ONE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."
THREE:The retreat of George to Hanover was not merely to enjoy his native scenes and old associations; he felt himself insecure even on the throne of England, and the rebellion for the present quelled; he was anxious to form or renew alliances on the Continent to give strength to his position. The part which England had taken at the end of the war seemed to have alienated all her confederates of the Grand Alliance, and transferred their resentment to himself with his accession to the British Crown. Holland was, perhaps, the least sensible of the past discords; she had kept the treaty, and lent her aid on the landing of the Pretender; but she was at daggers drawn with Austria, who was much irritated by the Barrier Treaty, by which the Dutch secured a line of fortresses on the Austrian Netherlands. As for the Emperor, he was more feeble and sluggish than he had shown himself as the aspirant to the throne of Spain. He was a bigoted Catholic, little disposed to trouble himself for securing a Protestant succession, although it had expended much money and blood in defence of his own. On the contrary, he felt a strong jealousy of George, the Elector of Hanover, as King of England, and therefore capable of introducing, through his augmented resources, aggressive disturbances in Germany. The King of Prussia, his son-in-law, was rather a troublesome and wrangling ally than one to be depended upon.From economical and colonial, Ministers proceeded to Parliamentary reform. Sir Harbord Harbord had introduced, before their accession to office, a Bill to disfranchise the rotten borough of Cricklade, in Wiltshire, as Shoreham had already been disfranchised. The new Ministry supported it, with the exception of their strange colleague, Thurlow, whom they ought to have insisted on being dismissed. Cricklade was a thoroughly venal borough, regularly sold to some East Indian nabob; and Mr. Frederick Montagu, in the debate, quoted Lord Chatham's remark on Shoreham, which had also been the purchased lair of Indian corruptionists, that he "was glad to find the borough of Shoreham likely to be removed from Bengal to its ancient situation in the county of Sussex."
THREE:Amongst the fine arts, the first to which we direct attention, that is, music, was warmly patronised by the Royal Family, and therefore maintained the status which it had acquired in the last reign, though it produced no great original genius. Church music continued to be cultivated, and the anthems of Kent, published in 1773, and those of Nares, published in 1778, were of much merit. To these we may add the services and anthems of Doctors Hayes, Dupuis, Arnold, Cooke, Ayrton, and of Mr. Battishill. The "Shunamite Woman," an oratorio by Arnold, appeared at a later date, as well as the anthems and services of Dr. Whitfield.[See larger version]
THREE:At sea, Sir Edward Hawke attacked the French fleet under Admiral Conflans at the mouth of the Vilaine in Quibron Bay. The situation, amid rocks and shoals, and with a sea running high, so late in the year as the 20th of November, was most perilous, but Hawke scorned all danger, attacked the French fleet close under their own shores, took two men-of-war, sank four more, including the admiral's ship, the Soleil Royal, and caused the rest, more or less damaged, to take refuge up the river. Two of our own vessels were stranded in the night, but their crews and stores were saved. For this brilliant action, which crippled the French navy for the remainder of the war, Hawke was thanked by Parliament, received from the king a pension of one thousand five hundred pounds a-year for his own and his son's life, and, in the next reign, was raised to the peerage. Thurot, meanwhile, had escaped out of Dunkirk, but with only five ships, which kept out of the way by seeking shelter in the ports of Sweden and Norway.Lord Wellington, notwithstanding that the destruction of these armies, on which the defence of Andalusia and the provinces of the south depended, completely proved the justice of his statements to the Junta, was deeply chagrined by the circumstance. "I lament," he said, in his despatches, "that a cause which promised so well a few weeks ago, should have been so completely lost by the ignorance, presumption, and mismanagement of those to whose direction it was entrusted. I declare that, if they had preserved their two armies, or even one of them, the cause was safe. The French could have sent no reinforcements which could have been of any use; time would have been gained; the state of affairs would have daily improved; all the chances were in our favour; and, in the first moment of weakness, occasioned by any diversion on the Continent, or by the growing discontent of the French themselves with the war, the French armies must have been driven out of Spain." Lord Wellington's position was, by the destruction of these armies, left totally open, and he had for some time resolved to retire wholly into Portugal, and had been planning that system of defence which afterwards proved so astonishing to the French. Though he was left with about twenty thousand men to maintain himself against the whole French host in Spain, he never for a moment contemplated quitting the Peninsula, nor despaired of the final result. The experienced eye of Lord Wellington, after the battle of Vimiera, had, at a glance, seen the admirable capability of the mountain ranges of Torres Vedras for the construction of impregnable lines of defence for Lisbon. So far from holding any notion of being driven to his ships, like Sir John Moore, he was satisfied that, by fortifying the defiles through these hills, and keeping our ships on the Tagus and on the coast, he could defy all the armies of France. He proceeded now to Lisbon, where he arrived on the 10th of October, reconnoitred the hills, and, having done so, left with Colonel Fletcher, of the Engineers, a clearly written statement of all that he desired to be done, so as to make the double line of defences complete: to erect batteries on each side of the defiles through which the necessary roads ran, to erect breastworks and entrenchments where required, and to break down the bridges in front of them. He ascertained the precise time it would require to accomplish all this, and, ordering all to be carried on with the utmost quickness, he returned to Badajos, and next proceeded to Seville, to join his brother in urging on the Spanish Government the necessary measures for the defence of the country. After visiting Cadiz[580] with his brother, he returned to his headquarters, where he had scarcely arrived on the 17th of November, when he received the news of the total overthrow of the Spaniards at Oca?a. He then made a deliberate and orderly retreat from Spain, crossing the Tagus at Abrantes, where he left General Hill with his division, supported by General Fane's brigade of heavy horse, and marched to Almeida, and quartered his army there in a more healthy situation. His troops were now also well supplied with provisions. During the long interval of reposethat is, till the following MayWellington actively employed himself in putting life and order into the commissariat, baggage, and conveyance departments; and General Beresford, to whom the important function of disciplining the Portuguese troops was assigned, laboured in that with such effect, that he produced at the next campaign troops which, led by British officers, and mixed with British regiments, fought admirably. The Portuguese were wise enough to allow the British commander full control, and by this means they avoided those defeats and calamities which fell long and heavily on the Spaniards.
