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The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.

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In this situation the English General determined to attemptwhat he should have attempted at firstto force the American lines. Accordingly, on the 7th of October, he drew out one thousand five hundred picked men, and formed them less than a mile from the American camp. No sooner were they descried, than they were attacked furiously by Poor's New Hampshire brigade. The attack extended rapidly to the right, where Morgan and his rifle corps stole round through some woods, and opened fire on the flank of the column. Other troops rushed out of the American entrenchments, and endeavoured to force their way between the British and their camp; but Major Ackland and his riflemen withstood them bravely; yet Burgoyne and his one thousand five hundred men were forced to fall back, leaving their cannon behind them. Morgan and his riflemen were now arriving, under cover of the woods, near the flank of the right wing; and Fraser, perceiving them, advanced to dislodge them. In this he succeeded, but was picked off by the American marksmen, as usual safe behind their trees, and fell mortally wounded. Meanwhile Colonel Brooks, at the head of Jackson's regiment of Massachusetts, was more successful. He turned the entrenchments of the German brigade, maintained his ground within the lines, and, to the wonderful relief of the Americans, seized the baggage of the Germans, and an ample supply of ammunition.The year 1812 opened, in England, by the assembling of Parliament on the 7th of January. The speech of the Regent was again delivered by commission. The great topic was the success of the war in Spain under Lord Wellington, whose military talents were highly praised. There was a reference also to the disagreements with America, and the difficulty of coming to any amicable arrangement with the United States. Lords Grey and Grenville, in the Peers, pronounced sweeping censures on the continuance of the war with France, and on the policy of Ministers towards America, from which source they prognosticated many disasters. In the Commons, the Opposition used similar language; and Sir Francis Burdett took a very gloomy view of our relations both with France and North America, and declared that we could anticipate no better policy until we had reformed our representative system.
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TWO:We left Wellington occupying his impregnable lines at Torres Vedras during the winter, and Massena occupying Santarem. Buonaparte thought he could suggest a mode of putting down the provoking English general which Massena did not seem able to conceive. After studying the relative situations of the belligerents, he sent word to Soult to make a junction with Massena by crossing the Tagus, and then, as he would be much superior in strength, to continually attack Wellington, and cause him, from time to time, to lose some of his men. He observed that the British army was small, and that the people at home were anxious about their army in Portugal, and were not likely to increase it much. Having thus weakened Wellington, as soon as the weather became favourable they were to make an attack from the south bank of the Tagus. But there were two difficulties to overcome of no trivial character in this plan. Wellington was not the man to be drawn into the repeated loss of his men, and the Tagus was too well guarded by our fleet and by batteries for any chance of taking him in the rear. However, Napoleon sent Massena a reinforcement, under General Drouet, who carried along with him a great supply of provisions: he assembled an army in the north of Spain, under Bessires, of seventy thousand men, and Soult moved from Cadiz, leaving Sebastiani to continue the blockade, and advanced to make the ordered junction with Massena. But he deemed it necessary, before crossing into southern Portugal, to take possession of Badajoz. In his advance, at the head of twenty thousand men, he defeated several Spanish corps, and sat down before Badajoz towards the end of February. Could Massena have maintained himself at Santarem, this junction might have been made; but, notwithstanding the provisions brought by Drouet, he found that he had no more than would serve him on a retreat into Spain. He had ten thousand of his army sick, and therefore, not waiting for Soult, he evacuated Santarem on the 5th of March, and commenced his march Spain-ward. Wellington was immediately after him, and the flight and pursuit continued for a fortnight. To prevent Massena from finding a temporary refuge in Coimbra, Wellington ordered Sir Robert Wilson and Colonel Trant to destroy an arch of the bridge over the Mondego, and thus