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Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of 174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which 70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:

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And, in fact, circumstances rendered it advisable to retreat. Joseph Buonaparte, with the reinforcements of Sebastiani, had joined Victor, and that general felt ready to advance. At the same time Wellesley learned that Soult had arrived in Palencia, in the British rear. He desired Cuesta to guard the pass of Puerto de Ba?os, but this he did so ineffectually that both Soult and Mortier marched through it. Ney also reached Palencia, and thus fifty-three thousand men were threatening to cut off Sir Arthur's route to Portugal. He determined to fall back on Oropesa, leaving Cuesta to defend Talavera, and protect the two thousand British wounded in the hospitals; but Cuesta speedily abandoned the place, leaving one thousand five hundred of the wounded behind, whom Victor, to his honour, treated in the most humane manner. With the road of the enemy thus left open in his rear in two directions, Sir Arthur, at the same time, learned that Soult's division had got between him and the bridge of Alvarez, in the direct line of his march into Portugal. His situation, thus hemmed in by overwhelming forces, was most critical, and he informed Cuesta that he must file off for Badajos. He reached Badajos safely on the 2nd of September, carrying the one thousand five hundred wounded with him. These he sent to the strongly fortified town of Elvas, in Portuguese territory, which now became the great hospital of the army. Sir Arthur, on the 7th of September, was informed of the arrival of Sir Robert Wilson at Castello Branco. He had conducted his little force almost to the gates of Madrid, and had made a powerful diversion in favour of the main army, by keeping King Joseph and the French General in constant fear of his joining Venegas and attacking the capital. On his return, by order of Wellesley, he had gallantly fought his way against vastly superior forces, always contriving to make the enemy believe that his strength was double what it was. His conduct of this expedition elicited the most cordial praises from the Commander-in-Chief. At this juncture Napoleon sent a dispatch, ordering the army in Spain to cease further offensive operations till the conclusion of the Austrian war enabled him to send fresh reinforcements into Spain. This was a proof that Buonaparte no longer hoped to beat the British army by any but the most preponderating masses. He had in Spain ten times the forces of the British, yet he could not hope for victory from this vast disproportion. Wellesley, at this very time, in one of his dispatches, had observed this great fact. "I conceive," he said, "that the French are dangerous only in large masses." The British army was therefore quartered on the line of the Guadarama, to protect Portugal from Soult, and remained undisturbed till the following May. Whilst the hostile forces were thus resting, the news reached Sir Arthur that he had been created Baron Douro of Wellesley, and Viscount Wellington of Talavera. This honour had been conferred upon him on the 4th of September, as soon as possible after the arrival of[579] the news of his brilliant and memorable victory at Talavera.[See larger version]
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ONE:But the smoothness was only on the surfacebeneath were working the strongest political animosities and the most selfish desires. The little knot of aristocratic families which had so long monopolised all the sweets of office, now saw with indignation tribes of aspirants crowding in for a share of the good things. The aspirants filled the ante-chamber of Bute, the angry and disappointed resorted to Newcastle, who was in a continual state of agitation by seeing appointments given to new men without his knowledge; members rushing in to offer their support to Government at the next election, who had[169] hitherto stood aloof, and were now received and encouraged.DR. CHALMERS. (After the Portrait by John Faed, R.S.A.)
ONE:But though this difficulty was tided over, there remained a still greater one with Sweden. Charles XII., overthrown by the Czar Peter at the battle of Pultowa, had fled into Turkey, and obstinately remained at Bender, though the Czar and his allies were all the time overrunning and taking possession of the Swedish territories on the eastern side of the Baltic. Russians, Norwegians, Danes, Saxons, and Prussians were all busy gorging the spoil. The King of Denmark, amongst the invasions of Swedish territory, had seized on the rich bishoprics of Bremen and Verden, which had been ceded to Sweden at the Peace of Westphalia. These bishoprics, which lay contiguous to Hanover, had always been an object of desire to that State. And now Charles of Sweden, suddenly ruined by the proceedings of his neighbours, who thus rent his kingdom limb from limb, galloped away from Bender, and in November, 1714, startled all his enemies by appearing at Stralsund. The Danish king, seeing a tempest about to burst over his head, immediately tempted the English king to enter into alliance with him, by offering him the stolen bishoprics of Bremen and Verden on condition that he should pay a hundred and fifty thousand pounds and join the alliance against Sweden. Without waiting for any consent of Parliament, Sir John Norris was sent with a fleet to the Baltic, under the pretence of protecting our trade there, but with the real object of compelling Sweden to cede the bishoprics, and to accept a compensation in money for them.
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TWO:Carnot pretended that this memorial had been published during his absence, and without his knowledge, but he did not deny the composition; and it was most industriously circulated throughout Paris from little carts, to avoid the penalties which would have fallen on the booksellers had they issued it. As for Fouch, he endeavoured to persuade Louis to declare himself attached to the Revolutionto assume the tricolour flag and cockade. For Louis to have ruled according to the more liberal ideas introduced by the Revolution would have been wise, without declaring himself formally the disciple of opinions which had sent so many of his family to the guillotine; but to have followed the invidious advice of Fouch would have let loose at once that terrible race of Jacobins which had never ceased to massacre all other parties and then their own so long as they had the power. The cannon of Buonaparte alone had arrested their career; the advice of Fouch would have recalled it in all its horrors. Not prevailing on Louis to do so foolish an act, he wrote to Napoleon, advising him to get away to America, or it would not be long before the Bourbons, in spite of the treaty, would seize and put him to death; and then Fouch entered heart and soul into the plots of the Jacobins for the restoration of Napoleon.

