ONE:The distress which had pressed so severely on the people, and which had set them thinking about the most perilous political changes, was intimately connected with the state of the country. Throughout the troubled period of almost incessant war and lavish expenditure between 1797 and 1815, the business of the nation was carried on with an inconvertible paper currency, the precious metals having nearly all departed from the country. Bank notes were issued in such quantities, to meet the exigencies of the Government, that the prices of all commodities were nearly doubled. The Bill which was passed in 1819 providing for the resumption of cash payments had reduced the currency from 48,278,070, which was its amount in 1819, to 26,588,000, in 1822. The consequence was the reduction of prices in the meantime, at the rate of fifty per cent., in all the articles of production and commerce. With this tremendous fall of prices, the amount of liabilities remained unchanged; rents, taxes, and encumbrances were to be paid according to the letter of the contract, while the produce and commoditiesthe sale of which was relied upon to pay themdid not produce more than half the amount that they would have brought at the time of the contracts. The evil of this sudden change was aggravated by the South American Revolution, in consequence of which the annual supply of the precious metals was reduced to a third of its former amount. It was peculiarly unfortunate that this stoppage in the supply of gold and silver occurred at the very time that the Legislature had adopted the principle that paper currency should be regarded as strictly representing gold, and should be at any moment convertible into sovereigns. A paper currency should never be allowed[238] to exceed the available property which it represents, but it is not necessary that its equivalent in gold should be lying idle in the coffers of the Bank, ready to be paid out at any moment the public should be seized with a foolish panic. It is enough that the credit of the State should be pledged for the value of the notes, and that credit should not be strained beyond the resources at its command. The close of 1822 formed the turning-point in the industrial condition of the country. The extreme cheapness of provisions, after three years of comparative privation, enabled those engaged in manufacturing pursuits to purchase many commodities which they had hitherto not been able to afford. This caused a gradual revival of trade, which was greatly stimulated by the opening of new markets for our goods, especially in South America, to which our exports were nearly trebled in value between 1818 and 1823, when the independence of the South American Republics had been established. The confidence of the commercial world was reassured by the conviction that South America would prove an unfailing Dorado for the supply of the precious metals. The bankers, therefore, became more accommodating; the spirit of enterprise again took possession of the national mind, and there was a general expansion of industry by means of a freer use of capital, which gave employment and contentment to the people. This effect was materially promoted by the Small Note Bill which was passed in July, 1822, extending for ten years longer the period during which small notes were to be issued; its termination having been fixed by Peel's Bill for 1823. The average of bank-notes in circulation in 1822 was 17,862,890. In November of the following year it had increased by nearly two millions. The effect of this extension of the small note circulation upon prices was remarkable. Wheat rose from 38s. to 52s., and in 1824 it mounted up to 64s. In the meantime the bullion in the Bank of England increased so much that whereas in 1819 it had been only 3,595,360, in January, 1824, it amounted to 14,200,000. The effect of all these causes combined was the commencement of a reign of national prosperity, which burst upon the country like a brilliant morning sun, chasing away the chilling fogs of despondency, and dissipating the gloom in the popular mind.On the 28th of September the combined army of French and Americans came in sight of York Town, and encamped about two miles from the outworks. The next morning they extended themselves towards the left of Cornwallis, but cautiously; and the English pickets slowly retired within the outer lines at their approach. That evening Cornwallis received a despatch from Sir Henry Clinton, dated September 24th, which gave the cheering expectation that he was duly sensible of the imminence of the danger, and of his responsibility. He said:"At a meeting of the general and flag officers held this day, it is determined that above five thousand men, rank and file, shall be embarked on board the king's ships, and the joint exertions of the navy and army made in a few days to relieve you, and afterwards to co-operate with you. The fleet consists of twenty-three sail of the line, three of which are three-deckers. There is every reason to hope that we start on the 5th of October." On this promising intimation of speedy aid, Cornwallis immediately drew in his small force from the extended outworks, and concentrated them within the entrenchments round the town. Undoubtedly it was a measure calculated to save much life, which must have been lost in defending outworks too widely extended for the enclosed force; but it encouraged the Americans, who did not expect to gain them thus easily. Two thousand men took up their ground before Gloucester. Round York Town itself Washington, Rochambeau, Lafayette, and St. Simon concentrated their forces. On the night of the 1st of October, the French on the right and the Americans on the left drew nearer, and commenced breaking ground. Six days were then spent in bringing from the ships fifty pieces of cannon, some of them very heavy, ammunition, and other military stores; in fact, as much preparation was made for carrying this single post as if it had been a regular and first-rate fortress. On the night of the 6th of October the French and Americans began casting up their first parallel within six hundred yards of Cornwallis's lines. By the 9th of October their trenches and batteries were completed, and that afternoon they opened a tremendous fire on the town. Cornwallis replied to them with vigour,[283] but he found many of his guns on the left silenced, and his works greatly damaged. On the night of the 11th the enemy began their second parallel within three hundred yards of the lines. In its progress, for three days, Cornwallis committed much havoc amongst them by opening fresh embrasures for guns, and pouring an incessant shower upon them of balls and shells. Two redoubts on the left flank of the British more particularly annoyed them, and Washington determined to carry these by storm. Of course they were carried, and their guns then turned on York Town.
