ONE:The South Sea Company had immediately on the passing of the Bill proposed a subscription of one million, and this was so eagerly seized on that, instead of one, two millions were subscribed. To stimulate this already too feverish spirit in the public, the Company adopted the most false and unjustifiable means. They had eight millions and a half to pay over to Government as a douceur for granting them the management of the Funds; and, therefore, to bring this in rapidly, they propagated the most lying rumours. It was industriously circulated that Lord Stanhope had received overtures at Paris to exchange Gibraltar and Port Mahon for invaluable gold lands in Peru! The South Sea trade was vaunted as a source of boundless wealth in itself. In August the stock had risen from the one hundred and thirty of the last winter to one thousand! Men sold houses and land to become shareholders; merchants of eminence neglected their affairs and crippled their resources to reap imaginary profits. The Company flattered the delusion to the utmost. They opened a third, and even a fourth subscription, larger than the former, and passed a resolution that from next Christmas their yearly dividend should not be less than fifty per cent.! In labouring to increase the public delusion they seem to have caught the contagion themselves, for they began to act, not like men who were blowing a bubble which they knew must speedily burst, but like persons who had mounted permanently into the very highest seat of prosperous power. They assumed the most arrogant and overbearing manner, even towards men of the highest station and influence. "We have made them kings," said a member of Parliament, "and they deal with everybody as such."
TWO:As usual, a great cry was raised at the retreat of Wellington. The Spaniards would have had him stand and do battle for them, as foolishly as their own generals did, who, never calculating the fitting time and circumstances, were always being beaten. Amongst the first and loudest to abuse him was Ballasteros, the man who, by his spiteful disregard of orders, had been the chief cause of the necessity to retreat. But it was not the Spaniards only, but many people in England, especially of the Opposition, who raised this ungenerous cry. Wellington alluded to these censures with his wonted calmness in his dispatches. "I am much afraid," he said, "from what I see in the newspapers, that the public will be much disappointed at the result of the campaign, notwithstanding that it is, in fact, the most successful campaign in all its circumstances, and has produced for the common cause more important results than any campaign in which the British army has been engaged for the last century. We have taken by siege Ciudad Rodrigo, Badajoz, and Salamanca, and the Retiro has surrendered. In the meantime the allies have taken Astorga, Consuegra, and Guadalaxara, besides other places. In the ten months elapsed since January, this army has sent to England little short of twenty thousand prisoners; and they have taken and destroyed, or have themselves retained the use of, the enemy's arsenals in Ciudad Rodrigo, Badajoz, Salamanca, Valladolid, Madrid, Astorga, Seville, the lines before Cadiz, etc.; and, upon the whole, we have taken and destroyed, or we now possess, little short of three thousand pieces of cannon. The siege of Cadiz has been raised, and all the country south of the Tagus has been cleared of the enemy. We should have retained greater advantages, I think, and should have remained in possession of Castile and Madrid during the winter, if I could have taken Burgos, as I ought, early in October, or if Ballasteros had moved upon Alcaraz, as he was ordered, instead of intriguing for his own aggrandisement."He had, however, lost something of his old self-confidence, and the opposition which he had met with from the State, and the alienation of the people, were not exhilarating. Napoleon saw that he must conciliate the French by concessions, but neither his temperament nor his necessities permitted him to do this liberally. He gave nominal freedom to the press, but he bought up the majority of the editors and proprietors; yet, not being able to do this wholly, the opposition spoke bitter things to him and of him, and damaged his cause seriously. He called on Siys, Carnot, and Fouch to assist in framing his constitution; and he gave peerages to Carnot and Siys, and those once stern Republicans accepted them. But, even with their aid, he could not bring himself to grant a free constitution. Nobody believed him to be sincere even in what he did give. The police were as strict as ever, and yet every night the walls of Paris were covered with proclamations of Louis XVIII., forbidding the payment of taxes, and announcing the approach of one million two hundred thousand men.THREE:
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