ONE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."
FORE:The king rejoiced too soon. The announcement to the public of the queen's death was the knell of the popularity which he had recently acquired. There was an immediate and powerful reaction in the public mind against the king, which was strengthened by the ungracious measures adopted in connection with her funeral. There was a clause in her will to this effect:"I desire and direct that my body be not opened, and that three days after my death it be carried to Brunswick for interment; and that the inscription on my coffin be, 'Here lies Caroline of Brunswick, the injured Queen of England.'" The Government were very anxious to have the corpse sent out of the kingdom immediately, in order that its presence might not interfere with the festivities in Ireland; they therefore wished to have the remains dispatched at once to Harwich for embarkation. Lady Hood appealed in vain to Lord Liverpool for some delay on the ground that the queen's ladies were not prepared to depart so soon, at the same time protesting against any military escort. The military guard was an ostensible honour; but its real object was to prevent popular manifestations detrimental to the Government in connection with the funeral. The friends of the queen could not even learn by what route the body would be conveyed. It should have gone through the City, where the Lord Mayor and Corporation announced their intention of following the hearse; but to prevent that honour, it was ordered that the corpse should be sent round by the New Road[218] to Romford. The funeral passed from Hammersmith to Kensington Church without obstruction; there the conductors were turning off from the way to the City, in order to get into the Bayswater Road, when they were met by a loud cry of wrath and execration from the multitude. In a few minutes the road was dug up, barricaded, and rendered impassable. The Life Guards and the chief magistrate of Bow Street appeared, and seeing the impossibility of forcing a passage, they ordered the cortge to proceed on the direct route through the City, amidst thundering shouts of victory that might have appalled the king had he heard them. In the meantime the multitude had been rushing through the parks in mighty surging masses, now in one direction and now in another, according to the varying reports as to the course the procession was to take. Orders had been issued from the Government that it should go through the Kensington gate of Hyde Park, but the people closed the gates, and assumed such a fierce and determined attitude of resistance that the authorities were again compelled to give way, and again the popular shouts of victory sounded far and wide. Peremptory orders were given by the Government to pass up the Park into the Edgware Road, either by the east side or through Park Lane. In the effort to do this the line of procession was broken, the hearse was got into the Park, and hurried onwards to Cumberland Gate; but the people had outrun the military, and again blocked up the way in a dense mass. Here a collision ensued: the populace had used missiles; the military were irritated, and having had peremptory orders, they fired on the people, wounding many and killing two. But the people, baffled for the moment, made another attempt. At Tottenham Court Road the Guards found every way closely blocked up, except the way to the City. In this way, therefore, they were compelled to move, amidst the exulting shouts of the multitude. Seeking an outlet to the suburbs at every turn in vain, the procession was forced down Drury Lane into the Strand. The passage under Temple Bar was accompanied by the wildest possible excitement and shouts of exultation. The Corporation functionaries assembled in haste and accompanied the funeral to Whitechapel. On the whole way to Romford, we read, that not only the direct, but the cross roads, were lined with anxious spectators. The shops were closed, the bells were tolling, mourning dresses were generally worn, and in every direction symptoms abounded of the deep feeling excited by the death of the queen. The funeral cortge rested for the night at Colchester, the remains being placed in St. Peter's Church. There the plate with the inscription "injured Queen" was taken off, and another substituted. At Harwich the coffin was unceremoniously conveyed to the Glasgow frigate. At length the remains arrived at their last resting-place in a vault beneath the cathedral at Brunswick.But the more the mystery, the greater was the rage of the English Government. On the opening of the Session of Parliament for 1737, a Bill was brought in of a most frantic and unwise character:"To abolish the charter of the City of Edinburgh, to rase the city gates, disband the City Guard, and declare Mr. Wilson, the Provost, incapable of again holding any public office." Nothing so furious and unstatesmanlike could ever have been imagined possible in the eighteenth century. Witnesses were called to the bar of both Houses, and amongst them three Scottish judges, in their robes, were subjected to a sharp cross-examination. Nothing, however, could be elicited except some degree of carelessness on the part of the city magistrates. The Scottish nation, with its usual spirit, highly resented the menaces of this impolitic Bill. The Duke of Argyll in the Lords, and various members of the Commons, denounced it as equally insulting and unjust. They were zealously supported by many English members, especially by Wyndham and Sir John Barnard, and the Bill gradually shrank into an Act disabling Mr. Provost Wilson from holding any office in future, and fining the city two thousand pounds for the benefit of the widow of Captain Porteous; and, alluding to her original station, it was jocosely said, therefore, that all this terrible menace ended in making the fortune of an old cookmaid.
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