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The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] 936,300; Wigan and Co., 674,700; Wildes and Co., 505,000; total acceptances, 2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to 1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampledbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubblesthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculationswhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.We may satisfy ourselves as to William's appreciation of poetry by the fact that Shadwell was his first poet-laureate and Nahum Tate the next. Dr. Nicholas Brady and Nahum Tate made the version of the Psalms which long disgraced the Church Service. Sir William Temple, Baxter, Sir George Mackenzie, Stillingfleet, and Evelyn, as well as some others flourishing at the end of the last period, still remained.
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THREE:Nothing could exceed the indignation of the public at the attempt that was being made by the Court, in league with an intriguing faction, to resist the national will. All classes, high and low, rich and poor, nobles and commoners, Churchmen and Dissenters, were roused into a state of wild excitement and fierce determination. Indignation meetings were everywhere held and threatening resolutions passed. The House of Commons was called upon to stop the supplies; placards were put up in the windows of shops expressing the determination of the inhabitants to pay no taxes. This determination was not confined to the middle classes; men of the highest rank and largest property, such as Lord Milton, told the tax-collector not to call again. A complete and active organisation existed in London for the purpose of stimulating and directing public[351] feeling in the provinces, and obtaining from the people vehement petitions, which poured in to both Houses rapidly, especially to the House of Commons. The political unions were everywhere preparing for actual insurrection. In London meetings were held by day and by night, at which the most violent language was used even by persons of property and rank. The Common Council of London met, and passed resolutions denouncing those who had advised the king not to create peers as enemies of their Sovereign, who had put to imminent hazard the stability of the Throne and the security of the country. A standing committee was appointed to watch the course of events. The feeling excited by these extraordinary proceedings proved, beyond the possibility of doubt, that the whole mercantile and trading classes in the metropolis were prepared to adopt revolutionary measures, if such were necessary, for the attainment of the Reform Bill. Immense numbers of persons who had hitherto considered the proceedings of the National Political union in London too violent, were now, says the Times of the 11th of May, at their own solicitation, admitted members. Similar excitement prevailed throughout the provinces.

By Elena Smith

THREE:One of the most important measures of the Session was the Marriage Act, a subject which had been taken up by Sir Robert Peel during his short-lived Ministry. By this Act Dissenters were relieved from a galling and degrading grievance, one which, of all others, most painfully oppressed their consciences. Notwithstanding their strong objection to the ceremonies of the Established Church, they were obliged, in order to be legally married, to comply with its ritual in the marriage service, the phraseology of which they considered not the least objectionable part of the liturgy. By this Act marriages were treated as a civil contract, to which the parties might add whatever religious ceremony they pleased, or they might be married without any religious ceremony at all, or without any other form, except that of making a declaration of the Act before a public officer, in any registered place of religious worship, or in the[410] office of the superintendent registrar. This was a great step towards religious equality, and tended more than anything, since the repeal of the Test and Corporation Acts, to promote social harmony and peace between different denominations.Owing to these circumstances, occasion was taken, on the presentation to the Privy Council of the petition of the people of Boston for the removal of the Governor and Lieutenant-Governor of Massachusetts, to animadvert on Franklin's conduct. This took place on the 29th of January, 1774, when Dunning and Lee were retained on the part of the petition, and Wedderburn, the Solicitor-General, appeared for the Crown. There were no less than thirty-five Privy Councillors present, amongst them Lord North, and Lord Gower at their head, as Lord President. Neither Dunning nor Lee spoke effectively, but as if they by no means relished the cause in which they were engaged; while Wedderburn seemed animated by extraordinary life and bitterness. He was the friend of Whately, who was now lying in a dangerous state from his wound. After speaking of the Charter and the insubordinate temper of the people of Massachusetts, he fell with withering sarcasm on Franklin, who was present. Hitherto, he said, private correspondence had been held sacred, even in times of the most rancorous party fury. But here was a gentleman who had a high rank amongst philosophers, and should be the last to sanction such infamous breaches of honour, openly avowing his concern in them. He asked where, henceforth, Dr. Franklin could show his face; and said that henceforth he must deem it a libel to be termed "a man of letters," he was "a man of three letters, f u r, a thief." Wedderburn could compare him only to Zanga, in Dr. Young's "Revenge:"

