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THREE:[289]

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THREE:Meanwhile, Charles, compelled to wait the course of events in Edinburgh, endeavoured to render himself popular by his moderation and magnanimity. Volunteers began to flock to his standard, the chief cause, however, being, no doubt, the prestige of his victory. Fresh reinforcements poured down from the Highlands. Altogether, Charles's army now amounted to nearly six thousand men. It would have amounted to ten thousand had the Macdonalds and Macleods of Skye and Lord Lovat joined him. But though Charles sent a Macleod of Skye over to the island chiefs, urging them now to join his standard as certain of victory, they refused to move. He then went over from Skye to Castle Dounie to stimulate Lord Lovat, but that deceitful old miscreant was playing the double game, and waiting to see which side would be the stronger. At length his army had received the last reinforcements that he expected, by the arrival of Menzies of Sheen with a considerable body of men, and he was impatient to march southwards. He was the more ready to quit Scotland because Lord Lovat had now sent him word that though he could not, from the state of his health, join the march into England, both he and the Macdonalds and the Macleods of the Isles were prepared to defend his interests in the Highlands. The greater part of this intelligence was false, entirely so as regarded the Islesmen, and it was now well known that the English Government had got together twelve thousand veteran troops, besides thirteen regiments of infantry and two of cavalry newly raised. The Highland chiefs, therefore, strenuously opposed the march till they should receive the reinforcements which he had promised them from France, as well as more money. Others contended that he ought not to invade England at all, but to remain in Scotland, make himself master of it, and reign there as his ancestors had done. But it was not merely to secure the Crown of Scotland that he had come; it was to recover the whole grand heritage of his race, and he determined to march into England without further delay. The Highland chiefs, however, resolutely resisted the proposal, and at three successive councils he strove with them in vain to induce them to cross the Border and fight the army of Marshal Wade, which lay at Newcastle, consisting of Dutch and English troops. At length Charles said indignantly, "Gentlemen, I see you are determined to stay in Scotland; I am resolved to try my fate in England, and I go, if I go alone."

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THREE:From the Picture by Robert Hillingford.

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THREE:Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:��"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of ��174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which ��70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:��

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