ONE:Mr. Peel urged that it is dangerous to touch time-honoured institutions in an ancient monarchy like this, if the Dissenters did not feel the tests as a grievance; if they did, it would be a very strong argument for a change. "But," he asked, "are the grievances now brought forward in Parliament really felt as such by the Dissenters out of doors? So far from it, there were only six petitions presented on the subject from 1816 to 1827. The petitions of last year were evidently got up for a political purpose." He quoted from a speech of Mr. Canning's, delivered, in 1825, on the Catholic Relief Bill, in which he said, "This Bill does not tend to equalise all the religions in the State, but to equalise all the Dissenting sects of England. I am, and this Bill is, for a predominant church, and I would not, even in appearance, meddle with the laws which secure that predominance to the Church of England. What is the state of the Protestant Dissenters? It is that they labour under no practical grievances on account of this difference with the Established Church; that they sit with us in this House, and share our counsels; that they are admissible into the highest offices of State, and often hold them. Such is the operation of the Test and Corporation Acts, as mitigated by the Annual Indemnity Act; this much, and no more, I contend, the Catholics should enjoy." With regard to Scotland Mr. Peel appealed to the facts that from that country there was not one solitary petition; that there was not any military or naval office or command from which Scotsmen were shut out; that, so far from being excluded from the higher offices of Government, out of the fourteen members who composed the Cabinet, threeLord Aberdeen, Lord Melville, and Mr. Grantwere Scotsmen and good Presbyterians. Even in England the shutting out, he said, was merely nominal. A Protestant Dissenter had been Lord Mayor of London the year before. The Acts had practically gone into desuetude, and the existing law gave merely a nominal preponderance to the Established Church, which it was admitted on all hands it should possess.
THREE:During this year little was done in America. General Bradstreet defeated a body of the enemy on the River Onondaga, and, on the other hand, the French took the two small forts of Ontario and Oswego.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.
THREE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."