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In the Macpherson and Lockhart Papers we have now the fullest evidence of what was going on to this end. The agents of both Hanover and St. Germains were active; but those of Hanover were depressed, those of St. Germains never in such hope. The Jesuit Plunkett wrote: "The changes go on by degrees to the king's advantage; none but his friends advanced or employed in order to serve the great project. Bolingbroke and Oxford do not set their horses together, because Oxford is so dilatory, and dozes over things, which is the occasion there are so many Whigs chosen this Parliament. Though there are four Tories to one, they think it little. The ministry must now swim or sink with France." In fact, Oxford's over-caution, and his laziness, at the same time that he was impatient to allow any power out of his own hands, and yet did not exert it when he had it, had disgusted the Tories, and favoured the ambitious views which Bolingbroke was cherishing. The latter had now managed to win the confidence of Lady Masham from the Lord Treasurer to himself; and, aware that he had made a mortal enemy of the Elector of Hanover by his conduct in compelling a peace and deserting the Allies, he determined to make a bold effort to bring in the Pretender on the queen's decease, which every one, from the nature of her complaint, felt could not be far off. To such a pitch of openness did the queen carry her dislike, that she seemed to take a pleasure in speaking in the most derogatory terms of both the old Electress Sophia and her son. Oxford's close and mysterious conduct disgusted the agents of Hanover, without assuring those of the Pretender, and threw the advantage with the latter party more and more into the hands of Bolingbroke. Baron Schutz, the Hanoverian agent, wrote home that he could make nothing of Oxford, but that there was a design against his master; and when Lord Newcastle observed to the agent of the Pretender that, the queen's life being so precarious, it would be good policy in Harley to strike up with the king and make a fair bargain, the agent replied, "If the king were master of his three kingdoms to-morrow, he would not be able to do for Mr. Harley what the Elector of Hanover had done for him already." Thus Oxford's closeness made him suspected of being secured by the Elector at the very moment that the Elector deemed that he was leaning towards the Pretender.To reach the enemy the British had to cross the river, and that by a single bridge. This was commanded by the American artillery, and it might have been expected that it would not be easily carried; but, on the contrary, a light brigade swept over it, in face of the cannon, followed by the rest of the army; and the troops deploying right and left the moment they were over, this single divisionabout one thousand six hundred strongrouted the whole American force before the remainder of the British could come into action. Few of the Americans waited to be killed or wounded. Madison had the mortification to see his army all flying in precipitation, and the city open to the British. Colour Background Image Background
ONE:But the subject was not so easily disposed of. Colonel Barr, in the House of Commons, only three days after Burke introduced his great motion, declared that Burke's measure did not go far enough; that Burke did not mean to interfere with the enormous pensions and overpaid places already in possession; and that he would himself introduce a motion for a Committee of Accounts, to probe all these depths of corruption, and to examine into the army extravagances, which were excessive, and to him unaccountable. Lord North, so far from opposing this motion, declared his surprise that no one had thought of introducing it before, and that he was extremely anxious himself for the reduction of all needless expenditure. The Opposition expressed their particular satisfaction; but they were rather too precipitate, for North made haste to get the business into his own hands; and, on the 2nd of March, was ready with a Bill of his own framing. The Opposition were lost in astonishment; and Barr denounced this perfidious conduct in the Minister in terms of just indignation. The whole Opposition, who found themselves outwitted, declared that the scheme, so far from being intended to relieve the country, was meant to shield existing abuses, and they accordingly resisted it to the utmost. North, however, by his standing majority of myrmidons, carried the Bill through the House; and Sir Guy Carleton, late Governor of Canada, and five others, were appointed Commissioners. Thus the whole motion was in reality shelved.

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ONE:[See larger version]THE BASTILLE.
