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FORE:Wellington did not feel himself secure till he had crossed the Tormes. On his march General Hill came up, and once more taking up his old position on the heights of San Christoval, in front of Salamanca, which he did on the 9th of November, he declared, in his dispatch to the Secretary at War, that he thought he had escaped from the worst military situation that he ever was in, for he could not count at all on the Spanish portion of his army. On the 10th Souham and Soult united their forces, now amounting to seventy-five thousand foot and twelve thousand cavalry; Wellington's army mustering only forty-five thousand foot and five thousand cavalry. He now expected an immediate attack, and posted his army on the heights of the two Arapiles for the purpose; but the French generals did not think well to fight him, and he continued his retreat through Salamanca, and on to Ciudad Rodrigo, where he established his headquarters, distributing part of his army in their old cantonments between the Agueda and the Coa. This was accomplished before the end of November; and General Hill proceeded into Spanish Estremadura, and entered into cantonments near Coria. The French took up their quarters at some distance in Old Castile.A commission was then moved for, under the Great Seal, by Lord Camden, and in this commission were included the names of the Prince of Wales, the Dukes of York, Gloucester, and Cumberland. These royal personages, however, declined to be named in it. With these remarkable omissions, Camden's motion was passed, and the result was communicated to the Commons, on which Pitt, on the 2nd of February, moved for the concurrence of that House. This again brought up the question of the prince's right. Lord North, who, though now blind, had mixed in these debates with his usual moderation, and with a great display of good sense, based on official experience, expressed his pleasure that the prince had condescended to accept the regency, notwithstanding its limitations. This prudence, he observed, had given the country an agreeable surprise, considering the temptations to stand upon his right, which must have produced inconceivable embarrassments. Pitt could not resist the impulse to arise and again deny the right, and observe that he believed those who had advocated that right were now really ashamed of it. This immediately called up Burke, for Fox was ill, and away at Bath, and he exclaimed, "I assert that the Prince of Wales's right is clear as the sun, and that it is the duty of the House to appoint him regent, with the full powers of sovereignty." He asserted with equal warmth, that Ministers were about to purloin the Great Seal, and commit an act of forgery. A stormy debate followed, in which Burke's violence was met with moderation and dignity.

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FORE:Austria professed great friendliness to Napoleon, and he thought that she would not like to break with him on account of the Empress. But Austria, on the 27th of June, signed an engagement with Russia and Prussia, at Reichenbach, in Silesia, binding herself to break with him if he did not concede the terms which they demanded. These were to restore Illyria and the whole of Austrian Italy; to reinstate the Pope; to leave Poland to the three Powers who had formerly possessed themselves of it, and to renounce Spain, Holland, Switzerland, and the Confederation of the Rhine. Buonaparte treated these demands as sheer madness; but he was nearly mad himself when Talleyrand and Fouch��, and still more, his best military counsellors, advised him at least to fall back to the left bank of the Rhine, and make that the boundary of France. He offered to annihilate the Grand Duchy of Warsaw, giving up the whole of Poland to Russia��such was his gratitude to the Poles!��to restore Illyria to Austria, but to cut down Prussia still more by pushing the Rhenish Confederation to the Oder.Cleaves the dark air, and asks no star but thee!

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FORE:Within a few days of taking Philadelphia, Lord Howe raised three batteries on the side of the river. On the 3rd of October Washington issued from his camp on the Schuylkill, about fourteen miles from Germantown, having heard that two British detachments had been withdrawn thence to attack the forts on the Delaware. He had been reinforced by militia from Maryland and New Jersey, and determined to surprise the British camp at Germantown. Two columns of Continental troops, led by Greene and Sullivan, were to gain the front of the British, and attack it; whilst two other columns of militia were to attack the rear. This force marched all night, and entered Germantown about sunrise, and all seemed likely to favour their enterprise. A fog prevented the discovery of their approach. But, at the first surprise, Colonel Musgrove threw himself into a storehouse, and kept up such a fire from the windows as checked the assault of the Americans, and gave time for the rest of the British force to get under arms. The village of Germantown consisted of one long street. Across this street the British army had encamped, and stoutly resisted the advance of the Americans. Musgrove was summoned to surrender; but he continued his fire from the house without taking any notice, and, before artillery could be brought up to batter the house, General Greig and Brigadier Agnew came up to his assistance. The Continental troops in front, led on by Washington himself, made a brisk attack, but were repulsed at all points, and were badly co-operated with by the militia in the rear. Washington was compelled to fall back to his camp at Skippack Creek, leaving behind him about eight hundred killed and wounded, and four hundred prisoners. So far, however, was Sir William Howe from availing himself of this opportunity to follow up the attack on Washington, and disperse his army, that he, as usual, thought only of getting into snug winter quarters.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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