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THREE: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.The distress which had pressed so severely on the people, and which had set them thinking about the most perilous political changes, was intimately connected with the state of the country. Throughout the troubled period of almost incessant war and lavish expenditure between 1797 and 1815, the business of the nation was carried on with an inconvertible paper currency, the precious metals having nearly all departed from the country. Bank notes were issued in such quantities, to meet the exigencies of the Government, that the prices of all commodities were nearly doubled. The Bill which was passed in 1819 providing for the resumption of cash payments had reduced the currency from ��48,278,070, which was its amount in 1819, to ��26,588,000, in 1822. The consequence was the reduction of prices in the meantime, at the rate of fifty per cent., in all the articles of production and commerce. With this tremendous fall of prices, the amount of liabilities remained unchanged; rents, taxes, and encumbrances were to be paid according to the letter of the contract, while the produce and commodities��the sale of which was relied upon to pay them��did not produce more than half the amount that they would have brought at the time of the contracts. The evil of this sudden change was aggravated by the South American Revolution, in consequence of which the annual supply of the precious metals was reduced to a third of its former amount. It was peculiarly unfortunate that this stoppage in the supply of gold and silver occurred at the very time that the Legislature had adopted the principle that paper currency should be regarded as strictly representing gold, and should be at any moment convertible into sovereigns. A paper currency should never be allowed[238] to exceed the available property which it represents, but it is not necessary that its equivalent in gold should be lying idle in the coffers of the Bank, ready to be paid out at any moment the public should be seized with a foolish panic. It is enough that the credit of the State should be pledged for the value of the notes, and that credit should not be strained beyond the resources at its command. The close of 1822 formed the turning-point in the industrial condition of the country. The extreme cheapness of provisions, after three years of comparative privation, enabled those engaged in manufacturing pursuits to purchase many commodities which they had hitherto not been able to afford. This caused a gradual revival of trade, which was greatly stimulated by the opening of new markets for our goods, especially in South America, to which our exports were nearly trebled in value between 1818 and 1823, when the independence of the South American Republics had been established. The confidence of the commercial world was reassured by the conviction that South America would prove an unfailing Dorado for the supply of the precious metals. The bankers, therefore, became more accommodating; the spirit of enterprise again took possession of the national mind, and there was a general expansion of industry by means of a freer use of capital, which gave employment and contentment to the people. This effect was materially promoted by the Small Note Bill which was passed in July, 1822, extending for ten years longer the period during which small notes were to be issued; its termination having been fixed by Peel's Bill for 1823. The average of bank-notes in circulation in 1822 was ��17,862,890. In November of the following year it had increased by nearly two millions. The effect of this extension of the small note circulation upon prices was remarkable. Wheat rose from 38s. to 52s., and in 1824 it mounted up to 64s. In the meantime the bullion in the Bank of England increased so much that whereas in 1819 it had been only ��3,595,360, in January, 1824, it amounted to ��14,200,000. The effect of all these causes combined was the commencement of a reign of national prosperity, which burst upon the country like a brilliant morning sun, chasing away the chilling fogs of despondency, and dissipating the gloom in the popular mind.

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THREE:Fortunately, Municipal Reform in Scotland did not give much trouble. It was accomplished almost without any discussion or party contention. It was based upon the provisions of the Scottish Reform Bill, which settled the whole matter by the simple rule that the Parliamentary electors of every burgh should be the municipal electors; also that the larger burghs should be divided into wards, each of which should send two representatives to the town council, chosen by the qualified electors within their respective bounds; and that the provost and bailies, corresponding to the English mayor and aldermen, should be chosen by the councillors, and invested with the powers of magistrates in the burgh. The functionaries were to be elected for three years, and then to make way for others elected in the same manner to succeed them. They were invested with the control and administration of all corporate property and patronage of every description.Spain having now, most fatally for herself, been persuaded to join France in the war with England, turned her first attention to Gibraltar which she hoped France would enable her to conquer. But France showed no disposition to assist her to regain Gibraltar. At the same time, the great object was to accomplish the union of the French and Spanish fleets, which they deemed must then be invincible, and not only drive the English from the seas, but enable them to land in England itself. The French managed to muster fifty thousand men, whom they marched to the different ports on the Channel, from Havre to St. Malo. By this means, keeping England in fear of an invasion, their fleet slipped out of Brest on the 3rd of June, under the command of D'Orvilliers, and effected the desired junction with the Spaniards at Cadiz. The French fleet consisted of thirty sail of the line; the Spanish, of thirty-eight; making the united fleet sixty-eight sail, besides numerous frigates and smaller vessels. Never, since the days of the Armada, had such a mighty squadron threatened the shores of Great Britain. Reach Us Below:

90/567, Raw Street Lane,

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