Upon the formation of the Shelburne Cabinet, and the news of Rodney's victory over De Grasse, the negotiations were still continued, Mr. Grenville only being recalled, and Mr. Alleyne Fitzherbert, afterwards Lord St. Helens, being put in his place. France, Spain, Holland, were all groaning under the cost and disasters of the war, yet keeping up an air of indifference, in order to enhance their demands. The Americans were more decided, for they were stimulated by the accounts of the wretched condition of affairs at home. It was represented to Franklin by Congress, that, however France or Spain might delay proposals for peace, it was necessary for the United States. The position of Franklin, nevertheless, was extremely difficult. There was the treaty of alliance between France and the States of 1778, strictly stipulating that neither party should conclude either peace or truce without the other. What added to the difficulty was, that France had, within the last two years, shown an unusual interest and activity of assistance. Franklin, in order to strengthen his hands for the important crisis, requested that other commissioners might be sent to Paris; and John Jay quickly arrived from Spain, John Adams from Holland, and Henry Laurens from London. The American Commissioners soon became strongly impressed with the sentiment that France and Spain were keeping back a peace solely for their own objects; and this was confirmed by a letter of M. de Marbois, the secretary of the French legation at Philadelphia, which had been seized by an English cruiser, and had been laid by Mr. Fitzherbert before them. This letter appeared to be part of a diplomatic correspondence between the French Minister, Vergennes, and the French Minister in America, which threw contempt on the claim which America set up to a share of the Newfoundland fisheries. It created a strong belief that France was endeavouring to keep America in some degree dependent on her; and Jay and Adams were extremely incensed at Vergennes, and not only accused Franklin of being blindly subservient to the French Court, but it made them resolve that no time should be lost in effecting a separate treaty. Vergennes contended for the rights of the Indian nations between the Alleghanies and the Mississippi, and of Spain on the lower Mississippi, and this the American Commissioners perceived to be an attempt to divide[297] and weaken their territory. A private and earnest negotiation for peace with England was therefore entered upon as soon as a severe illness of Franklin permitted.
Parliament assembled on the 9th of January, 1770. People had been surprised at the unusual delay in summoning it, considering the critical state of America, but they were much more surprised when the subject put foremost in the king's speech was a lamentation over the murrain which[197] had appeared amongst horned cattle during the recess, and which Ministers had taken some measures to stop without calling together Parliament. It was true that he afterwards alluded to the state of affairs in America, and trusted some means would be devised by Parliament to appease the irritation. But whilst war itself appeared imminent there, whilst the whole country at home was in a state of high discontent, and the Spitalfields weavers were at this moment in a state of open riot, the idea of giving the chief place in the royal speech to horned cattle caused a burst of universal ridicule. It was thenceforth called the "Horned Cattle Session." Junius launched one of his fierce missives at the Duke of Grafton, observing, "Whilst the whole kingdom was agitated with anxious expectation on one great point, you meanly evaded the question, and, instead of the explicit firmness and decision of a king, gave us nothing but the misery of a ruined grazier."The Marquis of Lansdowne, the President of the Council in the Whig Ministry which had replaced that of Sir Robert Peel, in a speech delivered in the House of Lords on the 25th of January, 1847, gave an estimate, as accurate as the best calculation could make it, of the loss in money value that had been occasioned by the failure of the crops in Ireland. "Taking a valuation of 10 per acre for potatoes, and 3 10s. for oats, the deficiency on the potato crop alone amounted to 11,350,000, while on the crop of oats it amounted to 4,660,000, or to a total value of 16,010,000 for the whole of a country which, if it could not be said to be the poorest, was certainty not one of the richest in the world. In[543] weight the loss was 9,000,000 or 10,000,000 tons of potatoes. The whole loss had been equivalent to the absolute destruction of 1,500,000 arable acres." On the same day, Lord John Russell, who had succeeded Peel as Prime Minister, gave a statement of what the Government had done during the recess for the relief of the Irish population, in pursuance of Acts passed in the previous Session. He stated that an immense staff of servants had been employed by the Board of Public Worksupwards of 11,000 personsgiving employment to half a million of labourers, representing 2,000,000 of souls; the expense for the month of January being estimated at from 700,000 to 800,000.SPADE GUINEA OF GEORGE III.
