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LORD NORTH.

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/ FORE:These acquisitions were more valuable for the defence which they afforded the British than for the direct income, which did not amount to more than half a million sterling a year; but they included all Tippoo's dominions on the coast of Malabar, thus cutting off his mischievous communications with the French by sea. It would have been easy at this time to have stripped Tippoo of the whole of Mysore, but it was not deemed politic. We were far from having great faith in the continued fidelity of the Mahrattas, and it was thought necessary not to remove the check which the existence of Tippoo's power, and his desire for revenge on the Mahrattas, presented. Besides, the finances of India were in a very embarrassed state, and the question of Indian war was unpopular in Britain. With all the territory resigned to the Indian allies, Lord Cornwallis could not avoid giving deep offence to the Mahrattas, who desired to obtain a regiment of British troops in pay. The ill-concealed jealousy between them and the Nizam made an outbreak between these States very possible; and the moody resentment of Tippoo, who writhed under his humiliation, added greatly to the uncertainty of long-continued peace. On the other hand, the soldiers were highly discontented at not having had the opportunity of plundering the opulent city of Seringapatam; and to soothe them Cornwallis and General Medows, the second in command, surrendered to them their shares of prize money, and the former ordered them, besides, six months' batta out of the money paid by Tippoo.

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/ FORE:In 1783 the English carriage-builders, who had before been considered inferior in elegance to the French makers, began to receive large orders from Paris itself. In 1759 Walter Taylor and son introduced machinery for cutting blocks, sheaves, and pins for ships. Saw-mills were also introduced into Great Britain, in 1767, by Mr. Dingley, of Limehouse.

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/ FORE:George had much difficulty in restraining his indignation, but he kept it down, and only bowed the duke silently out of his presence. No sooner had he departed than he flew to Cumberland, and declared he would bear this no longer. Again overtures were made to Pitt, again Pitt expressed himself willing to take office, but again declined, because Temple still refused. Foiled in these attempts to engage Pitt, and equally foiled in an endeavour to engage some of the heads of the leading Whig houses, who would enter no administration without Pitt, a heterogeneous cabinet was at length cobbled up, through the management of the old Duke of Newcastle, who was hankering after office. The Marquis of Rockingham was put forward as First Lord of the Treasury and Premier. Grafton and Conway were to be Secretaries of State; and the latter, lately dismissed with ignominy from the army, was to lead the Commons. The Earl of Northington was made Chancellor, the old Duke of Newcastle Privy Seal; another old and almost superannuated nobleman, Lord Winchelsea, President of the Council. Charles Townshend retained his post of Paymaster of the Forces. Such materials, it was clear, could never long hold together. "It is a mere lute-string administration," said Townshend himself; "it is pretty summer wear, but it will never stand the winter!"

