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One of the events of the early part of this year was the capture of the Dutch island of Cura?oa, by a squadron under Captain Brisbane; but by far the most prominent naval transaction of the year was the seizure of the Danish fleet off Copenhagen¡ªa proceeding which occasioned severe censures on Britain by Buonaparte and the Continental nations under his domination. The Opposition at home were equally violent in the outcry against this act, as in open violation of the laws of nations, Denmark then being nominally at peace with us. But, though nominally at peace, Denmark was at heart greatly embittered against us by our bombardment of its capital in 1801, and it was quite disposed to fall in with and obey the views of Napoleon, who was now master of all Germany, at peace with Russia through the Treaty of Tilsit, and, therefore, able any day to overrun Denmark. Buonaparte was enforcing his system of the exclusion of Britain from all the ports of the Continent, and it was inevitable that he would compel Denmark to comply with this system. But there was another matter. Denmark had a considerable fleet and admirable seamen, and he might employ the fleet greatly to our damage, probably in endeavouring to realise his long-cherished scheme of the invasion of England; at the least, in interrupting her commerce and capturing her merchantmen. The British Ministers were privately informed that Buonaparte intended to make himself master of this fleet, and they knew that there were private articles in the Treaty of Tilsit between Russia and France, by which he contemplated great changes in the North, in which Denmark was believed to be involved. Upon these grounds alone the British Government was justified, by the clearest expressions of international law, in taking time by the forelock, and possessing themselves of the fleet to be turned against them; not to appropriate it, but to hold it in pledge till peace. Grotius is decisive on this point:¡ª"I may, without considering whether it is manifest or not, take possession of that which belongs to another man, if I have reason to apprehend any evil to myself from his holding it. I cannot make myself master or proprietor of it, the property having nothing to do with the end which I propose; but I can keep possession of the thing seized till my safety be sufficiently provided for." This view would fully have justified the British Government, had nothing further ever become known. But subsequent research in the Foreign Office of France has placed these matters in their true light. The Treaty of Tilsit contains secret articles by which Alexander was permitted by Napoleon to appropriate Finland, and Napoleon was authorised by Alexander[540] to enter Denmark, and take possession of the Danish fleet, to employ against us at sea. These secret articles were revealed to the British Government. No man at this time was so indignant as Alexander of Russia at our thus assailing a power not actually at war. He issued a manifesto against Britain, denouncing the transaction as one which, for infamy, had no parallel in history, he himself being in the act of doing the same thing on a far larger scale, and without that sufficient cause which Britain could show, and without any intention of making restitution. We only seized a fleet that was on the point of being used against us, and which was to be returned at the end of the war; the horrified Czar invaded Sweden, while at peace, and, without any declaration of war, usurped a whole country¡ªFinland, larger than Great Britain. Russia, in fact, had brought Denmark into this destructive dilemma by its insidious policy; but, having seized Finland, in five years more it committed a still greater robbery on Denmark than it had done on Sweden, by contracting with Bernadotte to wrest Norway from Denmark, and give it to Sweden.

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News of this most extraordinary defeat acted on the French, on all sides, like the concussion of some violent explosion. They fell back and fled in confusion before any enemy appeared. General Clausel, who was advancing from Logro?o with fifteen thousand men, fled back to Saragossa with such precipitation, and thence through the central Pyrenees into France, that he left all his artillery and most of his baggage on the road. The same was the case with General Foy, who fled from Bilbao to Bayonne in hot haste, with General Graham at his heels. Except at San Sebastian and Pampeluna, where the garrisons were soon besieged, the French were scarcely to be found in Spain, except those with Suchet in the south-east.The Emperor Joseph of Austria had returned from the campaign of 1788 against Turkey greatly chagrined, and with fast-failing health. Had he been wise, he would have accepted the overtures for peace made to him by the Sultan, and have spent the few remaining days of his existence in tranquillity. But his ambitious and persuasive ally, Catherine, prevailed upon him to make another effort. He mustered fresh troops. A hundred and fifty thousand men were marched against the Turkish frontier, early in the year of 1789, in different divisions. It was a circumstance very much in their favour that the able Sultan, Abdul Hamid, died suddenly in April, and was succeeded by his nephew, Selim, a young, rash, and unprincipled man. The acts of Selim, in murdering and dismissing his father's best ministers and commanders, and the unruly condition of the janissaries, rendered Turkey especially open to the attacks of its enemies. Marshal Laudohn, supporting his earlier fame, took the fortress of Gradiska, and stormed Belgrade. But this was not accomplished till the 8th of October, and an attempt was then made to reduce Orsova, but this failed. Coburg and Suvaroff having joined, won a great victory over the new Vizier, Martinitzi, in Wallachia, on the 22nd of September, and the remains of the Turkish army retired to the pass of Shumla, on the Balkan mountains. Potemkin, on his part, had greatly increased his forces after the reduction of Oczakoff, and after a desperate resistance took Bender, famous as the abode of Charles XII. of Sweden, after the battle of Pultawa. Before winter, the Russians had made decided progress in their inroads into the Turkish dominions on the Black Sea. They had gained possession of Akerman, at the mouth of the Dniester; of Keglia Nova, on the northern banks of the Danube, and of other places on the Black Sea. They had also extended their frontier to the left bank of the Danube, and they had actually reduced every important place between the Bug and Dniester and that river. Had Catherine had a sufficient fleet in the Black Sea, Constantinople might have trembled for its safety.
