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[See larger version]It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.
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FORE:

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae.

FORE:[See larger version]

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae.

FORE:The Minister still claimed the character of the landowner's friend; and in the House of Commons, out of 658 members, 125 was the utmost number that could be considered as Free Traders. But the progress of the League agitation this year was immense. Five years had elapsed since the Anti-Corn-Law Association in Manchester had put forth its humble appeal for five-shilling subscriptions, and now in one single year 50,000 had been given for the objects of the Association, and it was resolved to raise a further fund of 100,000. Mr. Bright had been returned for Durham in July, and already his touching appeals for justice for the people had struck the ear of the House. Like his fellow-labourers, Cobden, Colonel Thompson, George Wilson, W. J. Fox, M.P., and others, he had been busy in all parts of England, addressing audiences sometimes of 10,000 persons. The League speakers had also visited Scotland, and had been everywhere received enthusiastically. The great Free Trade Hall in Manchester was finished, and had been the scene of numerous gatherings and Free Trade banquets, at which 7,000 or 8,000 persons had sometimes sat down together. The metropolis, however, was still behind the great provincial cities in supporting the movement; and the League, therefore, resolved on holding a series of great meetings in Drury Lane Theatre, which was engaged for one night a week during Lent. The first of these important meetings was held on the 15th of March, and was attended by so large a number of persons that the pit, boxes, and even the higher gallery were filled immediately upon the opening of the doors. The succeeding meetings were no less crowded and enthusiastic. Attempts were made to obstruct these meetings, but without success. The use of Drury Lane Theatre had soon to be relinquished, the Earl of Glengall and the committee of shareholders having prohibited Mr. Macready, the lessee, from letting it for political purposes. The League were, in like manner, refused admittance to Exeter Hall; but they were soon enabled to obtain the use of Covent Garden Theatre, where they quickly prepared for a series of great meetings, which proved to be no less crowded and enthusiastic.Scarcely was the Prince married, when he began to complain of his limited income. His father, as Prince of Wales, had been allowed one hundred thousand pounds from the Civil List, which then was only seven hundred thousand pounds, but he now received only fifty thousand pounds from a Civil List of eight hundred thousand pounds. Bolingbroke, two years before, on leaving England, told the prince, as his parting advice, to apply to Parliament, without any regard to the king, for a permanent income of one hundred thousand pounds a year. Under these circumstances, Walpole persuaded the king to send a message to the prince, offering to settle a large jointure on the princess, and to make the prince's own income independent of his father. Here the prince ought to have yielded; if he had been either politic or well-disposed, he would have done so. The king was at this time very ill, and his physicians declared that if he did not alter soon, he could not live a twelvemonth. This circumstance of itself would have touched any young man of the least natural feeling, to say nothing of policy; for, if the king died, there was an end of the questionthe prince would be king himself. But he was now in such a temper that he would not listen to the royal proposal; and the next day, the 22nd of February, 1737, Pulteney made his motion in the House of Commons for an address beseeching the king to settle upon the prince a hundred thousand pounds a year, and promising that the House would enable him effectually to do so. What was still stranger, it was seconded by Sir John Barnard. The[68] Commons were not willing to run counter to a prince apparently on the point of ascending the throne, and Walpole would have found himself in a minority had Wyndham, as he hoped, brought the Tories to vote for the prince. But forty-five Jacobites, who could not bring themselves to vote for an heir of the House of Hanover, though they would by that have done a serious mischief to the Hanoverian usurper, as they styled him, rose in a body and quitted the House. On the division, the Ministerial party amounted to two hundred and thirty-four, the Opposition to only two hundred and fourbeing a majority for Ministers of exactly thirty. The next day the same motion was made in the Lords by Carteret, but was rejected by a large majorityone hundred and three to forty.

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae.

FORE:

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae.

FORE:

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae.

