THREE:Mar had left London on the 2nd of August to raise the Highlands. In order to blind the agents of Government he ordered a royal leve on the 1st, and on the following night got on board a collier bound for Newcastle, attended by Major-General Hamilton and Colonel Hay. From Newcastle they got to the coast of Fife in another vessel. On the 6th of September he raised the standard of the Chevalier at Kirkmichael, a village of Braemar. He was then attended by only sixty men, and the Highland chiefs, extremely alive to omens, were startled by the gilt ball falling from the summit of the pole as it was planted in the ground. The standard was consecrated by prayers, and he was in a few days joined by about five hundred of his own vassals. The gentlemen who came on horseback, only about twenty at first, soon became several hundreds, and were named the Royal Squadron. The white cockade was assumed as the badge of the insurgent army, and clan after clan came in; first the Mackintoshes, five hundred in number, who seized on Inverness. James was proclaimed by Panmure at Brechin, by the Earl[29] Marshal at Aberdeen, by Lord Huntly at Gordon, and by Graham, the brother of Claverhouse, at Dundee. Colonel Hay, brother of the Earl of Kinnaird, seized Perth, and in a very short time the country north of the Tay was in the hands of the insurgents.But he went on to Smorgony, and there, the remains of the army having come up, he called a council of war on the 5th of December. He told his generals that he had ordered Ney to reorganise the army at Wilna, and had appointed Murat, King of Naples, generalissimo in his absence. He assumed a tone of great confidence, promised his army good winter-quarters beyond the Niemen, and assured them that he was hasting away to present himself directly at the head of one hundred and twenty thousand men to keep the Austrians and Prussians firm to their alliance, and thus to make those he left behind more secure than he could do by staying with them. He then passed through the crowd of his officers, who were drawn up in an avenue as he passed, bidding them adieu with forced and melancholy smiles. He then stepped into a sledge with Caulaincourt and shut themselves in, and Duroc and Lobau followed in another sledge; and thus the man who entered Russia with nearly half a million of men, stole away, leaving the miserable remnant of his vast army to the elements and the Russians!
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THREE:LORD BYRON.
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THREE:By these endeavours Walpole managed to array a considerable body of the Commons against it. It was introduced on the 8th of December, and Sir John Pakington, Sir Richard Steele, Smith, Methuen, and others joined him in attacking it. Steele made a very powerful speech against it, but the grand assault was that of Walpole. He put out all his strength, and delivered a harangue such as he had never achieved till that day. He did not spare the motives of the king, though handling them with much tact, and was unsparingly severe on the Scottish clauses, and on the notorious subserviency of the Scottish representative peers. He declared that the sixteen elective Scottish peers were already a dead weight on the country; and he asked what they would be when made twenty-five, and hereditary? He declared that such a Bill would make the lords masters of the king, and shut up the door of honour to the rest of the nation. Amongst the Romans, he said, the way to the Temple of Fame was through the Temple of Virtue; but if this Bill passed, such would never be the case in this country. There would be no arriving at honours but through the winding-sheet of an old, decrepit lord, or the tomb of an extinct noble family. Craggs, Lechmere, Aislabie, Hampton, and other Ministerial Whigs supported the Bill; but, in the words of Speaker Onslow, the declamation of Walpole had borne down everything before it, and the measure was defeated by a majority of two hundred and sixty-nine to one hundred and seventy-seven.
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THREE: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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