detain him on the left bank of that river[14] till he came up. But Massena did not wait; he proceeded along a very bad road on the left bank of the river to Miranda, on the river Coira. Along this track Massena's army was sharply and repeatedly attacked by the British van under Picton, and suffered severely. Ney commanded the rear-division of the enemy, and, to check the advance of the British, he set fire to the towns and villages as he proceeded, and, escaping over the bridge on the Coira, he blew it up. But before this could be effected, Picton was upon him, accompanied by Pack's brigade and a strong body of horse, and drove numbers of the French into the river, and took much baggage. Five hundred French were left on the ground, and to facilitate their flight from Miranda, which they also burnt, they destroyed a great deal more of their baggage and ammunition. Lord Wellington was detained at the Coira, both from want of means of crossing and from want of supplies; for the French had left the country a black and burning desert. The atrocities committed by the army of Massena on this retreat were never exceeded by any host of men or devils. The soldiers seemed inspired with an infernal spirit of vengeance towards the Portuguese, and committed every horror and outrage for which language has a name. The Portuguese, on the other hand, driven to madness, pursued them like so many demons, cutting off and destroying all stragglers, and shooting down the flying files as they hurried through the woods and hills. The whole way was scattered with the carcases of the fugitives. THREE:WILLIAM PITT, EARL OF CHATHAM.Commercial and manufacturing distress was severe in the country, and the unemployed workmen flocked into Dublin and the other large towns, demanding relief and menacing the police, and directing their fury against all goods imported from England. On the 2nd of January, 1785, a Congress sat in Dublin, consisting of delegates from twenty-seven counties, and amounting to about two hundred individuals. They held adjourned meetings, and established corresponding committees in imitation of their great models, the Americans. In truth, many of the leaders of these present movements drew their inspiration now from American Republican correspondents, as they did afterwards from those of France, by whom they were eventually excited to rebellion.
TWO: THREE:
TWO:Prevented by the arrival of Daun from utterly destroying Dresden, though he had done enough to require thirty years of peace to restore it, Frederick marched for Silesia. Laudohn, who was besieging Breslau, quitted it at his approach; but the Prussian king, who found himself surrounded by three armies, cut his way, on the 15th of August, at Liegnitz, through Laudohn's division, which he denominated merely "a[140] scratch." He was instantly, however, called away to defend his own capital from a combined army of Russians under Todleben, and of Austrians under Lacy, another Irishman; but before he could reach them they had forced an entrance, on the 9th of October. The Russians, departing from their usual custom of plunder, touched nothing, but levied a contribution of one million seven hundred thousand dollars on the city. At Frederick's approach they withdrew. THREE:
TWO:The year 1816 was a most melancholy year. Both agricultural and manufacturing labourers rose in great masses to destroy machinery, to which, and not to the temporary poverty of the whole civilised world, exhausted by war, they attributed the glut of manufactured goods, and the surplus of all kinds of labour. In Suffolk and Norfolk, and on the Isle of Ely, the agricultural labourers and fen-men destroyed the threshing-machines, attacked mills and farms, pulled down the houses of butchers and bakers, and marched about in great bands, with flags inscribed "Bread or blood!" In Littleport and Ely shops and public-houses were ransacked, and the soldiers were called out to quell the rioters, and much blood was shed, and numbers were thrown into prison, of whom thirty-four were condemned to death, and five executed. The colliers and workers in the iron mines and furnaces of Staffordshire and Warwickshire, as well as in the populous districts of South Wales, were thrown out of work, and the distress was terrible. The sufferings and consequent ferments in Lancashire were equally great. In Nottinghamshire, Leicestershire, and Derbyshire, the Luddites broke out again, as they had done in 1812, and by night demolished the stocking-frames and the machinery in the cotton-mills. Great alarm existed everywhere, and on the 29th of July a meeting was called at the "City of London" Tavern to consider the means of relieving the distress, the Duke of York taking the chair, the Dukes of Kent and Cambridge, the Archbishop of Canterbury, the Bishop of London, the Chancellor of the Exchequer, and others attending. Many palliatives were proposed, but Lord Cochrane and other reformers declared that the only effectual remedy would be the abolition of the Corn Law. Soup-kitchens were recommended, but in Scotland these were spurned at as only insults to the sufferers; at Glasgow the soup-kitchen was attacked, and its coppers and materials destroyed; and at Dundee the people helped themselves by clearing a hundred shops of their provisions. THREE:[See larger version]
