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But the Peace of Vienna was now concluded, and, on the 30th of October, Baron Lichtenthurm appeared in the camp of the Tyrolese, and delivered a letter to the leaders from the Archduke John, requesting them peaceably to disperse, and surrender the country to the Bavarians. This was a terrible blow to these brave men. They appeared prostrated by the news, and Hofer announced to Spechbacher, who was still fighting with the Bavarians, that peace was made with France, and that the Tyrol was forgotten! Hofer returned to his native vale of Passeyr, and still held out against the French, and the Italian mercenaries under Rusca, whom he defeated with great slaughter. But traitors were amongst them, who guided the French to their rear. Hofer escaped into the higher Alps, but thirty of the other leaders were taken and shot without mercy. Another traitor guided the French to Hofer's retreat in the high wintry Alps. He had been earnestly implored to quit the country, but he refused. As the French surrounded his hut, on the 17th of February, 1810, he came out calmly and submitted. He was carried to the fortress of Mantua, and Napoleon sent an order that he should be shot within four-and-twenty hours. He would not suffer himself to be blindfolded, nor would he kneel, but exclaimed"I stand before my Creator, and, standing, I will restore to Him the spirit He gave!" Thus died, on the 20th of February, 1810, the brave Hoferanother murdered man, another victim of the sanguinary vengeance of Buonaparte against whatever was patriotic and independent.

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[See larger version]To oppose this tremendous force, our Admiral, Sir Charles Hardy, had only thirty-eight sail. In the confidence of their overwhelming strength, the Franco-Spanish fleet sailed directly for the English coast. Hardy, who was a brave seaman, but somewhat past his prime, endeavoured to[260] prevent their insulting our shores, and pursued them first near the Scilly Isles, and then towards the straits of the Channel. On shore the panic was intense, the French and Spaniards being expected every hour to land. But on the 31st of August, the wind veering enabled Hardy to get the weather-gauge of them; and being now in the Channel, he was prepared to engage their fleet, though so much superior in numbers; and on shore great quantities of military and volunteers had collected. Hardy anchored off Spithead. At the sight of this combination of circumstances, the courage of the Spaniards and French evaporated. They began to quarrel amongst themselves. The Spaniards were for landing on some part of the British coast; the French admiral contended that they would have the equinoctial gales immediately upon them, and that many of their vessels were in bad condition. The Spanish commander declared that, this being the case, he would relinquish the enterprise, and return to his own seaports. D'Orvilliers was necessarily compelled to return too, and retired to Brest, where a pestilential disease attacked the French, from having been so long cooped up in foul ships. Well might Lord North, on the meeting of Parliament, say, "Our enemies fitted out a formidable fleet; they appeared upon our coasts; they talked big; threatened a great deal; did nothing, and retired."
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    FORE:DEATH OF WOLFE. (After the Painting by Benjamin West, P.R.A.)
    FORE:It was in these grave circumstances that Lord North, on the 5th of March, 1770, brought forward his bill, based on the terms of Lord Hillsborough's letter to the American governors, to repeal all the import duties except that on tea. This was one of those half-and-half measures which never succeed; it abandoned the bulk of the duties, but retained the really obnoxious thingthe principle. Grenville very truly told them that they should retain the whole, or repeal the whole. Lord Barrington and Welbore Ellis, in their dogged Toryism, protested against repealing a single item of them; and the Opposition, Barr, Conway, Meredith, Pownall, etc., as earnestly entreated them to remove the duties altogether, and with them all cause of irritation. The motion for leave to bring in the bill was carried by two hundred and four votes to one hundred and forty-two. During the debates it was shown that, during the financial year, the American tea duties had producednot the calculated ten or twelve thousand, but less than three hundred pounds! For such a sum did our legislators risk a civil war. As a last effort on this question at this time, the Opposition, on the 1st of May, called for the correspondence with America; and, on the 9th, Burke moved nine resolutions on the general topic. They were not only negatived, but a similar motion, introduced into the Peers by the Duke of Richmond, met the same fate.[See larger version]
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    FORE:In April De Crillon arrived, and was followed by the Spanish and French troops from Minorca. From eighteen to twenty thousand men were added to the army already encamped before the place, and the most able engineers were engaged from almost all countries of Europe, at extravagant salaries, and great rewards were offered for inventions which might demolish the formidable works of the English on the rock. Nearly forty thousand troops were now congregated against the old fortress. One hundred and seventy pieces of heavy artillery were directed against it, and immense stores of ammunition were accumulated for this final and triumphant achievement. On the other hand, General Elliot had now repaired and strengthened his defences more than ever. His garrison was augmented to seven thousand men, including a marine brigade; eighty pieces of cannon frowned from the walls, and the bulk of his men were of the best and most seasoned kind.
