THREE:
FORE:FATHER MATHEW.
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga.
FORE:[565]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.
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga.
THREE:FATHER MATHEW AND THE FAMINE-STRICKEN POOR. (See p. 537.)Parliament was prorogued on the 18th of April, and the king soon after set out for his German dominions, taking Stanhope along with him, and his mistress, the Duchess of Kendal. In appointing the Regency to administer affairs in the king's absence, the Prince of Wales was entirely passed over, to his great indignation; nor were he and the Princess allowed to hold levees, that duty being assigned to the young princesses, to the great scandal of the public, and further exposure of the discord raging in the Royal family. Even during the session the ministers had brought in a Bill to "settle and limit the Peerage in such a manner that the number of English peers should not be enlarged beyond six of the present number (178), which, upon failure of male issue, might be supplied by new creations; that, instead of the sixteen elective peers of Scotland, twenty-five should be made hereditary on the part of that kingdom; and that this number, upon failure of heirs male, should be supplied from the other members of the Scottish Peerage." Both the king and ministers flattered themselves that they should carry this Bill, and thus fetter the Prince of Wales when he came to the throne. The king was desirous to do this out of sheer jealousy and hatred of his own son, and the ministers, Sunderland in particular, out of dread of his vengeance in that case; for, if he created a dozen peers at a time, as Anne had done, he could easily swamp the Whigs and put the present ministers in peril of impeachment. But though the Whigs had been clamorous against the act of Anne, some of them now, Cowper and Townshend at their head, as vehemently denounced this measure as a gross infringement of the royal prerogative. The debate became very bitter, and many friendships were broken up by it, amongst others that of Addison and Steele, who took different sides; but the Bill was finally dropped, through the vigorous opposition offered to it by Walpole.
FORE:After accepting an offer from the Irish militia serving in England during the war, and agreeing that ten thousand should be the number, and that this number should be reinstated in Ireland by a new levy, the House adjourned on the 29th of March for the Easter recess. But during the recess Pitt was planning fresh measures of opposition, and in fact driving out Addington and taking his place. On the re-assembling of the House on the 23rd of April, Fox moved that it should resolve itself into a committee of inquiry regarding the measures of defence necessary for the country. Addington opposed the inquiry as unnecessary, but Pitt declared that it was never more necessary; that though there were a hundred and eighty-four thousand troops of the line, and four hundred thousand volunteers, the measures of Government were not of that vigorous character which the times demanded. Yorke, the Secretary-at-War, and Spencer Perceval defended Addington, who asserted that great exertions had been made to bring up members to vote for Mr. Pitt's views, and that he did not see how the present Ministry could remain in office if this measure was carried against them. It was not carried; but Addington's majority had sunk to only fifty-two, the numbers being for Fox's motion two hundred and four, against it two hundred and fifty-six. Wilberforce, who had much respect for Addington, as he had a great admiration for Pitt, exerted himself to reconcile the two and to get Pitt into the Cabinet with Addington. He consulted with Lord Chancellor Eldon on the plan for bringing in Pitt to join Addington.
cupiditate non provident
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FORE:A Commission had been appointed to inquire into the Department of Naval Affairs. The Commissioners, at whose head was Mr. Whitbread, had extended their researches so far back as to include the time when Lord Melville, as Mr. Dundas, had presided over that Department. They there discovered some very startling transactions. Large sums of money had been drawn out of the Bank of England on the plea of paying accounts due from the Naval Department; these sums had been paid into Coutts's Bank in the name of the Treasurer of the Navy, Mr. Trotter, who, for long periods together, used these sums for his own benefit. Other large sums had been drawn in the name of Dundas, and had been employed for his profit. Other sums had disappeared, and there was no account showing how they had vanished; but these were scored under the name of Secret Service Money, and Melville declared that the money paid into his account had gone in the same way. As much as forty-eight thousand pounds had been paid over to Pitt at once, and no account given of its expenditure. Indeed, as Pitt had nothing to do with that Department, the payment to him was altogether irregular. These discoveries created a great sensation. George Rose, who had begun life without a sixpence, but who, after attracting the attention of Pitt, had rapidly thriven and become extremely wealthy, had confessed to Wilberforce that some strange jobs had come under his notice as a member of that Department. There was a loud outcry for the impeachment of Melville. Melville appears to have been a jovial, hard-drinking Scotsman, of a somewhat infidel turn, according to Scottish philosophy of that period. Amongst Melville's faults, however, it does not appear that he was of an avaricious character, but rather of a loose morale, and ready to fall in with the licence practised by the officers of all departments of Government in the duties entrusted to them.
cupiditate non provident
More Info15th May
