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THE AWESOME WORK.
Too many of us look upon Americans as dollar chasers. This is a cruel libel, even if it is reiterated thoughtlessly.
ALL WORK.
TWO: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.
FORE:The spring of 1720 was a period of remarkable national prosperity. But "the grand money schemes projected of late," which appeared to the Jacobite Atterbury and others calculated to cement the royal peace and strengthen the foundation[46] of the Government and nation, were destined to produce a very different effect. For the South Sea Bubble was about to burst. In 1711, Harley, being at his wits' end to maintain the public credit, established a fund to provide for the National Debt, which amounted to ten millions of pounds. To defray the interest he made permanent the duties on wine, vinegar, and tobacco, etc. To induce the purchase of the Government stock, he gave to the shareholders the exclusive privilege of trading to the Spanish settlements in South America, and procured them an Act of Parliament and a royal charter, under the name of the South Sea Company. The idea, hollow and groundless as it was, seized on the imagination of the most staid and experienced traders. All the dreams of boundless gold which haunted the heads of the followers of Drake and Raleigh were revived. The mania spread through the nation, and was industriously encouraged by the partisans of Harley. But this stupendous dream of wealth was based on the promises of Ministers, who at the Peace of Utrecht were to secure from the Government of Spain this right to trade to its colonies. The right was never granted by that haughty and jealous Power, further than for the settlement of some few factories, and the sending of one small ship annually of less than five hundred tons. This, and the Assiento, or privilege of supplying those colonies with African slaves, were the sole advantages obtained, and these were soon disturbed by the war with Spain, which broke out under Alberoni. The South Sea Company, however, from its general resources, remained a flourishing corporation, and was deemed the rival of the Bank of England.
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FORE:This was an attempt as constitutional as it was ignorantly and hopelessly planned by suffering people; but more criminal speculations were on foot. A second report of the Lords' secret committee, recommending the renewal of the suspension of the Habeas Corpus Act, stated that a general insurrection was planned to take place at Manchester, on the 30th of Marchto seize the[125] magistrates, to liberate the prisoners, burn the soldiers in their barracks, and set fire to a number of factories; and that such proposals were really in agitation is confirmed by Bamford and other of the Radical leaders. The report says that the design was discovered by the vigilance of the magistrates, a few days before its intended taking place; but it is far more probable that the magistrates had received some intimation of what was in progress from those who had misguided the ignorant multitude. Bamford tells us that both he and his friends had been applied to to engage in the design, but they had condemned it as the work of incendiaries, who had availed themselves of the resentment of the Blanketeers at their treatment, to instigate them to a dreadful revenge. The truth was, a number of spies in the pay of Government, with the notorious Oliver at their head, were traversing the manufacturing districts of Derbyshire, Nottinghamshire, Yorkshire, and Lancashire, to stimulate the suffering population into open insurrection, that they might be crushed by the military. Bamford and the more enlightened workmen at once saw through the snare, and not only repulsed the tempters, but warned their fellows against their arts. The failure of the first design, however, did not put an end to the diabolical attempt on the part of the spies. They recommended the most secret meetings for the purpose; that another night attack should be prepared for Manchester, and that Ministers should be assassinated. Such proposals were again made to Bamford and his friends, but they not only indignantly repelled them, but sought safety for their own persons in concealment, for continual seizures of leading Reformers were now made.
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TWO:One of the series of four Paintings entitled "The Election," by W. Hogarth.
FORE: 8,175,124 13,187,421 2,556,601 1,676,268
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