TWO:
FORE:Napoleon, who had every need of success to regain his former position in the opinion of France, sent off in all haste to Paris the most exaggerated account of the battle of Lützen, as one of the most[66] decisive victories that he had ever won, and that it had totally scattered the Allies, and neutralised all the hopes and schemes of Great Britain. The Empress went in procession to Notre Dame, where Te Deum was celebrated by Cardinal Maury, who drew the most extravagant picture of Napoleon's invincible genius. The same false statements were sent also to every friendly Court in Europe, even to Constantinople. The stratagem had its effect. The wavering German princes, who were ready to go over to their own countrymen, still ranged their banners with the French. The King of Saxony had gone to Prague as a place whence he might negotiate his return to the ranks of his own fatherland; but he now hastened back again, and was in Dresden on the 12th of May with Napoleon, who conducted him in a kind of triumph through his capital, parading his adhesion before his subjects who had hailed the Allies just before with acclamations. The Saxon king, in fresh token of amity to Napoleon, ceded to him the fortress of Torgau, much to the disgust of his subjects.
FORE:It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.[See larger version]
FORE:On the 16th of June, just as the House was growing impatient for prorogation, Lord North, who earlier in the Session had made some unsuccessful negotiations with the Whigs, announced intelligence which put such prorogation out of the question. He informed the House that the Spanish Ambassador had delivered a hostile manifesto and had thereupon quitted London. On the 17th a Royal Message was delivered, asserting his Majesty's surprise at this act of Spain, and declaring that nothing on his part had provoked it. But it by no means took anybody else by surprise, and the Opposition strongly reproached Government for not giving credit to their warnings on this head. In the Commons, Lord John Cavendish, and, in the Lords, the Earl of Abingdon and the Duke of Richmond, moved that the fleet and army should be immediately withdrawn from America, that peace be made with those States, and all our forces be concentrated in chastising France and Spain, as they deserved, for their treachery and unprovoked interference. They called for a total change of Ministers and measures.
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TWO:In Ireland the magistrates acted on the circular, and on the 23rd of February, 1811, two magistrates proceeded to disperse the Catholic committee in Dublin. They were told by the committee that they were sitting simply for the purpose of petitioning Parliament, and they did not venture to interrupt it. The movement went on all over Ireland, the committees were numerously attended, and, notwithstanding a proclamation from Dublin Castle commanding the magistrates everywhere to disperse all such gatherings, in Dublin the general committee, numbering nearly three hundred persons, met in Fishamble Street on the 19th of October. Police were sent to disperse them, but on arriving they had already signed the petition, and were coming away amid a vast concourse of spectators. Several persons were arrested and tried, but the juries returned verdicts of "Not Guilty."
THREE:In the House of Lords on the 24th of January, 1721, five directors who had been called before them were arrested and their papers seized. By what had been drawn from them, it appeared that large sums had been given to people in high places to procure the passing of the South Sea Bill. Lord Stanhope rose and expressed his indignation at such practices, and moved that any transfer of stock for the use of any person in the Administration without a proper consideration was a notorious and dangerous corruption. The motion was seconded by Lord Townshend, and carried unanimously. The examination being continued on the 4th of February, Sir John Blunt refused to answer their lordships, on the plea that he had already given his evidence before the Secret Committee. A vehement debate arose out of this difficulty, during which the Duke of Wharton, a most profligate young nobleman, and president of the Hell-fire Club, made a fierce attack on Stanhope, accused him of fomenting the dissensions between the king and his son, and compared him to Sejanus, who had sown animosities in the family of Tiberius, and rendered his reign hateful to the Romans. Stanhope, in replying to this philippic, was so transported by his rage, that the blood gushed from his nostrils. He was carried from the House, and soon afterwards expired.
THREE:The House of Lords did not sit on that day; but on the following day the Marquis of Lansdowne, Lord Stanley, Lord Brougham, and the Duke of Wellington gave earnest expression to the feelings of their lordships upon the subject of this national bereavement. The Duke of Wellington in particular, as might be expected, was deeply moved while expressing his great gratification at what had been said as to the character of Sir Robert Peel. He added his testimony as to what he believed to be its strongest featurehis truthfulness. "In all the course of my acquaintance[608] with Sir Robert Peel," said the Duke, "I never knew a man in whose truth and justice I had a more lively confidence; or in whom I saw a more invariable desire to promote the public service. In the whole course of my communication with him, I never knew an instance in which he did not show the strongest attachment to truth; and I never saw in the whole course of my life the smallest reason for suspecting that he stated anything which he did not firmly believe to be the fact." Lord John Russell, who had been absent on the previous day, spoke in the warmest terms of admiration of the late statesman, and avowed his conviction that the harmony which had prevailed for the last two years, and the safety which Great Britain had enjoyed during a period when other nations were visited by the calamity of revolution, had been owing to the course which Sir Robert Peel had thought it his duty to adopt. He concluded by offering, in the name of the Crown, funeral honours similar to those accorded on the death of Pitt or Grattan. But Mr. Goulburn stated that Sir Robert had recorded his desire to be interred in a vault in the parish church of Drayton Bassett without funeral pomp. On the 12th of July, pursuant to a motion made by the Prime Minister, the House of Commons went into committee for the purpose of adopting an address to the Queen, praying her Majesty to order the erection of a monument in Westminster Abbey to the memory of Sir Robert Peel, which was unanimously voted. He stated that the Queen, anxious to show the sense which she entertained of the services rendered to the Crown, had directed him to inform Lady Peel that she desired to bestow upon her the same rank that was bestowed upon the widow of Mr. Canning. Lady Peel answered that her wish was to bear no other name than that by which her husband was known to the world.
THREE:In the midst of these secret correspondences the queen was seized at Windsor with a serious illness, and, considering the general state of her health, it was most threatening. The hopes of the Jacobites rose wonderfully; the Funds went rapidly down; there was a great run upon the Bank, and the Directors were filled with consternation by a report of an armament being ready in the ports of France to bring over the Pretender at the first news of Anne's decease.[15] They sent to the Lord Treasurer to inform him of the danger which menaced the public credit. The whole of London was in excitement, from a report that the queen was actually dead. The Whigs did not conceal their joy, but were hurrying to and fro, and meeting in large numbers at the Earl of Wharton's. The Lord Treasurer, to keep down the public alarm, remained in town, and contented himself with sending expresses to obtain constant news of the queen's state, for his hurrying to Windsor would have had an inconceivable effect. He, therefore, let himself be seen publicly where he could be questioned regarding the condition of the queen, and gave assurances that she was better. To allay the panic, Anne was induced to sign a letter prepared for her, announcing to Sir Samuel Stancer, the Lord Mayor, that she was now recovering, and would be in town and open Parliament on the 16th of February. This news being confirmed, those who had been too hasty in pulling off their masks found some awkwardness in fitting them on again. The Press was active. Steele published a pamphlet called "The Crisis," in advocacy of the Revolution, and on the danger of a Popish succession; whilst on the other hand came out a reply, supposed to be written by Swift, not without a few touches from Bolingbroke; it was styled "The Public Spirit of the Whigs," and was distinguished by all the sarcasm of the authors. The queen's recovery, and the fact that the French armament was a fiction, quieted the storm and again restored the Funds.
