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VIEW IN OLD PARIS: RUE DE PIROUETTE, NORTH SIDE OF LES HALLES. (After Martial.)It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.

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THREE:The Diet issued a counter-proclamation rebutting[398] Catherine's long catalogue of charges seriatim, and denying the right of any nation, under any pretence whatever, to interfere with the internal changes of another nation executed by the proper authorities and representatives of the people. Stanislaus Augustus issued an address to the Polish army, calling upon it to defend the national rights from the domination of Russia. But, unfortunately, Poland was in no condition to cope with the might of Russia. No pains had been taken to organise the army in years past on any scale capable of defending the nation; the new rights conferred on the people were too new to have given them yet any interest in them. Poland, therefore, in all haste, made solicitations for help to Prussia, Austria, Britain, Sweden, and Denmark; but in vain. Sweden and Denmark had, now that Gustavus was dead, determined to have no concern in wars resulting in any way from the French Revolution. Frederick William of Prussia pretended to have foreseen this offence to Russia in the alarming measures of the Diet, and protested that had it not been for these, Russia would never have taken the decided step which she had now done. He, however, coldly professed himself ready to unite with Russia and Austria to restore the former state of things in Poland. As for Austria, she lay cold and neutral in appearance; but though Poland was not aware of it, both Prussia and Austria were in the secret league for the dismemberment of that unfortunate country.The earliest idea of a steam-engine was that given by the Marquis of Worcester, in his "Century of Inventions," in 1663, which idea he obtained from De Caus, and reduced to action in London. The next step was to Papin's Digester, and then to Savery's so-called "Atmospheric Engine." This, improved by Newcomen in 1711,[195] was introduced to drain mines in all parts of the kingdom, but especially in the coal-mines of the north and midland counties, and the copper mines of Cornwall. By its means many mines long disused through the accumulation of water were drained and made workable, and others were sunk much deeper. Smeaton, in 1769, greatly improved this engine, which, from its rapid working of a horizontal beam, was called by the miners a "Whimsey," as having a whimsical look. Watt, then a student in the University of Glasgow, commenced a series of experiments upon it, which, between 1759 and 1782, raised the engine to a pitch of perfection which made it applicable not only to draining water out of mines, but, by the discovery of the rotatory motion, enabled it to propel any kind of machinery, spin cotton, grind in mills of all kinds, and propel ships and carriages. Watt was greatly aided in his efforts by Mr. Matthew Boulton, and their engines were manufactured at Soho Works, near Birmingham. They did not, however, enjoy the fruits of their patents for protecting their inventions without many most unprincipled attempts to invade their rights by masters of mines and others, by which they were involved in very harassing law-suits. The first application of the steam-engine to the machinery of a cotton-mill was at Papplewick, in Nottinghamshire, in 1785, and the first mill built for the employment of machinery driven by an engine was in Manchester, in 1789. The first application of the engine to propel a vessel was at Dalswinton, on the Clyde, in 1788, the boat being constructed by Patrick Miller, James Taylor, and William Symington. In the following year these inventors made a second experiment on the Forth and Clyde Canal at the Carron Works, with perfect success, the vessel going at the rate of nearly seven miles an hour. Symington was probably the real machinist in this firm, and in 1802 he made a tug-boat on the Forth and Clyde Canal, under the patronage of Lord Dundas, which was worked extremely well by its engine. In 1807 Fulton followed up these experiments by launching a steam-boat on the Hudson, in America, after having in vain solicited the patronage of the British and French Governments for his enterprise. The proposal of Fulton, submitted to the Academy of Paris, was received with a burst of laughter, and Napoleon abandoned the project in deep disgust at having been, as he supposed, made a dupe of by Fulton. We have pointed out on the preceding page the period of the first application of the steam-engine to railways.
FORE:This put matters beyond all chance of mistake. The menace had such an effect on the aged Electress that she was taken ill and died suddenly in the arms of the Electoral Princess, afterwards Queen Caroline (May 28, 1714). Sophia was a very accomplished as well as amiable woman. She was perfect mistress of the German, Dutch, French, English, and Italian languages; and, notwithstanding the endeavours of the Jacobite party in England to render her ridiculous, had always maintained an elevated and honourable character. She was more of an Englishwoman than a German, and, had she lived a few weeks longer, would have hadaccording to her often avowed wish"Here lies Sophia, Queen of England," engraven on her coffin. The journey of the prince was wholly abandoned; not that the inclination of the prince for the journey was abated, nor that the Whigs ceased to urge it. Townshend, Sunderland, Halifax, and others pressed it as of the utmost importance; and both the Elector and his son wrote to the queen, assuring her that, had the prince been allowed to come, he would soon have convinced her Majesty of his desire to increase the peace and strength of her reign rather than to diminish them.

