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THREE:

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THREE:Pitt's expeditions were not particularly well arranged. Instead of sending an army of thirty or forty thousand to the Baltic, and calling on Russia to do the same, which she could have done, notwithstanding the army under the Emperor Alexander, he sent only about six thousand, and sent another eight thousand from Malta, to co-operate with twelve thousand Russians in a descent on the kingdom of Naples. This expedition might have been left till the success in the North was secured; in truth, it had better have been left altogether. When General Don and Lord Cathcart landed in Swedish Pomerania, and were joined by the king's German legion and some other German hired troops, our army amounted only to sixteen thousand men, the Swedes to twelve thousand, and the Russians to ten thousand��altogether, not forty thousand men. But what was worse than the paucity of numbers was the disunion amongst the commanders. Lord Harrowby was sent to Berlin, to endeavour to induce Prussia to join this coalition, but Prussia was well aware of the want of unity in the Allied Army, and, weighing probabilities, she could not be moved. The King of Sweden was so incensed at the cold, shuffling conduct of the King of Prussia, that he wrote him some very indignant and undiplomatic letters, which only furnished him with a further excuse for holding aloof. Gustavus, seeing no good likely to be done, resigned his command of the Allied Army, where, indeed, he had enjoyed no real command at all, and retired with his forces to Stralsund. This was a fatal exposition of want of unity, and it was not till three weeks were gone that the breach was healed. By this time it was the middle of November. Ulm had surrendered, Napoleon was master of Vienna, and Prussia was still watching what would be the fate of the coming battle between Napoleon and the Emperors of Austria and Russia. The union of the Allies came too late; the force was altogether too small to turn the scale of the campaign. Had Gustavus marched into Hanover a month earlier, with sixty thousand men, he might have rendered Austerlitz a nonentity; as it was, he had only time to invest Hameln, where Bernadotte had left a strong garrison, when the news of Austerlitz arrived, and caused the Allies to break up the campaign, and each to hurry off to his own country.But that there should be a majority at all on such a question brought the Opposition to try an experiment which they had been for some time planning. This was the absurd scheme of seceding in a body from the House of Commons, on the plea that a paid and standing majority rendered all reason and argument nugatory. In the course of his farewell speech, Wyndham made use of such violent language, that Mr. Pelham jumped up to move the commitment of the honourable member to the Tower; but Walpole was too well aware that such a proceeding would only have served the ends of the Opposition, rendering them martyrs to their country's cause, and raising a vivid interest in their behalf. He therefore stopped him, and said that the measures which that gentleman and his friends might pursue gave him no uneasiness; on the contrary, the House was much obliged to them for pulling off the mask. Relieved of their presence, he now carried his measures in unopposed quiet.

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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:��In America, such was the state of things, that a British commander there, of the slightest pretence to activity and observation, would have concluded the war by suddenly issuing from his winter quarters, and dispersing the shoeless, shirtless, blanketless, and often almost foodless, army of Washington. His soldiers, amounting to about eleven thousand, were living in huts at Valley Forge, arranged in streets like a town, each hut containing fourteen men. Such was the destitution of shoes, that all the late marches had been tracked in blood��an evil which Washington had endeavoured to mitigate by offering a premium for the best pattern of shoes made of untanned hides. For want of blankets, many of the men were obliged to sit up all night before the camp fires. More than a quarter of the troops were reported unfit for duty, because they were barefoot and otherwise naked. Provisions failed, and on more than one occasion there was an absolute famine in the camp. It was in vain that Washington sent repeated and earnest remonstrances to Congress; its credit was at the lowest ebb. The system of establishing fixed prices for everything had totally failed, as it was certain to do; and Washington, to prevent the total dispersion of his army, was obliged to send out foraging parties, and seize provisions wherever they could be found. He gave certificates for these seizures, but their payment was long delayed, and, when it came,[248] it was only in the Continental bills, which were fearfully depreciated, and contrasted most disadvantageously with the gold in which the British paid for their supplies.

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