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TWO:THE DEFENCE OF GIBRALTAR BY LORD HEATHFIELD, 1782.The evils of this system had reached their height in the years 1832-3. That was a time when the public mind was bent upon reforms of all sorts, without waiting for the admission from the Tories that the grievances of which the nation complained were "proved abuses." The Reformers were determined no longer to tolerate the state of things in which the discontent of the labouring classes was proportioned to the money disbursed in poor rates, or in voluntary charities; in which the young were trained in idleness, ignorance, and vicethe able-bodied maintained in sluggish and sensual indolencethe aged and more respectable exposed to all the misery incident to dwelling in such a society as that of a large workhouse, without discipline or classification, the whole body of inmates subsisting on food far exceeding, both in kind and in amount, not merely the diet of the independent labourer, but that of the majority of the persons who contributed to their support; in which a farmer paid ten shillings a year in poor rate, and was in addition compelled to employ supernumerary labourers, not required on his farm, at a cost of from 100 to 250 a year; in which the labourer had no need to bestir himself to seek work or to please his master, or to put a restraint upon his temper, having all a slave's security for subsistence, without the slave's liability to punishment; in which the parish paid parents for nursing their little children, and children for supporting their aged parents, thereby destroying[364] in both parties all feelings of natural affection and all sense of Christian duty. The Government, therefore, resolved to apply a remedy. The following is a brief outline of the main features of the measure they proposed, and which was adopted by the legislature. They found the greatest evils of the old system were connected with the relief of the able-bodied; and in connection with that lay the chief difficulty of administering relief. It was, above all things, an essential condition that the situation of the pauper should not be madereally or apparentlyso desirable as that of independent labourers of the lowest class; if it were, the majority of that class would have the strongest inducements to quit it, and get into the more eligible class of paupers. It was necessary, therefore, that an appeal to the parish should be a last resourcethat it should be regarded as the hardest taskmaster and the worst paymaster. This principle was embodied in the Poor Law Amendment Act; and the effects which quickly followed on its operation were most marked and salutary. Able-bodied paupers were extensively converted into independent labourers, for whose employment a large fund was created by the reduction of parochial expenditure; next followed a rise in wages; then a diminution, not only of pauper marriages, but of early and imprudent marriages of all sorts; and lastly, there was a diminution of crime, with contentment among the labourers, increasing with their industry: relief of a child was made relief to the parent, and relief of a wife relief to the husband. In fact, the law combined charity with economy.

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