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FORE:The prince found in the Opposition in England the most unfortunate fosterers of his unfilial temper. Pulteney, Wyndham, Chesterfield, Carteret, Cobham, and, worst of all, Bolingbroke, became his associates, and the frequenters of his house. Fast ripening into a pattern of unfilial popularity under such influences, possessing some accomplishments, and a desire to stand well with the people, he married in April, 1736, Augusta of Saxe-Gotha, a princess of so much beauty and good sense, as might have reclaimed many a nature; who seems to have at least won the heart of her husband from his former romantic passion. It was an ominous circumstance, however, that the address of congratulation on this occasion was moved, not by the king's own Ministers, but by the king's own Opposition. Pulteney was the mover, and it was supported by two young men who that evening made their first speeches, and in them burst suddenly forth with that splendour which was destined to grow transcendent through many years. They were Pitt, afterwards Lord Chatham, and Lord Lyttelton.On the 11th of February Lord Althorp brought forward the Budget. Basing his calculations on the revenue of the previous year, he estimated the national income at 50,000,000, and the expenditure at 46,850,000, leaving an anticipated surplus of more than 3,000,000; and it was proposed to take off taxes to the whole of that amount, and to replace it to some extent by other taxes, less burdensome to the people. The principal taxes to be taken off were those on tobacco, sea-borne coal, tallow candles, glass, printed calicoes, and newspapers. The new taxes consisted in an increase of the duties on wine, colonial timber, and raw cotton, a tax on steamboat passengers, and on the transfers of funded property. The proposed new taxes excited violent opposition, which obliged the Chancellor of the Exchequer to modify some of them, and abandon the last two; in fact, the financial scheme was a failure. Equally unsuccessful were his attempts to introduce retrenchments into the Civil and Pension Lists. But the Government was borne up by its great measure, the Reform Bill.

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FORE:GEORGE III.

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THREE:[See larger version] FORE: Effects of Walpole's AdministrationFormation of the new MinistryAttitude of the MalcontentsCommittee of Inquiry into Walpole's AdministrationWalpole's ProtectorsMinisterial MeasuresProrogation of ParliamentDisasters of the FrenchBritish Division in the NetherlandsOpening of ParliamentThe German MercenariesAmendment of the Gin ActGeorge goes to GermanyStair and De Noailles in FranconiaStair in a TrapBold Resolution of King GeorgeThe Battle of DettingenResignation of StairRetreat of the FrenchNegotiations for PeaceTreaty of WormsPelham becomes Prime MinisterThe Attacks of Pitt on CarteretAttempted Invasion of EnglandIts FailureProgress of the French ArmsFrederick II. invades BohemiaHis RetirementResignation of CarteretPelham strengthens his MinistryDeath of the EmperorCampaign in FlandersBattle of FontenoyCampaign of Frederick II.The Young Pretender's PreparationsLoss of the ElizabethLanding in the HebridesThe Highland Clans join himThe First BrushRaising of the StandardCope's MistakeHe turns aside at DalwhinnieCharles makes a Dash for EdinburghThe March to StirlingRight of the DragoonsThe "Canter of Coltbridge"Edinburgh surprised by the HighlandersCharles marching against CopeBattle of PrestonpansDelay in marching SouthDiscontent of the Highland ChiefsThe StartPreparations in EnglandApathy of the AristocracyArrival of the Duke of CumberlandCharles crosses the BorderCapture of CarlisleThe March to DerbyResolution to retreat"Black Friday"The RetreatRecapture of CarlisleSiege of StirlingBattle of FalkirkRetreat to the HighlandsCumberland's PursuitGradual Collapse of the HighlandersBattle of CullodenTermination of the RebellionCruelty of the Duke of CumberlandAdventures of the Young PretenderTrials and ExecutionsMinisterial Crisis.
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FORE: Lead Designer

