FORE: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.
FORE:
FORE:NAPOLEON ABANDONING HIS ARMY. (See p. 54.)But the League did more than attempt to convert the country party. They determined to create a country party of their own. They had already taken up the registration of voters in the[510] boroughs, from which they proceeded, with that practical common sense which had distinguished nearly all their movements, to inquire into the position of the country constituencies, where hitherto the landowners had held undisputed sway. The scheme which resulted from this incursion into the dominions of the enemy was developed by Mr. Cobden at a meeting in the Free Trade Hall, Manchester, on the 24th of October, 1844. The Chandos clause in the Reform Act, giving the tenant-farmers votes for county members, had so strengthened the landlords' influence in the county that opposition at most of the county elections was hopeless. But Mr. Cobden showed his hearers that the counties were really more vulnerable than the small pocket boroughs. In many of these there was no increase from year to year in the number of votersno extension of houses. The whole property belonged to a neighbouring noble, and as Mr. Cobden said, "You could no more touch the votes which he held through the property than you could touch the balance in his banker's hands." But the county constituency might be increased indefinitely, for there it required but a freehold property of the value of forty shillings a year to give a man a vote. This sum had been adopted from an ancient regulation, when money was of far greater value, and land of far less money worth than it was then; but the forty-shilling qualification existed, and was a powerful engine for the creation of voters. Up to that time it had had but little effect. The laws of England, but more especially the habits and prejudices of landowners, had always kept the land of the county in so few hands as to present an extraordinary contrast with the condition of things in all other nations of Europe. The danger of the forty-shilling clause to aristocratic influence in the county was not perceived, simply because forty-shilling freeholders were rare. But there was no reason why they should be rare. The passion for possessing freehold land was widely spread, and a few facilities offered for purchasing it would soon create a large number of small holders. The chief difficulty in the way of this had hitherto been the great cost of transferring land. Owing to the complicated laws of real property, the land, unlike other articles, could only be bought and sold after a minute investigation into the owner's title, which necessitated an historical account of the ownership extending back over many years. All this, however, the League could easily obviate. They could buy land in the lump, register its title once for all, and part it into small pieces for small buyers. "This," remarked Mr. Cobden, "must be done," and it was done. The Conservative party sneered at the Manchester man's proposition of serving land over a counter, like calico, by the yard; but the movement soon began to tell upon elections, and to alarm the great landed proprietors.
THREE:Had Benningsen had a good commissariat, the doom of the French was certain. The army, famishing and in rags, was still eager to push their advantage the next day, and the French, if compelled to retreat, as there was every prospect, must have fallen into utter demoralisation, and the war would have been soon at an end. But Benningsen, sensible that there was an utter lack of provision for his army, and that his ammunition was nearly exhausted, hesitated to proceed to a second action with an army reduced twenty thousand in number, and thus to risk being cut off from K?nigsberg, endangering the person of the King of Prussia; and so the extreme caution, or rather, perhaps, the necessities of the Russian general, were the rescue of Buonaparte. Benningsen resolved to retreat upon K?nigsberg.
THREE:
