ONE:[See larger version]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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- imperdiet doming
THREE:Such was the condition into which an army and navy, once illustrious through the victories of Marlborough and Blake, were reduced by the aristocratic imbecility of the Newcastles, Bedfords, and Cumberlands. This last princely general had, in fact, put the climax to his career. He had placed himself at the head of fifty thousand confederate troops, in which there were no English, except the officers of his own staff, to defend his father's Electorate of Hanover. But this ruthless general, who never won a battle except the solitary one of Culloden, against a handful of famished men, was found totally incompetent to cope with the French general, d'Estres. He allowed the French to cross the deep and rapid Weser, and continued to fall back before them as they entered the Electorate, until he was driven to the village of Hastenbeck, near Hameln, where the enemy overtook and defeated him. He then continued his retreat across the desolate Lüneburg Heath, to cover Stade, near the mouth of the Elbe, where the archives and other valuable effects of Hanover had been deposited for safety. At this time Richelieu succeeded to the command of d'Estres in this quarter, and he continued to drive Cumberland before him, taking Hameln, G?ttingen, and Hanover itself, and soon after Bremen and Verden. Thus were Hanover and Verden, which had cost England such millions to defend, seized by France; nor did the disgrace end here. Cumberland was cooped up in Stade, and compelled, on the 8th of December, to sign a convention at Closter-Seven, by which he engaged to send home the Hesse and Brunswick troops, and to disperse the Hanoverians into different quarters, not to serve again during the war.
THREE:Caulaincourt, who had been sent by Buonaparte from Fontainebleau to the Allied sovereigns to treat on his behalf, returned, and informed Buonaparte of all these events. He declared that he would march on Paris; and the next day, the 4th of April, he reviewed his troops, and told them that some vile persons had insulted the tricolour cockade in Paris, and they would march there at[83] once and punish them. The soldiers shouted, "Paris, Paris!" but, after the review, the marshals produced the Moniteur, told him what had taken place, and that it was necessary that he should submit. He appeared greatly agitated, and asked them what they wished. Lefebvre said, bluntly, that he had been advised by his best friends to make peace in time, when he would have saved everything; there was nothing for it now but to abdicate. Napoleon then called for a pen, and abdicated in favour of his son. Caulaincourt and Ney were to carry this to the Allied sovereigns. They inquired what terms they should ask for himself. He replied"None: I ask nothing." Yet, the moment the commissioners were gone, he started up and vowed that he would fight with Marmont's corps and the Guards, and would be in Paris on the morrow.[366]
THREE:Government now resorted to vigorous measures; the Chartist leaders were brought to trial, and sentenced to various terms of imprisonment. At a meeting of the National Convention held on the 14th of September, it was moved by Mr. O'Brien, and seconded by Dr. Taylor, that the Convention be dissolved. On a division, the numbers were for the dissolution eleven; against it eleven. The chairman gave his casting vote in favour of the dissolution. It was thereupon hoped, and, indeed, publicly declared by the Attorney-General, that Chartism was extinct and would never again be revived. It soon appeared, however, that this was a delusion, and that a most formidable attempt at revolution by force of arms had been planned with great care and secrecy, and on a comprehensive scale, the principal leader being a justice of the peace. Among the new borough magistrates made by the Whigs after the passing of the Reform Bill was Mr. John Frost, a linendraper at Newport. At the beginning of the Chartist agitation in 1838 Mr. Frost attended a meeting in that town, when he made a violent speech, for which he was reprimanded by the Home Secretary. But this warning was far from having the desired effect. During the autumn of 1839 he entered into a conspiracy with two other leadersJones, a watchmaker, of Pontypool, and Williams, of the Royal Oak Inn, in the parish of Aberystwithto take possession of the town of Newport, which was to be the signal for a simultaneous rising of the Chartists in Birmingham and in all other parts of the kingdom. But the weather was unfavourable and the night was dark. The divisions under the command of Jones and Williams failed to arrive at the appointed time, and the party under the command of Frost himself was late. The intention was to surprise Newport at about midnight on Sunday, the 3rd of November; but owing to the wetness of the weather it was not till ten o'clock on Monday morning that the insurgents entered the town in two divisions, one headed by Frost, and another by his son, a youth of fourteen or fifteen. They were armed with guns, pistols, pikes, swords, and heavy clubs. The mayor, Mr. Thomas Philips, apprised of their approach, had taken prompt measures for the defence of the place.