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/ FORE:Fox introduced his first Bill on the 20th of November. All went smoothly, and the second reading was ordered for that day week. Then the storm burst. Mr. Grenville (afterwards Lord Grenville) described the Bill as a scheme to put the Company into the hands of Ministers, and to annihilate the prerogatives of the Crown at the same time. He denounced it as one of the most daring and dangerous attempts that had ever been brought into that House. He moved that it should lie over till after Christmas, and there was a strong phalanx ready to support him. Grenville did not press the motion to a division, and the Bill was read a second time on the 27th, when a vehement and long debate took place. Pitt put forth his whole strength against it, Fox for it, and it was carried by two hundred and twenty-nine votes against one hundred and twenty. On the 1st of December it was moved that the Bill be committed, when the Opposition was equally determined. On this occasion Burke, who had made himself profoundly acquainted with Indian affairs, took the lead, and delivered one of his very finest speeches, full of information and eloquence. Pitt resisted the going into Committee with all his power, and pledged himself, if the House would throw out the Bill, to bring in another just as efficacious, and at the same time devoid of its danger. The debate, like the former one, did not close till half-past four in the morning, and then it was with a triumphant majority of two hundred and seventeen against one hundred and three. The Bill, thus carried by such majorities through the Commons, was carried up to the Lords, on the 9th of December, by Fox, accompanied by a numerous body of the Commoners, and it was considered as certain of passing there; but the king and his party, exasperated at the resolute conduct of the Commons, had gone to such lengths to quash the Bill in the Lords as are rarely resorted to by the Crown. As in the Lower House, so here, it was allowed to be read the first time without dividing; but it was attacked with an ominous solemnity by Thurlow, the Duke of Richmond, and Lord Temple, who, since his recall from the Lord-Lieutenancy of Ireland, had thrown himself into the Opposition with peculiar vivacity. It was known that he had been frequently closeted with the king of late, and he bluntly declared the Bill infamous. As a matter of fact, he had urged the king to use his personal influence with the House of Lords. Thurlow went further, and, fixing one of his most solemn glances on the Prince of Wales, who was sitting in the House to vote for the Bill, declared that if this measure passed, the crown of England would not be worth wearing;[303] and that if the king allowed it to become law, he would, in fact, have taken it from his head and put it on that of Mr. Fox. On the 15th, when the Bill was proposed for the second reading, the royal proceedings against it were brought at once to light. The Duke of Portland rose and said, before going into the question, he was bound to notice a report which was confidently in circulation, and which, if true, vitally affected the constitution of the country. This was no less than that the king had written a note to Lord Temple, stating that "his Majesty would deem those who voted for the Bill not only not his friends, but his enemies; and that if Lord Temple could put this into still stronger language, he had full authority to do so."Surely, both magistrates and soldiers might now have been satisfied. A defenceless multitude have no means of resistance, and, doing their best to get away, might have been left to do so without further molestation, which would be equally brutal in the magistrates, and cowardly in the soldiers. But neither of these parties seems to have thought so on this unhappy occasion. The magistrates issued no orders to desist, and the soldiers, by the confession of one of their officers, went on striking with the flats of their swords at the impeded people, who were thrown down in their vain efforts to get away, and piled in struggling heaps on the field. Mr. Hulton confessed that he walked away from the window after he had let loose the horse-soldiers on the people. "He would rather not see any advance of the military." He was, in fact, so tender-hearted that he did not mind the peoplemen, women, and children, met to exercise their political rightsbeing trodden down under the iron hoofs of horses, and cut down by the sword, so long as he did not see it.

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THREE:HENRY GRATTAN.
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THREE:Five days after this, February 10th, the matter was made public by Lord Darnley rising in the Upper House, and moving for an inquiry into the conduct of the Ministry. This roused up Lord Grenville, who candidly avowed that, in consequence of their failure to introduce the question of Catholic emancipation, the Ministers had resigned and only held office till a new Cabinet was formed. On this, Lord Darnley postponed his motion. On the same day, in the Commons, a letter from Addington, the Speaker, was read, announcing his resignation of the Speakership in consequence of the king's proposal to nominate him to a situation incompatible with that post. Pitt then rose and confirmed this, and proposed an adjournment till the next day in order to prepare for the nomination of the new Speaker. The House adjourned accordingly, and next day, the 11th of February, elected Sir John Mitford, the Attorney-General, as Speaker. Before the House could resume business, it was announced that the king was illconfined to the house by a severe cold; but it was soon known that it was a return of his old malady, lunacy, in consequence of his extreme agitation on the proposal of the Catholic question and the resignation of Pitt. The report was soon augmented into the startling rumour that the king was dangerously ill, and that a regency must take placeif not superseded by his death. At this news Fox, who had for some time absented himself from Parliament, on the plea that all endeavours to carry sound and prudent measures were hopeless with Pitt's great martial majority, hastened up to town from St. Anne's Hill; and the Whig body was in a flutter of expectation that he would soon be the Minister of the prince regent, or of George IV. But all these hopes were speedily overthrown by the news of the rapid improvement of the king, and on the 12th of March the royal physicians announced him perfectly recovered. He attributed his illness to Pitt's conduct, and the ex-Premier thereupon wrote and promised never to re-open the question again.
/ FORE:The news of his liberation was carried that night by the mail coaches over all parts of the country, and produced extraordinary excitement throughout the south and west, particularly in Cork, which Mr. O'Connell then represented. There the whole population seems to have turned out, some of the streets being so packed that it was impossible to get along. Processions were soon formed, with bands of music, and green boughs. Even the little children were furnished with the emblems of victory. Along the country roads, too, as well as in the towns and villages, every little cabin had its green boughs stuck up, and its group of inhabitants shouting for "the Liberator." At night, in the towns, every house was illuminated, while bonfires blazed on the mountains, and the horizon seemed on fire in every direction. On the following Sunday the liberation of the prisoners was celebrated in the Metropolitan Church, Dublin. Archbishop Murray sat with his mitre on, and in his grandest robes, on an elevated throne, with crimson canopy. On the opposite side, beneath the pulpit, were chairs of state, on which sat O'Connell and the rest of the "Repeal martyrs." A Te Deum was sung for the deliverance of the liberator of his country; a sermon was preached by O'Connell's devoted friend and chaplain, the Rev. Dr. Miley, who ascribed the liberation, not to the law lords, but to the Virgin Mary.