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  • THREE:On the 30th of January, 1793, Dundas announced to the House of Commons a message from the throne, communicating the news of the execution of the French king. This was accompanied by copies of a correspondence with M. Chauvelin, the late plenipotentiary of Louis, and of an order for his quitting the kingdom, in consequence of this sanguinary act. The message made a deep impression on the House, though the circumstances were already well known. It was agreed to take these matters into consideration on the 2nd of February, when Pitt detailed the correspondence which had for some time taken place between the British Cabinet and the French Government. He said that Britain, notwithstanding many provocations, had carefully maintained an attitude of neutrality, even when, in the preceding summer, France was at war with Austria and Prussia, and was menacing our Dutch allies. The French, on their part, had, he said, made similar professions. They had publicly renounced all aggression, and yet they had annexed Saxony, overrun Belgium, and now contemplated the invasion of Holland. They had done more: they had plainly menaced this country with invasion. So recently as the last day of the year, their Minister of Marine had addressed a letter to the seaports of France, in which this was the language regarding England:"The King and his Parliament mean to make war against us. Will the English Republicans suffer it? Already these free men show their discontent, and the repugnance they have to bear arms against their brothers, the French. Well, we will fly to their succour; we will make a descent on the island; we will lodge there fifty thousand caps of liberty; we will plant there the sacred tree; we will stretch out our arms to our Republican brethren, and the tyranny of their Government shall soon be destroyed!" There was a strong war spirit manifest in the House. Fox and his diminished party combated it in vain. The same prevailing expression was exhibited in a similar debate in the House of Lords, in which Lord Loughboroughwho, on the 20th of January, succeeded Thurlow as Lord Chancellorsupported the views of Ministers. But there was little time allowed for the two Houses to discuss the question of peace or war, for on the 11th of February Dundas brought down a royal message, informing the Commons that the French had declared war on the 1st of February, against both Britain and Holland. On the following day Pitt moved an Address to his Majesty, expressing a resolve to support him in the contest against France. In the debate, Burke declared the necessity of war against a nation which had, in fact, proclaimed war against every throne and nation. At the same time, he declared that it would be a war in defence of every principle of order or religion. It would not be the less a most desperate war. France was turning almost every subject in the realm into a soldier. It meant to maintain its armies on the plunder of invaded nations. Trade being ruined at home by the violence of mob rule, the male population was eager to turn soldiers, and to live on the spoils of the neighbouring countries. Lyons alone, he said, had thirty thousand artisans destitute of employment; and they would find a substitute for their legitimate labour in ravaging the fields of Holland and Germany. He deemed war a stern necessity. A similar Address was moved and carried in the Peers. THREE:

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  • THREE:But whilst England had been thus preparing for the augmentation of the navy, America had been aiming a blow at the efficiency of that navy, which must for years, if successful, have prostrated our whole maritime forces, and exposed our shores to the easiest invasion. This intended blow was nothing less than the destruction of our great naval dockyards and arsenals, and military storehouses, at Portsmouth and Plymouth. The chief agent in this infamous design, if the evidence of a miscreant can be believed, was Silas Deane. On the 7th of December the rope-house of the Royal Dockyard at Portsmouth was found to be on fire. By active exertions it was got under, after it had destroyed that building, and was imagined to be an accident. But on the 15th of January, 1777, one of the officers of the dockyard found a machine and combustibles concealed in the hemp in the hemp-house of the same dockyard. Suspicion now fell on a moody, silent artisan, who, on the day of the fire, had been looking about the dockyard, and who, by some chance, had got locked up in the rope-house the night before. His name was not known, but the[234] fact only that he was a painter, and had been called John the Painter. Government immediately offered a reward of fifty pounds for his apprehension; the same sum, with a strange simplicity, being offered to him if he would surrender himself for examination. Nothing, however, could be learned of him in Portsmouth or the country round; but fresh fires were now breaking out at Plymouth Dockyard and on the quays of