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TWO:The remnant of the Mahratta army fled northwards, pursued and continually reduced by the British. At the same time the reduction of the towns and forts was steadily going on, and every day the fugitive Peishwa became more and more involved in the toils of his enemies. He endeavoured to escape into Nagpore, but on the banks of the Wurda he was met, on the 1st of April, by Colonel Scott and driven back, only to fall into the hands of Colonel Adams, who attacked him near Soonee with only one regiment of native cavalry and some horse artillery, and gave him a thorough defeat, taking five guns, three elephants, and two hundred camels. More than a thousand Mahrattas fell, and the Peishwa himself narrowly escaped, his palanquin, which he had abandoned, being found shot through. Bajee Rao now endeavoured to get to the north-east into Malwa, but he was stopped by General Sir Thomas Hislop, who was advancing from that quarter towards the Deccan. At length, his forces dispersed, his towns in possession of the British, his way on all sides cut off, the Peishwa came in and surrendered himself to Sir John Malcolm, on the 3rd of June, 1818, on promise of good treatment. Sir John granted him eight lacs of rupees per annum, on condition that he resigned the title of Peishwa for ever, and surrendered all his possessions. This was confirmed by the Supreme Government at Calcutta. Thus was the existence of the Pindarrees, and the power of the Mahrattas, broken up, and the Rajah of Satara restored. He was a minor, but on reaching the age of twenty-one, which was in the year 1821, he was invested with the government of his dominions. These included a district of about eleven thousand square miles, and produced a net revenue of fifteen million rupees. Out of this, however, three lacs per annum were reserved for chiefs who had become subjects of the Company, and three more lacs were alienated. As for Trimbukjee, whose crimes and murders had determined the British to secure him at any cost, he was discovered, after a long quest, in the neighbourhood of Nassick, by Captain Swanston, and carried to Tannah, the prison from which he had escaped. He was thence transferred to Calcutta, and finally to the rock of Chunar, near Benares. The last success of this war was the reduction of the fortress of Aseerghur, one of the most formidable strongholds in India, which had undergone some most arduous sieges.[See larger version] More info

TWO:A law in force since the time of Cromwell had provided that no merchandise from Asia, Africa, or America should be imported into Great Britain in any foreign ships; and not only the commander, but three-fourths of the crew, were required to be English. In addition to this restriction of our foreign commerce to English-built and English-manned ships, discriminating duties were imposed upon foreign ships from Europe, which had to pay more heavily than if the goods were imported under the British flag. The object of this system, which prevailed for one hundred and fifty years, was to maintain the ascendency of Britain as a Maritime Power. Adam Smith remarks that the Navigation Act may have proceeded from national rivalry and animosity towards Holland; but he held that its provisions were as beneficial as if they had been dictated by the most consummate wisdom. He admits, however, that they were not favourable to foreign commerce, or to the growth of that opulence that can arise from it, remarking, "As defence is of more value than opulence, the Act of Navigation is perhaps the wisest of all the commercial regulations of England." But had Adam Smith lived later on, he would have seen that the utmost freedom of commerce with foreign nations, and the most boundless opulence arising from it, are quite compatible with a perfect system of national defence; and whatever were the advantages of the restrictive system, other nations could act upon it as well as England. America did so, and thus commenced a war of tariffs equally injurious to herself and the mother country, causing the people of each to pay much more for most of the commodities they needed than they would have done if the markets of the world were open to them. The consequence was that both parties saw the folly of sending their ships across the Atlantic in ballast, and a commercial treaty was concluded in 1815, which put the shipping of both America and England upon an equal footing, and relieved them from the necessity of paying double freight. The reciprocity system was also partially adopted in our commerce with other countries. In 1822 Mr. Wallace had brought in four Bills, which made other important alterations. The 3 George IV., cap. 41, repealed certain statutes relating to foreign commerce which were passed before the Navigation Act. Another Act (cap. 42) repealed that part of the Navigation Act itself which required that goods of the growth or manufacture of Asia, Africa, and