ONE: FORE:On the 8th of March, 1801, General Sir Ralph Abercromby landed in Egypt, where Nelson had fought the battle of Aboukir. Menou brought down against the British twelve or fourteen thousand men, including a fine body of cavalry. Sir Ralph Abercromby landed only about ten thousand in effective order, but these were men full of ardour and disciplined to perfection. On the 8th of March they landed in face of the French, five thousand being put on shore at once, these returning no single shot whilst in the boats, though assailed by fifteen pieces of artillery from the opposite hill, and by grape-shot from Aboukir Castle. They were led on by General (afterwards Sir John) Moore; and running, or climbing on hands and knees, up the steep sand-hills, they drove the French from their cannon, and seized them. The French retreated, and posted themselves on some heights between Aboukir and Alexandria. On the 19th, having compelled Fort Aboukir to surrender, General Abercromby advanced, and found Menou had concentrated all his forces between them and Alexandria. On the 21st of March a general engagement took place. It commenced as early as three o'clock in the morning, whilst quite dark, by an attack on the British left, which was meant to draw all attention to that quarter, then a desperate charge was made on the right by the main body of the French cavalry, which hoped to get into the rear of the British infantry; but the attempted surprise failed: the French were driven back with great loss. As the day dawned the battle became general, and the French found themselves opposed not only by accustomed British doggedness, but by a precision of fire and an adroitness of man?uvre which astonished them. By ten o'clock the French were in full flight for Alexandria, leaving seventeen hundred men on the field. The loss of the British was stated at fourteen hundred killed and wounded; and, unfortunately, the brave Abercromby was killed. To complete the success, the Capitan Pacha's fleet in a few days brought a Turkish army of between five and six thousand men, and the Grand Vizier, posted at El Arish, began to march towards Cairo. General Hutchinson, now chief in command of the British army, hastened to join the Grand Vizier; but before he could accomplish this, he had to drive four thousand French from a fortified camp at Ramaneeh, and meanwhile five thousand French rushed out of Cairo and attacked the Grand Vizier. On the 27th of June Cairo capitulated, General Belliard obtaining the condition that his troops should be conveyed to the ports of France on the Mediterranean with their arms and baggage; yet they left behind them three hundred and thirteen heavy cannon and one hundred thousand pounds of gunpowder. On the 8th of June General Baird had landed at Cosseir on the Red Sea with his Indian army, and was marching through the burning desert for Cairo. Menou, cooped up at Alexandria, found it useless to contend further and, before Baird could join the main army, capitulated on the same terms as Belliard, and the Egyptian campaign was at an end. The news of the French expulsion reached France sooner than it did England, and created a strong sensation.[484] FORE:[See larger version]FLIGHT OF KING JOSEPH BUONAPARTE FROM VITTORIA. (See p. 58.)
