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THREE:Sir Arthur determined to give Soult as sharp a chase as he had given Sir John Moore. He wrote to General Beresford to hold Villa Real, if possible, whilst he pressed on the heels of Soult. On the 16th of May he came up with Soult's rear, near Salamonde, defeated the rear-guard, killed and wounded a great number of men, and Sir Arthur wrote that, had they had half an hour's more daylight, he should have taken the whole of his rear-guard. He added: "I shall follow him to-morrow. He has lost everything��cannon, ammunition, baggage, military chest��and his retreat is in every respect, even in weather, a pendant for the retreat to Corunna." In truth, had Sir John Moore sent a Nemesis to avenge himself, it could not have executed a more complete retribution. All the horrors of Sir John's retreat, and far worse, were repeated. The French had exasperated the population here, as everywhere, by their reckless cruelties and rapacity, and they surrounded the flying army, and killed every man that they could find straggling, or who was left exhausted on the road. On the other hand, the French tracked their retrograde path with equal fury. "Their route," says Sir Arthur, "could be traced by the smoke of the villages that they set on fire." Sir Arthur, in his dispatches, also says that, during their abode in Portugal, the French had murdered people merely because they did not like their seizure of their country; and that he saw men hanging on trees by the roadside, whom they had executed for no other reason. So the scene of Soult's retreat was now one long picture of Pandemonium��the whole way strewn with dead men, horses, and mules; a wasted country, and an infuriated peasantry seeking to wreak their vengeance. Sir Arthur stopped his pursuit near the frontiers of Spain. He could not overtake Soult, who fled flinging away every impediment, whilst he was compelled to carry his supplies and artillery along with him. Besides, the French, since the defeat of the Spaniards at Tudela, had entered Andalusia in great force, where there was no army to oppose them except the ill-equipped one of the proud and unmanageable General Cuesta; and Marshal Victor, who commanded in Estremadura, might readily have made a descent on Lisbon, had Wellesley gone far into Spain. He therefore resolved to return to Oporto, to make necessary inquiries as to the roads into Spain; to improve his commissariat; and then, forming a junction with Cuesta, to[575] advance against Marshal Victor. Whilst at Oporto he had the satisfaction to learn that Frere was superseded by his own brother, Lord Wellesley, as ambassador for Spain, a circumstance of immense importance to the cause.

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THREE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had ��12,658,240, which in August, 1825, was reduced to ��3,634,320, and before the end of the year it ran as low as ��1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to ��14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."of rations

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THREE:The young Queen enjoyed, in the new King of Hanover, the advantage of a foil which, with all the force of contrast, placed her character as a constitutional Sovereign in the best possible light. At her accession, the Crown of Hanover, which could not be inherited by a female, was separated from the Crown of England, with which it had been united since the accession of George I. in 1714, and had descended to the Duke of Cumberland, the next surviving male heir of George III. This severance, instead of being regarded as a loss, was really felt as a great relief by the British nation, not only as terminating its connection with German politics, from which nothing but annoyance and expense could result, but, what was regarded as much more important, freeing the country from the presence of the Duke of Cumberland, who was detested for his arbitrary temper. On the 24th of June, Ernest Augustus, King of Hanover, left London, apparently in a very churlish spirit, and breathing hostility to constitutional freedom in the country which was to be cursed by his rule. So strong were his feelings against constitutional government that he had not the grace to receive a deputation of the Chambers, who came to offer him their homage and their congratulations; and on the 5th of July[444] he hastened to issue a proclamation, announcing his intention to abolish the Constitution. He not only did this, but he ejected from their offices, and banished from their country, some of the most eminent professors in the University of G?ttingen. It was thus he inaugurated a rule of iron despotism worse than that of the native princes, who had not the advantage of being brought up in a free country.[210]

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