lay for days around the city, exposed to the severe October nights, before they could be collected into lazarettos; and the view of the whole environs of Leipsic, covered with dead, was fearful.
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