THREE:There is no doubt that his great object was through life to inspire his Roman Catholic countrymen with a consciousness of their physical power, supplanting the slavish spirit that had been inspired by the penal code. He was accustomed to say that for every shilling of "rent" there was a man, and the man could grasp a weapon, and put forth a power that slumbered in his right arm. In fact, this mighty political conjurer produced all his spells by invoking this phantom of physical force; nor did he invoke it in vain, for it was that phantom that ultimately terrified the most determined supporters of the Protestant ascendency into surrender to the principle of civil equality. The Catholic Association, in its origin, was treated with contempt, and even Catholics themselves spoke of it with derision; but as it proceeded in its operations, the speeches that were weekly delivered produced an effect which daily increased. The Catholic aristocrat was made to feel that his ancient blood, which slavery had made stagnant in his veins, was of no avail; the Catholic merchant was taught that his coffers filled with gold could not impart to him any substantial importance, when every needy corporator looked down upon him from the pedestal of his aristocratic religion; the Catholic priest was informed that he had much occasion to put the lessons of humility inculcated by the Gospel into practice, when every coxcomb minister of the Establishment could, with impunity, put some sacerdotal affront upon him. In short, from the proudest nobleman down to the meanest serf, the whole body of Roman Catholics were rendered sensible of their inferior place in the State. The stigma was pointed at¡ªmen became exasperated at their grievances when they were roused to their perception; a mirror was held up to Ireland, and when she beheld the brand upon her forehead, she began to burn. Reviled as the Catholic demagogues have been, still did they not accomplish great things when they succeeded in marshalling and bringing the whole population of the country into array? The English people had been previously taught to hold the Irish Catholics in contempt; but when they saw that such an immense population was actuated by one indignant sentiment, and was combined in an impassioned, but not the less effectual, organisation, and, above all, when they perceived ¡ê1,000 a week pouring into the exchequer, their alarm was excited, and, although their pride was wounded, they ceased to despise where they had begun to fear. The wonders which were achieved in Waterford, in Armagh, in Monaghan, and in Louth, may be referred to the system of energy which had been adopted.Buonaparte had watched all the motions of the Northern Powers and of Austria from the first, and was fully prepared to encounter and overthrow them. Even before his return from Italy his plans were laid. No sooner, indeed, was he in France again than he proceeded to his great camp at Boulogne, and dated several decrees thence, thus drawing attention to the fact. All France was once more persuaded that he was now going to lead his invincible Army of England across the strait, and add perfidious Albion to his conquests. He had increased that army greatly; it had been diligently disciplined, and contained soldiers who had carried him to victory in Italy and in Egypt. Such an army of a hundred and fifty thousand picked men was deemed capable of achieving anything, with the Emperor at their head. But Napoleon had no intention of making the desperate attempt to cross the Channel without an overwhelming fleet, and this, for reasons which we will mention by-and-bye, did not come. The maps of England had all been thrown aside, and those of Germany substituted. He was busy collecting material for artillery; he was sending everywhere to buy up draught-horses to drag his baggage and ammunition and guns; and suddenly, when people were looking for the ordering out of his flotilla, they were surprised by hearing that he was in full march for the Rhine. On the 23rd of September he sent a report to the Senate in these words:¡ª"The wishes of the eternal enemies of the Continent are accomplished; hostilities have commenced in the midst of Germany; Austria and Russia have united with England; and our generation is again involved in all the calamities of war. But a very few days ago I cherished a hope that peace would not be disturbed. Threats and outrage only showed that they could make no impression upon me; but the Austrians have passed the Inn; Munich is invaded; the Elector of Bavaria is driven from his capital; all my hopes have therefore vanished. I tremble at the idea of the blood that must be spilled in Europe; but the French name will emerge with renovated and increased lustre." This was accompanied by two decrees: one for ordering eighty thousand conscripts, and the other for the organisation of a national guard. The next day he was on the way to Strasburg. He said to Savary, "If the enemy comes to meet me"¡ªfor Mack, like a madman, was rushing towards the Rhine, far away from his allies¡ª"I will destroy him before he has re-passed[505] the Danube; if he waits for me, I will take him between Augsburg and Ulm." The result showed how exactly he had calculated.
THREE:THE DEFENCE OF GIBRALTAR BY LORD HEATHFIELD, 1782.But in October the patriots of Breda surprised the forts of Lillo and Liefkenshoek, on the Scheldt. Dalton dispatched General Schr?der with a strong force, who retook the forts; but on Schr?der's venturing to enter Turnhout after the insurgents, a body of three thousand of them, under Van der Mersch, armed with pitchforks, bludgeons, and staves, attacked and drove him out. General Bender, who had been dispatched against the insurgents at Tirlemont, was driven out in the same manner. General Arberg was compelled to retreat behind the Scheldt, and the people were victorious in Louvain, Ghent, Bruges, Ostend, and most towns of the district. Both Joseph and his Governor and Commander in the Netherlands now fell into the utmost alarm. The news which Marie Antoinette sent from Paris to her Imperial brother only rendered this consternation the greater. Joseph, with that sudden revulsion which he had manifested on other occasions, after equally astonishing rashness, now issued a conciliatory proclamation, offering to redress all grievances on the condition of the Netherlanders laying down their arms. But they were not likely, after former experience, to trust any such promises of Joseph. On the 20th of November the States of Flanders assumed the title of the High and Mighty States; they declared the Emperor to have forfeited the Crown by tyranny and injustice; they proclaimed their entire independence, and ordered a levy of twenty thousand men.