FORE:From the sublime to the ridiculous is but a step. A scene followed the king's departure which seems almost incredible. After the service of the second course, the numerous attendants, singers, and even ladies and gentlemen began to press round the royal table, as if prepared for a scramble to possess its contents. The crowd of spectators pressed nearer and nearer. For a moment only covetous eyes were cast on the spoils, as if each were afraid to begin the plunder; but, at last, a rude hand having been thrust through the first ranks, and a golden fork having been seized, this operated as a signal to all, and was followed by a "general snatch." In a short time all the small portable articles were transferred to the pockets of the multitude. The Lord High Chamberlain, hearing of the attack, hastened to the rescue, and[216] with the greatest difficulty saved the more important articles of plate, and had them conveyed to Carlton Garden. Then followed a scene unparalleled in the annals of coronations. The crowds in the galleries had beheld with envy the operations at the banquet. They were very hungry, and very thirsty, and seeing now that Westminster Hall was "liberty hall," they rushed down different stairs and passages, and attacked the viands and the wine. A raging thirst was the first thing to be satisfied, and in a few minutes every bottle on the table was emptied. A fresh supply was soon obtained from the cellarettes. When the ravening selfishness of the hungry crowd was satisfied, the gentlemen recovered their politeness, and began to think of the ladies. Groups of beautiful women then found their way to the tables, and every effort was made to afford them the refreshment of which they stood so much in need. In the meantime, the plunderers took advantage of the confusion to enrich themselves with trophies, breaking and destroying the table ornaments to obtain fragments of things too cumbrous to carry away. Thus, baskets, flowerpots, vases, and figures were everywhere disappearing, and these were followed by glasses, knives, forks, salt-spoons, and, finally, the plates and dishes. The last were engraved with the royal arms and the letters "Geo. IV.," and were therefore specially coveted as memorials. The dirty state of the articles, however, was rather out of keeping with the costly dresses; but the ladies and gentlemen got over the difficulty by wrapping up the articles in their pocket-handkerchiefs. Having thus secured all the spoils they could, they made all possible haste to their carriages. At a subsequent period, it was with the greatest difficulty that the royal plate could be kept from being carried away by the multitude outside when the barriers were removed.

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae.

TWO:Scilly Islands as one parish) 89Whilst the Opposition was in the dejection of disappointed hopes, suddenly there arose an explosion of popular opinion against the Catholics, stimulated and led on by an insane fanatic, which threatened the most direful consequences, and produced sufficiently frightful onesthe so-called Gordon Riots.

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turpis egestas. Vestibulum tortor quam, feugiat vitae.

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TWO:AFFRAY AT BOSTON BETWEEN THE SOLDIERS AND ROPE-MAKERS. (See p. 201.)

Pellentesque habitant morbi tristique senectus et netus et
malesuada fames ac turpis egestas.

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TWO:It was proposed also to form, in certain districts, relief committees, which should be empowered to receive subscriptions, levy rates, and take charge of donations from the Government; and that out of the fund thus raised they should establish soup kitchens, and deliver rations to the famishing inhabitants. Sir John Burgoyne, Inspector-General of Fortifications, was appointed to superintend the works. Lord John Russell referred to measures for draining and reclaiming waste land in Ireland, and to advances of money for this purpose to the proprietors, to be repaid in instalments spread over a number of years. On a subsequent day, in answer to questions from Mr. Roebuck, the noble lord gave a statement of the sums that had already been advanced. 2,000,000 had been issued on account of the Poor Employment Act of the last Session. He expected that not less than 500,000 or 600,000 a month would be spent from the present time until August, and he calculated the whole expenditure would not be less than 7,000,000. There was great difference of opinion on the subject of the Government plans. A counter-scheme for the establishment of reproductive works deserves to be noticed for the interest it excited and the attention it occupied for years afterwardsnamely, the railway plan of Lord George Bentinck. Acts of Parliament, he said, had been passed for 1,582 miles of railway in Ireland, of which only 123 miles had then been completed, while 2,600 miles had been completed in England. In order to encourage the formation of Irish railways, therefore, he proposed that for every 100 expended by the companies 200 should be lent by the Government at the same interest at which they borrowed the money, Mr. Hudson, who was "chairman of 1,700 miles of railroad," pledging his credit that the Government would not lose a shilling by the transaction. By adopting this plan they could give reproductive employment to 109,000 men in different parts of the country, for earth-works, fences, drains, and watercourses connected with the lines. This would give support of 550,000 souls on useful work, tend to develop the resources of the country, and produce such improvement that the railways constructed would add 23,000,000 to the value of landed property in twenty-five years, and would pay 22,500 a year to the poor rates. The purchase of land for the railways would moreover place 1,250,000 in the hands of Irish proprietors, for the employment of fresh labour, and 240,000 in the hands of the occupying tenants for their own purposes. The Government also would reap from the expenditure of 24,000,000 on railways in Ireland, an enormous increase of revenue in the augmented consumption of articles of excise and customs. The noble lord's speech, which lasted two hours and a half, was received with cheers from both sides of the House. Leave was given to bring in the Bill, though it was strongly objected to by Lord John Russell, Mr. Labouchere, and other members of the Government. It was also opposed by Sir Robert Peel, who exposed the unsoundness of the economic principles involved in it. The Bill was rejected by a majority of 204, the numbers being 118 for the second reading, and 322 against it. Notwithstanding this decision, loans were subsequently advanced to certain Irish railways, amounting to 620,000, so that the objection of the Government was more to the extent than to the principle of Lord George Bentinck's measure.

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ONE: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.

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas.

