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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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TWO:But a very different spirit displayed itself in America on the arrival of the news of the passing of the Act. Franklin's friend, Thompson, replied to him, that, instead of lighting candles, there would be works of darkness. The rage of the American public burst forth in unequivocal vigour. At New York, the odious Stamp Act was represented surmounted with a death's head instead of the royal arms, and was hawked through the streets with the title of "the folly of England and the ruin of America." At Boston the colours of the shipping were lowered half-mast high, and the bells of the city were muffled and tolled funeral knells. Everywhere there was a frenzied excitement, and the provincial Assemblies resounded with the clamour of indignant patriotism. It was the fortune of that of Virginia to give the leading idea of union and co-operative resistance, which led to the grand conflict, and to eventual victory over the infatuated mother country. There Patrick Henry, a very different man to Franklin, started up, and kindled by his fiery breath the torch of confederate resistance. But it was at once seen that, to acquire their full weight, the colonies must unite. Speeches, pamphlets, articles in newspapers, all called for co-operation. A print was published exhibiting a snake cut into a number of pieces, each piece inscribed with the name of a colony, and with the motto, "Join or die." In consequence, several of the states sent representatives to a general congress, to be held at New York in the month of October, to take measures for a general resistance to the Stamp Act.

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FORE:[See larger version]The following statement of the numbers receiving rations, and the total expenditure under the Act in each of the four provinces, compared with the amount of population, and the annual value assessed for poor-rate, may serve to illustrate the[546] comparative means and destitution of each province:�� Saturday, 23/08/2014