FORE:The French had always beheld with jealousy our possession of the island of Minorca, which had been won by General Stanhope in 1708, and secured to us by the Peace of Utrecht. That England should possess the finest port in the Mediterranean, and that so near their own shores, was a subject of unceasing chagrin. The miserable administration of British affairs, the constant attention to the interests of Hanover instead of our own, now inspired France with the resolve to snatch the prize from us. Great preparations were made for this object, and the report of these as duly conveyed to the English Ministers by the consuls in both Spain and Italy, but in vain. At length the certainty that the French were about to sail for Minorca burst on the miserable Ministers; but it was too latethey had nothing in readiness. The port of Mahon was almost destitute of a garrison; the governor, Lord Tyrawley, was in England; and the deputy-governor, General Blakeney, though brave, as he had shown himself at the siege of Stirling, was old, nearly disabled by his infirmities, and deficient in troops. What was still worse, all the colonels were absent from the regiments stationed there, and other officers alsoaltogether thirty-five!
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FORE:The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] 936,300; Wigan and Co., 674,700; Wildes and Co., 505,000; total acceptances, 2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to 1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampledbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubblesthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculationswhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.
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FORE:On the 14th of September the French army came in sight of Moscow, and the soldiers, worn down and miserable with their long and severe march, shouted with joy, "Moscow! Moscow!" They rushed up the hill called the Mount of Salvation, because there the natives coming in full view of the city kneel and cross themselves. There the splendid spectacle of the widely-spread ancient capital lay before their eyes, with its spires of thirty churches, its palaces of Eastern architecture, and its copper domes glittering in the sun. Interspersed were beautiful gardens, and masses of noble trees, and the gigantic palace of the Kremlin rising above in colossal bulk. All were struck with admiration of the place which had so long been the goal of their wishes. Napoleon himself sat on his horse surveying it, and exclaimed, "Behold at last that celebrated city!" But he immediately added, in an under-tone, "It was full time!" He expected to see trains of nobles come out to throw themselves at his feet and offer submission; but no one appeared, and not a sign of life presented itself, no smoke from a single chimney, not a man on the walls. It looked like a city of the dead. The mystery was soon solved by Murat, who had pushed forward, sending word that the whole population had abandoned Moscow! Two hundred and fifty thousand people had forsaken their home in a mass! The tidings struck the invader with wonder and foreboding; but he added, smiling grimly, "The Russians will soon learn better the value of their capital." He appointed Mortier governor of the place, with strict orders that any man who plundered should be shot; he calculated on Moscow as their home for the winterthe pledge of peace with Alexanderthe salvation of his whole army. But the troops poured into the vast, deserted city, and began everywhere helping themselves, whilst the officers selected palaces and gardens for residences at pleasure.In Calabria, the two sons of Ferdinand of Naples, Prince Francis and Prince Leopold, in conjunction with General Damas, held a force of fourteen thousand men, and endeavoured to arouse the mountaineers, and repel the advance of the French; but Regnier was dispatched against them, with a force of ten thousand, and soon defeated and dispersed the Neapolitans, making himself master of all the country, except the towns and fortresses of Maratea, Amantea, and Scylla. After three days of a bloody contest, Regnier took Maratea, and gave it up to the soldiery. These atrocities aroused the mountaineers to such fury, that they beset and harassed the French on their march to Amantea like so many demons. Their progress was arrested: Amantea stoutly resisted; Scylla, though taken, was invested by enraged Neapolitans and peasantry, and Reggio was again wrested from them. At this crisis arrived Sir John Stuart in Sicily, to reinforce and take the command of the British troops, and, at the earnest entreaty of the queen, Sir John crossed into Calabria.
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