It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.
ONE:At the very time that Washington was flying before the British army, Congress, putting a firm face on the matter, went on legislating as boldly as ever. It established Articles of Confederation and perpetual union between the several States. These Articles were a supplement to and extension of the Declaration of Independence, and were sixteen in number:1st. That the thirteen States thus confederating should take the title of the United States. 2nd. That each and all were engaged in a reciprocal treaty of alliance and friendship for their common defence, and for their general advantage; obliging themselves to assist each other against all violence that might threaten all or any of them on account of religion, sovereignty, commerce, or under any other pretext whatever. 3rd. That each State reserved to itself alone the exclusive right of regulating its internal government. 4th. That no State in particular should either send or receive embassies, begin any negotiations, contract any engagements, form any alliances, or conclude any treaties with any king, prince, or power whatsoever, without the consent of the United States assembled in Congress; that no person invested with any post in the United States should be allowed to accept any presents, emoluments, office, or title, from any king, prince, or foreign Power; and that neither the General Congress, nor any State in particular, should ever confer any title of nobility. 5th. That none of the said States should have power to form alliances, or confederations, even amongst themselves, without the consent of the General Congress. 6th. That no State should lay on any imposts, or establish any duties, which might affect treaties to be hereafter concluded by Congress with foreign Powers. 7th. That no State in particular should keep up ships of war, or land troops beyond the amount regulated by Congress. 8th. That when any of the States raised troops for the common defence, the officers of the rank of colonel and under should be appointed by the legislature of the State, and the superior officers by Congress. 9th. That all the expenses of the war, etc., should be paid out of a common treasury. Other clauses defined the functions and powers of Congress, and the 14th offered to Canada admission to all the privileges of the other States, should she desire it; but no other colony was to be admitted without the formal consent of nine of the States composing the union.
ONE:If the French had been by no means successful in Germany, they had been much less so in other quarters of the globe. In the East Indies we had taken Pondicherry, their chief settlement, from them, and thus remained masters of the whole coast of Coromandel, and of the entire trade with India. In the West Indies, the French had been fortifying Dominica, contrary to treaty, and Lord Rollo and Sir James Douglas were sent thither, and speedily reduced it. France, indeed, was now fast sinking in exhaustion. Louis XV. was a man of no mark or ability, inclined to peace, and leaving all affairs to his Ministers, and still more to his mistress, Madame de Pompadour. Choiseul was a man of talent, but of immense vanity, and little persistent firmness. He was now anxious for peace, but, too proud to make the proposal directly, he induced the Courts of Russia and Austria to do it. It was suggested that a congress should be held at Augsburg for settling the peace of Europe. England and Prussia readily consented. But the Duke of Choiseul, anxious to have a clear understanding of the terms on which England and France were likely to treat, proposed a previous exchange of views, and dispatched M. Bussy to London, whilst Mr. Pitt sent to Paris Mr. Hans Stanley.
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TWO:"I have for several years endeavoured to obtain a compromise on this subject. The result of resistance to qualified concession must be the same in the present instance as in those I have mentioned. It is no longer worth while to contend for a fixed duty. In 1841 the Free Trade party would have agreed to a duty of 8s. a quarter on wheat, and after a lapse of years this duty might have been further reduced, and ultimately abolished. But the imposition of any duty, at present, without a provision for its extinction within a short period, would but prolong a contest already sufficiently fruitful of animosity and discontent. The struggle to make bread scarce and dear, when it is clear that part, at least, of the additional price goes to increase rent, is a struggle deeply injurious to an aristocracy which (this quarrel once removed) is strong in property, strong in the construction of our Legislature, strong in opinion, strong in ancient associations and the memory of immortal services."