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    FORE:"Such is the extraordinary power of the Association, or, rather, of the agitators, of whom there are many of high ability, of ardent mind, of great daring (and if there was no Association, these men are now too well known not to maintain their power under the existing order of exclusion), that I am quite certain they could lead on the people to open rebellion at a moment's notice; and their organisation is such that in the hands of desperate and intelligent leaders they would be extremely formidable. The hope, and indeed the probability, of present tranquillity rests upon the forbearance and the not very determined courage of O'Connell, and on his belief, as well as that of the principal men amongst them, that they will carry their cause by unceasing agitation, and by intimidation, without coming to blows. I believe their success inevitable; that no power under heaven can arrest its progress. There may be rebellionyou may put to death thousandsyou may suppress it, but it will only be to put off the day of compromise; and, in the meantime, the country is still more impoverished, and the minds of the people are, if possible, still more alienated, and ruinous expense is entailed upon the empire. But supposing that the whole evil was concentred in the Association, and that, if that was suppressed, all would go smoothly, where is the man who can tell me how to suppress it? Many cry out that the nuisance must be abatedthat the Government is supinethat the insolence of the demagogues is intolerable; but I have not yet found one person capable of pointing out a remedy. All are mute when you ask them to define their proposition. All that even the most determined opposers to Emancipation say is, that it is better to leave things as they are than to risk any change. But will things remain as they are? Certainly not. They are bad; they must get worse; and I see no possible means of improving them but by depriving the demagogues of the power of directing the people; and by taking Messrs. O'Connell, Sheil, and the rest of them, from the Association, and placing them in the House of Commons, this desirable object would be at once accomplished.
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TWO:Sir Arthur was anxious to engage and defeat Victor before he was joined by the forces of Joseph from Madrid, and of Sebastiani from La Mancha. He therefore dispatched Sir Robert Wilson, at the head of a considerable body of Spanish and Portuguese troops, on the way towards Madrid; and Sir Robert executed this duty with so much promptitude and address that he threw himself into the rear of Victor at Escalona, only eight leagues from the capital. On the 22nd of July the united armies of Britain and Portugal attacked Victor's outposts at Talavera, and drove them in. The stupid old Cuesta was nowhere to be seen; and the next day, the 23rd, when the British were again in position, ready to attack the French, the day was lost, because Cuesta said he would not fight on a Sunday. This tried Sir Arthur's patience past endurance, for every moment was precious, and he wrote on the occasion"I find General Cuesta more and more impracticable every day. It is impossible to do business with him, and very uncertain that any operation will succeed in which he has any concern. He has quarrelled with some of his principal officers, and I understand they are all dissatisfied with him." The opportunity of beating Victor was thus lost. At midnight he quitted Talavera, and retreated to Santa Olalla, and thence towards Torrijos, to form a junction with Sebastiani. The next morning Wellesley took possession of Talavera, but he could not pursue the enemy, for he says, "he found it impossible to procure a single mule or a cart in Spain." Neither could he procure food for his army. He says his troops had actually been two days in want of provisions, though Cuesta's camp abounded with them. He declared that, under such treatment by those that he had come to save, he would return to Portugal before his army was ruined. On this, Cuesta became as wildly and madly active as he had been before stubbornly passive. He dashed forward after Victor alone, never stopping till he ran against the rear of the[576] united army of Victor and Sebastiani, at Torrijos. Wellesley was quite sure what the result would be, and in a few days Cuesta came flying back with a confused mass of men, bullocks, flocks of sheep, baggage waggons, and artillery, beaten and pursued by the enemy.

