XXI. CHAP. tories which she achieved, and the great qualities which he exhibited, in the contest with herself; and in1796. dulge with satisfaction in the reflection, that that vast empire, which neither the ambition of Louis XIV. nor the power of Napoleon, could dismember, received its first shock from the courage which she had communicated to her own offspring; and that, amidst the convulsions and revolutions of other states, real liberty has arisen in that country alone, which inherited in its veins the genuine principles of British freedom. CHAPTER XXII. INTERNAL TRANSACTIONS AND NAVAL CAMPAIGN ARGUMENT. Evident approach of a Crisis in the War-Gloomy Aspect of Public Affairs in England in the beginning of 1797-Crisis of the Bank-Important Order in Council suspending Cash Payments-Debates on the subject in Parliament-Bill perpetuating this Suspension brought in and carried by Mr Pitt; at first temporary, then till the Conclusion of the War-Immense Consequence of this change-Double set of Causes which affect the Value of Government Paper-Parliamentary Reform is brought forward by Mr Grey-His Plan of Reform, and Arguments in support of it—Arguments on the other side by Mr Pitt-It is rejected by Parliament-Reflections on this Subject-Difference between Redress of Grievances and Concessions to Clamour-Arguments for and against a Continuance of the War-Supplies voted for the Year-Naval Preparations of France and Spain-Mutiny in the Fleet-Origin of the Discontents in the Navy-First breaks out in the Channel Fleet-Perfect Order maintained by the Insurgents-The demands of the Fleet are granted by Government, and Lord Howe at length succeeds in restoring Discipline-Alarming Mutiny at the Nore-Dreadful Consternation in London-Firmness of the King and Government-Noble Conduct of Parliament-Bill against the Mutineers passes by a great majority-The Insurgents become divided-Patriotic conduct of the Channel Fleet-The Mutineers at length submit-Parker is tried and executed-Admirable conduct of Mr Pitt on the occasion -Glorious Firmness of Admiral Duncan at this Crisis-The Mutiny was totally unconnected with France-Battle of St Vincent's-First Appearance of Nelson and Collingwood-Their Glorious Successes-Action in the other parts of the FleetGreat Effect produced in Europe by this Victory-Birth and Parentage of NelsonHis Character and Failings-Biography and Character of Lord St Vincent-Biography of Lord Howe, and his Character-Biography of Duncan, and his Character-Great Preparations of the Dutch-Battle of Camperdown-Gallant Resistance of De Winter -Results of the Battle-Immense Effect of this Victory-Honours bestowed on Admiral Duncan and Sir John Jarvis-Abortive Descent in Pembroke Bay-Capture of Trinidad-Death of Mr Burke-His Character-And Views on the French Revolution. CHAP. XXII. 1797. ALTHOUGH the war had now continued four years, and it was obvious to all the world that England and France were the principals in the contest, yet XXII. 1797. Evident of a crisis CHAP. these two states had not as yet come into immediate and violent collision. Inferior powers required to be struck down, weaker states to be removed from the combat, before the leaders of the fight dealt their blows at each other; like the champions of chivalry, approach who were separated in the commencement of the in the war. affray by subordinate knights, and did not engage in mortal conflict till the field was covered with the dead and the dying. The period, however, was now approaching, when this could no longer continue, for the successes of France had been such as to compel Britain to fight, not merely for victory, but existence. All the allies with whom, and for whose protection she had engaged in the contest, were either struggling in the extremity of disaster, or openly arrayed under the banners of her enemies. Austria, after a desperate and heroic resistance in Italy, was preparing for the defence of her last barriers in the passes the Alps. Holland was virtually incorporated with the conquering Republic. Spain had recently joined its forces; the whole continent, from the Texel to Gibraltar, was arrayed against Great Britain, and all men were sensible that, in spite of her maritime superiority, she had in the preceding winter narrowly escaped invasion in the most vulnerable quarter, and owed to the winds and the waves her exemption from the horrors of civil war. Gloomy aspect of public affairs in England in the beginning of 1797. of The aspect of public affairs in Britain had never been so clouded since the commencement of the war, nor indeed during the whole of the 19th century, as they were at the opening of the year 1797. The return of Lord Malmesbury from Paris had closed every hope of terminating a contest, in which the national burdens were daily increasing, while the prospect of success was continually diminishing. XXII. 149. Party spirit raged with uncommon violence in every CHAP. part of the empire. Insurrections prevailed in many districts of Ireland, discontents and suffering in all ; 1797. commercial embarrassments were rapidly increasing. and the continued pressure on the bank threatened a total dissolution of public credit. The consequence of this accumulation of disasters was a rapid fall of the public securities; the three per cents were sold as low as 51, having fallen to that from 98, at which they stood shortly before the commencement of the contest in 1792; petitions for a change of ministers and an alteration of government were presented from almost every city of note in the empire, and that general distrust and depression prevailed which is at Ann. Reg. once the cause and the effect of public misfortune.1 1797,148, The first of these disasters was one which, in a despotic state unacquainted with the unlimited con- Crisis of fidence in government that, in a free state, results the Bank, from long-continued fidelity in the discharge of its in Council engagements, would have proved fatal to the credit cash pay of government. For a long period the Bank had ments. experienced a pressure for money, owing partly to the demand for gold and silver which resulted from the distresses of commerce, and partly to the great drains upon the specie of the country, which the extensive loans to the Imperial government had occasioned, and the vast expenditure of the Republican and Austrian armies in Italy and Germany had required. Their requisitions and contributions, all of which required to be paid in cash, occasioned a prodigious demand for the precious metals on the Continent, and occasioned of course a corresponding drain on this country. So early as January 1795, the influence of these causes was so severely felt, that the Bank Directors informed the Chancellor of and Order suspending CHAP. the Exchequer that it was their wish that he would XXII. so arrange his finances as not to depend on any 1797. further assistance from them; but the necessity of remitting the subsidies to Austria in cash, rendered this impossible. It proved, however, such a drain to the Bank, that, during the whole of that and the following year, the peril of the continued advances for the Imperial loans was strongly and earnestly represented to government. The pressure arising from these causes, severely experienced through the whole of 1796, was brought to a crisis in the close of that year, by the run upon the country banks, which arose from the dread of invasion, and the anxiety of every man to convert his paper into cash in the troubled times which seemed to be approaching. These banks, as the only means of averting bankruptcy, applied from all quarters to the bank of England; the panic speedily gained the metropolis, and such was the run upon that establishment, that they were in the last week of February reduced to payment in sixpences, and were on the verge of insolvency. An order in Council was then, at the eleventh hour, interposed 26th Feb. for their relief, suspending all payments in cash, until the sense of Parliament could be taken upon the best 1797, 179 means of restoring the circulation, and supporting the public and commercial credit of the country.' 1797. 1 Ann. Reg. 180. Debates on in Parlia ment. This great and momentous measure, fraught with such lasting and important consequences to the prosthis subject perity and fabric of society in Great Britain, was immediately made the subject of anxious and vehement debate in both Houses of Parliament. On the one hand, it was urged that this suspension of credit was not owing to any temporary disasters, but to deep, progressive, and accumulating causes; which all thinking men had long deplored, and which had |