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THREE:The Government and Parliament which, with so lavish a hand, had enabled the Continental monarchs to fight their battles, which had spent above two thousand millions of money in these wars, of which eight hundred millions remained as a perpetual debt, with the perpetual necessity of twenty-eight millions of taxation annually to discharge the interest¡ªthat burden on posterity which Napoleon had, with such satisfaction, at St. Helena, pronounced permanent¡ªthis same Government and Parliament, seeing the war concluded, were in great haste to stave off the effects of this burden from the landed aristocracy, the party which had incurred it, and to lay it upon the people. They saw that the ports of the world, once more open to us, would, in exchange for our manufactures, send us abundance of corn; and, that the rents might remain during peace at the enormous rate to which war prices had raised them, they must keep out this foreign corn. True, this exclusion of foreign corn must raise the cost of living to the vast labouring population to a ruinous degree, and threatened fearful convulsions from starving people in the manufacturing districts; but these considerations had no weight with the land-holding Government and its Parliamentary majority. In 1814 they were in haste to pass a Corn Law excluding all corn except at famine prices; but the lateness of the season, and an inundation of petitions against it, put it off for that Session. But in 1815 it was introduced again and carried by a large majority. By this all corn from abroad was excluded, except when the price was eighty shillings per quarter. By this law it was decreed that the people who fought the battles of the world, and who would bear the bulk of the weight of taxation created by these wars, were never, so long as this law continued, to eat corn at less than four pounds per quarter. This was, in fact, not only a prohibition of cheap bread, but a prohibition of the sale of the labours of the people to foreign nations to the same extent. It was an enactment to destroy the manufacturing interest for the imagined benefit of land-owners; and it was done on this plea, as stated by Mr. Western, one of the leading advocates of the Bill¡ª"That, if there is a small deficiency of supply, the price will rise in a ratio far beyond any proportion of such deficiency: the effect, indeed, is almost incalculable. So, likewise, in a surplus of supply beyond demand, the price will fall in a ratio exceeding almost tenfold the amount of such surplus." The avowed object, therefore, was to prevent the manufacturing population from reaping the benefit of that Continental peace which they had purchased at such a cost, and consequently to repress the growth of their trade to the same degree. Mr. Tooke, in his "History of Prices," confirms this view of the matter, asserting that "the price of corn in this country has risen from one hundred to two hundred per cent., and upwards, when the utmost computed deficiency of the crops has not been more than between one-sixth and one-third below an average, and when that deficiency has been relieved by foreign supplies." Mr. Western candidly showed that, to the farmer, years of deficiency were the most profitable, from this principle of enormous rise from a small cause; that if the produce of an acre of wheat in a good year is thirty-three bushels at six shillings, the amount realised would be only nine pounds eighteen shillings; but, if the produce were reduced by an unfavourable season one-sixth, and the price raised from six shillings to twelve shillings, the produce of twenty-seven and a half bushels would realise sixteen pounds ten shillings, the difference being profit!Whilst the Gironde was thus weakened by this implacable and incurable feud with the Jacobins, Austria was making unmistakable signs of preparations for that war which Leopold had often threatened, but never commenced. Francis received deputations from the Emigrant princes, ordered the concentration of troops in Flanders, and spoke in so firm a tone of restoring Louis and the old system of things, that the French ambassador at Vienna, M. De Noailles, sent in his resignation, stating that he despaired of inducing the Emperor to listen to the language which had been dictated to him. Two days afterwards, however, Noailles recalled his resignation, saying he had obtained the categorical answer demanded of the Court of Vienna. This was sent in a dispatch from Baron von Cobentzel, the Foreign Minister of Austria. In this document, which was tantamount to a declaration of war, the Court of Vienna declared that it would listen to no terms on behalf of the King of France, except his entire restoration to all the ancient rights of his throne, according to the royal declaration of the 23rd of June, 1789; and the restoration of the domains in Alsace, with all their feudal rights, to the princes of the Empire. Moreover, Prince Kaunitz, the chief Minister of Francis, announced his determination to hold no correspondence with the Government which had usurped authority in France.

