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.But whatever may have been the prudence of the chiefs of the party in Britain, however quietly the suppression may have been effected on the English side of St. George's Channel, the society was very far from dying quietly, or dying at all in Ireland, its native land. It was stunned for the moment, but very soon recovered all its pristine vigour and became as troublesome as ever. Lord Mulgrave went to that country as Viceroy, determined to govern on the principle of strict impartiality between sects and parties, but the Orangemen and the Tories generally denounced him as the most partial and one-sided of Viceroys. It was enough for them that O'Connell declared him to be the best Englishman that ever came to Ireland. Eulogy from his lips was the strongest possible censure in the estimation of the opposite party. The violence of party feeling against the Government may be inferred from the fact that the Recorder of Dublin, Mr. Shaw, one of the ablest and most eloquent of the Protestant chiefs, denounced the Melbourne Administration as infidels in religion. Lord Mulgrave, imitating some of the Viceroys of old times, made a "progress" of conciliation through the country, first visiting the south and then the north. This progress was signalised by the pardon and liberation of a large number of prisoners, which produced much excitement and clamour against the Government. It subsequently appeared that he had during his viceroyalty liberated 822 prisoners, of whom 388 were liberated without advice, the number of memorials which he received being 1,631. Although he evinced his impartiality by setting free all the Orangemen who had been imprisoned in Ulster for taking part in processions on the previous 12th of July, the members of that[396] body were not conciliated. The Dublin Grand Committee published a manifesto, declaring that the mere will of the king was not law, and that their watchword should still be "No Surrender." Sir Harcourt Lees, who had been long famous as an Orange agitator, issuing counter-blasts to O'Connell's letters and speeches, concluded one of his appeals on this occasion thus:"Orangemen, increase and multiply; be tranquil, be vigilant. Put your trust in God, still revere your king, and keep your powder dry." In Ulster the organs of the Orange party called upon its members to resist the law against processions, since the provisions of the Emancipation Act against the Jesuits and other religious orders, who treated the law with defiance, were allowed to remain a dead letter. The Londonderry Sentinel warned off the Liberal Viceroy from that citadel of Protestant ascendency, and said, "If he should come among us, he shall see such a display of Orange banners as will put him into the horrors." The irritation was kept up by various incidents, such as setting aside the election of a mayor of Cork, because he was an Orangeman, setting aside two sheriffs, and the dismissal of constables for the same reason. In the meantime a tremendous outcry was raised on account of the alleged partiality of the Irish Government on the subject of patronage. It was said that every office was at the disposal of the Roman Catholics; that from the bench of justice down to the office of police-constable there was no chance for any one else. In the midst of a war of factions in the spring of 1836 a tremendous sensation was produced by the blowing up of the statue of King William on College Green. On the 8th of February, a little after midnight, this astounding event occurred. The statue stood on a pedestal eighteen feet in height, surrounded by an enclosure of iron railing, the head being about thirty feet from the level of the street. The figure consisted of lead, and though weighing several tons, it was blown up to a considerable height, and fell at some distance from the pedestal. The Government and the corporation offered rewards for the discovery of the authors of this outrage, but without success. It was a mystery how such a quantity of gunpowder could have been got into the statue, and how a train could have been laid without detection in so public a place, the police being always on duty on College Green at night. King William, however, was restored to his position.