Top While stirring events were in progress on the Continent, public attention was naturally distracted from home politics; nor were these in themselves of a nature to command enthusiasm. The Russell Government was weak, but the Opposition was weaker. Sir Robert Peel with his little band gave, on the whole, his support to the Ministry, and Mr. Disraeli, on the retirement of Lord George Bentinck, had only just begun to rally the Conservatives, who had been utterly dispirited and crushed by the carrying of Free Trade. Finance was always a weak point with the Whigs, and that of 1848 was no exception to the rule. Urged by the Duke of Wellington's letter to Sir John Burgoyne on the state of the defences, the Chancellor of the Exchequer determined on increasing the naval and military establishments. The result was a deficit of three millions, and no less than three withdrawals and alterations of the Budget had to be made before his proposals could be so shaped as to be acceptable to the House. The next Session was mainly devoted to Irish affairs, the Rate in Aid producing a collision between the two Houses, which was decided in favour of the Lords. In the same year, however, the most important measure of the Russell Ministry became law; the repeal, namely, of the Navigation Act, by which the carrying monopoly was abolished after the retaliation of foreign nations had reduced the principle of reciprocity, upon which Mr. Huskisson's Act had been framed, to a dead letter. Supported by the Canadian demand for liberation from the restrictions of the Navigation Act, Ministers courageously faced the clamour raised by the Protectionists, and carried their Bill through the Commons by large majorities. In the Upper House, however, they snatched a bare majority of ten through the circumstance that they had more proxies than their opponents.[See larger version]Unfortunately, however, for the continuance of the popularity of Mrs. Clarke, it appeared that she was now actually living in the keeping of this virtuous Colonel Wardle, who was thus chastising royal peccadilloes. The whole of the circumstances did not come out whilst the question was before the House of Commons, but enough to injure the credit irreparably of Colonel Wardle, and make Mrs. Clarke's evidence more than ever suspicious. The full information was brought out by a trial instituted by a Mr. Wright, an upholsterer, in Rathbone Place, for furnishing a new house for her in Westbourne Place. She had now quarrelled with Colonel Wardle, and he refused to pay the bill. Wardle, it appeared, had done his best to stop the coming on of the[572] trial, but in vain; Mrs. Clarke appeared against him, and not only deposed that he had gone with her to order the goods, but told her it was in return for her aid in prosecuting the Duke of York's case. Wardle was cast on the trial, with costs, having about two thousand pounds to pay, and losing all the popularity that he had gained by the investigation. He had been publicly thanked by public meetings, both in the City and the country, and now came this rueful expos. But it was too late now to save the Duke's reputation. The House of Commons had concluded its examination in March. It acquitted the Duke of any participation with his artful mistress in the vile profits on the sale of commissions, but that she had made such there was no question. The Duke did not await the decision of the Commons, but resigned his office. Lord Althorp, in moving that, as the Duke had resigned, the proceedings should go no further, said that the Duke had lost the confidence of the country for ever, and therefore there was no chance of his returning to that situation. This was the conclusion to which the House came on the 21st of March, and soon afterwards Sir David Dundas was appointed to succeed the Duke as Commander-in-chief, much to the chagrin of the army, and equally to its detriment. The Duke, though, like some of his brothers, very profligate, and, like themaccording to a statement made during the debates on his casecapable, as a youth, of learning either Greek or arithmetic, but not the value of money, seems to have discharged his duty to the army extremely well, of which old General Dundas was wholly incapable.
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