THREE:It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.
FORE:Elsewhere, however, Lord Palmerston abstained from interference, particularly in Germany. The immense phlegmatic mass of the Teutonic populationamounting to 43,000,000, spread over 246,000 square miles, and divided into thirty-five sovereign Stateswas powerfully moved by the shock of the French Revolution. Those States existed under every form of government, from absolutism to democracy. They were all united into a Bund or Confederation, the object of which was the maintenance of the independence of Germany, and of its several States. The Confederation consisted of a Diet, composed of the plenipotentiaries of all the States. This Diet was no bad emblem of the German mind and characterfruitful in speculation, free in thought, boundless in utterance, but without strength of will or power of action. The freer spirits demanded more liberal forms of government, and on these being refused, the Revolution broke out in Baden, Hesse-Cassel, and Bavaria. In Saxony the monarchy was saved by bending before the storm of revolution: a new Administration was appointed, which at once issued a programme of policy so liberal that the people were satisfied. Even the King of Hanover yielded to the revolutionary pressure, and called to his councils M. Hub, a Liberal deputy, who had been imprisoned several years for resisting an unconstitutional act of the Crown. On the 20th of March he issued a proclamation, in which he stated that, in compliance with the many representations addressed to him, he had abolished the censorship of the press, granted an amnesty and restoration of rights to all who had been condemned for political offences, and was willing to submit to changes in the Constitution, based upon the responsibility of Ministers to the country. It was not without necessity that such appeals were addressed to the German people. At Frankfort, while the Assembly were occupied in framing a brand-new Constitution, the Republican party in the Chamber appealed out of doors to the passions of the multitude, and excited them to such a pitch that barricades were erected, and the red flag planted in the streets. By midnight the struggle was over, and tranquillity everywhere restored through the exertions of the military.A new Ministry was appointed with Prince Schwarzenberg at its head, and on the 2nd of December the Emperor Ferdinand abdicated in favour of his nephew, Francis Joseph, whose father Francis Charles, next in succession, renounced his claim to the throne. The retiring emperor stated that the pressure of events, and the immediate want of a comprehensive reformation[580] in the forms of State, convinced him that more youthful powers were necessary to complete the grand work which he had commenced. The real reason was that Lord Palmerston, who in his private correspondence held the Emperor to be "next thing to an idiot," had been constantly advising him to resign his sceptre into firmer hands. The young Emperor, in his proclamation, expressed his conviction of the value of free institutions, and said that he entered with confidence on the path of a prosperous reformation of the monarchy.
THREE:Under the influence of this persuasion, Buonaparte suddenly made overtures of peace to Great Britain, though, on the conditions which he proposed, they were certain to be rejected. The Duke of Bassano wrote to Lord Castlereagh, offering to secure the independence of Spain under the present reigning dynasty; that Portugal should continue under the rule of the House of Braganza, and Naples under Murat. Lord Castlereagh replied that if by the present reigning dynasty of Spain was meant King Joseph, there could be no treaty, and there the matter ended; for even Fouch says that Napoleon's Ministers were ashamed of so clumsy a proposal of ignorance and bad faith. Failing with Great Britain, Buonaparte turned to Russia herself, intimating a desire for peace, but not finding it in his heart to offer any terms likely to be accepted. In fact, he was now so demented by the ambition which meant soon to destroy him, that he fancied that a mere mention of peace was enough to win over any of his enemies in face of his vast armies. Including the forces of his German and Italian subsidiaries, he had on foot one million one hundred and eighty-seven thousand men. Of these, he led four hundred and seventy thousand men into Russia. Italy, Naples, Austria, Prussia, Würtemberg, Baden, Saxony, Westphalia, and other Confederates of the Rhine furnished each from twenty thousand to sixty thousand men. To swell up his French portion, he had called out two conscriptions, each of a hundred thousand men, in one year, and had organised a new system of conscription under the name of "National Guards," which professedly were only to serve in France as a militia but which were soon drafted off into foreign service. This consisted of three levies, or bans"the ban," "the second ban," and "the arrire ban." They included all who were capable of bearing arms of all classes. The ban was composed of youths from twenty to twenty-six years of age; the second ban of men from twenty-six to forty, and the arrire ban of those from forty to sixty. By such means was the native population of France being rapidly drawn off into destruction by this modern Moloch.Had Sir Home Popham been satisfied with this well-executed piece of service, he would have merited honour; but, this being done, he suggested to Sir David Baird that an expedition might be made with advantage against the Spanish colonies in South America. It was reportednot truly, as it turned outthat these colonies were as poorly defended as they were wealthy. Sir David was weak enough to fall into the scheme, and, without any authority from home, as it would appear, for so important a proceeding, he permitted General Beresford to sail in Sir Home's squadron with a part of his forces. The fleet touched at St. Helena, and took in a few more soldiers, but the whole body did not then amount to more than sixteen hundred. With this contemptible handful of men, the British squadron entered the river La Plata, and landed the troops, on the 24th of June, at a short distance from Buenos Ayres. The few Spanish troops in the city were easily routed, and the place capitulated on the 27th, and Beresford entered and took up his quarters there. But he was not long left at peace. The Spaniards discovering, as a matter of course, the insignificance of the force which had thus rashly surprised the city, collected in sufficient numbers