ONE: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.Two courses were now open to the Duke of Wellington and to Peelto resign, in order that Emancipation might be carried by the statesmen who had always been its advocates, and who might therefore carry it without any violation of consistency or of their own political principles. It was for not adopting this course that they were exposed to all the odium which they so long endured. But the question was, whether Lord Grey or Lord Lansdowne could have carried Catholic Emancipation even with the aid of the Duke of Wellington and Mr. Peel in oppositioncould have overcome the repugnance of the Sovereign and the resistance of the House of Lords. It was their decided conviction that they could not, especially with due regard to the safety of the Established Church. But being convinced that the time had come when the question ought to be settled, the Duke examined the second course that was open to him, and embraced it. It was this: that postponing all other considerations to what he believed to be a great public duty, he should himself, as Prime Minister, endeavour to settle the question.
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ONE:The year 1743 opened with a mighty struggle on the subject of gin. In 1736, as we have seen, the awful increase of drunkenness, which was attributed to the cheapness of gin, induced a majority of the House of Commons to pass an Act levying twenty shillings a gallon duty upon the liquor, and charging every vendor of it fifty pounds per annum for a licence. Walpole at the time declared that such an attempt to place gin beyond the reach of the poor consumers would fail; that it would fail equally as a source of revenue, for it would lead to wholesale smuggling and every possible evasion of the law. The event had proved Walpole only too correct in his prognostications. So far from checking the use of gin, the Act had stimulated it enormously. The licences, so preposterously high, were wholly neglected; no duty was paid, yet the destructive liquid was sold at every street corner. Ministers now saw that, by attempting too much, every thing in this case had been lost. They were sacrificing the revenues only to sacrifice the well-being of the people. They determined, therefore, to reduce the licences from fifty pounds to one pound per annum, and at the same time to retain a moderate duty on the liquor. By this means the fatal compound would remain much at the same price, but the vendors would be induced to take out licences, and the revenues would be greatly improved, whilst the whole sale of the article would be more under the restraints of law and police. A Bill was framed on these principles, and passed rapidly through the Commons; but in the Lords it encountered a determined opposition. It was, however, carried entire, and, says Smollett, "we cannot help averring that it has not been attended with those dismal consequences which the Lords in the Opposition foretold."
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ONE:Whilst Walpole was thus labouring to secure the peace of Europe, Bolingbroke was as industriously at work to undermine him. He had cultivated his intimacy with the Duchess of Kendal still more diligently, and by liberal bribes, and more liberal promises if he succeeded in once more regaining power, he had brought her to exert her influence with the king in his favour. This most sordid and rapacious of mistresses, who looked on England only as a country to be managed for her benefit, ventured at length to put into the king's hand a memorial drawn up for her by Bolingbroke, demonstrating that the country must be absolutely ruined if Walpole continued in office. The stratagem was too palpable. Whilst she talked only, her suggestions might pass for her own, but the style of the document must have at once caused the king's suspicion of its true source. He put the paper into Walpole's hand. Walpole, after interrogating the two Turks, who were always in attendance on the king, and on their denying all knowledge of the means by which the missive reached the royal person, went directly to the Duchess and charged her with the fact. She did not deny it. Walpole advised the king to admit Bolingbroke to the audience which he solicited in the memorial, trusting that the king's dislike of him would prevail in the interview. The result appeared to be of that kind; nevertheless, Walpole was far from being secure in his own mind. He knew that the mistress would be continually returning to the charge in favour of her friend and paymaster, though she enjoyed a pension from Government of seven thousand five hundred pounds; and he even contemplated retiring with a peerage, but was dissuaded from this by the Princess of Wales and the Duke of Devonshire. On the other hand, Bolingbroke was in the highest expectation of his speedy restoration not only to rank but to office.There were other matters which the British representative was to bring forward, and foremost[232] among them all was the suppression of the slave trade, either by a general declaration from the Allies that it should be treated as piracy, or by obtaining from them an engagement that they would not admit into their markets any article of colonial produce which was the result of slave labour. "It will be seen," says Mr. Gleig, "that the recognition of the actual independence of many of the Spanish colonies had already been determined upon by Great Britain, and that the establishment of diplomatic relations with them all had come to be considered as a mere question of time. This is a point worthy of notice, because of the misunderstanding in regard to it which originated in a speech subsequently delivered by Mr. Canning in the House of Commons, and which still, to a considerable extent, prevails. It will be further noticed that the principle observed by Lord Londonderry as the true principle was that of non-interference by Great Britain in the internal affairs of foreign nations. That the Duke of Wellington entirely coincided with Lord Londonderry in this respect, his conduct both now and in the future stages of his career clearly demonstrates. The leading object of his political life was to preserve the peace at home and abroad which it had been the great aim of his military life to conquer."
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