THREE: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.
FORE:But, gloomy as was the aspect of affairs at home, they were far more so in America. There, the insane conduct of the Government had gone on exasperating and alienating the colonists. True, the Cabinet, on the close of Parliament, held a meeting to consider what should be done regarding America. Grafton proposed to repeal the obnoxious duties at the commencement of the next session, but he was overruled on the motion of Lord North, and it was agreed to repeal all but the tea duties. Within a few days after the close of the session, therefore, Lord Hillsborough wrote this news in a circular to the governors of the American colonies. As was certain, the partial concession produced no effect, the principle being still retained in the continued tea duty. Moreover, Hillsborough's circular was composed in such harsh and uncourteous terms, that it rather augmented than assuaged the excitement.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."
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TWO:When Buonaparte, early in the morning of the 18th, mounted his horse to reconnoitre Wellington's position, he was rejoiced to observe so few troops; for many were hidden behind the height on which Wellington took his stand. One of his staff suggested that Wellington would be joined by Blucher; but so wholly ignorant was Napoleon of the settled plan of the two generals that he scouted the idea. "Blucher," he said, "is defeated. He cannot rally for three days. I have seventy-five thousand men: the English only fifty thousand. The town of Brussels awaits me with open arms. The English opposition waits but for my success to raise their heads. Then adieu subsidies and farewell coalition!" And, looking again at the small body of troops visible, he exclaimed, in exultation, "I have them there at last, these English!" General Foy, who had had ample experience of "these English" in Spain, said, "Wellington never shows his troops; but, if he be yonder, I must warn your majesty that the English infantry, in close fighting, is the very devil!" And Soult, who had felt the strength of that infantry too often, confirmed Foy's assertion.
TWO:But General Lambert did not retire far without striking another blow. His predecessor had failed to take New Orleans, but he had brought away the troops in excellent order, and he passed over in Sir Alexander Cochrane's squadron and attacked and took the important forts of Mobile, at the confluence of the Mobile, Tombigbee, and Alabama riversthe territories around which have since grown into States. This was a basis for important operations on those shores; but they were rendered unnecessary by the peace.
