THREE: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."There is in all this much of the splenetic jealousy of an aged invalid towards a vigorous competitor, who has outstripped him in the race. O'Connell excited much hostility amongst the friends of Emancipation by his opposition to the veto which they were willing to give to the British Crown on the appointment of Roman Catholic bishops by the Court of Rome. But the more antagonists he had, and the more battles he fought, the greater was his hold on the Roman Catholic priests and people. His power had arrived at its greatest height when the Canningites left the Ministry, and Mr. Vesey Fitzgerald came to Ireland to seek the suffrages of the Clare electors as an influential member of the Government. At first, no one had the least doubt of his triumphant return. He had been popular as Chancellor of the Exchequer in Ireland; he was a steady friend of Catholic Emancipation, for which he had always voted; he was personally popular; the gentry of the county were almost to a man devoted to him. It appears that O'Connell had at first no idea of starting against him. The proposal is said to have originated with Sir David Roose, who, having accidentally met Mr. P. V. Fitzpatrick on the 22nd of June, remarked that O'Connell ought to offer himself for Clare. Mr. Fitzpatrick then recollected having often heard Mr. John Keogh, of Mount Jerome, who had been the Catholic leader for many years, express his conviction that Emancipation would never be granted till a Catholic was elected a member of Parliament. If, when returned by a constituency, he was not permitted to take his seat because he would not violate his conscience by swearing what he did not believe, John Bull, who is jealous of constitutional rights, would resent this wrong, and would require the oath to be altered for the sake of the constituency. The moment this thought occurred to Mr. Fitzpatrick, he ran to O'Connell and begged of him to stand for Clare. They went to the office of the Dublin Evening Post, and there, in presence of Mr. F. W. Conway, the address to the electors was written. Still O'Connell shrank from the contest on account of the enormous cost. "You know," he said, "that, so far from being in circumstances to meet that outlay from my own resources, I am encumbered with heavy liabilities beyond my power of discharging. You are the only person with whom I am acquainted who knows intimately the Catholic aristocracy and men of wealth. Would[272] you undertake to sound them as to funds for the contest?" Fitzpatrick answered, "I will undertake it, and I am confident of success." Within an hour he got three men of wealth to put down their names for 100 each. The four then went round to the principal Catholics of Dublin, and during the day they got 1,600 from sixteen persons. The country followed the example of the metropolis so liberally that 14,000 was raised within a week, and money continued to flow in during the contest. The supplies, however, were not sufficient for the enormous demand, and in the heat of the contest a messenger was sent posthaste to Cork, and in an incredibly short space of time returned with 1,000 from Mr. Jerry Murphy, who himself subscribed 300, and got the remainder from its patriotic inhabitants. The sum of 5,000 had been voted by the Association for the expenses of the election. They had been very anxious to get a candidate to oppose Mr. Vesey Fitzgerald, and a popular Protestant, Major Macnamara, had been requested to come forward, but he declined on the ground of his personal obligations to the Ministerial candidate. Indeed, there were few of the smaller gentry in the county on whom he had not conferred favours by the liberal distribution of places among their sons. The Roman Catholic gentry were quite as much indebted to him as the Protestants, and they were not ungrateful, for they stood by him on the hustings almost to a man. Mr. O'Connell was preceded by two friends, Tom Steel and O'Gorman Mahon; the former a Protestant, the other a Roman Catholic: both men remarkable for their chivalrous bearing, and a dashing, reckless spirit, which takes with the Irish peasantry. A third agitator entered the field in the person of honest Jack Lawless, another leading member of the Association, and one of its most effective speakers. This band was soon joined by Father Tom Maguire, a famous controversialist, from the county of Leitrim, who had just been engaged in a discussion with the Rev. Mr. Pope, and was hailed by the peasantry as the triumphant champion of their faith. There was also a barrister, Mr. Dominick Ronayne, who spoke the Irish language, and who, throwing an educated mind into the powerful idiom of the country, produced great effects upon the passions of the people. Mr. Sheil, second only to O'Connell in energy and influence, and superior to him in the higher attributes of the orator, in the fiery temperament and imaginative faculty which constitute genius, flung himself into the arena with the greatest ardour. On the Sunday previous to the election each of these agitators was dispatched to a chapel situated in a district which was the stronghold of one or other of the most popular landlords, for the purpose of haranguing the people after mass, and rousing their enthusiasm to the highest pitch. Mr. Sheil went to a place called Corrofin, situated in a mountainous district, the property of Sir Edward O'Brien, father of Mr. Smith O'Brien, who drove to the place in his carriage, drawn by four horses. There he saw the whole population congregated, having advanced from the rocky hills in large bands, waving green boughs, and preceded by fifes and pipers. The hitherto popular landlord was received in solemn silence, while his antagonist, Mr. Sheil, was hailed with rapturous applause. Sir Edward O'Brien consequently lost heart, and, leaving his phaeton opposite the chapel-door, went to church. Mr. Sheil gives a graphic description of Father Murphy, the priest of this rudely constructed mountain chapel. His form was tall, slender, and emaciated; "his ample hand was worn to a skinny meagretude; his face was long, sunken, and cadaverous, but was illuminated by eyes blazing with all the fire of genius and the enthusiasm of religion; his lank black hair fell down in straight lines along a lofty forehead. The sun was shining with brilliancy, and rendered his figure, attired as it was in white garments, more conspicuous. The scenery about was in harmonyit was wild and desolate." This priest met the envoy of the Association on the threshold of his mountain temple, and hailed him with a solemn greeting. After mass the priest delivered an impassioned harangue. The spirit of sarcasm gleamed over his features, and shouts of laughter attended his description of a miserable Catholic who should prove recreant to the great cause by making a sacrifice of his country to his landlord. "The close of his speech," says Mr. Sheil, "was peculiarly effective. He became inflamed by the power of his emotions, and, while he raised himself into the loftiest attitude to which he could ascend, he laid one hand on the altar and shook the other in the spirit of almost prophetic admonition, and, while his eyes blazed and seemed to start from his forehead, thick drops fell down his face, and his voice rolled through lips livid with passion and covered with foam. It is almost unnecessary to say that such an appeal was irresistible. The multitude burst into shouts of acclamation, and would have been ready to mount a battery roaring with cannon at his command. Two days[273] afterwards the results were felt at the hustings, and while Sir Edward O'Brien stood aghast, Father Murphy marched into Ennis at the head of his tenantry, and polled them to a man in favour of Daniel O'Connell."