FORE:With regard to the Turkish question, all possible measures were in the first instance to be tried, with a view to reconcile the differences between Russia and Turkey. These referred to the Russian protection of the Christian subjects of the Sultan, and the navigation of the Dardanelles and the Bosphorus. When these matters were disposed of, then, and not till then, was the condition of Greece to be considered, and in dealing with this question the British plenipotentiary was to use great caution, to avoid committing England either to the recognition or subjugation of that country.On the 16th of April Parliament was dissolved and the elections were conducted with immense party heat. Each side did all in its power, by fair means and foul, to increase its adherents. Sir Robert used the persuasives for which he became so famous, that he boasted "every man had his price," and if we are to believe the journals of the day, the Opposition were not at all behind him, as far as their ability went. They made ample use, too, of the Septennial Act, the Riot Act, the Excise scheme, and the unrecompensed commercial claims on Spain. They declared the neutrality preserved under such circumstances disgraceful to the country, though they would have been the first to have denounced Ministers had they gone to war. They gained several seats, but when the Parliament met in January, 1735, it was soon discovered that, though less, the majority was as steady as ever, and the Opposition having tried their strength against it for a few times, became greatly depressed for a while. Bolingbroke quitted the country, and settled himself at Chanteloup, in Lorraine.
FORE:The Parliamentary Session of 1791 was opened, after the Christmas recess, by Sir Philip Francis denouncing the war against Tippoo Sahib in India, and eulogising that prince. He moved thirteen resolutions condemnatory of the war; but they were all rejected, and Dundas, as head of the Board of Control, moved three counter-resolutions declaring that Tippoo had voluntarily broken the treaty made with him in 1784, and that faith must be kept with the Rajah of Travancore, whom he had attacked, as well as with the Nizam and the Mahrattas, and these resolutions were carried without a division.Sir Robert Wilson, the British Commissioner, urged Kutusoff, indeed, to make one general and determined attack on Buonaparte and this small body before the other divisions could come up; and there can be no doubt that, had he done so, he would have destroyed the division utterly, and made himself master of Napoleon's person. But though Kutusoff had fought the battle of Borodino, he had now grown over-cautious, and did not do that which it was the plan of Barclay de Tolly, whom he superseded, to do when the right moment came. Whilst Kutusoff was thus timidly cannonading, the division of Davoust came up, and he retired, allowing both Buonaparte and Davoust to secure themselves in Krasnoi. As for Ney, he was left behind wholly surrounded by the Russians who had harassed the rear of Davoust, and were thus interposed between Davoust and himself, as well as swarming on his own flanks and rear. Napoleon could not wait for him, even at Krasnoi. He learned that the Russians were drawing fast towards his crossing-places at the Dnieper and the Beresina; that Prince Galitzin with a strong force was about to occupy Krasnoi; that the Dnieper at Liady would be immediately in the hands of the enemy. He therefore called Mortier, and squeezing his hand sorrowfully told him that he had not a moment to lose; that the enemy were overwhelming him in all directions; that Kutusoff might have already reached Liady, perhaps Orcha, and the last winding of the Dnieper was yet before him. Then, with his heart full of Ney's misfortunes, he withdrew, in despair at being forced to abandon him, towards Liady. He marched on foot at the head of his Guard, and often talked of Ney. He called to mind his coup-d'?il, so accurate and true, his courage, proof against everythingin short, all the qualities which made him so brilliant on the field of battle. "He is lost! Well! I have three hundred millions in the Tuileries; I would give them all were he restored to me!"
FORE:Melbourne returned to town that evening, the bearer of a letter to the Duke. He communicated the state of affairs to Brougham under pledge of secrecy, but the Lord Chancellor promptly went to the Times and gave the editor a report of the circumstances, with the malicious addition"The queen has done it all." The king, furious at the insult, came up to town, and dismissed his Ministers before their successors were appointed. Meanwhile, the Duke went to Brighton on Sunday, and advised the king to send for Sir Robert Peel, who was then in Italy. A messenger was immediately despatched, who in ten days arrived at Rome, and surprised Sir Robert Peel with the announcement of the king's wish that he should return to England forthwith. Next morning the right honourable baronet started for home, and arrived in London on the 9th of December. The Duke of Wellington details the circumstances of this Ministerial crisis in a letter to the Duke of Buckingham. According to his account, the death of the Earl Spencer, which removed Lord Althorp from the House of Commons, from the management of the Government business in that assembly, and from the office of Chancellor of the Exchequer, occasioned the greatest difficulty and embarrassment. His personal influence and weight in the House of Commons were the main foundation of the strength of the late Government; and upon his removal it was necessary for the king and his Ministers to consider whether fresh arrangements should be made to enable his Majesty's late servants to conduct the affairs of the country, or whether it was advisable for his Majesty to adopt any other course. The arrangements in contemplation must have reference, not only to men, but to measures, to some of which the king felt the strongest objection. He had also strong objections to some of the members of the Cabinet. The Duke was therefore requested to form an Administration, but he earnestly recommended Sir Robert Peel as the fittest man for the office of Prime Minister. In the meanwhile he offered to hold the offices of First Lord of the Treasury and Home Secretary until Sir Robert Peel's return, Lord Lyndhurst holding the Great Seals temporarily, subject, with all the other arrangements, to Sir Robert Peel's approbation. On the 21st Lord Lyndhurst was gazetted as Lord Chancellor, holding in the interim his office of Chief Baron of the Exchequer, which Lord Brougham, dreading the prospect of idleness, offered to fill without salary, thus saving the country 12,000 a year, an offer which exposed him to censure from his own party, and which he afterwards withdrew.
FORE:[See larger version]JAMESTOWN, ST. HELENA.
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