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THREE:In preparation for this movement James the Pretender was to sail secretly to Spain, in readiness to cross to England; and he had already quitted his house in Rome and removed to a villa, the more unobserved to steal away at the appointed moment. Ormonde also had left Madrid and gone to a country seat half way to Bilbao, when the secret of the impending expedition was suddenly revealed by the French Government to that of England. The conspirators had been mad enough to apply to the Regent for five thousand troops, trusting that, notwithstanding his peaceful relations with Britain, he would secretly enjoy creating it some embarrassment. But in this, as in all other views, they proved more sanguine than profound. Sir Luke Schaub, the British Ambassador, was immediately informed of it on condition, it was said, that no one should die for it.

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THREE:[See larger version]The first report related to the duties and revenues of bishops. The Commissioners suggested various alterations of the boundaries of dioceses. They recommended the union of the sees of Gloucester and Bristol, and of Bangor and St. Asaph. They also recommended the establishment of two new sees, Ripon and Manchester. They calculated the net income of the bishoprics of England and Wales at ¡ê148,875. They found that, owing to the unequal manner in which this revenue was[408] distributed, the income of one-half the bishoprics was below the sum necessary to cover the expenses to which a bishop is unavoidably subject, which rendered it necessary to hold livings in commendam. To do away with this state of things, and with a view to diminish the inducements to episcopal translations, they recommended a different distribution of episcopal revenues. In the second and fourth reports, and the draft of the fifth report, they presented the result of their inquiries on cathedral and collegiate churches. They recommended the appropriation of part of their revenues, and of the whole of the endowments for non-residentiary prebends, dignitaries, and officers, and that the proceeds in both cases should be carried to the account of a fund, out of which better provision should be made for the cure of souls. In their second report they stated that they had prepared a Bill for regulating pluralities and the residence of the clergy.
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    THREE:Of all the expectants of office in the Wellington Administration, the most bitterly disappointed was the ex-Chancellor, Lord Eldon, to whom official life had from long habit become almost a necessity. He had enjoyed power long enough in reason to admit of his retirement with a contented mind; but the passion for it was never stronger than at the present moment. He hastened to London a few days after Christmas on account of rumours of a dissolution of the Cabinet. Having so often done this when there was a talk of a Ministerial crisis, he was called the "stormy petrel." Believing that he had mainly contributed to bring about the Ministerial catastrophe, he was dreadfully mortified when he saw in the newspapers the list of the new Ministers beginning thus: "Chancellor, Lord Lyndhurst." He had not set his heart this time on the office of Lord Chancellor, he would have been content with the Presidentship of the Council or Privy Seal; but his name was not found in the list at all, nor had he been consulted in any way, or informed about what was going forward during the fortnight that passed before the Ministerial arrangements were completed. This utter neglect of his claims excited his anger and indignation to the utmost, and caused him to indulge in bitter revilings and threats against the new Cabinet. The great Tory lords shared in his resentment, and felt that they were all insulted in his person. Referring to the Ministerial arrangements, he wrote:¡ª"You will observe, Dudley, Huskisson, Grant, Palmerston, and Lyndhurst (five) were all Canningites, with whom the rest were three weeks ago in most violent contest and opposition; these things are to me quite marvellous. How they are all to deal with each other's conduct, as to the late treaty with Turkey and the Navarino battle, is impossible to conjecture. As the first-fruits of this arrangement, the Corporation of London have agreed to petition Parliament to repeal the laws which affect Dissenters."

