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FORE:[282]There were other matters which the British representative was to bring forward, and foremost[232] among them all was the suppression of the slave trade, either by a general declaration from the Allies that it should be treated as piracy, or by obtaining from them an engagement that they would not admit into their markets any article of colonial produce which was the result of slave labour. "It will be seen," says Mr. Gleig, "that the recognition of the actual independence of many of the Spanish colonies had already been determined upon by Great Britain, and that the establishment of diplomatic relations with them all had come to be considered as a mere question of time. This is a point worthy of notice, because of the misunderstanding in regard to it which originated in a speech subsequently delivered by Mr. Canning in the House of Commons, and which still, to a considerable extent, prevails. It will be further noticed that the principle observed by Lord Londonderry as the true principle was that of non-interference by Great Britain in the internal affairs of foreign nations. That the Duke of Wellington entirely coincided with Lord Londonderry in this respect, his conduct both now and in the future stages of his career clearly demonstrates. The leading object of his political life was to preserve the peace at home and abroad which it had been the great aim of his military life to conquer."
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FORE:MARSHAL LANNES AT RATISBON. (See p. 587.)
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FORE:
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The scene grew every day more busy as the queen became more obviously failing. Harley, at Hanover, was plying the Elector and his family with reasons why the prince ought not to go to England. The Elector himself appeared quite of the same opinion; but not so the Electress or her son. The Electress, who was now nearly eighty-four, and who was undoubtedly a woman of a very superior character, still had that trace of earthly ambition in her, that she used frequently to say she should die contented if she could only once for a little while feel the crown of England on her head. She was the youngest daughter of Elizabeth of Bohemia, who had ruined her husband by a similar longing after a far less resplendent diadem. When pressed by Harley, the Electress and her son presented him with a memorial, which he was desired to forward to the queen. Anne, in indignation, addressed a letter to the Electress, but without effect; and on the 30th of May she indited a more determined epistle to the Elector himself:"As the rumour increases that my cousin, the Electoral Prince, has resolved to come over to settle in my lifetime in my dominions, I do not choose to delay a moment to write to you about this, and to communicate to you my sentiments upon a subject of this importance. I then freely own to you that I cannot imagine that a prince who possesses the knowledge and penetration of your Electoral Highness can ever contribute to such an attempt, and that I believe you are too just to allow that any infringement shall be made on my sovereignty which you would not choose should be made on your own. I am firmly persuaded that you would not suffer the smallest diminution of your authority. I am no less delicate in that respect; and I am determined to oppose a project so contrary to my royal authority, however fatal the consequences may be."43 Elizabeth, c. 2 {89 parishes (including theThe 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.Had Benningsen had a good commissariat, the doom of the French was certain. The army, famishing and in rags, was still eager to push their advantage the next day, and the French, if compelled to retreat, as there was every prospect, must have fallen into utter demoralisation, and the war would have been soon at an end. But Benningsen, sensible that there was an utter lack of provision for his army, and that his ammunition was nearly exhausted, hesitated to proceed to a second action with an army reduced twenty thousand in number, and thus to risk being cut off from K?nigsberg, endangering the person of the King of Prussia; and so the extreme caution, or rather, perhaps, the necessities of the Russian general, were the rescue of Buonaparte. Benningsen resolved to retreat upon K?nigsberg.
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