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/ FORE:The circumstance sank deeply into the mind of the king, and, resenting especially the conduct of Grenvillewho had acted as though he held a monopoly of office,he determined to be rid of him. He therefore consulted with his uncle, the Duke of Cumberland. That prince, to whom age and infirmities seemed to have given a degree of wisdom, declared the offer of the Ministry to Pitt to be the necessary step, and willingly undertook to make it. But knowing that Pitt would not even listen to the proposal without Temple, he dispatched a summons to Stowe for that nobleman, and himself, infirm as he was, went to Hayes, to learn the will of the great commoner personally. Pitt showed himself disposed to accept the office, on condition that general warrants should be declared illegal; that the officers dismissed on account of their votes be restored; and that an alliance with Protestant powers, and especially with Prussia, should be formed, to counterbalance the compact between France and Spain. This was asking a great deal; but Pitt demanded more in the particulars of appointments,[187] namely, that Pratt, who had opposed the Court so decidedly as regarded Wilkes and general warrants, should be Lord Chancellor, and he opposed the Court desire that the Duke of Northumberland should be at the head of the Treasury. Pitt, moreover, designed the Treasury for Temple. But, when Temple arrived, he refused to take office at all. The fact was that just now he was making a reconciliation with his brother, Grenville, and was averse from throwing him overboard. So far from joining Pitt, he was on the verge of another breach with him. Pitt, disconcerted by this repulse, with a weakness to be deplored in so great a man, refused to accept the offer to form a ministry at all.

