ONE:[253]Notwithstanding these apprehensions, the reception actually given to Lord Anglesey was not at all so disgraceful to the country as he was led to anticipate. Mr. O'Connell kept out of the way; but a numerous assemblage of the most respectable citizens greeted his arrival at Kingstown, and escorted him to Dublin Castle, Lord Cloncurry and Lord Howth riding at the head of the procession. The populace confined the expression of their feeling to a few groans for "Dirty Doherty," whose promotion to the chief seat of the Court of Common Pleas was the alleged offence of Lord Anglesey. He was scarcely a week in Ireland, however, when O'Connell opened the Repeal campaign. A meeting of the trades of Dublin had been arranged for the 27th of December, to march in procession from Phibsborough to his residence in Merrion Square, to present him with an address of thanks for his advocacy of a domestic legislature. Sworn informations having been laid before the Lord-Lieutenant to the effect that serious disturbances were apprehended from this procession, he issued a proclamation on Christmas Day, forbidding it under the Act for the suppression of dangerous associations or assemblies. Mr. O'Connell therefore issued a notice, counter-manding the meeting. On the 4th of January Mr. O'Connell sent a deputation to Lord Cloncurry, to ask him to preside over a Repeal meeting, which he declined. "Those who knew Mr. O'Connell," writes his lordship, "who recollect what a creature of impulse he was, how impatiently he bore with any difference from his opinions, and what a storm was the first burst of his wrath, will not wonder at what followed. Three very long letters were immediately issued, especially devoted to the business of vituperating me, but with ample digressions maledictory of Lord Anglesey." In a few days, he adds, the fever was brought to a crisis by the arrest of Mr. O'Connell and his agitation staff, "after a brisk pursuit through a labyrinth of ingenious devices, whereby he sought to evade the law, in the course of which it was found necessary to discharge five or six proclamations against him. To-day, Mr. O'Connell's audience and claqueurs were termed 'The Society of the Friends of Ireland of all Religious Persuasions.' To-morrow they were 'The General Association of Ireland for the Prevention of Unlawful Meetings,' and for the protection and exercise of the sacred right of petitioning for the redress of grievances. Then, again, they were a nameless body of persons, in the habit of meeting weekly at a place called Home's Hotel; and as the hunt continued, they successively escaped from each daily proclamation under the changing appellations of 'The Irish Society for Legal and Legislative Relief'; or 'The Anti-union Association'; 'The Association of Irish Volunteers for the Repeal of the union'; 'The Subscribers to the Parliamentary Intelligence Office, Stephen Street'; until they were fairly run down at a breakfast party at Hayes Hotel."
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ONE:In the trying circumstances in which they were placed, Lord Grey and his colleagues displayed a firmness and courage which entitled them to the everlasting gratitude of the country. The pluck of Lord John Russell in particular had quite an inspiriting effect on the nation. Replying to a vote of thanks to him and Lord Althorp, which had been passed by the Birmingham Political union, the noble Paymaster of the Forces used an antithetical expression, which has become historical, and which, considering that the faction to which he alluded was the majority of the order to which he himself belonged, must be admitted to be one of extraordinary boldness. He said: "I beg to acknowledge with heartfelt gratitude the undeserved honour done me by 150,000 of my countrymen. Our prospects are now obscured for a moment, and I trust only for a moment. It is impossible that the whisper of faction should prevail against the voice of the nation."
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ONE:
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ONE:But, sorrowful as the sight itself was, the news of it in Great Britain excited the strongest condemnation in the party which had always doubted the power of Wellington to cope with the vast armies of France. They declared that he was carrying on a system that was ruining Portugal, and must make our name an opprobrium over the whole world, at the same time that it could not enable us to keep a footing there; that we must be driven out with terrible loss and infamy. But not so thought Wellington. Before him were the heights of Torres Vedras, about twenty-four miles from Lisbon. These, stretching in two ranges between the sea and the Tagus, presented a barrier which he did not mean the French to pass. He had already planned the whole scheme; he had already had these heights, themselves naturally strong, made tenfold stronger by military art; he had drawn the enemy after[606] him into a country stripped and destitute of everything, and there he meant to stop him, and keep him exposed to famine and winter, till he should be glad to retrace his steps. Neither should those steps be easy. Floods, and deep muddy roads, and dearths should lie before him; and at his heels should follow, keen as hornets, the Allied army, to avenge the miseries of this invaded people.The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] 936,300; Wigan and Co., 674,700; Wildes and Co., 505,000; total acceptances, 2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to 1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampledbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubblesthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculationswhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.
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ONE:VIEW OF CATO STREET, LONDON, SHOWING THE STABLE AT WHICH THE CONSPIRATORS WERE CAPTURED. A, LOFT; B, STABLE-DOOR. (From a print published in 1820.)
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ligula, ac luctus mi interdum a.