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THREE:Buonaparte took up his residence at a palace in the suburbs. In the night there was an alarm of fire; it broke out in the quarter full of bazaars and coachmakers' factories. Napoleon rushed to the spot, and the flames were extinguished by the exertions of the soldiers. The next day all was quiet, and such French as lived in Moscow came out of their hiding-places and joined their countrymen. The following night the fires burst forth again. At first the conflagration had been attributed to accident; now it was felt to be the result of design, and Russians were seen fanatically hurrying from place to place with combustibles in their handsthe preparations of Rostopschin. Buonaparte during the day had taken possession of the Kremlin, and it was in imminent danger. When the fire was discovered near it, it came with the wind; it was extinguished, but the wind changed, and fire rose on that side, and again blew towards the palace. This occurred several times during the night; it was clear that there was a determined resolve to burn down the Kremlin. The flames defied all the efforts of the soldiers; they hunted down, according to Napoleon's twenty-first bulletin, no less than three hundred incendiaries, and shot them on the spot. These were armed with fusees six inches long, and inflammables, which they threw on the roofs. Buonaparte, who that day had dispatched a letter to Alexander proposing peace, was in the utmost agitation. He walked to and fro in distraction. "These are indeed Scythians!" he exclaimed. The equinoctial gales rose in all their wild fury. Providence commenced its Nemesis. The Kremlin was on fire, and all was raging fire around it; churches, palaces, streets, mostly of wood, were roaring in the storm. It was with difficulty that Buonaparte could be induced to leave the Kremlin, and as he did so he said gloomily, "This bodes us great misfortunes." He began to foresee all the horrors which followed.
THREE:Scarcely were the elections over when a strike took place amongst the working cotton-spinners in Manchester. Food was dear, and the rate of wages was not in any proportion to the dearness. The men who turned out paraded the streets, and, as is generally too much the spirit of strikes, endeavoured forcibly to compel the workmen of other factories to cease working too. The magistrates, on the 1st of September, issued a proclamation, that they were determined to resist such attempts, and to punish the offenders. Sir John Byng, the same who had favoured the endeavours of Oliver in Yorkshire, commanded the forces there, and every precaution was taken to secure the factories still in work. On the very next day the spinners were joined by a great mob from Stockport, and they endeavoured to break into Gray's mill, in Ancoat's Lane, and force the men to cease. But there was a party of soldiers placed within in expectation of the attack, and they fired on the assailants, and killed one man and wounded two others. The troops then dispersed the mob, which was said to have amounted to at least thirty thousand men. This ended the strike and[138] the rioting for the time. The coroner's jury pronounced the death of the man justifiable homicide, and Ministers congratulated themselves on the speedy end of the disturbance. But the elements of fresh ones were rife in the same districts. The country was by no means in the prosperous condition that they had represented it. SHOP NOW
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THREE:
FORE:The conditions proposed by Lord Cornwallis were, that Tippoo should cede one-half of his territories; that he should pay three crores and thirty lacs of rupees; that he should restore all the prisoners taken since the time of his father, Hyder Ali; and that two of his eldest sons should be given up as hostages for the faithful fulfilment of the articles. On the 26th the boys, who were only eight and ten years old, were surrendered, and part of the money was sent in. Cornwallis received the little princes very kindly, and presented each of them with a gold watch, with which they were delighted. When, however, it came to the surrender of the territory, Tippoo refused and began to make preparations for resistance; but Lord Cornwallis's active firmness soon compelled him to submit. He ordered the captive children to be sent away to Bangalore, and prepared to storm the town, for which both our soldiers and those of the Nizam were impatient. Tippoo gave way; and the surrender of territory according to the treaty was completed.[See larger version] Saturday, 23/08/2014

