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It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.His arrival gave great joy and confidence to the people of Gothenburg; and at this moment, seeing the consequence of their too easy conduct, the British Government sent a peremptory demand to Copenhagen through Mr. Elliot, their ambassador there, that Denmark should desist from this invasion of Sweden, the ally of Britain, or, in default of this, that a powerful British fleet should be dispatched to the Baltic. The Danes evacuated Sweden, again retiring into Norway, but Gustavus was left to continue his contest with Russia. His broken army, under his brother in Finland, took up their winter quarters at the strong seaport of Sveaborg; and he himself prepared to make some decisive movement against his haughty and refractory nobles. Besides the Order of nobility, three other Orders sat in the General Assembly of the States; and Gustavus, confident of their affection to him, determined to throw himself upon them for protection against the nobles. He therefore, in the first place, sent for the chief magistrates, clergy, and citizens, and laid before them forcibly his position. He showed them how the recovery of the ancient Swedish provinces on the other side of the Baltic had been prevented by the defection of the aristocracy, and how the country had been invaded by the Danes through this encouragement. Made certain of their support, he then summoned a Diet, which met on the 26th of January, 1789. このページの先頭です
ONE:This Act, as disgraceful as any which ever dishonoured the statute-book in the reigns of the Tudors or Stuarts, was introduced into the Commons, on the 12th of May, by Sir William Wyndham, and was resolutely opposed by the Whigs, amongst whom Sir Peter King, Sir Joseph Jekyll, Mr. Hampden, Robert Walpole, and General Stanhope distinguished themselves. They did not convince the majority, which amounted to no less than two hundred and thirty-seven to one hundred and twenty-six. In the Lords, Bolingbroke himself moved the second reading, and it was ably opposed by the Lords Cowper, Wharton, Halifax, Townshend, Nottingham, and others. The greatest curiosity was displayed regarding the part which Oxford would take, as it was known that in the Council he had endeavoured to soften the rigorous clauses; but in the House he followed his usual shuffling habit, declaring that he had not yet considered the question; and, having induced the Opposition to let the second reading pass without a division, he absented himself from the final voting, and thus disgusted both parties and hastened his own fall.
ONE:But though the abandonment, for the present, of this enterprise, so fondly cherished by France, was calculated to cast a damp on the country, Buonaparte had another project ready which flattered the French pride of conquest. This was to seize on Egypt, as the preliminary to the fall of Britain. He had for some time entertained this idea, and had written from Italy to the Directory on the subject in the previous September. To insure the real destruction of England, he said, they must make themselves masters of Egypt. Malta and Corfu must be seized first, and for this purpose he conceived eight or ten sail of the line and twenty-five thousand men would suffice. The possession of Egypt, he contended, would draw all the commerce of the East thither, instead of taking the circuitous route by the Cape of Good Hope. He had thoroughly inspired Talleyrand with his scheme. Egypt was imagined to be much more wealthy than it was, and there were monuments of ancient art for Buonaparte and his right-hand bandit, Monge, to lay hands on. The Directory, which was extremely unpopular, uneasy at the presence of so popular and daring a person, were glad to be rid of him anywhere, the farther off the better. There were not wanting counsellors who already advised him to perpetrate a coup d'tat, and place himself at the head of affairs; but Buonaparte, not at all averse from the prospect, replied, "The pear is not ripe." He knew that, however popular with his own army, he was looked on with jealousy by the army of the Rhine, which served under, and prided themselves in, Moreau. He knew that the middle classes hated him for sweeping them away with grape-shot in the affair of the Sections. He hoped to make[465] himself yet more popular and more necessary, and that in the meantime the Directory would have completed their full measure of odium. He now therefore plunged into arrangements for this grand conquest of the East.
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TWO:The enemy, meanwhile, were on the alert, trying, by their fleets and armies, to assail us in almost every quarter. In the very opening days of the yearat the very commencement of January, 1781the French made an attack on the island of Jersey. They had sent across the Channel a fleet carrying nearly two thousand men; but their ships met the common fortune that has ever attended invaders of Britain: they were scattered by tempests, many of them dashed on the rocks of those iron-bound shores, and some driven back to port. They managed, however, to land eight hundred men by night, and surprised the town of St. Helier's, taking prisoner its Lieutenant-Governor, Major Corbet, who thereupon thinking all lost, agreed to capitulate. But the next officer in command, Major Pierson, a young man of only twenty-five, refused to comply with so pusillanimous an order. He rallied the troops and encouraged the inhabitants, who fired on the French from their windows. The invaders, surrounded in the market-place, were compelled to surrender, after their commander, the Baron de Rullecourt, and many of his soldiers, were killed.[279] The gallant young Pierson was himself killed by nearly the last shot.
TWO:Our forces in Sicily had an encounter, in the autumn, with those of Murat, King of Naples. Murat was ambitious of driving us out of Sicily, and Ferdinand IV. and his court with us. From spring till September he had an army lying at Scylla, Reggio, and in the hills overlooking the Strait of Messina, but he did not attempt to put across till the 18th of September. Seizing then the opportunity, when our flotilla of gunboats and our cruisers were off the station, he pushed across a body of three thousand five hundred men, under General Cavaignac. These troops were chiefly Neapolitans, but there were two battalions of Corsicans, and they were furnished with an embroidered standard to present to the Corsicans in our service, whom they hoped to induce to desert to them. General Cavaignac managed to land about seven miles to the south of Messina, and attacked the British right wing. Sir John Stuart made haste to bring up other troops to the support of the right, but before he could arrive, Colonel C. Campbell defeated the invaders, taking prisoners a colonel, a lieutenant-colonel, and forty other officers, with eight hundred men. There was a rapid retreat to their boats by the intruders, but the British pursued and cut to pieces great numbers of them, besides what were killed by the Sicilian peasantry. One boat full of soldiers was sunk as it went off, and the Neapolitans in another deserted to their old king.
TWO:The situation of Lord Cornwallis was now growing desperate. An attempt to destroy the enemy's batteries failed on the 16th. "At this time," he says, "we knew that there was no part of the whole front attacked in which we could show a single gun, and our shells were nearly exhausted. I had therefore only to choose between preparing to surrender the next day, or endeavouring to get off with the greater part of the troops; and I determined to attempt the latter." Having conceived this desperate scheme of endeavouring to escape, Cornwallis that night wrote to Sir Henry Clinton, in cypher, telling him not to risk fleet or army in the attempt to rescue them. He was sure that something had prevented the fleet from sailing at the time proposed, and he sought to steal away with the bulk of his army, leaving a small number to capitulate for the town. The idea, with such troops of well-mounted cavalry at his heels, was a wild one, and there were other obstacles in the way. He must first ferry his troops across the river to Gloucester, and, as he had not vessels enough to carry all at once, he had sent over part of them, when a violent storm arose, and prevented the return of the boats. This was decisive. With his forces thus divided, Cornwallis had scarcely soldiers enough left to man the guns in York Town, and there was nothing for it but to surrender.[398]
THREE:Vol IV CHAPTER I THE REIGN OF ANNE (concluded).
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