Bristol. At Plymouth the fire was instantly checked, and the perpetrator was nearly seized. At Bristol the fire was laid near a narrow, deep creek, crowded with shipping, which was nearly dry at low water, so that it was impossible to get the shipping out. Six or seven warehouses were destroyed, but the shipping escaped. In another house at Bristol combustibles were discovered, and the alarm became general that the American incendiaries, having failed to burn New York, were come to England to burn our dockyards and maritime houses. Fortunately, in the beginning of February, a man was apprehended for the perpetration of a burglary at Odiham, in Hampshire; and, by the activity of Sir John Fielding, the London magistrate, he was identified as John the Painter. When brought before Sir John and other magistrates in town, the man conducted himself with tact and address. Though closely examined and cross-questioned by some of the members of the Privy Council, by Lords of the Admiralty, and other officers of the board, he maintained the scrutiny without betraying any embarrassment, or letting anything escape him that could in any degree incriminate him. A confession was, however, wormed out of him by another painter, named Baldwin. Silas Deane, John the Painter declared, according to Baldwin's evidence, had encouraged him to set fire to the dockyards of Plymouth and Portsmouth, Woolwich and Chatham, as the most effectual means of disabling Great Britain; that he gave him bills to the amount of three hundred pounds on a merchant in London, and promised to reward him according to the amount of service he should do to the American cause. Before his execution he freely admitted the truth of the charges against him. He confessed to having twice attempted to fire the dockyard at Plymouth, and to burning the warehouses at Bristol, having in vain endeavoured to deposit his combustibles on board the ships. He, moreover, stated that he had a recommendation from Silas Deane to Dr. Bancroft, in London, to whom he had declared that he would do all the harm he could to England; that the doctor did not approve of his conduct, but had, at his request, promised not to betray him. THREE:

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ONE:Before the Irish affairs were done with, Pitt moved for leave to bring in his promised Reform Bill. If Pitt were still desirous of reforming Parliament, it was the last occasion on which he showed it, and it may reasonably be believed that he introduced this measure more for the sake of consistency than for any other purpose. He had taken no steps to prepare a majority for the occasion; every one was left to do as he thought best, and his opening observations proved that he was by no means sanguine as to the measure passing the House. "The number of gentlemen," he said, "who are hostile to reform are a phalanx which ought to give alarm to any individual upon rising to suggest such a motion." His plan was to transfer the franchise from thirty-six rotten boroughs to the counties, giving the copyholders the right to vote. This plan would confer seventy-two additional members on the counties, and thus, in fact, strengthen the representation of the landed interest at the expense of the towns; and he proposed to compensate the boroughs so disfranchised by money, amounting to 1,000,000. Wilberforce, Dundas, and Fox spoke in favour of the Bill; Burke spoke against it. Many voted against it, on account of the compensation offered, Mr. Bankes remarking that Pitt was paying for what he declared was, in any circumstances, unsaleable. The motion was lost by two hundred and forty-eight against one hundred and seventy-four. THREE:In the House of Commons, on the 21st of July, Mr. Bernal Osborne raised a discussion on the affairs of Hungary, and was followed by Mr. Roebuck, Colonel Thompson, and Lord Claud Hamilton: the latter denounced the conduct of Kossuth as "infamous." This debate is memorable chiefly on account of Lord Palmerston's great speech on the causes of the revolutions of 1848. In reply to the eulogiums upon the Austrian Government, the noble lord stated that Austria, in the opinion of a great part of the Continent, had been identified with obstruction to progress, resistance to improvement, political and social; and it was in that capacity she won the affections of the Tories. He regarded the conduct of such men as an example of "antiquated imbecility." He firmly believed that in the war between Austria and Hungary there were enlisted on the side of Hungary the hearts and souls of the whole people of that country. He took the question then being fought for on the plains of Hungary to be this, whether that country should maintain its separate nationality as a distinct kingdom with a constitution of its own, or be incorporated in the empire as an Austrian province. If Hungary succeeded, Austria would cease to be a first-rate European power. If Hungary were entirely crushed, Austria in that battle would have crushed her own right arm. Every field that was laid waste was an Austrian