ONE: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."
TWO:The affair was now becoming serious, and Hastings demanded to be heard at the bar, where he appeared on the 1st of May, and read a long and wearisome defence, which did not go to a denial of the charges, but a justification of them, from the need of money to save India, and from the approbation awarded to these actions both in India and at the India House. On the 1st of June Burke brought forward his first chargethe Rohilla war. The debate was not finished till seven o'clock on the morning of the 3rd. The motion was rejected by one hundred and nineteen against sixty-seven, and it was fondly hoped that the proceedings against Hastings were altogether crushed. Lord Thurlow advised the king to carry out his intention to make Hastings Baron Daylesford, and the talk in the clubs and West End assemblies was the triumph of Hastings. But the rejoicing was premature. On the 13th of June Fox took up the second chargethe treatment of Cheyte Sing and Francis, with all the bitterness of his character, and of his hatred of Hastings, supported it. So black were the facts now produced that Pitt was compelled to give way. He defended the Governor-General for calling on Cheyte Sing to contribute men and money for the war against Mysore; he lauded the firmness, decision and ability of Hastings, but he was forced to admit that he had been excessive in his demands, and must support the charge.
In euismod quam ac dictum
Nunc at viverra risus. In euismod quam ac dictum varius.
Nunc at viverra risus. In euismod quam ac dictum varius.
Nunc at viverra risus.
In euismod quam ac dictum varius. Nunc at viverra risus.
In euismod quam ac dictum
Nunc at viverra risus. In euismod quam ac dictum varius.
Nunc at viverra risus. In euismod quam ac dictum varius.
Nunc at viverra risus.
In euismod quam ac dictum varius. Nunc at viverra risus.