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FORE:In January, 1812, Government made another attempt to punish the Catholic delegates, and they obtained a verdict against one of them, Thomas Kirwan; but such was the public feeling, that they did no more than fine him one mark, and discharge him. They also abandoned other contemplated prosecutions. The Catholic committee met, according to appointment, on the 28th of February, addressed the Prince Regent, and then separated. The usual motions for Catholic Emancipation were introduced into both Houses of Parliament, and by both were rejected. It was the settled policy of this Ministry not to listen to the subject, though the Marquis Wellesley, Canning, and others now admitted that the matter must be conceded. The assassination of Mr. Perceval, on the 11th of May, it was hoped, would break up that Ministry, but it was continued, with Lord Liverpool at its head. Though Lord Wellesley this year brought forward the motion in the Lords, and Canning in the Commons, both Houses rejected it, but the Lords by a majority of only one. The question continued to be annually agitated in Parliament during this reign, from the year 1814, with less apparent success than before, Ireland was in a very dislocated state with the Orangemen and Ribbonmen, and other illegal associations and contentions between Catholics and Protestants, and this acted very detrimentally on the question in England. Only one little victory was obtained in favour of the Catholics. This was, in 1813, the granting to Catholics in England of the benefit of the Act passed in Ireland, the 33 George III., repealing the 21 Charles II. And thus the Catholics were left, after all their exertions, at the death of the old king.This put matters beyond all chance of mistake. The menace had such an effect on the aged Electress that she was taken ill and died suddenly in the arms of the Electoral Princess, afterwards Queen Caroline (May 28, 1714). Sophia was a very accomplished as well as amiable woman. She was perfect mistress of the German, Dutch, French, English, and Italian languages; and, notwithstanding the endeavours of the Jacobite party in England to render her ridiculous, had always maintained an elevated and honourable character. She was more of an Englishwoman than a German, and, had she lived a few weeks longer, would have hadaccording to her often avowed wish"Here lies Sophia, Queen of England," engraven on her coffin. The journey of the prince was wholly abandoned; not that the inclination of the prince for the journey was abated, nor that the Whigs ceased to urge it. Townshend, Sunderland, Halifax, and others pressed it as of the utmost importance; and both the Elector and his son wrote to the queen, assuring her that, had the prince been allowed to come, he would soon have convinced her Majesty of his desire to increase the peace and strength of her reign rather than to diminish them. Saturday, 23/08/2014

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FORE:As it was necessary that some doctors of note and experience should be sent over to examine the nature of the illness and the condition of the men, the Surgeon-General was ordered to proceed to the spot and make the necessary inquiries; but he replied that it was not in his department, but in that of the Physician-General, Sir Lucas Pepys. Sir Lucas excused himself on account of his age, and recommended some other physicians to be sent out. Both gentlemen were content to receive the country's money easily at home, but although a whole army was perishing, they would not risk their own precious lives. They were dismissed, and their conduct showed the necessity of a thorough reform of the medical establishment of the army. Sir Richard Strachan, though he saw the continuous destruction of the soldiers, strongly recommended Government to retain possession of Walcheren, as a very important naval station, and the Ministry were besotted enough to contemplate fortifying it on an extensive scale, and more men and materials were sent over for that purpose. But, fortunately for the remains of our army there, the Emperor of Austria had now made peace with Buonaparte, and our diversion in his favour here was useless, so, on the 13th of November, orders were sent to Lieutenant-General Don, who had succeeded Sir Eyre Coote, to destroy the docks and fortifications of Flushing,[583] and come away. Thus ended this most fatal expedition, which cost Great Britain twenty millions of money, and many thousands of lives. Of those who survived, thousands had their constitutions broken for ever; and even such as appeared to get over the lingering and insidious Walcheren fever, on being sent to the war in the Peninsula, proved so liable to its return on exposure to wet or cold, that often one-third of these troops were not fit for service. So far from wishing to remove us from Walcheren, Buonaparte wrote to the Minister of War, saying: "We are rejoiced to see that the English have packed themselves in the morasses of Zealand. Let them be only kept in check, and the bad air and fevers peculiar to the country will soon destroy their army." The fatal results of this expedition introduced dissensions into the Cabinet, and soon after occasioned the resignation of Canning.As the wind was light, the British vessels set their studding-sails, and bore down steadily on the enemy. There were of the British twenty-seven sail of the line, four frigates, one schooner, and one cutter. Of the French and