resource destroyed. Every Hungarian that perished upon the field was an Austrian soldier deducted from the defensive forces of the empire. "It is quite true," continued the noble lord, "that it may be said, 'Your opinions are but opinions; and you express them against our opinions, who have at our command large armies to back themwhat are opinions against armies?' Sir, my answer is, opinions are stronger than armies. I say, then, that it is our duty not to remain passive spectators of events that in their immediate consequences affect other countries, but in their remote and certain consequences are sure to come back with disastrous effect upon ourselves; that so far as the courtesies of international intercourse will permit us to do so, it is our dutyespecially when our opinion is asked, as it has been on many occasions on which we have been blamed for giving itto state our opinions, founded on the experience of this countryan experience that might be, and ought to have been, an example to less fortunate countries. We are not entitled to interpose in any manner that will commit this country to embark in those hostilities. All we can justly do is to take advantage of any opportunities that may present themselves, in which the counsels of friendship and peace may be offered to the contending parties.... Sir, to suppose that any Government of England can wish to excite revolutionary movements in any part of the worldto suppose that England can have any other wish or desire than to confirm and maintain peace between nations, and tranquillity and harmony between Governments and subjectsshows really a degree of ignorance and folly which I never supposed any public man could have been guilty ofwhich may do very well for a newspaper article, but which it astonishes me to find is made the subject of a speech in Parliament." The noble lord sat down amidst much cheering. Lord Dudley Stuart said that he looked upon the speech which had been delivered by Mr. Osborne, followed up as it had been by Mr. Roebuck and Lord Palmerston, as one of the most important events of the Session.CULLODEN HOUSE. (From a Photograph by G. W. Wilson and Co., Aberdeen.)
ONE:After the reports that had gone abroad, to the effect that the Government were about to settle the question, and that they had even prepared a Bill on the subject, this letter from the Prime Minister to the Roman Catholic Primate was most disappointing. Besides, it was absurd to expect that the subject could be buried in oblivion. The Duke, no doubt, had in his mind the difficulty with the king, and the excitement of Protestant feeling in England, which was exasperated by the violence of the debates in the Catholic Association, and the tone of menace and defiance which that body had assumed. This obstacle was not lessened by the letter in question, the purport of which was communicated to Mr. O'Connell, and also to the Lord-Lieutenant. The latter wrote an admirable letter in reply, which led to serious consequences. On the 22nd of December Dr. Curtis sent him the Duke's letter, and a copy of his own answer to it. He acknowledged that it conveyed information which he had not himself received, though entitled, from his position, to receive it first. He then frankly offered his opinion as to the course which it behoved the Catholics to pursue. He was perfectly convinced that the final and cordial settlement of the question could alone give peace, harmony, and prosperity to all classes of his Majesty's subjects. He advised that the Duke of Wellington should by every means be propitiated; for if any man could carry the measure, it was he. All personal and offensive insinuations should therefore be suppressed, and ample allowance should be made for the difficulties of his situation. "Difficult," said Lord Anglesey, "it certainly is; for he has to overcome the very strong prejudices and the interested motives of many persons of the highest influence, as well as allay the real alarm of many of the more ignorant Protestants." As to burying in oblivion the question for a short time, the Viceroy considered the thing utterly impossible, and, if possible, not at all desirable. He recommended, on the contrary, that all constitutional means should be used to forward the cause, coupled with the utmost forbearance, and the most submissive obedience to the law. Personality offered no advantage. It offended those who could assist, and confirmed predisposed aversion. "Let the Catholic," said his lordship, "trust to the justice of his cause, and to the growing liberality of mankind. Unfortunately, he has lost some friends, and fortified enemies, during the last six months, by unwearied and unnecessary violence. Brute force, he should be assured, can effect nothing. It is the legislature that must decide this great question, and my anxiety is that it should be met by the Parliament under the most favourable circumstances, and that the opposers of Catholic Emancipation shall be disarmed by the patient forbearance as well as by the unwearied perseverance of its advocates."