America should only be imported in British ships; and that no goods of foreign growth or manufacture should be brought from Europe, except from the place of their production, and in the ships of the country producing them. The next enactment prescribed certain specified goods to be brought to Great Britain from any port in Europe, in ships belonging to the ports of shipment. Two other Acts further extended freedom of commerce, and removed the vexatious restrictions that had hampered our colonial and coasting trade. In 1823 Prussia retaliated, as the United States had done, which led Mr. Huskisson to propose what are called the Reciprocity Acts, 4 George IV., cap. 77, and 5 George IV., cap. 1, which empowered the king, by Order in Council, to authorise the importation and exportation of goods in foreign ships from the United Kingdom, or from any other of his Majesty's dominions, on the same terms as in[240] British ships, provided it should first be proved to his Majesty and the Privy Council that the foreign country in whose favour the order was made had placed British ships in its ports on the same footing as its own ships. These enactments proved an immense advantage to the people of the nations affected by them, and satisfied all parties but the ship-owners, who cried out loudly that their interest was ruined. But their complaints were altogether unfounded, as will appear from the following figures. Under the restrictive system, from 1804 to 1823, the tonnage of British shipping had increased only ten per cent. Under the Reciprocity Acts and the Free Trade system, from 1823 to 1845, the increase rose to forty-five per cent. This result fully bore out the calculations and anticipations of Mr. Huskisson, in his answer to the arguments of the Protectionists. More info

TWO:Attention was now turned to a matter of the highest importance in a commercial, an intellectual, and a moral point of view. The stamp duty on newspapers had been the subject of keen agitation for some months, and newspaper vendors had incurred repeated penalties for the sale of unstamped newspapers; some of them having been not only fined, but imprisoned. A general impression prevailed that such an impost was impolitic, if not unjust, and that the time had come when the diffusion of knowledge must be freed from the trammels by which it had been so long restrained. A deputation, consisting of Dr. Birkbeck, Mr. Hume, Colonel Thompson, Mr. O'Connell, Mr. Grote, Mr. Roebuck, Mr. Brotherton, Mr. Wallace, and Mr. Buckingham, having, on the 11th of February, waited upon Lord Melbourne, to ask for an entire abolition of the stamp on newspapers, he promised to give his most serious attention to the matter; and he kept his word, for on the 15th of the next month the Chancellor of the Exchequer brought the subject before Parliament, and announced the intentions of Government with regard to it. He stated that it was proposed to revise the whole of the existing law respecting stamp duties, first by consolidating into one statute the 150 Acts of Parliament over which the law was at present distributed; secondly,[402] by the apportionment of the various rates on a new principle��namely, by the simple and uniform rule of making the price of the stamp in every case correspond to the pecuniary value involved in the transaction for which it is required. The effect of this change would be to reduce the stamp duty upon indentures of apprenticeship, bills of lading, and many others of the more common instruments, and to increase it upon mortgages and conveyances of large amounts of property. It was intimated that the proposed Consolidation Act would contain no less than 330 sections. With regard to the stamp on newspapers, then fourpence with discount, it was proposed to reduce it to one penny without discount. This would be a remission of a proportion, varying according to the price of the newspaper, of between two-thirds and three-fourths of the tax. To this remission Parliament assented, and the illicit circulation of unstamped papers was in consequence abandoned. Some of the members very reasonably objected to any stamp whatever on newspapers; but the time was not yet come when Government would venture entirely to remove it, although the advantages which must necessarily arise from such a proceeding could not but have been foreseen. It was considered unfair that the public at large should pay for the carriage of newspapers by post; and it does not seem to have been remembered that, as only a portion of them would be transmitted in this way, an injustice would be committed by demanding payment for all. The difficulty of the case was, however, in due time, easily surmounted; and political knowledge was, by the change even then made, in a great degree exempted from taxation��a good preparation for the time, which was not very far off, when a newspaper of a high order might be obtained, even for the reduced price of the stamp. More info