FORE: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:Immediately after this debate the Government took active steps to crush that spirit of free discussion in books, pamphlets and associations, which no doubt had been greatly stimulated by the excitement of the French Revolution, and which they professed to believe was aiming at the same objectthe destruction of the monarchy. But in attempting to check this spirit, they adopted the un-English plan of fettering the press and individual opinion. Pitt's Government issued a proclamation against seditious books, and societies corresponding with the Republicans across the water; and magistrates were desired to make diligent inquiries as to the authors of seditious books and pamphlets, to put down all mischievous associations, and to take the promptest means of suppressing and preventing riots and disturbances. An Address in approbation of this proclamation was moved by Mr. Pepper Arden, the Master of the Rolls, in the Commons, and a short debate was the consequence. In this Grey and Fox declared that the proclamation was unconstitutional, mischievous, and oppressive; that it was a stimulus given to hot-headed and bigoted magistrates all over the country to invade the freedom of the press and of private life, on pretence of preventing disturbance; that the true constitutional remedy for any wrong opinions promulgated by the press was their regulation by right and sound opinions; that the blow was aimed against the Society of the Friends of the People, and intended to crush Reform, and divide the Whig party; that, in truth, the riots and instigations to anarchy came not from the Reformers, but from the Church, the magistracy, and the Tories; and they appealed for the truth of this to the disgraceful scenes which had occurred at Birmingham. They reminded Government that in 1782 Pitt had joined the Duke of Richmond, Major Cartwright, and Horne Tooke, in a meeting, at the Thatched House Tavern, for Reform; that they, the Whigs, had never gone to the length of Cartwright and Horne Tooke in their principles of Reform, as Pitt had done; and they reproached the Minister with his shameful inconsistency. Lord John Russell, Francis, Lambton, and others, supported Grey and Fox; and Windham, Lord North, Dundas, etc., supported Pitt. The Address was carried; and when sent up to the Lords produced another striking exhibition of the change going on in the Whig party; for the Prince of Wales, who had hitherto been in such close union with them, and had been so zealously supported by them, now rose and gave his decided approbation to the Address, declaring that he had been educated in admiration of the established Constitution, and was determined, so far as in him lay, to support it. These words were received with triumph by the Government party, the Address was carried almost unanimously, and was followed by an immediate prosecution of the "Rights of Man," by the Attorney-General, which caused it to be far more generally read than it otherwise would have been.
FORE:Walpole, however, continued to oppose the South Sea Bill in the Commons, declaring that the terms were too extravagant ever to be fulfilled; that the experiment could result in nothing but a fearful increase of the costs of stockjobbing, and final confusion and ruin. He insisted that, before the proposals of the Company were accepted,[47] the rise of their stock should be limited, and every means taken to prevent the fever of infatuation that would ensue from the promise of dividends out of funds which could never be realised. He proposed for this purpose the introduction of a clause fixing the number of years' purchase to be granted to the annuitants of the South Sea Company; but to this it was objected that it was the interest of the Company to take up the annuities; and, as the annuitants had the power of coming in or not, as they pleased, the Company would, of course, offer advantageous terms, and, therefore, the whole affair might be safely left to private adjustment. Aislabie added that the South Sea Company would not submit to be controlled in an undertaking they were to pay so dear for. The Bill passed both Houses.
FORE:As this rout was taking place, Bulow, who had beaten back the French battalions from Frischermont and Planchenoit, was approaching La Belle Alliance, and Blucher with the main army soon after appeared following him. At a farmhouse called Maison Rouge, or Maison du Roi, behind La Belle Alliance, the Duke of Wellington and Blucher met and felicitated each other. Blucher, in the Continental manner, embraced and kissed the victorious Duke; and it was agreed that, as the army of Wellington had been fighting hard for eight hours, the Prussians should make the pursuit. Blucher swore that he would follow the French whilst a horse or a man could move, and, with three cheers from the British, he set forward with his troops in chase. So far from "the Guards dying, but not surrendering," these brave men flew now before the stern old Prussian, and immediately in the narrow passage at Genappe they abandoned to him sixty pieces of their cannon. Amongst other spoil they captured the carriage of Napoleon, and found in it, amongst other curious papers, a proclamation for publication the next day at Brussels. As it was moonlight, the Prussians continued the chase till late into the night, slaughtering the fugitives like sheep. Numbers quitted the road and fled across the country, seeking shelter in the woods, where many of them were afterwards found dead or severely wounded. The highway, according to General Gneisenau, was covered with cannon, caissons, carriages, baggage, arms, and property of every kind. The wounded were humanely sent to Brussels, but those who could continue their flight did so till they had reached France, where they sold their horses and arms, and dispersed themselves to their homes. The grand army was no more, with the exception of the division of Grouchy, who made good his retreat to Paris, only to be upbraided by Buonaparte as the cause of his defeat. In this battle and retreat the French lost more men than at Leipsic, the killed and wounded exceeding thirty thousand.
THREE:The news of these imposts, and of this intended stamp duty, flew across the Atlantic, and produced the most bitter excitement. Never could this unwelcome news have reached the colonies at a more unpropitious moment. To restrictions on their legitimate trade, the British had been adding others on their illegitimate trade. Nearly all the American colonies lay on the seaboard, and were, therefore, naturally addicted to a free sort of trade, which these new duties made contraband. The British Government had sent out a number of revenue ships and officers to cut off this trade, and capture and confiscate all vessels found practising it. The colonists met in various places, and passed very strong resolutions against these regulations. The people of New England spread their views and resolves all over the colonies by means of the press. They refused to listen to any overtures of the British Government on the subject. They claimed the right to grant, of their own free will, such contributions to the revenue of the empire as their own assemblies should deem just, and to submit to no compulsion where they had no voice. They called on all the colonists to refrain as much as possible from purchasing any of the manufactures of England so long as she showed a disposition to oppress them, and to obtain their materials for clothing from other countries, or to begin to manufacture them themselves; and to cease also to use all luxuries on which the duties were laid. To make their case known in England, Pennsylvania, Massachusetts, Maryland, and Georgia appointed the celebrated Benjamin Franklin their agent in London.
THREE:THE RETREAT FROM MOSCOW. (After the Picture by Meissonier.)