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FORE:The most distinguished dramatic writers of the time were Sheridan Knowles, Sir Edward Bulwer Lytton, Mr. Justice Talfourd, and Miss Mitford. Mr. Knowles's first drama, Caius Gracchus, appeared in 1815, and was followed by more successful efforts, namely, The Wife, a Tale of Mantua, The Hunchback, Virginius, The Blind Beggar of Bethnal Green, William Tell, The Love Chase, Old Maids, and The Daughter. Ultimately, however, he became disgusted with the stage from religious scruples, and taking a fancy to polemics, he published two attacks upon Romanism, entitled, "The Rock of Rome" and "The Idol demolished by its own Priest." He ended his career as a preacher in connection with the Baptist denomination, and died in 1862, having enjoyed a literary pension of 200 a year since 1849.

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FORE:While these matters were going on in Ireland, Mr. Peel was applying his mind, in the most earnest manner, to the removal of the difficulties that stood in the way of Emancipation.This blow induced Scindiah to sue for peace from General Wellesley in November, and a truce was accordingly entered into with him; but as the Rajah of Berar still kept the field, Wellesley marched against him, and encountered him on the plains of Argaum, about one hundred and twenty miles north of the Purna river. He was surprised to find the treacherous Scindiah, notwithstanding the truce, also encamped with him. Wellesley attacked the allies on the 28th of November, though it was evening when he was ready for action, and there remained only twenty minutes of daylight. But it proved a brilliant moonlight night, and he routed the whole army, and his cavalry pursued the fugitives for several miles, taking many elephants, camels, and much baggage. He captured all their cannon, thirty-eight pieces, and all their ammunition. This done, he hastened[494] to reduce the formidable fortress of Gawilgarh, situated on a lofty rock. On the 15th the outer walls were carried, and the 94th regiment, led on by Captain Campbell, scaled the inner one, opened the gate, and the whole place was soon in possession of the British. This closed the opposition of the Rajah of Berar. On the 17th of December he came to terms, and surrendered to Wellesley the important province of Cuttack and the district of Balasore. Immediately afterwards Scindiah was compelled to treat in earnest. He consented to surrender all the country between the Jumna and the Ganges, with numerous forts and other territories, and agreed to recognise the right of the Peishwa to the domains which the British had conferred upon him. Both he and the Rajah of Berar stipulated to send away all Frenchmen or other Europeans and Americans, and not to employ them again, nor even to employ British subjects, native or European, without the consent of the British Government.
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ONE:But they were not then in the position of a beleaguered garrison. Before relief came, they had won a victory that covered them with glory. The troops had been in the highest pluck, and never seemed so happy as when they could encounter any portion of the enemy. In this state of feeling an idea began to take possession of the officers that they were able to capture Mahomed Akbar's camp. A false report had come to the Sirdar, that General Pollock had been beaten back with great slaughter in the Khyber Pass; and in honour of this event his guns fired a royal salute. A rumour also reached the garrison that there had been a revolution at Cabul, and that the enemy was obliged to break up his camp and hasten back to the capital. Whether either or both these reports should prove true, the time seemed to have come for General Sale to strike a blow. A council of war was held; the general would have shrunk from the responsibility of an attack upon the camp; but he was dissuaded by Havelock. Akbar Khan, at the head of 6,000 men, was aware of their approach and ready to receive them. On issuing from the gate, General Sale had ordered Colonel Dennie forward, to attack a small fort, from which the enemy had often molested the garrison. The colonel, at the head of the brave 13th, rushed to the fort; but having entered the outer wall, they found themselves exposed to a murderous fire from the defences of the inner keep. There Colonel Dennie received a mortal wound, a ball passing through his sword-belt. Sale now gave orders for a general attack on the enemy's camp, and in his despatch he thus describes the result:"The artillery advanced at a gallop, and directed a heavy fire upon the Afghan centre, whilst two of the columns of infantry penetrated the line near the same point, and the third forced back its left from its support on the river, into the stream of which some of his horse and foot were driven. The Afghans made repeated attempts to check our advance by a smart fire of musketry, by throwing forward heavy