It is impossible to conceive the extent of suffering and desolation inflicted upon society, almost every family being involved, more or less, in the general calamity. Flourishing firms were bankrupt, opulent merchants impoverished, the masses of working people suddenly thrown out of employment, and reduced to destitution; and all from causes with which the majority had nothing to docauses that could have been prevented by a proper monetary system. If Bank of England notes had been a legal tender, to all intents and purposes supplying the place of gold as currency; if these notes had been supplied to the country banks in any quantities they required, ample security being taken to have assets equal to their respective issues, then the currency would have had an elastic, self-adjusting power, expanding or contracting according to the requirements of commerce. Inordinate speculation would not have been stimulated by a reckless system of credit, and business would have been conducted in a moderate and judicious manner, instead of rushing on at a high pressure that rendered a crash inevitable. The Government, after anxious and repeated deliberations, supplied a remedy on this principle. They determined to issue one-pound and two-pound notes of the Bank of England, for country circulation, to any amount required. In the meantime the Mint was set to work with all its resources in the coining of sovereigns[244], which, for the course of a week, were thrown off at the rate of 150,000 a day. The notes could not be manufactured fast enough to meet the enormous demand for carrying on the business of the country. In this dilemma the Bank was relieved by a most fortunate discoverya box containing 700,000, in one- and two-pound notes that had been retired, but which were at once put into circulation. The people having thus got notes with Government security, the panic subsided, and the demand for gold gradually ceased. The restoration of confidence was aided by resolutions passed at a meeting of bankers and merchants in the City of London, declaring that the unprecedented embarrassments and difficulties under which the circulation of the country laboured were mainly to be ascribed to a general panic, for which there were no reasonable grounds; that they had the fullest confidence in the means and substance of the banking establishments of the capital and the country; that returning confidence would remove all the symptoms of distress caused by the alarms of the timid, so fatal to those who were forced to sacrifice their property to meet unexpected demands. The new measures so promptly adopted and so vigorously carried into effect, raised the circulation of the Bank of England notes in three weeks from 17,477,290 to 25,611,800. Thus the regular and healthful action of the monetary system was restored by an adequate circulation of paper money, on Government security, without specie to sustain it. There were at the time of the crash 770 country bankers; 63 stopped payment, 23 of them having subsequently resumed business, and paid twenty shillings in the pound; and even those that were not able to resume, paid an average of seventeen shillings and sixpence in the pound. It was estimated that the total loss to the country by this panic was one hundred million pounds.If the French had been by no means successful in Germany, they had been much less so in other quarters of the globe. In the East Indies we had taken Pondicherry, their chief settlement, from them, and thus remained masters of the whole coast of Coromandel, and of the entire trade with India. In the West Indies, the French had been fortifying Dominica, contrary to treaty, and Lord Rollo and Sir James Douglas were sent thither, and speedily reduced it. France, indeed, was now fast sinking in exhaustion. Louis XV. was a man of no mark or ability, inclined to peace, and leaving all affairs to his Ministers, and still more to his mistress, Madame de Pompadour. Choiseul was a man of talent, but of immense vanity, and little persistent firmness. He was now anxious for peace, but, too proud to make the proposal directly, he induced the Courts of Russia and Austria to do it. It was suggested that a congress should be held at Augsburg for settling the peace of Europe. England and Prussia readily consented. But the Duke of Choiseul, anxious to have a clear understanding of the terms on which England and France were likely to treat, proposed a previous exchange of views, and dispatched M. Bussy to London, whilst Mr. Pitt sent to Paris Mr. Hans Stanley.Gradually, however, a more refined tone was diffusing itself. The example of the head of the nation had not been without its effect. The higher classes abandoned Ranelagh and Vauxhall to the middle and lower classes, if they did not abandon their theatre, opera, and rout. But the theatres, too, became more decorous, and the spread of what had been called Methodism began to reach the higher classes through such men as Wilberforce, and such women as the Countess of Huntingdon and Hannah More. The most palpable drawback to this better state of sentiment and manners was the profligacy of the Prince of Wales and his associates. But towards the end of the reign a decided improvement in both manners and morals had taken place. The momentous events passing over the world, and in which Great Britain had the principal agency, seemed to have rooted out much frivolity, and given a soberer and higher tone to the public mind. The spread of a purer and more humane literature baptised the community with a new and better spirit; art added its refinements, and religion its restraints. The efforts to introduce education amongst the people had begun, and the lowest amusements of dog-fighting, cock-fighting, and bull-baiting were discouraged and put down. The new birth of science, art, literature, and manufactures was accompanied by a new birth of morals, taste, and sentiment, and this, happily, was a true birth; and the growth of what was then born has been proceeding ever since.