ONE: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.This base and disproportionate sentence startled the people of England. In Scotland then party spirit ran furiously high. As there were clubs for advocating thorough reform, so there were others for discouraging and crushing it. The Tory arbitrary principle was rampant, and Muir was the victim of it.
When Ney and Caulaincourt saw Marmont at Essonnes, he informed them that he had entered into a convention with the Allied sovereigns on his own account. They begged him to suspend it and accompany them, and he consented. Whilst the three commissioners were with the Emperor Alexander, news was brought that Count Souham, with whom Marmont had left the command of his troops, had gone over, and marched the division into the lines of the Allies. On this the Emperor said they had better return to Napoleon, and assure him that the Allies would accept nothing short of an absolute and unqualified abdication. When they announced this to him, to their surprise, he exclaimed, "But what provisions are made for me? How am I to be disposed of?" They replied that it was proposed by the Emperor Alexander that he should retain the title of Emperor; should have the island of Elba, a guard, a small fleet, and all the attributes of royalty, with a suitable income. With a mood of mind incomprehensible in any other person, he immediately called for maps and books about Elba, and began contemplating his future position, as though he had only been changing one France for another; but there can be no doubt that he, in reality, was weighing the facilities of the place for that effort to regain the empire of France, which he certainly never renounced for a moment. On the 11th of April he drew up a form of unconditional abdication, signed, and dispatched it. Ney, Macdonald, and Caulaincourt arrived with the treaty to which the Allied sovereigns had agreed. Elba was assigned to himan island twenty leagues in extent, with twelve thousand inhabitantsand he was to have an income of six millions of francs, besides the little revenue of the island. Two millions and a half more were assigned as annuities to Josephine, and the other members of his family. The Empress was to be created Duchess of Parma, Placentia, and Guastella, in full sovereignty. The marshals and other officers of his army were received into the same ranks and dignities in the army of the Bourbon sovereign. Lord Castlereagh, who had arrived after the conclusion of this treaty, pointed out the folly of it, which must have been apparent to every man of the slightest reflection; for, to a certainty, Napoleon would not for a day longer than he was compelled observe it in a place like Elba, in the very vicinity of France. He declined, on the part of Great Britain, any concern in it; but to avoid a renewal of the war, he offered no formal opposition. Napoleon arrived at Elba on the 4th of May.The situation of Lord Cornwallis was now growing desperate. An attempt to destroy the enemy's batteries failed on the 16th. "At this time," he says, "we knew that there was no part of the whole front attacked in which we could show a single gun, and our shells were nearly exhausted. I had therefore only to choose between preparing to surrender the next day, or endeavouring to get off with the greater part of the troops; and I determined to attempt the latter." Having conceived this desperate scheme of endeavouring to escape, Cornwallis that night wrote to Sir Henry Clinton, in cypher, telling him not to risk fleet or army in the attempt to rescue them. He was sure that something had prevented the fleet from sailing at the time proposed, and he sought to steal away with the bulk of his army, leaving a small number to capitulate for the town. The idea, with such troops of well-mounted cavalry at his heels, was a wild one, and there were other obstacles in the way. He must first ferry his troops across the river to Gloucester, and, as he had not vessels enough to carry all at once, he had sent over part of them, when a violent storm arose, and prevented the return of the boats. This was decisive. With his forces thus divided, Cornwallis had scarcely soldiers enough left to man the guns in York Town, and there was nothing for it but to surrender.The marvellous increase of national wealth in Great Britain since the reign of George III. is to be mainly ascribed to two mechanical agenciesthe spinning-jenny and the steam-engine; both of which, however, would have failed to produce the results that have been attained if there had not been a boundless supply of cotton from the Southern States of America to feed our manufactories with the raw material. The production was estimated in bales, which in 1832 amounted to more than 1,000,000; and in 1839 was upwards of 2,000,000 bales. It appears from Mr. Woodbury's tables, that in 1834 sixty-eight per cent. of all the cotton produced in the world was shipped for England. In this case the demand, enormous as it was, produced an adequate supply. But this demand could not possibly have existed without the inventions of Hargreaves, Arkwright, Crompton, and Cartwright, in the improvement of spinning machinery.
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