By Elena Smith

THREE:Windham, on the 3rd of April, proposed his plan for the improvement of the army. Till this time enlistments had been for life, which gave men a strong aversion to enter it, and made it the resort chiefly of such as were entrapped in drink, or were the offscouring of society, who became soldiers to enjoy an idle life and often to escape hanging for their desperate crimes. He said that we could not have recourse to conscription in this country, and to get men, and especially a better class of men, we must limit the term of service and increase the pay. To prepare the way for his contemplated regulations, he first moved for the repeal of Pitt's Additional Force Bill. This was strongly opposed by Castlereagh and Canning, who contended that nothing could be better or more flourishing than the condition of the army; and that the repeal of Pitt's Bill was only meant to cast a slur on his memory. Notwithstanding this,[519] the Bill was repealed by a majority, in the Commons, of two hundred and thirty-five against one hundred and nineteen, and in the Lords by a majority of ninety-seven against forty. Windham then moved for a clause in the annual Mutiny Bill, on the 30th of May, for limiting the terms of service. In the infantry, these terms were divided into three, of seven years each; and in the cavalry and artillery three also, the first of ten, the second of six, and the third of five years. At the end of any one of these terms, the soldier could demand his discharge, but his privileges and pensions were to be increased according to the length of his service. Notwithstanding active opposition, the clause was adopted and inserted. He then followed this success by a series of Bills: one for training a certain number of persons liable to be drawn from the militia, not exceeding two hundred thousand; a Bill suspending the ballot for the militia for England for two years, except so far as should be necessary to supply vacancies in any corps fallen below its quota; a Bill, called the Chelsea Hospital Bill, to secure to disabled or discharged soldiers their rightful pensions; a Bill for augmenting the pay of infantry officers of the regular line; and one for settling the relative rank of officers of troops of the line, militia, and yeomanry. To these Bills, which were all passed, was added a vote for the increased pay of sergeants, corporals, and privates of the line, and an augmentation of the Chelsea pensions, and the pensions of officers' widows. Lord Howick moved that the same benefits should be extended to the officers, petty officers, and seamen of the navy, and to the Greenwich pensioners, which was carried. These were, undoubtedly, most substantial measures of justice to the two services; and the results of them soon became apparent enough in their beneficial effects on the condition of the army and navy.The news of this astonishing cowardice of the soldiery caused great consternation in Paris. Lafayette and Rochambeau wrote complaining of Dumouriez and the Gironde Ministry; the Girondists accused the Jacobins of inciting the troops to this conduct; and the Jacobins blamed the incompetence of the Gironde. The king proceeded to dismiss his Girondist Ministry, and to rule with something like independence. In the early part of July it was known at the Tuileries that the Prussians, having joined the Austrians, had marched on Coblenz, to the number of eighty thousand men, all old soldiers of the great Frederick, and commanded by the Duke of Brunswick, the nephew of Frederick, who had won so much distinction in the Seven Years' War. Marshal Luckner, not deeming himself strong enough to resist this force, had retired upon Lille and Valenciennes. The Court was in high spirits; the queen told her ladies, in confidence, that the Allies would be in Paris in six weeks. The king wrote to the allied camp recommending moderation. In this moment of effervescence appeared the proclamation of the Duke of Brunswick as commander of the allied armies, and in the name of the allied monarchs. This proclamation arrived in Paris on the 28th of July, though it was dated Coblenz, July 25th. It was far from being of the reasonable nature which the king had recommended, and was calculated to do the most fatal injuries to his interests. It stated that the Emperor and the King of Prussia, having seen the manner in which the authority of the King of France had been overturned by a factious people, how his sacred person and those of his family had been subjected to violence and restraint, in which those who had usurped his Government had, besides destroying the internal order and peace of France, invaded the Germanic Empire, and seized the possessions of the princes of Alsace and Lorraine, had determined to march to his assistance, and had authorised himself, a member of the Germanic body, to march to the aid of their friend and ally; that he came to restore the king to all his rights, and to put an end to anarchy in France; that he was not about to make war on France, but on its internal enemies, and he called on all the well-disposed to co-operate in this object; that all cities, towns, villages, persons, and property would be respected and protected, provided that they immediately concurred in the restoration of order. He summoned all officers of the army and the State to return to their allegiance; all Ministers of Departments, districts, and municipalities were likewise summoned, and were to be held responsible, by their lives and properties, for all outrages and misdemeanours committed before the restoration of order; and all who resisted the royal authority, and fired on the royal troops or the Allies, should be instantly punished with all rigour, and their houses demolished or burned. Paris, in case of any injury done to the royal family, was to be delivered up to an exemplary and ever-memorable vengeance; that no laws were to be acknowledged as valid but such as proceeded from the king when in a state of perfect liberty.