FORE:"Oh! rescue the countrysave the people of whom you are the ornaments, but severed from whom you can no more live than the blossom that is severed from the root and tree on which it grows. Save the country, therefore, that you may continue to adorn it; save the Crown, which is threatened with irreparable injury; save the aristocracy, which is surrounded with danger; save the[212] altar, which is no longer safe when its kindred throne is shaken. You see that when the Church and the Throne would allow of no church solemnity in behalf of the queen, the heartfelt prayers of the people rose to Heaven for her protection. I pray Heaven for her; and here I pour forth my fervent supplications at the Throne of Mercy, that mercies may descend on the people of the country, higher than their rulers have deserved, and that your hearts may be turned to justice."[453]
ONE:
TWO:In the West Indies it was decided that Great Britain should, of the French islands that she had taken, retain Tobago, Dominica, St. Vincent, and[175] Grenada, but restore to France Guadeloupe, Martinique, and St. Lucia.But the British were in no condition to take advantage of American exhaustion. At a time when the Ministry at home had obtained the most magnificent grants from Parliamentgrants for ninety thousand seamen, thirty thousand soldiers, and twenty-five millions of pounds to pay for themthere was scarcely a fleet on the American coasts, and nothing which could be called an army. Had Cornwallis been in possession of an adequate force, he would speedily have cleared all the Southern States. Wherever he came, even with his handful of men, he drove the Americans before him. He now took up his headquarters at Cross Creek, where he sought to rest his troops and recover his sick and wounded. He hoped there to establish a communication with Major Craig, who had been successfully dispatched to take possession of Wilmington, at the mouth of Cape Fear River, but this was not very practicable, and as the country about Cross Creek was destitute of the necessary supplies, Cornwallis himself descended to Wilmington, which he reached on the 7th of April. Colonel Webster and others of his wounded officers died on the march. Greene, with his fragment of an army, as badly provisioned as that of Cornwallis, followed them at a safe distance.
THREE: { 20 single parishes 20
FORE:Such was the formidable opposition with which Parliament came to the consideration of this peace. It met on the 25th of November, and the tone of the public out of doors was then seen. The king, as he went to the House of Lords, was very coolly received by the crowds in the streets, and Bute was saluted with hisses, groans, and the flinging of mud and stones. On the 19th of December he moved in the Lords an address in approbation of the terms of the peace. Lord Hardwicke opposed the motion with great warmth and ability, but there was no division. Very different was the reception of a similar address in the Commons the same day, moved by Fox. There Pitt, who was suffering with the gout, denounced the whole treaty, as shamefully sacrificing the honour and interests of the country. When he rose he was obliged to be supported by two of his friends, and was at length compelled to beg to be allowed to address the House sitting. He yet made a vehement speech of three hours and a half against the conditions accepted. The Ministry, however, had a large majority, three hundred and nineteen voting for them against sixty-five. With this brief triumph of Bute's unpopular party closed the year 1762.
The attempt of the Whigs in the Lords to unearth the vituperative dean, though it had failed, stimulated the Tories in the Commons to retaliation. Richard Steele, author of "The Tatler," an eloquent and able writer, had not sought to screen himself from the responsibility of the honest truths in "The Crisis," as Swift had screened himself from the consequences of his untruths, and a whole host of Tories assailed him in the Commons, of which he was a member. Amongst these were Thomas Harley, the brother of Oxford, Foley, the auditor, a relative of Oxford's, and Sir William Wyndham, the Chancellor of the Exchequer. They flattered themselves with an easy triumph over him, for Steele, though popular as a writer, was new to the House of Commons, and had broken down in his first essay at speaking there; but he now astonished them by the vigour, wit, and sarcasm of his defence. He was ably supported, too, by Robert Walpole, who had obtained a seat in this new Parliament. Nothing, however, could shield Steele, as Swift's being anonymous had shielded him. Steele was pronounced by the votes of a majority of two hundred and forty-five to one hundred and fifty-two to be guilty of a scandalous libel, and was expelled the House. During the debate Addison had sat by the side of Steele, and, though he was no orator to champion him in person, had suggested continual telling arguments.[See larger version]Circumstances appeared now to be growing serious. Meetings were held in defiance of the strict measures of Government throughout the manufacturing districts; and at Blackburn it was announced at such a gathering, on the 5th of July, that the women had also formed themselves into "Sister Reform Associations," and these called on their own sex everywhere to imitate their example, so as to co-operate with the men, and to instil into the minds of their children a hatred of tyrannical rulers. The men, at the same time, made another advance in the Reform agitation; this was drilling-a movement which gave great alarm to the magistrates of Lancashire, who wrote from various quarters to apprise Government of it. It was a circumstance that might well excite suspicion that something more than Reform was intended. But when it came to be explained by the parties themselves, it turned out to mean nothing more than that the Reformers in the neighbourhood of Manchester were intending to hold a great meeting in order to elect a representative, as the people of Birmingham had done, and that they wished to assemble in the utmost order and quiet. But the very means employed by them to avoid confusion, and enable them to meet and disperse with decorum, were just those most calculated to excite the fears of a magistracy and Ministry already suspicious.
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