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TWO:The Chambers were opened by the king on the 2nd of March, 1830, with a speech which conveyed a threat to the French nation. "If culpable man?uvres," he said, "should raise up against my Government obstacles which I do not wish to foresee, I shall find the power of surmounting them in my resolution to maintain the public peace, in my just confidence in Frenchmen, and in the love which they have always borne to their kings." The Chambers did not hesitate to express their want of confidence in the Government. The king having declared that his intentions were immutable, no alternative remained but a dissolution, as he was resolved to try once more whether a majority could be obtained by fair means or foul. In this last appeal to public opinion he was bitterly disappointed. It scarcely required a prophet to foresee the near approach of some great change; nor could the result of the impending struggle appear doubtful. Nine-tenths of the community were favourable to a constitutional system. Not only the working classes, but the mercantile and trading classes, as well as the professional classes, and all the most intelligent part of the nation, were decidedly hostile to the Government. In Paris the majority against the Ministerial candidates was seven or eight to one. The press, with scarcely an exception, was vehement in its condemnation of the policy of the Government, which came to the conclusion that it was not enough to abolish the Constitution, but[316] that, in order to insure the success of a purely despotic rgime, it was absolutely necessary to destroy the liberty of the press, and to put down journalism by force. Accordingly, a report on this subject was addressed to the king, recommending its suppression. It was drawn up by M. Chantelauze, and signed by De Polignac and five other Ministers.
TWO:CAPTAIN WALPOLE INTERCEPTING THE DUKE OF SALDANHA'S SHIPS. (See p. 306.)"May 10th, 1839.
THREE:THE SAUCY "ARETHUSA" AND THE "BELLE POULE." (See p. 255.)On the morning of the 16th of May Beresford fell in with the French at Albuera, a ruined village, standing on ground as favourable for horse as that at Fuentes d'Onoro. Blake's corps occupied the right wing of the allied army, the British the centre, opposite to the village and bridge of Albuera. Soult advanced in great strength towards the centre; but Beresford soon saw that the attack was not intended to be made there, but on the division of Blake on the right. He sent to desire Blake to alter his front so as to face the French, who would else come down on his right flank; but Blake thought he knew better than the British general, and would not move, declaring that it was on the British centre where the blow would fall. But a little time showed the correctness of Beresford's warning, and Blake, attempting to change his front when it was too late, was taken at disadvantage and rapidly routed.
THREE:But though we punished the Dutch for their French predilections, the tide of French success was rolling on in various quarters, and presenting a prospect of a single-handed conflict with France. The powers on whose behalf we had armed were fast, one after another, making terms with the Republicans. Holland was in their hands, and the King of Prussia, on the 5th of April, concluded a peace with them at Basle, in which he agreed to surrender to France all his possessions on the left bank of the Rhine, on condition of retaining those on the right. There was a mutual exchange of prisoners, including the troops of such other German States as had served with Prussia. Spain hastened to follow the example of Prussia. A peace was concluded at the same placeBasleon the 22nd of July, by which she gave up all the Spanish part of San Domingo. To purchase the French evacuation, the Ministers of Spain itself recognised the Batavian Republicwhich was become, in reality, a province of Franceand promised to intercede with Portugal, Naples, Parma, and Sardinia. The Grand Duke of Tuscany followed with a proclamation of a treaty of neutrality with France, on the 1st of March. Sweden and the Protestant Cantons recognised the French Republic and the Batavian one, its ally; and the Duke of Hesse-Cassel, and even George III., as Elector of Hanover, were compelled to an agreement to furnish no more troops to the Emperor of Germany. Whilst the Allies were thus falling away in rapid succession before the forces of[444] Republican France, Britain, instead of taking warning, and resolving to mind only her own business, went madly into fresh treaties with Continental Powers. Russia and Austria were received into fresh treaties of mutual defence. Russia we were to assist with ships, and Austria with twenty thousand foot and six thousand horse, or to pay each month ten thousand florins for every thousand infantry, and thirty thousand florins for every thousand of cavalry. To complete the circle of treaties, Sir Gilbert Elliot, British Governor of Corsica, entered into a treaty with the Dey of Algiers, by which, on payment of a hundred and seventy-nine thousand piastres, he was to restore all the Corsicans captured and enslaved by him, and was to enjoy the strange privilege of carrying all his piratical prizes into the ports of Corsica, and to sell them therewhich was, in fact, licensing this chief of sea-robbers to plunder all the other Italian States.