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/ FORE:On the 20th of May Fox moved for a Grand Committee on courts of justice, to inquire into some late decisions of the courts in cases of libel. Thomas Erskine, the eloquent advocate, had lately, in the case of the Dean of St. Asaph, delivered a most brilliant and effective speech on the right of juries to decide both on fact and on law in such cases, the duty of the judge being only to explain the law. Fox adopted this doctrine of Erskine, and framed his speech in the most glowing terms. He complained, however, that such was not the practice of the courts, and he particularly animadverted on the custom and the doctrine of Lord Mansfield on this subject. He observed that in murder, in felony, in high treason, and in every other criminal indictment, it was the admitted province of the jury to decide both on law and fact. The practice in the case of libel was an anomaly, and clearly ought not to be so. He said that the doctrine which he recommended was no innovation; it had been asserted by John Lilburne, who, when prosecuted for a libel under the Commonwealth, declared that the jury were the real judges, and the judges themselves mere cyphers, so far as the verdict was concerned; and Lilburne had been acquitted, in spite of the judge and of the influence of Cromwell. He reviewed the doctrines of the Stuarts regarding libel, and observed that these could not be wrong then and right now. He contended that the late practice had been a serious inroad on the liberty of the press, and noted the case of the printer of the Morning Herald, who had been tried for merely commenting strongly on the sending of an armament to Nootka Sound, and on the conduct of Parliament in granting supplies for this purpose. He had been condemned to a year's imprisonment and to stand in the pillory. Pitt observed that he had always, since he had had a place in the Ministry, condemned the use of the pillory, and that there could be no difficulty in remitting that part of the sentence in this particular case. He supported Fox's view of the law, and recommended him to bring in two short Bills, instead of going into committee on the subject. Fox followed this advice, and brought in two Billsone to remove doubts respecting the rights and functions of juries in criminal cases; and the other to amend the Act of the 9th of Queen Anne for rendering the proceedings upon writs of Mandamus and informations in the nature of a Quo Warranto more speedy and effectual. The first Bill passed the Commons on the 2nd of June, but was thrown out in the Lords, through the influence of Chancellor Thurlow, who had never forgiven Pitt his contempt of his conduct on the Regency question during the king's malady. This defeated the object of Fox during this Session, but it was carried in the next, and Lord Thurlow's opposition lost him his position. The Great Seal was put into commission.This was a thunderstroke to NewcastleLegge,[120] who had been so pliant, thus to rebel. Newcastle, in his consternation, hastened to Pitt, imploring him to use his influence with Legge, and promising him the Seals as Secretary, engaging to remove all prejudice from the king's mind. But not only Pitt, but the public, had been long asking whether, in these critical times, everything was to be sacrificed for the sake of this old grasping jobber at the Treasury? whether Newcastle was to endanger the whole nation by keeping out of office all men of talent? Pitt stood firm: no offers, no temptations, could move him. Newcastle, finding Pitt unmanageable, flew to Fox, who accepted the Seals on condition of having proper powers conceded to him, and agreed to support the treaties, against which he had been equally as violent as Pitt, having just before said to Dodington, "I am surprised you are not against all subsidies." Robinson was consoled with a pension of two thousand pounds a year and the post of Master of the Wardrobe. The king had returned from Hanover, and Fox was not to receive the Seals till two days after the meeting of Parliament, so that he might keep his place and support the Address. By his accession to office he changed the violence of the opposition of the Duke of Bedford, and brought the support of the Russells to the Ministry. This strength, however, did not prevent the certainty of a breakup of the Cabinet. Pitt was now arrayed against his former colleagues.

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THREE:The silk trade received a great impulse by the erection of a silk-mill at Derby, in 1719, by John Lombe and his brothers. Lombe had smuggled himself into a silk-mill in Italy, as a destitute workman, and had then copied all the machinery. To prevent the operation of this new silk factory in Englandwhich was worked by a water-wheel on the river Derwent, had 97,746 wheels, movements, and individual parts, and employed three hundred personsthe King of Sardinia prohibited the exportation of the raw material, and thus, for a time, checked the progress of the manufacture. Parliament voted Sir Thomas Lombe[167] 14,000 as a compensation for loss of profits thus occasioned, on condition that the patent, which he had obtained for fourteen years, should expire, and the right to use the machinery should be thrown open to the public. By the middle of this period our silk manufactures were declared superior to those of Italy, and the tradesmen of Naples recommended their silk stockings as English ones. In 1755 great improvements were introduced by Mr. Jedediah Strutt in the stocking-loom of Lee.
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THREE:On the 19th of October the French attacked the duke with sixty thousand men, and though his little army fought with its usual dogged bravery it was compelled to give way. It did this, however, only to assume a fresh position, still covering Nimeguen, where, on the 27th, the French again attacked it, and compelled it to retire from the contest. The duke led the wreck of his army across the Waal and the Rhine, and posted himself at Arnhem in Guelderland, to throw some impediment in the path of Pichegru, who was advancing, at the command of the Convention, to reduce Holland. Nimeguen, full of Dutch traitors, soon opened its gates; Maestricht did the same to Kleber; and at the end of the campaign the gloomiest prospects hung over Holland.
/ FORE:DEPUTATION OF CONSTITUTIONALISTS BEFORE THE QUEEN OF PORTUGAL. (See p. 413.)

