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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."

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ONE:On the 5th of June, the day after the king's birthday, Pitt introduced his plan of military defence. It was to leave the militia what it was, but to increase the regular army by making it compulsory on parishes to furnish each a certain number of men to what was called the Army of Reservea body called out for five years, and only to be employed within the United Kingdom. He desired to break down the distinctions between this and the regular army by attaching the Reserve to the Regulars as second battalions, and encouraging volunteering thence into the Regulars. This was known as the Additional Force Bill, which was denounced by the Opposition as veiled conscription. In other ways, notably by the erection of his martello towers, Pitt set himself to rouse the spirit of the nation, in face of the very real danger of invasion.
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TWO:The Assembly of Virginia, meeting in convention at Williamsburg on the 6th of May, drew up a Declaration of Rights, a document which afterwards became the model for the celebrated "Rights of Man" with the French Revolutionists. In this Declaration it was asserted that the rights of the people cannot exist with hereditary monarchy; and in the fourth article it was affirmed, that the idea of "a man being born a magistrate, a legislator, or a judge, is unnatural and absurd." Accordingly, Richard Henry Lee, as one of their delegates, on the 7th of June, moved in General Congress, that "these United Colonies are, and of right ought to be, free and independent States; that they are absolved from all allegiance to the British Crown, and that all political connection between them and the State of Great Britain is, and ought to be, totally dissolved; that measures should immediately be taken for procuring the assistance of foreign Powers, and a confederation be formed to bind the colonies more closely together."
  • THREE:By a still greater fatality, Louis was persuaded to comply with the solicitations of the American colonists, to assist them in throwing off their allegiance to Britain. To rend these colonies from Britain, which had deprived France of Canada and Nova Scotia, was too flattering to French vanity and French desire of revenge. Turgot in vain protested that the first cannon that was fired would insure revolution; Louis consented to the American alliance, and thus set the seal to his own destruction. Bitterly did he rue this afterwards, still more bitterly was it rued by his queen when they both saw the fatal infection of Republicanism brought back from America by the army. When Turgot saw that this fatal war was determined upon, he retired before the wild rage of the noblesse and clergy, and from the ruinous weakness of the king. Minister after minister rapidly succeeded each other in the vain endeavour to keep up the old partial laws and privileges, the old extravagance and encumbrances, at the command of the king, and yet avert revolution. In turn Clugny, Necker, and Calonne withdrew discomfited."To call Parliament together on the 27th instant, to ask for indemnity and a sanction of the order by law.
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TWO:The following is the general result of the Reform Acts upon the constitution of the Imperial Parliament:In England the county constituencies, formerly 52, returning 94 members, were increased to 82, returning 159 members. The borough members were 341, giving a total of 500 for England. In Ireland the number of the constituencies remained the same, but five members were added, making the total number 105, representing 32 counties and 41 boroughs including the University of Dublin. A second member was given to each of the following:Limerick, Waterford, Belfast, Galway, and Dublin University. The proportion of counties and boroughs in Scotland was 30 and 23, giving a total of 53. All the counties of the United Kingdom returned 253 members, all the boroughs 405, the total number constituting the House of Commons being 658.
TWO:NOTRE DAME, PARIS.No sooner had the tribunate sent up its decision to the Senate, signed by all except Carnot, than the Senate hastened at once to adopt it, and to sign the answer to the message of the First Consul, which had been drawn up by Fouch for the Committee of Ten appointed by the Senate. In July Napoleon went to Boulogne to review the grand army of England, on the heights above the town, overlooking the English Channel, and from which the white cliffs of England were conspicuous. Everything had been elaborately got up for this occasion, on which the enthusiasm of the soldiers was to be raised to the highest pitch. The common people believed that he was going to lead the army at once across the Channel, and return loaded with the enormous wealth of London, and with the king, queen, royal family, William Pitt, and the leading members of the aristocracy as prisoners in his train. Buonaparte had no such wild idea; but since the Duke d'Enghien's murder the Powers of almost all Europe had manifested unequivocally their abhorrence of the act, and of the man who perpetrated it, and he now designed, by the display of enthusiasm in his army, at once to awe his own people and the sovereigns of other nations.
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TWO:Philip V. of Spain died on the 9th of July, and his son and successor, Ferdinand VI., showed himself far less anxious for the establishment of Don Philip in Italya circumstance unfavourable to France. On the contrary, he entered into separate negotiations with England. A Congress was opened at Breda, but the backwardness of Prussia to support the views of England, and the successes of the French in the Netherlands, caused the Congress to prove abortive.
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But if Lucien, who had rendered Napoleon such essential services in enabling him to put down the French Revolution, could not escape this meddling domination as a private man, much less could his puppet-kings, whether brothers or brothers-in-law. He was beginning to have violent quarrels with Murat and his sister Caroline, king and queen of[4] Naples; nor could the mild and amiable temper of Louis, king of Holland, protect him from the insults and the pressure of this spoiled child of fortune.Mr. Bankes again introduced his Billwhich was about to expirefor prohibiting the grant of offices in reversion; and he endeavoured again to make it permanent, but, as before, he was defeated on the second reading in the Commons. He then brought in a Bill confined to two years only, and this, as before, was allowed to pass both Houses. Great discussion arose on the grant of the office of paymaster of widows' pensions to Colonel MacMahon, the confidential servant of the Prince Regent. This was a mere sinecure, which had been held by General Fox, the brother of Charles James Fox; and it had been recommended that, on the general's death, it should be abolished; but Ministersmore ready to please the Regent than to reduce expenditurehad, immediately on the general's decease, granted it to Colonel MacMahon. Ministers met the just complaints of the Opposition by praising the virtues and ability of MacMahonas if it required any ability or any virtue to hold a good sinecure! But there was virtue enough in the Commons to refuse to grant the amount of the salary, Mr. Bankes carrying a resolution against it. But Ministers had their remedy. The prince immediately appointed MacMahon his private secretary, and a salary of two thousand pounds was moved for. But Mr. Wynne declared that any such office was unknown to the countrythat no regent or king, down to George III., and he only when he became blind, had a private secretary; that the Secretary of State was the royal secretary. Ministers replied that there was now a great increase of public business, and that a private secretary for the Regent was not unreasonable; but they thought it most prudent not to press the salary, but to leave it to be paid out of the Regent's privy purse.[See larger version][414]Whilst this Bill was passing the Lords, on the 28th of March Lord Gower brought a fresh one into the Commons, which had no less object than the repeal of the Charter of Massachusetts. It was entitled, "A Bill for the Better Regulating Government in the Province of Massachusetts Bay." It went to remove the nomination of the members of the Council, of the judges and magistrates, etc., from the popular constituencies to the Crown. Lord North observed that the Charter of William III. had conferred these privileges on Massachusetts as exceptional to all other colonies, and that the consequence was that the Governor had no power whatever. Strong opposition was made to this proposed Bill by Dowdeswell, Sir George Savile, Burke, Barr, Governor Pownall, General Conway, and Charles Fox, who was now in opposition. The Bill passed the Commons by a majority of two hundred and thirty-nine against sixty-four; and it passed the Lords by a majority of ninety-two against twenty. But even now another Bill passed the House of Commonsa Bill for removing to another colony for trial any inhabitant of Massachusetts Bay, who was indicted for any murder or other capital offence which the Governor might deem to be perpetrated in the attempt to put down tumults and riots. This measure was still more vehemently opposed than the rest.
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