Spaniards there were thirty-three sail of the line, five frigates, and two brigs; but the French vessels were in far superior condition to the old weather-worn ones of Nelson. The French had two thousand six hundred and twenty-six guns, Nelson two thousand one hundred and forty-eight. Collingwood's line first came into contact with the enemy in the Royal Sovereign, and was speedily in the midst of a desperate conflict. It was some time before Nelson's line got up, and Collingwood, amid the din of cannon and the crash of spars, turned to his captain, and said, "Rotherham, what would not Nelson give to be here?" It was just past twelve o'clock at noon as Collingwood's vessel came to close quarters with the Spanish flagship, Santa Anna, and it was more than a quarter of an hour before Nelson's ship came close up to the stupendous four-decker Spaniard, the Santissima Trinidad. He was soon in a terrible contest not only with this great ship, but with the Bucentaure, of eighty guns, the Neptune, of eighty guns, and the Redoubtable, of seventy-four guns. The Victory and Redoubtable were fast entangled together by their hooks and boom-irons, and kept up the most destructive fire into each other with double-shotted cannon. Both ships took fire; that in the Victory was extinguished, but the Redoubtable finally went down. But it was from the mizen top-mast of this vessel that one of the riflemen marked out Nelson by his stars, and shot him down. He fell on the deck, on the spot where his secretary, John Scott, had fallen dead just before. Captain Hardy, to whom Nelson had shortly before said, "Hardy, this is too warm work to last long," stooped, and observed that he hoped that he was not severely wounded. He replied, "Yes, they have done for me at last, Hardy." Hardy said he hoped not. "Yes," he answered; "my back-bone is shot through." He was carried down to the cock-pit, amongst the wounded and the dying, and laid in a midshipman's berth. The ball was found to have entered the left shoulder and to have lodged in the spine; the wound was mortal. For an hour the battle went on in its terrible fury, as the dying hero lay amid those expiring or wounded around him. He often inquired for Captain Hardy, but Hardy found it impossible, in the midst of one of the fiercest and most mortal strifes that ever was wagedthe incessant cannonades sweeping away men, masts, tackle at every momentto go down. When he was able to do it, Nelson asked how the battle went. Hardy replied, "Well, fourteen or fifteen vessels had struck." "That is well," said Nelson; "but I bargained for twenty." He then told Hardy to anchor, foreseeing that a gale was coming on; and Hardy observed that Admiral Collingwood would now take the command. At this the old commander blazed forth in the dying man for a moment. He endeavoured to raise himself in the bed, saying, "Not while I live, Hardy! No, do you anchor!" And he bade Hardy signal to the fleet this order. His last words were again to recommend Lady Hamilton and his daughter to his country, and to repeat several times, "Thank God, I have done my duty!" Saturday, 23/08/2014

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This signal and unexpected defeat seemed to rouse the Government to a fresh effort for victory over the triumphant bookseller. The Lord Chief Justice Ellenborough, who was not accustomed to let juries and the accused off so easily, rose from his sick bed, where he was fast drifting towards the close of his career. The defendant was called into court the next morning, the 19th of December. There sat Ellenborough, with a severe and determined air. Abbott sat by his side. Hone this time was charged with having published an impious and profane libel, called "The Litany, or General Supplication." The Attorney-General again asserted that, whatever might be the intention of the defendant, the publication had the effect of bringing into contempt the service of the Church. Hone opened his books to recommence the reading of parallel productions of a former day, or by persons high in esteem in the Church, but this was precisely what the invalid Lord Chief Justice had left his bed to prevent. The judge told him all that was beside the mark, but Hone would not allow that it was so, opened his books, and read on in spite of all attempts to stop him. Never had Ellenborough, not even in his strongest and best days, been so stoutly encountered; scarcely ever had such a scene been witnessed in the memory of man. The spectators showed an intense interest in the combat, for such it was, and it was evident that the general sympathy went with the accused, who put forth such extraordinary and unlooked-for power. The exhausted Chief Justice was compelled to give way, and Hone went on reading one parody after another, and dwelt especially on the parodies of the Litany which the Cavaliers wrote to ridicule the Puritan Roundheads. When he had done, the Lord Chief Justice addressed the jury in a strain of strong direction to find a verdict for the Crown. He said "he would deliver the jury his solemn