March 23rd, 2015 5 Comments

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/ FORE:[See larger version]

March 23rd, 2014 5 Comments

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March 25rd, 2014 5 Comments

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THREE:If Grenville and his Cabinet, in their ignorance of human nature, had made a gross mistake in their conduct towards Wilkes, they now made a more fatal one in regard to our American colonies. These colonies had now assumed an air of great importance, and were rapidly rising in population and wealth. The expulsion of the French from Canada, Nova Scotia, and Cape Breton, the settlement of Georgia by General Oglethorpe, the acquisition of Florida from Spain, had given a compactness and strength to these vast colonies, which promised a still more accelerated and prosperous growth. At this period the inhabitants are calculated to have amounted to two millions of Europeans, and half a million of coloured people, Indians and negroes. The trade was becoming more extensive and valuable to the mother country. The imports from England, chiefly of her manufactures, amounted to three million pounds annually in value. They carried on a large trade with our West Indian islands and the Spanish American colonies, and French and Dutch West Indies. They also built ships for the French and Spaniards, in the West Indies. They had extensive iron and copper mines and works in different states. They manufactured great quantities of hats in New England. The fisheries of Massachusetts produced two hundred and thirty thousand quintals of dried fish, which they exported to Spain and Portugal, and other Catholic countries of Europe. Carolina exported its rice to these countries as well as to England; and they exported vast quantities of cured provisions, dye-woods, apples, wax, leather, tobacco from Virginia and Maryland (fifty thousand hogsheads annually to England alone) valued at three hundred and seventy-five thousand pounds. The masts from New England, sent over for the British navy, were the largest in the world.Mr. Morgan O'Connell soon found that he had no sinecure in undertaking to give satisfaction with the pistol for all his father's violations of the code of honour. Shortly after, Mr. Daniel O'Connell referred, in strong language, to an attack made upon him by Mr. Disraeli at Taunton:"In the annals of political turpitude, there is not anything deserving the appellation of black-guardism to equal that attack upon me.... He possesses just the qualities of the impenitent thief who died upon the Cross; whose name, I verily believe, must have been Disraeli. For aught I know, the present Disraeli is descended from him; and with the impression that he is, I now forgive the heir-at-law of the blasphemous thief who died upon the Cross." When Mr. Disraeli read this tremendous philippic, he wrote to Mr. Morgan O'Connell for satisfaction, which the latter denied his right to demand. He had not seen the attack, nor was he answerable for his father's words, though he had taken up his quarrel with Lord Alvanley. Not being able to get satisfaction by means of pistols, he had recourse to the pen; and, certainly, if O'Connell's attack was violent, the retaliation was not of the meekest. However, ink alone was spilt.
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THREE:The debate on Mr. Villiers's annual motion, on June 10, produced still further evidences of the decline of Protectionist principles. On that occasion Sir James Graham, who was currently believed to be better acquainted with the feelings of the Premier than any other of the Ministers, said, "He would not deny that it was his opinion, that by a gradual and cautious policy it was expedient to bring our system of Corn Laws into a nearer approximation to those wholesome principles which governed legislation with respect to other industrial departments. But it was his conviction that suddenly and at once to throw open the trade in corn would be inconsistent with the well-being of the community, and would give such a shock to the agricultural interest as would throw many other interests into a state of convulsion. The object of every Government, without distinction of party, for the last twenty years, had been to substitute protecting duties for prohibitory duties, and to reduce gradually protecting duties, where it had them to deal with. He approved of this as a safe principle, and showed that it was the keystone of the policy of Sir Robert Peel.... If they could show him that Free Trade with open ports would produce a more abundant supply to the labourer, they would make him [Sir James] a convert to the doctrine of Free Trade in