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    THREE:[See larger version]

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THREE:Before he withdrew, the king, who retained his high opinion of his political wisdom, consulted him on the constitution of the new Cabinet. Walpole recommended that the post of First Lord of the Treasury, including the Premiership, should be offered to Pulteney, as the man of the most undoubted talent. If he should refuse it, then that it should be given to Lord Wilmington, who, though by no means capable of directing affairs by his own energy, was of a disposition which might allow them to be conducted by the joint counsel of his abler colleagues. The king consented that the Premiership should be offered to Pulteney, though he hated the man, but only on this condition, that he pledged himself to resist any prosecution of the ex-Minister. Pulteney declined the overture on such a condition, for though he said he had no desire to punish Walpole, he might not be able to defend him from the attacks of his colleagues, for, he observed, "the heads of parties, like those of snakes, are carried on by their tails." The king then sent Newcastle to Pulteney, and it was agreed to allow Wilmington to take the post of First Lord of the Treasury. Carteret thought that this office was more due to him, but Pulteney declared that if Wilmington were not permitted to take the Premiership he would occupy it himself, and Carteret gave way, accepting the place of Secretary of State, with the promise that he should manage in reality the foreign affairs. In[80] all these arrangements the king still took the advice of Walpole, and Newcastle was instructed to again endeavour to draw from Pulteney a promise that he would at least keep himself clear of any prosecution of the late Minister. Pulteney evaded the question by saying that he was not a bloody or revengeful man; that he had always aimed at the destruction of the power of Walpole, and not of his person, but that he still thought he ought not to escape without some censure, and could not engage himself without his party.
FORE:It was with this object that Mr. Pierce Mahony got up the celebrated "Leinster declaration," so called from the signature of Ireland's only duke. But the experiment served only to reveal the weakness of the moderate party, for after lying for signature in Latouche's Bank for two months, only forty-two names were attached to it within that period. When, however, the struggle between the two parties was on the point of having a bloody issue, the alarm spread through the ranks of moderate men on both sides, and the document rapidly received signatures. The declaration set forth that the disqualifying laws which affected Roman Catholics were productive of consequences prejudicial in the highest degree to the interests of Ireland¡ªthe primary cause of her poverty¡ªthe source of political discontents and religious animosities¡ªdestructive alike of social happiness and national prosperity. Unless the legislature should speedily apply a remedy to those evils, they must in their rapid progression assume such a character as would, perhaps, render their removal impossible. It was stated, therefore, to be a matter of paramount importance that the whole subject should be taken into immediate consideration by Parliament, "with a view to such a final conciliatory adjustment as may be conducive to the peace and strength of the United Kingdom, to the stability of our national institutions, and to the general satisfaction and concord of all classes of his Majesty's subjects." FORE:[See larger version] FORE:Mr. Vansittart introduced some financial measures which effected a material saving. He proposed a plan for reducing the interest of the Navy Five per Cents. to four per cent. Holders not signifying their dissent were to have one hundred and five pounds in a New Four per Cent. stock, and persons dissenting were to be paid off in numerical order. By this scheme an annual saving to the public of one million one hundred and forty thousand pounds would be effected; besides a further saving of upwards of ninety thousand pounds of annual charge, which would be gained by similar reduction of the Irish Five per Cents. The high prices of the public funds obviated all difficulty in the execution of this financial operation, and the holders of the Five per Cent. stock found it expedient to acquiesce in the Minister's terms. The dissentients were in number only one thousand seven hundred and seventy-eight, and the stock held by them amounted to two million six hundred and fifteen thousand nine hundred and seventy-eight pounds, not a fifteenth part of the Five per Cent. capital. Another operation related to what was called "The Dead Weight Annuity." The amount of military and naval pensions and civil supernumeraries was about five millions annually. Accordingly Mr. Vansittart brought forward an amended scheme for relieving the immediate pressure of this dead weight by extending it over a longer term of years than the natural lives of the annuitants. For this purpose an annuity of two million eight hundred thousand pounds was appropriated out of the existing revenue for forty-five years, invested in trustees for the discharge of the then payments, which for that year were estimated at four million nine hundred thousand pounds, subject to a yearly diminution by deaths. It was computed that, according to the ordinary duration of human life, the annuities for the lives of the then holders would be equal to the annuity of two million eight hundred thousand pounds for forty-five years. The trustees were therefore empowered to sell from time to time such portions of this annuity as would provide the funds required for the payment of the dead weight, according to a computation made of the amount which would probably be due in each year. The Bank of England became the contractor for a portion of the annuity. There was no novelty of principle in the project; it was only the old one of anticipating distant resources by throwing the burden of the existing generation on the next. It had the further disadvantage of incurring a useless expense for management; whereas the Sinking Fund, amounting at the time to about five millions, might have been applied to existing exigencies, and a real saving effected.
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THE QUEEN OF PRUSSIA REVIEWING THE ARMY. (See p. 524.)
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