By Elena Smith

But Tolly did not mean to remain longer than was necessary for the inhabitants to have made a safe distance; he was afraid of Napoleon making a flank movement and cutting off his way to Moscow. In the night fires broke out all over Smolensk: they could not be the effect only of the French shells; and Buonaparte sat watching them till morning. Soon bridges, houses, church spires, all of wood, were enveloped in roaring flames. The next day, the 18th of August, the French entered the place whilst it was still burning around them. The dead, half consumed, lay around the smoking ruins; and the French army marched through this ghostly scene with military music playing, but with hearts struck with consternation and despair at this proof of the inveterate determination of the Russians to destroy their whole country rather than suffer it to be conquered. Here they were left without shelter, without provisions, without hospitals for the sick, or dressings for the wounded, without a single bed where a man might lie down to die; and all before them was the same. The Cossacks beset the flanks of march, and burnt down all villages, and laid waste all fields ere the French could reach them. Again the officers entreated that they might form an encampment and remain; but Buonaparte replied still, "They must make all haste to Moscow."The ordinance was disallowed at home. Lord Brougham, who had never forgiven his former colleagues the constitution of the Cabinet without his forming a part of it, signalised himself by the extreme bitterness with which he headed the onslaught. The result was that, after protracted debates in both Houses of Parliament, which occupied the whole of the summer, and fill up nearly 500 pages of the Parliamentary Proceedings, the ordinance was annulled by Act of Parliament; but an Act was passed indemnifying Lord Durham and the Canadian authorities. The majority in the Commons was so large that the Opposition did not venture on a division; and in the Lords the disallowance was carried by a majority of 54 to 36. This result occurred on the 10th of August, and Lord Durham saw the news first in the American newspapers. Lords Melbourne and Glenelg softened the matter to him as well as they could; the former communicated the intelligence with the greatest regret and the deepest apprehension as to its consequences. Lord Durham betrayed his mortification unwisely in a proclamation which he immediately issued. As the banishment was an exception to the general amnesty he had published, he informed the prisoners at Bermuda that her Majesty being advised to refuse her assent to the exceptions, the amnesty existed without qualification, and added"No impediment, therefore, exists to the return of the persons who have made the most distinctive admission of guilt, or have been excluded by me from the province on account of the danger to which it would be exposed by their presence."On this day all Paris was astir. The drums were beating in all quarters; the National Guard were assembling at their different posts; the Insurrectional Committee had divided itself into three sections. One took its station in the Faubourg St. Marceau, with Fournier at its head; another in the Faubourg St. Antoine, headed by Westermann and Santerre; whilst Danton, Camille Desmoulins, and Carra, were at the Cordeliers. About twelve o'clock the tocsin began to ring out from the H?tel de Ville, and was quickly followed by the bells in every church tower in Paris. By one o'clock the palace was surrounded by vast throngs of armed people. They could be seen by the inmates of the palace through the old doors of the courts, and from the windows. Their artillery was visibly pointed at the palace, and the noise of their shouting, beating of drums, and singing of insurrectionary songs, was awful. The king had issued an order that the Swiss and Guards should not commence the attack, but should repel force by force. It was now recommended that the king also should go down, and by showing himself, and addressing a few words to them, should animate them in their duty. The queen, her eyes inflamed with weeping, and with an air of dignity, which was never forgotten by those who saw her, said also, "Sire, it is time to show yourself." She is said to have snatched a pistol from the belt of old General d'Affry, and to have presented it in an excitement that scarcely allowed her to remain behind. Could she have changed places, had she been queen in her own right, there would soon have been a change of scene. As for Louis, with that passive courage which he always possessed, and so uselessly, he went forward and presented himself to view upon the balcony. At the sight of him, the Grenadiers raised their caps on the points of their swords and bayonets, and there were cries of "Vive le Roi!" the last that saluted him in his hereditary palace. Even at this cry, numbers of the National Guard took alarm, imagining that they were to be surrendered to the knights of the dagger, and that they had been betrayed. The gunners, joining in the panic, turned their guns towards the palace, but the more faithful Guard drove them from the guns, disarmed them, and put them under watch.
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