THREE:The very day that Lord Cornwallis had marched from Wilmington, Lord Rawdon was bravely fighting with Greene at Hobkirk's Hill, in South Carolina. Greene had not ventured to attack Lord Cornwallis; but he thought he might, by diverting his course into South Carolina, induce him to follow, and thus leave exposed all North Carolina to Wayne and Lafayette, as well as all his important posts in the upper part of North Carolina. Greene failed to draw after him Cornwallis, but he sat down at Hobkirk's Hill, about two miles from the outposts of Lord Rawdon's camp at Camden. Lord Rawdon, hearing that Greene was waiting to be reinforced by troops under Lieutenant-Colonel Lee, did not give him time for that. He marched out of Camden, at nine o'clock in the morning, on the 25th of April, and quietly making a circuit through some woods, he came upon Greene's flank, and drove in his pickets before he was perceived. Startled from his repose, Greene sought to return the surprise by sending Colonel Washington, a nephew of the American commander-in-chief, with a body of cavalry, to fall on Rawdon's rear, as he was passing up the hill. But Rawdon was aware of this man?uvre, and prevented it, still pressing up Hobkirk's Hill, in the face of the artillery, charged with grape-shot. Greene's militia fled[281] with all speed, and Rawdon stood triumphant on the summit of the hill, in the centre of Greene's camp. But the success was not followed up, owing to the insufficiency of the English troops, and Greene was able, without risking another engagement, to compel Rawdon to retire to Charleston. The American general encamped on the Santee Hills until September, when he descended on Colonel Stewart, who had succeeded Rawdon. After a severe struggle at Eutaw Springs on the 8th of September, Stewart retired to Charleston Neck, and all Georgia and South Carolina were lost to the English, with the exception of Charleston and Savannah. Meanwhile, Lord Cornwallis only allowed himself three days' rest at Presburg; he marched thence, on the 24th of May, in quest of Lafayette, who was encamped on the James River. Cornwallis crossed that river at Westover, about thirty miles below Lafayette's camp, and that nimble officer retreated in all haste to join General Wayne, who was marching through Maryland with a small force of eight hundred Pennsylvanians. Lafayette and Wayne retreated up the James River, and Cornwallis pursued his march to Portsmouth. There he received an order from Sir Henry Clinton, desiring him to look out for a position where he could fortify himself, and at the same time protect such shipping as might be sent to the Chesapeake to prevent the entrance of the French. Cornwallis fixed on York Town, on York River, and there, and at Gloucester, in its vicinity, he was settled with his troops by the 22nd of August. Sir Henry Clinton wrote, intimating that he should probably send more troops to the Chesapeake, as there was a probability that Washington and Rochambeau, giving up the attack of New York, would make a united descent on York Town. Wayne and Lafayette were already continually increasing their forces above York Town; but any such reinforcements by Sir Henry were prevented by the entrance of the Comte de Grasse, with twenty-eight sail of the line and several frigates, into the Chesapeake, having on board three thousand two hundred troops, which he had brought from the West Indies. These troops he landed, and sent, under the Marquis de St Simon, to join Lafayette, much to his delight.[413]
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THREE:It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.The Church Temporalities Bill, with some alterations, passed the Lower House; it encountered strong opposition in the Lords, who defeated the Ministry on one important amendment, but it ultimately passed, on the 30th of July, by a majority of fifty-four, several peers having recorded their protests against it, among whom the Duke of Cumberland was conspicuous. The Commissioners appointed under the Bill were the Lord Primate, the Archbishop of Dublin, the Lord Chancellor and Chief Justice of Ireland, and four of the bishops, and some time afterwards three laymen were added. The following were the principal features of this great measure of Church Reform: Church Cess to be immediately abolishedthis was a direct pecuniary relief to the amount of about 80,000 per annum, which had been levied in the most vexatious mannerand a reduction of the number of archbishops and bishops prospectively, from four archbishops and eighteen bishops to two archbishops and ten bishops, the revenues of the suppressed sees to be appropriated to general Church purposes. The archbishoprics of Cashel and Tuam were reduced to bishoprics, ten sees were abolished, the duties connected with them being transferred to other seesDromore to Down, Raphoe to Derry, Clogher to Armagh, Elphin to Kilmore, Killala to Tuam, Clonfer to Killaloe, Cork to Cloyne, Waterford to Cashel, Ferns to Ossory, Kildare to Dublin. The whole of Ireland was divided into two provinces by a line drawn from the north of Dublin county to the south of Galway Bay, and the bishoprics were reduced to ten. The revenues of the suppressed bishoprics, together with those of suspended dignities and benefices and disappropriated tithes, were vested by the Church Temporalities Act in the Board of Ecclesiastical Commissioners, to be applied by them to the erection and repairs of churches, to the providing for Church expenses hitherto defrayed by vestry rates, and to other ecclesiastical purposes. The sales which were made of perpetuities of Church estates, vested in the Ecclesiastical Commissioners, produced upwards of 631,353; the value of the whole perpetuities, if sold, was estimated at 1,200,000. The total receipts of the Ecclesiastical Commissioners in 1834 were 68,729; in 1835 they amounted to 168,027; and in 1836 they reached 181,045. The cost of the official establishment was at one time 15,000; during the later years, however, it averaged less than 6,000. Its total receipts, up to July, 1861, were 3,310,999. The Church Temporalities Act imposed a tax on all benefices and dignities whose net annual value exceeded 300, graduated according to their amount, from two and a half to five per cent., the rate of charge increasing by 2s. 6d. per cent. on every additional 10 above 405. All benefices exceeding 1,195 were taxed at the rate of fifteen per cent. The yearly tax imposed on all bishoprics was graduated as follows:Where the yearly value did not exceed 4,000 five per cent.; not exceeding 6,000, seven per cent.; not exceeding 8,000, ten per cent.; and not exceeding 10,000, twelve per cent. In lieu of tax the Archbishopric of Armagh was to pay to the Ecclesiastical Commissioners an annual sum of 4,500, and the see of Derry to pay 6,160. The exact net incomes of the Irish bishops were as follows:Armagh, 14,634; Meath, 3,764;[361] Derry, 6,022; Down, 3,658; Kilmore, 5,248; Tuam, 3,898; Dublin, 7,636; Ossory, 3,874; Cashel, 4,691; Cork, 2,310; Killaloe, 3,310; Limerick, 3,987total, 63,032. The total amount of tithe rent-charge payable to ecclesiastical personsbishops, deans, chapters, incumbents of benefices, and the Ecclesiastical Commissioners was 401,114. The rental of Ireland was estimated, by the valuators under the Poor Law Act, at about 12,000,000this rental being about a third part of the estimated value of the annual produce of the land.
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