THREE: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.
19 August 2015, John Doe
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THREE:[See larger version]
THREE:The congress had opened at Aix-la-Chapelle early in the spring, but it did not begin its sittings till the 11th of March, 1748, Sandwich being sent thither as our Plenipotentiary. The campaign, however, opened simultaneously, and, could Cumberland and the king have managed it, war would soon have overturned the hopes of peace; but circumstances were too much for them. The Prince of Nassau, ambitious as he was of military renown, failed to bring into the field his Dutch levies; the thirty thousand Prussians, as Pelham had expected, did not appear. The Dutch, so far from furnishing the sums they had engaged for, sent to London to raise the loan of a million sterling; but London itself had ceased to be a money-lending place. The war had drained the resources even of the British capital. To complete the deadlock, Marshal Saxe advanced into the field, and showed to the world that, though Cumberland might beat an army of famine-exhausted Highlanders, he was no match for him. He completely out-generalled him, made false demonstrations against Breda, where the Allied army lay, and then suddenly concentrated his forces before Maestricht, which, it was evident, must soon fall into his hands. Maestricht secured, the highway into Holland was open.Meanwhile Buonaparte had taken the route for Troyes and Dijon, ignorant of the rapid advance of the Allies on Paris. Never in any of his campaigns does he seem to have been so ill-informed of the movements of the enemy as at this most momentous juncture. On the 26th of March he was attacked by the flying squadrons of Winzengerode. At Doulaincourt he was startled by learning that Paris was on the point of being assaulted by the Allies. From this place he dispatched one courier after another to command the forces in Paris to hold out, and, ordering the army to march with all speed, he himself entered his carriage and was driven in all haste to Fontainebleau. Thence he was driving to Paris, when, at an inn, called La Cour de France, he met General Belliard with his cavalry, who gave him the confounding information that the Empress, King Joseph, and the Court had fled; that the Allies were in Paris, and a convention was signed. At this news he began to rave like an insane man, blamed Marmont and Mortieras, during his defeats, he had often bitterly upbraided his generals,blamed Joseph, and everybody but himself, and insisted on going to Paris, and seeing the Allies himself, but was at length persuaded to return to Fontainebleau, and ordered his army to assemble, as it came up on the heights of Longjumeau, behind the little river Essonnes.
THREE:[77]