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THREE:Mr. Grey seized the professed desire of peace by Government, so soon as Parliament met after the Christmas recess, to bind them to it by a resolution. He complained that, so far from any intentions of peace, Ministers were making fresh preparations for the prosecution of the war. Pitt denied this, and asserted that the Government was really anxious for peace, but could not consent to it unless France agreed to yield up its conquests of Belgium, Holland, Savoy, and Nice. On the 10th of March Mr. Grey moved for an inquiry into the state of the kingdom. He showed that this contest, so unsuccessful, had[450] already, in three years, added seventy-seven millions to the national debt; more than the whole expense of the American war, which had cost sixty-three millions. He commented severely on the wasteful manner in which this money had been thrown away on monarchs who had badly served the cause, or had perfidiously betrayed it; and on the plunder of the country by jobbers, contractors, commissaries, and other vampires, who had left the poor soldiers to neglect, starvation, and death, amid the horrors of winter, and inhospitable, pretended friends, for whom they had been sent to fight. Grey and Fox followed this up by fresh resolutions and motions condemning Ministers for their misconduct of the war, and enormous waste of the public money; but all these were triumphantly got rid of by overwhelming majorities; and in the face of this ineffectual assault, Pitt introduced his Budget, calling for fresh loans, amounting to no less than twenty-five million five hundred thousand pounds, and for supplies to the amount of upwards of forty-five millions. Some of the items of this sum were��navy, seven million five hundred and twenty-two thousand five hundred and fifty-two pounds; army, eleven million nine hundred and eleven thousand eight hundred and ninety-nine pounds; ordnance, one million nine hundred and fifty-four thousand six hundred and sixty-five pounds; miscellaneous and extraordinary, thirteen million eight hundred and twenty-one thousand, four hundred and thirty pounds. The last item alone amounted to more than the whole national expenditure before the commencement of this war, yet the whole of these startling sums were readily voted away by the Ministerial majority; and with these funds in hand for renewed prosecution of the war, the Session ended, on the 19th of May.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 unexampled��bankers, 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 bubbles��the railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculations��which 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.