corn. He confessed that he placed no value on the fixed duty of four shillings lately proposed; it would be of no avail as a protection, whilst it would be liable to all the obloquy of a protecting duty; and he therefore thought that if they got rid of the present Corn Law, they had better assent to a total repeal." Sir Robert Peel spoke more cautiously; but he began by striking away a favourite maxim of his party, in observing that experience proved that the high price of corn was not accompanied by a high rate of wages, and that wages did not vary with the price of corn. He said that he "must proceed, in pursuance of his own policy, to reconcile the gradual approach of our legislation to sound principle on this subject, with the interests which had grown up under a different state of things;" but he admitted that it would be "impossible to maintain any law on the ground that it was intended to keep up rents."Whilst the French had been thus beating the Austrians out of Italy, and thus rendering abortive our new and lavish subsidy to the Emperor, Ministers had been busy in the election of a new Parliament. This new Parliament assembled on the 6th of October, and was full of patriotism. As Hoche's army had not yet sailed, and as nobody seemed to know its destination, Pitt represented that it probably was for the coast of England, and called for the enrolment of fifteen thousand men from the parishes, half of whom were to be sent into the navy, and for sixty thousand militia and twenty thousand more yeomen cavalry, all which were carried. On the 26th of October Windham, as Secretary at War, announced the whole military force of the country at home and abroad, apart from the troops in the East Indies, which were raised and maintained by the Company, to be one hundred and ninety-six thousand men, and he demanded for their payment five million one hundred and ninety thousand pounds. On the 7th of November Pitt opened his Budget, requiring no less than twenty-seven million nine hundred and forty-five thousand pounds for the total expenditure of the year. There was another loan called for of eighteen million pounds, and though the terms were then considered low, such was the spirit of the nation that the amount was subscribed within two days.
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THREE:According to returns made by the bishops in 1807, the number of incumbents in the eleven thousand one hundred and sixty-four parishes of England and Wales was only four thousand four hundred and twelve, or little more than one in every third parish. In 1810 the matter had a little improved, for the whole number of residents was found to be five thousand nine hundred and twenty-five. The duty of the kingdom was chiefly done by curates, and how were these curates paid? Lord Harrowby stated in the House of Peers, in 1810, that the highest scale of salary paid by non-residents to their curates, who did all the work, was fifty, sixty, or at the most seventy pounds a year; but that a far more usual scale of payment was twenty pounds, or even ten pounds, per annum; that this was much less than the wages of day labourers, and that the worst feature of the case was that the non-residents and pluralists were amongst those who had the richest livings, so that men drawing eight hundred or even two thousand pounds a year from their livings were often totally unknown to their parishioners, and that often "all that they knew of the curate was the sound of his voice in the reading-desk, or pulpit, once a week, a fortnight, or a month."
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Meanwhile, the Highland army was continuing its retreat. On the 20th of December they left Carlisle, and crossed into Scotland by fording[103] the Esk. On the 26th Lord George entered Glasgow, and Charles, with the other division, on the 27th. At Glasgow the prince and the army lay for seven days to rest, and to levy contributions of all kinds of articles of apparel for the soldiers. On the 3rd of January, 1746, the same day that Cumberland left Carlisle for London, Charles marched his army out of Glasgow, new clad and new shod, for Stirling. The next day he took up his quarters at the house of Bannockburn, and distributed his men through the neighbouring villages, Lord George Murray occupying Falkirk. Lords Strathallan and Drummond soon arrived from Perth with their united force, attended by both battering-guns and engines from France.ON BOARD AN EMIGRANT SHIP AT THE TIME OF THE IRISH FAMINE. (See p. 542.)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.[See larger version]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:
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