ONE: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:
FORE: Napoleon's Desire for an HeirThe Archduchess Maria LouisaThe Divorce determined uponThe MarriageNapoleon quarrels with his FamilyAbdication of Louis BuonaparteNapoleon's bloated EmpireAffairs of SwedenChoice of Bernadotte as KingHe forms an Alliance with Russia and BritainHis Breach with NapoleonInsanity of George III.Preparations for a RegencyRestrictions on the Power of the RegentFutile Negotiations of the Prince of Wales with Grey and GrenvillePerceval continued in PowerThe King's SpeechReinstatement of the Duke of YorkThe Currency QuestionIts Effect on the ContinentWellington's DifficultiesMassena's RetreatHis Defeat at SabugalSurrender of Badajoz to the FrenchBattle of BarrosaWellington and MassenaBattles of Fuentes d'Onoro and AlbueraSoult's RetreatEnd of the CampaignOur Naval Supremacy continuesBirth of an Heir to NapoleonElements of Resistance to his DespotismSession of 1812Discussions on the Civil ListBankes's BillAssassination of PercevalRenewed Overtures to Grey and GrenvilleRiots in the Manufacturing DistrictsWellington's PreparationsCapture of Ciudad Rodrigo and BadajozWellington and MarmontBattle of SalamancaWellington enters MadridVictor's RetreatIncapacity of the SpaniardsThe Sicilian ExpeditionWellington's RetreatIts DifficultiesWellington's Defence of his TacticsA Pause in the War.
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FORE:Prince Ferdinand of Brunswick was more successful. He was at the head of an army of fifty-five thousand men, including ten or twelve thousand English, under Lord George Sackville. As the French had taken Frankfort-on-the-Main, he left the British and Hanoverian troops, amounting to twenty-eight thousand men, to watch the French, under Marshal de Contades, upon the Lippe, and set out to drive back the other divisions of the French, under De Broglie. He found these amounted to thirty-five thousand strong, but he did not hesitate to engage them at Bergen, on the Nidda, near Frankfort. After a hard-fought battle, he was defeated with a loss of two thousand men and five pieces of cannon. De Broglie pushed rapidly after him, formed a junction with Contades, and speedily reduced Cassel, Münster, and Minden. There appeared every prospect of the whole Electorate of Hanover being again overrun by them. The archives were once more sent off to Stade, ready for embarkation. But Ferdinand now displayed the superiority of his generalship. He left five thousand of his troops, with an air of carelessness, in the way of the French, who, unsuspicious of any stratagem, hastened forward to surprise them, when, to their astonishment, they found the whole of Ferdinand's army had been brought up in the night, and were drawn up behind a ridge near Minden.
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FORE:Not only in Parliament, but everywhere the cry for Reform rose with the distress. Hampden Clubs were founded in every town and village almost throughout the kingdom, the central one[121] being held at the "Crown and Anchor" in the Strand, London, its president being Sir Francis Burdett, and its leading members being William Cobbett, Major Cartwright, Lord Cochrane, Henry Hunt, and others. The object of these clubs was to prosecute the cause of Parliamentary reform, and to unite the Reformers in one system of action. With the spirit of Reform arose, too, that of cheap publications, which has now acquired such a vast power. William Cobbett's Political Register, on the 18th of November, 1816, was reduced from a shilling and a halfpenny to twopence, and thence-forward became a stupendous engine of Reform, being read everywhere by the Reformers, and especially by the working-classes in town and country, by the artisan in the workshop, and the shepherd on the mountain. The great endeavour of Cobbett was to show the people the folly of breaking machinery, and the wisdom of moral union.
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