ONE:On the 19th of February the men heard an awful and mysterious sound, as if of thunder, beneath their feet. They instantly rushed to their arms, and thus many lives were saved. A tremendous earthquake shook down all the parapets built up with so much labour, injured several of the bastions, cast to the ground all the guard-houses, made a considerable breach in the rampart of a curtain in the Peshawur face, and reduced the Cabul gate to a shapeless mass of ruins. In addition to this sudden destruction of the fortificationsthe labour of three monthsone-third of the town was demolished. The report states that, within the space of one month, the city was thrown into alarm by the repetition of full 100 shocks of this phenomenon of Nature. Still, the garrison did not lose heart or hope. With indomitable energy, they set to work immediately to repair the damage. The shocks had scarcely ceased when the whole garrison was told off into working parties, and before night the breaches were scalped, the rubbish below was cleared away, and the ditches before them were dug out. From the following day all the troops off duty were continually at work, and so well sustained were their energy and perseverance, that by the end of the month the parapets were entirely restored, or the curtain was filled in, where restoration was impracticable, and every battery re-established. The breaches were built up with the rampart doubled in thickness, and the whole of the gates re-trenched. So marvellously rapid was the work of restoration that Akbar Khan declared that the earthquake must have been the effect of English witchcraft, as Jelalabad was the only place that escaped.If there wanted anything to prove the truth of Lord Wellington's warnings to the Spanish authorities of the undisciplined condition of their armies, and the incompetency of their generals, it came quickly. Whilst they continued to treat him more like an enemy than a friend, and had issued orders throughout the province where he lay, forbidding the sale of provisions and forage for his army, their own armies were again annihilated. The army of Venegas, which had retreated, on the advance of Sebastiani towards Madrid, into the Sierra Morena, had been taken from him, and given to a young, inexperienced man, General Areizaga. Cuesta, also, had been set aside for one still more incapable, a General Eguia, of whom Lord Wellington had already pronounced that he was a fool. Areizaga, instead of maintaining his strong post in the hills, being joined by the greater part of the army of Estremadura, now commanded by Eguia, imagined that he could beat the united forces of Mortier and Sebastiani, and drive them out of Madrid. With fifty thousand men and sixty pieces of artillery he descended from his hills into the open plains of Oca?a, where he was beaten on the 20th of November, with the loss of all his artillery but five guns, his baggage, military chest, provisions, and everything. There was immense slaughter of his soldiers, and the rest fled into the mountains. The Duke del Parque, who was placed for the protection of the line of the Tagus with another large army, was marching to support this intended conquest of Madrid, when, in the month of October, being strongly posted on the heights of Tamames, he encountered General Marchand, and defeated him. Elated by this success, he no longer trusted to hills and strong positions, but, like Areizaga, advanced boldly into the plains, and on the 28th of November he encountered Kellermann at Alba de Tormes, and received a most thorough defeat. His men, both cavalry and infantry, scarcely stayed to cross swords or bayonets with the French, but, flinging down their arms, and leaving all their baggage and artillery behind them, they fled in every direction. Kellerman pursued and cut them down without mercyaccording to his own account, killing three thousand men and making three hundred prisoners.
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ONE:The art of coining received, like other things, a new facility and perfection from the application of the steam-engine. Messrs. Boulton and Watt, at the Soho Works, set up machinery, in 1788, which rolled out the metal, cut out the blanks, or circular pieces, shook them in bags to take off the rough edges, and stamped the coinsin higher perfection than ever before attainedat the rate of from thirty to forty thousand per hour.VIEW OF LONDON FROM THE TOWER TO LONDON BRIDGE IN THE LATTER PART OF THE 18TH CENTURY. (After the Picture by Maurer.)
The Duke of Richmond read a paragraph from a newspaper in which the report was stated, naming Lord Temple without any disguise. On this Temple rose, and admitted that he had given certain advice to the king, but would neither admit nor deny that it was of the kind intimated in the report. That the rumour was founded on truth, however, was immediately shown by the division. Numbers of lords who had promised Ministers to vote for the Bill withdrew their support; the Prince of Wales declined voting; and the Opposition carried a resolution for adjournment till the next day, in order to hear evidence in defence of the East India Company. It was clear that the Bill had received its death-blow, and would never pass the Lords after this expression of the royal will, and on the 17th of December it was lost by nineteen votes.But the Government had to receive another lesson this year on the folly of endeavouring, in the nineteenth century, to crush the liberties of Britons. There was an organ called the Press, which, partaking neither of the Governmental fears of a natural complaint by the public of the evils which preyed upon it, nor the Governmental hopes of silencing the sufferers without any attempt to mitigate their calamities, reported freely the mingled folly and cruelty of Ministers, and called for the only remedy of the country's misfortunesReform. On moving the second reading of the Bill for the suspension of the Habeas Corpus Act, Lord Sidmouth observed that some noble lords had complained that the authors and publishers of infamous libels on the Government were not prosecuted. He assured them that the Government were quite as anxious as these noble lords to punish the offenders, but that the law officers of the Crown were greatly puzzled in their attempts to deal with them; that authors had now become so skilful from experience, that the difficulties of convicting them immeasurably exceeded those of any former time.
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