to make prisoners of them all. A French officer in the Spanish service, M. Liniers, landed with a thousand men from Monte Video and Sacramento, and, being joined by the troops of the neighbourhood which had been repulsed by Beresford, appeared before the city on the 10th of July, and summoned the British to surrender. This was the signal for the inhabitants to rise en masse and fall on them. They were prevented from escaping to their ships by the badness of the weather, and were assailed from the windows and doors, and exposed to a general attack in the great square, and were compelled to yield, on condition of being allowed to re-embark; but no sooner had they laid down their arms, than Liniers, who probably looked on them as no better than filibusters, treated them as such, and marched them up the country, where they were rigorously treated. Four hundred of them had perished in this mad attempt. Meanwhile, Sir Home Popham had sent home upwards of a million of dollars, reserving two hundred and five thousand for the pay of the army. There were great rejoicings in London at the news, and at the receipt of the specie. Popham, in his despatches, represented himself as having conquered a great colony, and opened up a wonderful mart for our manufactures; and the Ministry, delighted at the receipt of the dollars, though they had, on first hearing of the scheme, sent out orders to stop the squadron, now, on the 20th of September, issued an Order in Council declaring Buenos Ayres and its dependencies open to our trade. Long before this order could have reached America the whole scene was reversed. Sir Home Popham had, indeed, blockaded the river La Plata, and had attempted to bombard Monte Video, but his ships could not get near enough. In October reinforcements arrived from the Cape and from England, but not in sufficient strength to enable him to do anything decisive. He therefore contented himself with landing troops at Maldonado, and drove the Spaniards from the isle of Gorriti, where he lay to, and waited for greater reinforcements.
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THREE:Meanwhile the Convention determined to proceed to the abolition of the Constitution of '93, and to the establishment of one more accordant[448] with their own tendencies. In 1793 the Revolutionists were as violent against aristocracy as against monarchy, and had allowed only one legislative body. The precipitate acts of the last three years had now persuaded them that at least a second, if not an aristocratic, chamber might be useful, as a balance against legislation under violent impulses. They proposed, then, to have two chambersone called the Council of Five Hundred, composed of that number of members of at least thirty years of age, having exclusively the right of proposing laws, of whom one-third should be renewed every year; the second, called the Council of the Ancients, to consist of two hundred and fifty members, of at least forty years of age, all either widowers or married, having the sanctioning of the law, and also to be annually renewed by one-third. No sooner were these decrees passed than there was a violent outburst of discontent. On April 1st, and again on May 20th, the Parisian mob rose in insurrection, but were completely suppressed. This was the death-blow of the Democratic party. Then came the turn of the Royalists. A meeting took place in the Odon theatre, on the 3rd of October, under protection of some battalions of National Guard. The Duke of Nivernois presided. The Committees of Public Safety and Welfare gave the alarm to the Convention, and the Convention sent a force to disperse the meeting, but it had already dissolved itself. The Sections had committed the mistake of refusing to allow the ultra-Jacobins to vote, and the Convention now embodied and armed one thousand eight hundred of these, ready, in their indignation, to do anything. On the 4th, the Section Lepelletier beat to arms, and the committee held its meeting in the convent of Filles St. Thomas, in the Rue Vivienne. General Menou was summoned from the camp at Sablons, and ordered to disperse the meeting. He proceeded to the convent, found the committee of the Section armed, and, instead of dispersing them, agreed to retire on a promise that they would withdraw of themselves. The Convention immediately arrested Menou as a traitor, and deprived him of his command. They forthwith appointed Barras general of the interior in the place of Menou, and ordered him to clear the streets, and place troops in a position to insure the safety of the Convention. Barras was a general of brigade, but he was not too fond of exposing himself and, fortunately for him and for another, he had his eye on one who would execute the orders of the Convention without shrinking. This was Napoleon Buonaparte. The Convention had about five thousand troops; but the decision of the conflict must depend on the cannon. These were in the camp at Sablons. Buonaparte instantly dispatched Murat to secure them, and received the insurrectionists with such a shower of grape that after a short resistance they were completely defeated.
FORE:[See larger version]During this momentous struggle, Russia was munificently supported by Great Britain. The peace which Mr. Canning, afterwards Lord Stratford de Redcliffe, our ambassador at Constantinople, had been the means of effecting between Turkey and Russia, released Admiral Tchitchagoff and his army of thirty thousand men to march against Buonaparte; and had not that stupid personage suffered himself to be so grossly deceived by the French Emperor at the Beresina, neither Buonaparte nor a man of his army had ever got across that river. At the same time peace was made with Russia by Great Britain, and Russia sent her fleet, for security, to an English port during the invasion. Peace also was ratified between Great Britain and Sweden; and Bernadotte was at liberty to pursue his plans for aiding in the general movement of the North for the final extinction of the Buonaparte rule. Great Britain also bountifully supplied the Russians with money and arms, and other necessaries, so that a French officer who accompanied General Lauriston to the headquarters of the Russian army was astonished to find abundance of British money circulating and in the highest esteem, though Buonaparte had represented Great Britain as on the verge of bankruptcy. "When I saw British bank-notes passing," he said, "as if they were gold, I trembled for our daring enterprise."
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