Mr. Villiers's annual motion, brought forward on the 25th of June, was scarcely more successful than that of Mr. Cobden. Lord John Russell still harped upon his fixed idea of a fixed duty. In his view the country suffered not from the Corn Law, but only from the form in which it was administered. He said he was not prepared to say either that the Corn Law should be at once abolished, or that the existing law should be maintained. While such was the feeble policy of the leader of that Whig party which had set up a claim to a sort of monopoly of Free Trade principles, it was no wonder that the country began to look for relief to the Minister who had introduced the tariff of 1842; but Sir Robert Peel as yet moved too slowly to rouse the enthusiasm in his favour of the Anti-Corn-Law League. "There were not," he remarked, "ten reflecting men out of the Anti-Corn-Law League, who did not believe that a sudden withdrawal of protection, whether it were given to domestic or colonial produce, would cause great confusion and embarrassment. In the artificial state of society in which we lived we could not act on mere abstract philosophical maxims, which, isolated, he could not contest; they must look to the circumstances under which we have grown up, and the interests involved. Ireland, dependent on England for a market for her agricultural produce, was a case in point. He was not prepared to alter the Corn Law of 1842, and did not contemplate it. Seeing that Lord John Russell had avowed himself a consistent friend to Protection, and was opposed to total repeal, he thought he was somewhat squeamish in flying from his difficulty, and declining to vote against the motion. As to the Corn Law, the Government did not intend to alter it, or diminish the amount of protection afforded to agriculture." On the division the numbers for the motion were[512] 124, and against it, 330. On the whole, the cause of Free Trade made but small progress in Parliament in this year, though out of doors the agitation was carried on with ever-increasing vigour. As regards Mr. Villiers's motion, the progress made was shown principally in the decrease of the majority against it. In 1842, when he first put the question of total repeal on issue before the House, he had 92 votes, and 395 against him; in 1843 he had 125 votes, and 381 against him; in 1844, 124 votes, and 330 against him.Whilst Napoleon was thus advancing towards Paris, the besotted Bourbons rather rejoiced in it, for they said it would compel the two chambers to invest the king with despotic powerthat was what they were still longing for; and Louis himself, addressing the foreign ambassadors, bade them assure their sovereigns that he was well, and that the foolish enterprise of "that man" should as little disturb Europe as it had disturbed him.The procession, on its return, presented a still more striking appearance than before, from the circumstance that the Queen wore her crown, and the royal and noble personages their coronets. The mass of brilliants, relieved here and there by a large coloured stone, and the purple velvet cap, became her Majesty extremely well, and had a superb effect. The sight of the streets "paved with heads," and the houses alive with spectators, was most impressive. The Queen entertained a party of one hundred at dinner, and in the evening witnessed, from the roof of her palace, the fireworks in the Green Park. The Duke of Wellington gave a grand banquet at Apsley House, and several Cabinet Ministers gave official State dinners next day. The people were gratified, at the solicitation of Mr. Hawes, M.P. for Lambeth, with permission to hold a fair in Hyde Park, which continued for four days, Thursday, Friday, Saturday, and Monday. The area allotted comprised nearly one-third of the park, extending from near the margin of the Serpentine river to a line within a short distance of Grosvenor Gate. To the interior there were eight entrances, the main one fifty feet wide, and the others thirty feet each. The enclosed area was occupied by theatres, taverns, and an endless variety of exhibitions, the centre being appropriated to lines of stalls for the sale of fancy goods, sweetmeats, and toys. The Queen condescended to visit the fair on Friday. The illuminations on the night of the coronation were on a larger and more magnificent scale than had been before seen in the metropolis, and the fireworks were also extremely grand. All the theatres in the metropolis, and nearly all the other places of amusement, were opened gratuitously that evening by her Majesty's command, and though all were crowded, the arrangements were so excellent that no accident occurred. In the provinces, rejoicing was universal. Public dinners, feasts to the poor, processions, and illuminations were the order of the day. At Liverpool was laid the first stone of St. George's Hall, in presence of a great multitude. At Cambridge 13,000 persons were feasted on one spot, in the open field, called Parker's Piece, in the centre of which was raised an orchestra for 100 musicians, surrounded by a gallery for 1,600 persons. Encircling this centre were three rows of tables for the school children, and from them radiated, like the spokes of a wheel, the main body of the tables, 60 in number, and 25 feet in length. Beyond their outer extremity were added 28 other tables, in a circle; and outside the whole a promenade was roped in for spectators, who were more numerous than those who dined. The circumference of the whole was more than one-third of a mile. Other great towns similarly distinguished themselves.Reproduced by Andr & Sleigh, Ld., Bushey, Herts.
