THREE:This spirited and brilliant action had a wonderful effect on the American mind. It revived the courage of the troops, which had sunk very low after so many defeats. It inspired them and the public at large with confidence in the talents and daring of their Commander-in-Chief, who was now eulogised as another Fabius. Such was the confidence inspired, even in himself, by this success, that, being immediately joined by three thousand six hundred Pennsylvanian militia, he determined to cross the Delaware, as it was now strongly frozen over. But General Grant had already joined General Leslie at Princeton, with a strong body of British and Hessian troops; and General Howe, on hearing of the fresh spirit of the American army, had detained Lord Cornwallis, who was about to leave for England. He hastened to Princeton, and took the command of the whole force, concentrating all the troops on the Delaware shore. On the 2nd of January, 1777, he marched from Princeton for Trenton, drove in the enemy's outposts, and reached Trenton by five o'clock the same afternoon. Washington retired as he approached. The British, on arriving at the fort and bridge of the Assumpinck, found both guarded by artillery, and Washington posted on[236] some high ground beyond. Cornwallis cannonaded the bridge and forts, and his fire was briskly returned. He then encamped for the night there, intending to force the creek the next morning; but Washington did not wait for him. With his raw militia only a few days in camp, he had no chance of resisting Cornwallis's army, and yeta thaw having taken placeit was impossible to cross the Delaware. He called a council of war, and it was concluded that, from the great force of Cornwallis in front, the rear could not be very strong. It was therefore determined to make an attempt to gain the rear, beat up the enemy's quarters at Princeton, now, as they supposed, nearly deserted, and, if they could succeed, fall on the British stores and baggage at New Brunswick. Their own baggage was, accordingly, sent quickly down the river to Burlington, the camp-fires were replenished, and small parties being left to deceive the enemy by throwing up entrenchments, Washington, about midnight, silently decamped by a circuitous route towards Princeton. At dawn they encountered two out of three English regiments, which had been at Princeton, on the march. These were the 17th and 55th, hastening to join Cornwallis at Trenton. They imagined the Americans, owing to a thick fog, to be a body of Hessians; but, on discovering the mistake, a sharp fight took place, and for some time the two British regiments withstood Washington's whole force. Colonel Mawhood, the English commander, posted his force advantageously on a rising ground between the Americans and Princeton, sent back his baggage waggons, and dispatched messengers to bring up the 40th regiment, still in Princeton, with all speed. The 40th not arriving, Washington managed to force his way between the two British regiments. The 17th continued its march for Trenton; the 55th fell back upon Princeton, where the 40th, which had defended itself in the college, after losing a considerable number of prisoners, joined the 55th, and retreated upon New Brunswick.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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THREE:"You will still keep her then?" Cairness wished to know.
FORE:Whilst these combined efforts were being made to unseat him, Walpole saw his Cabinet every day becoming more untrustworthy, more divided against him. The Duke of Newcastle was eagerly pressing forward to supplant him. He had entered into secret engagements with the Duke of Argyll, and Lord Chancellor Hardwicke threw himself into that clique. To these were added the Earl of Wilmington, formerly Sir Spencer Compton, who, forgetting his alarm at the idea of succeeding Walpole as Prime Minister, now was anxious for that honour. To add to these depressing circumstances, the king arrived from Hanover in a humour ready to lay his disgrace and failure at anybody's door. On the 4th of December he opened the new Parliament, and, conscious of his own contemptible figure after the submission to French dictation in Hanover, he took care to remind it that he had commenced the war only at the urgent desire and advice of both Houses, and that he had been particularly counselled to direct our naval efforts towards Spanish America.Then the journalist tried entreaty. He had a wife and children.