bodies of horse, which twice threatened the detachments of foot under Captain Havelock, and by opening upon us three guns from a battery screened by a garden wall, and said to have been served under the personal superintendence of the Sirdar. But in a short time they were dislodged from every point of their position, their cannon taken, and their camp involved in a general conflagration. The battle was over, and the enemy in full retreat, by about seven a.m. We have made ourselves masters of two cavalry standards, re-captured four guns lost by the Cabul and Gundamuk forcesthe restoration of which to our Government is matter of much honest exultation among the troopsseized and destroyed a great quantity of material and ordnance stores, and burnt the whole of the enemy's tents. In short, the defeat of Mahomed Akbar, in open field, by the troops whom he had boasted of blockading, has been complete and signal. The field of battle was strewed with the bodies of men and horses, and the richness of the trappings of some of the latter seemed to attest that persons of distinction were among the fallen. The loss on our side was remarkably smallseven privates killed, and three officers and fifty men wounded."On hearing this, Burgoyne dispatched Colonel Baum with two pieces of artillery and eight hundred mendismounted German dragoons and British marksmen. They were to surprise Bennington, a place about twenty miles to the east of the Hudson, where the Americans had collected their stores from New England, and, having secured these, to return and carry them to St. Leger. Baum, however, found himself surrounded by Generals Starke and Warner at St. Corick's Mill, on Walloon Creek, six miles from Bennington, before help came up. For two hours a fierce attack was kept up on Baum's entrenchments on all sides by the Americans with muskets and rifles. Baum made a most gallant defence, and three times drove them from some high ground which they occupied above his camp. At last he was picked off by a rifleman and fell mortally wounded. His German troops retreated into the woods, in the direction of Fort Edward, and were there met by Breyman, who was slowly advancing with reinforcements. He reorganised the fugitives, and commenced his retreat, hotly pursued by Starke and Warner; he made his way back to Burgoyne, but not until he had fired nearly his last cartridge.

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FORE:Pitt was not for a moment deceived, and in August the Family Compact was signed. He broke off the negotiation, recalled Stanley from Paris, dismissed Bussy from London, and advised an immediate declaration of war against Spain, whilst it was yet in our power to seize the treasure ships. But there was but one Pittone great mind capable of grasping the affairs of a nation, and of seizing on the deciding circumstances with the promptness essential to effect. The usually timid Newcastle became suddenly courageous with alarm. Bute pronounced Pitt's proposal as "rash and unadvisable;" the king, obstinate as was his tendency, declared that, if his Ministers had yielded to such a policy, he would not; and Pitt, having laboured in vain to move this stolid mass of ministerial imbecility through three Cabinet Councils, at last, in the beginning of October, declared that, as he was called to the Ministry by the people, and held himself responsible to them, he would no longer occupy a position the duties of which he was not able to discharge. On the 5th he resigned, and his great Ministry came to an end. FORE: FORE:CHAPTER XIX. THE REIGN OF VICTORIA (continued). FORE:Cries not when his father dies,
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CHAPTER XI. REIGN OF GEORGE III. (continued).The very Dames des Halles, the market women, took up the word against them. They sang a song with much vivacity, "Donnez-nous notre paire de gants,"equivalent in pronunciation to notre pre de Ghent, that is, Louis, who was then residing at Ghent. None but the very lowest of the population retained the old illusions respecting him. In such circumstances, not even his new Constitution could satisfy anybody. It was very much the same as Louis XVIII. had sworn to in 1814. It granted free election of the House of Representatives, which was to be renewed every five years; the members were to be paid; land and other taxes were to be voted once a year; ministers were to be responsible; juries, right of petition, freedom of worship, inviolability of property, were all established. But Buonaparte destroyed the value of these concessions by publishing this, not as[93] a new Constitution, but as "an additional Act" to his former Constitution. The word "additional" meant everything, for it proclaimed that all the despotic decrees preceding this fresh declaration were still in force, and thus it neutralised or reduced these concessions to a mere burlesque.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.
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