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FORE:There was an energetic debate in each House as the Bill passed through. It was opposed in the Peers by Lords Lansdowne, Holland, and Erskine, but was carried by ninety-three against twenty-seven. Ten peers entered a strong protest on the journals against the measure, denying the traitorous conspiracy or the extensive disaffection to the Government alleged, affirming that the execution of the ordinary laws would have been amply sufficient, and that Ministers were not entitled to indemnity for causeless arrests and long imprisonments which had taken place, for the Bill went to protect them in decidedly illegal acts. In the House of Commons the Bill was strongly opposed by Brougham, Tierney, Mr. Lambtonafterwards Lord Durhamand Sir Samuel Romilly. They condemned the conduct of Ministers in severe language, while the Bill was supported by Canning, by Mr. Lambafterwards Lord Melbourne, who generally went with the other sideby Sir William Garrow, and Sir Samuel Shepherd, Attorney-General. Serior Analyst

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FORE:MARIA THERESA AND THE HUNGARIAN PARLIAMENT. Lead Developer

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199 ONE:There was grave discontent and suffering in France, and Marshal Saxe, through General Ligonier, made proposals for peace. The news of these overtures gave great delight in England, but the king and Cumberland were bent on continuing the war. Pelham and Chesterfield advocated acceptance of the terms, but Newcastle sided with the king, to gain favour with him. As the terms, however, could not with decency be bluntly rejected, Cumberland solicited and obtained the post of negotiator in the matter for England; but the Ministers, desirous of peace, foreseeing that the wishes or the hasty temper of Cumberland would[114] soon ruin every chance of accomplishing a treaty, the Earl of Sandwich was sent over to act as assistant to the duke; this meant that he was to overrule, if possible, the mischief Cumberland would be sure to make. Sandwich accordingly hastened over to Holland, and had a secret interview with the Marquis de Puisieulx, the French Minister for Foreign Affairs, and, after much dodging on the part of the marquis, he managed to have the discussion removed from military negotiators to a congress at Aix-la-Chapelle.
890 ONE:The greater part of the House, as well as the public out of doors, were captivated with the scheme, which promised thus easily to relieve them of the monster debt; but Sir Grey Cooper was the first to disturb these fairy fancies. He declared that the whole was based on a fallacious statement; that it was doubtful whether the actual surplus was as described; but even were it so, that it was but the surplus of a particular year, and that it was like the proprietor of a hop-ground endeavouring to borrow money on the guarantee of its proceeds in a particularly favourable year. Fox, Burke, and Sheridan followed in the same strain. They argued that, supposing the assumed surplus actually to exist, which they doubted, it would immediately vanish in case of war, and a fresh mass of debt be laid on.[315] Sheridan said, the only mode of paying off a million a year would be to make a loan of a million a year, for the Minister reminded him of the person in the comedy who said, "If you won't lend me the money, how can I pay you?" On the 14th of May he moved a string of fourteen resolutions unfavourable to the report of the Committee, which he said contained facts which could not be negatived; but the House did negative them all without a division, and on the 15th of May passed the Bill. In the Lords it met with some proposals from Earl Stanhope, which were to render the violation of the Act equivalent to an act of bankruptcy, but these were negatived, and the Bill was passed there on the 26th. It was not until 1828 that the fallacy on which the Bill rested was finally exposed by Lord Grenville, who, curiously enough, had been chairman of the Committee which recommended its adoption.
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Scotland, before the Reform Bill, was ruled by an oligarchy. The population was two millions and a half, the constituency was only 2,500. The power was to be taken from this small junto, and extended to the great middle class of that intelligent and loyal people. In Ireland, a host of rotten boroughs, some without any constituency at all, was to be swept away. The general result would be an increase for the United Kingdom of half a million electors, making the whole number enjoying the franchise 900,000. Of these 50,000 would be found in the new towns, created into Parliamentary boroughs in England, 110,000 additional electors in boroughs already returning members. For instance, London would have[331] 95,000; the English counties, 100,000; Scotland, 60,000; Ireland, 40,000. The House would consist in all of 596 members, being a reduction of sixty-two on the existing number of 658. The number of seats abolished was 168, which reduced the House to 490. Five additional members were given to Scotland, three to Ireland, one to Wales, eight to London, thirty-four to large English towns, and fifty-five to English counties.
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