opinion, as he was required by the Act of Parliament to do; and under the authority of that Act, and still more in obedience to his conscience and his God, he pronounced this to be a most impious and profane libel. Believing and hoping that they, the jury, were Christians, he had no doubt but they would be of the same opinion." This time the solemn and severe energy of the Lord Chief Justice seemed to have made an impression on part of the jury, for they took an hour and a half to determine their verdict, but they again returned one of Not Guilty.The town of Charleston being now in his[274] possession, Sir Henry Clinton proceeded to reduce the whole province to obedience. He issued proclamations, calling on the well-affected young men to form themselves into military bodies, and to act in support of the king's troops, pledging himself that they should never be called upon to march beyond the frontiers of North Carolina on the one side, or those of Georgia on the other; and he assured the inhabitants at large of the utmost protection of person and property, so long as they continued peaceable and loyal subjects of the Crown. In the meantime, Lord Cornwallis continued to enforce these proposals by the movements of his troops. Could Sir Henry Clinton have remained in this quarter, he would without doubt have steadily carried his victorious arms northward till he had everywhere restored the rule of England. But he was completely crippled by the wretched management of the miserable Government at home, who seemed to expect to reconquer America without an army. At this crisis he received news that the Americans were mustering in strong force on the Hudson, and that a French fleet was daily expected on the coast of New England to co-operate with them. He was now compelled to embark for New York, leaving Lord Cornwallis to maintain the ground obtained in South Carolina as well as he could with a body of four thousand men. His second in command was Lord Rawdon, a young officer who had distinguished himself greatly at the battle of Bunker's Hill, and who, like Cornwallis, his chief, was destined, in after years, to occupy the distinguished post of Governor-General of India, with the successive titles of Earl Moira and Marquis of Hastings. The chief business of Cornwallis was to maintain the status gained in South Carolina, but he was at liberty to make a move into North Carolina if he thought it promising.When Parliament reassembled, Fox seized the very earliest moment to address the Chair and occupy the attention of the House. He rose at the unusually early hour of half-past two o'clock in the day, before the newly returned members had taken their oaths. Pitt himself was in this predicament, but, as soon as he had taken his oath, he rose to speak; but Fox contended that he was already in possession of the House, and, though Pitt announced that he had a message from the king, Fox persisted, and moved that the House should go into committee on the state of the nation. This allowed Pitt to speak, who declared that he had no objection to the committee; but he thought it more advisable to go into the question of India, on which subject he proposed to introduce a Bill. He then made some sharp remarks on the conduct of Fox in thus seizing, by artifice, a precedence in speaking, and on the petulance and clamour which the Opposition had displayed, and on the violent and unprecedented nature of their conduct, by which they hoped to inflame the spirit of the country and excite unnecessary jealousies. In truth, Fox and his party were now running a most unwise career. Possessed of a large majority, they were indignant that the king should have dismissed them, and thought that they could outvote the new Ministry, and drive them again from office. They had, no doubt, such a majority; but, at the same time, they had the king resolute against them. They had insulted him by their violent denunciations of his letter, and they had not, in their anger, the discernment to perceive that not only would this be made use of by their opponents to injure them, both in Parliament and out of it, but their proceeding with so much heat and violence was calculated to make them appear factiousmore concerned for their places than for the interests of the country. All this took place; the king and Ministry saw how all this would operate, and calmly awaited its effects. Fox and his party were, however, blind to the signs of the times, and carried no less than five resolutions against the Government.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 during these transactions France and England had not been idle. A new alliance had been signed at Hanover between England, France, and Prussia, to which soon after were added Denmark and Holland. The real objects of this treaty were to counterbalance that between Spain, Austria, and Russia, to compel the dissolution of the Ostend Company, and to prevent the menaced assistance to the Pretender. This was the celebrated Treaty of Hanover.
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