resist the threatened secret, and fresh and constant efforts had been made to meet them. Preparations to Fresh levies were made both for the navy and for the army; supplementary bodies of militia were raised; French invasion. plans suggested for the establishment of large bodies of irregular cavalry, and the enrolment as irregular infantry of all those who paid a gun license. More than this, in spite of the pressure on the finances, under which the funds had fallen as low as £53, a new loan of £18,000,000 was raised upon terms which, though we should now think very high, were not then considered remunerative. The loan, which bore a nominal interest of 5 per cent., was issued at £112, 10s.; that is, every £112, 10s. advanced was to represent £100, thus practically reducing the interest to less than 4 per cent. Pitt found it necessary to make a distinct appeal to the loyalty of the people to raise the loan on these terms; but the temper of the wealthy classes and the amount of riches still existing in England were shown by the extraordinary rapidity with which the subscription list was filled. £1,000,000 was subscribed by the Bank in their corporate capacity, £400,000 by the directors individually; before the close of the first day £5,000,000 was subscribed by different merchants. At ten o'clock on the Monday the doors were opened, and by twenty minutes past eleven the subscription was declared to be full; hundreds were reluctantly obliged to go away. By the post innumerable orders came from the country, scarcely one of which could be accepted, and long after the subscription was closed persons continued coming, and were obliged to depart disappointed.1 The Duke of Bridgewater sent a draft on sight of £100,000, a similar sum was even given by the Duke of Bedford, one of the staunchest opponents of the war. The Ministry subscribed £10,000 a piece. Such an outburst of loyalty might have opened the eyes of the French as to the difference between the revolutionary tions to Bantry temper of England and of their own country, but their Bay and Bristol. ignorance of the temper both of England and Ireland was extreme; General Clark (subsequently Napoleon's War Minister) was at this very time asking Wolfe Tone whether he thought it probable that in case of a landing in Ireland the Irish Lord Chancellor would join the rebels. On the 15th of December the great expedition for Ireland set sail from Brest. Like so many French expedi invasions of England, it was thwarted by the uncertainties of the sea. After a stormy passage a few ships assembled in Bantry Bay; but 1 It is a curious fact that the subscription was filled in fifteen hours and twenty minutes; two on Thursday, six on Friday, six on Saturday, and one hour and twenty minutes on Monday. 1796] FRENCH INVASIONS 1191 Critical con England. the general had been driven in another direction; there were no signs of the eager Jacobin uprising which the French had expected, the commanders were afraid to proceed without orders from Hoche, and the expedition straggled back again to Brest, with the loss of four line of battle-ships and eight frigates. A similar untimely fate met a more desperate assault intended for the shores of England. Some 1500 men, two-thirds of whom were liberated galley-slaves, and from their character known as the "Légion noire," were sent under Colonel Tate with the intention of burning Bristol. They landed on the shores of Pembrokeshire, and it needed but the appearance of a few militia and yeomanry under Lord Cawdor (and it is frequently said of a few old Welsh women in their red cloaks and hats) to induce the crew of miscreants to take to flight. The expedition was probably only intended as a sort of forlorn hope to discover in what state of preparation England was, for the negotiations having entirely ceased, the French were thinking of a great attack on England itself. The idea of invasion was a well-timed one; at no time in the war, either before or after, was England in so critical a condition or its existence so precarious. It had become dition of plain by this time that the strength of England, at all events under the present management, lay in two directions-in its enormous resources and capacity for paying money, and in its fleet. Though such troops as had been employed had exhibited their usual bravery, though when well led, as in India, their efforts had met with great success, it was evident that the present ministry, hampered by their political relations and by the incessant interference of the King himself in the army, was unable to make any real show in the European war. But already in the last four years nearly eighty millions had been added to the National Debt, every variety of taxation almost had been tried both to cover the interest of the accumulating debt and to supply the yearly million to the sinking fund, and men began to think that the sources of money must shortly begin to fail. And yet the subsidized armies abroad had met with nothing but disaster. The North of Germany, including even the King's electorate of Hanover, had been driven to enter into a neutrality. Prussia had in the last year signed two conventions of the most amicable and friendly description with France; and the well-known selfishness of the Austrian Court did not allow it to be questioned that, if it saw its way to permanent advantage, it also would close its disastrous campaign by deserting the coalition. Worse even than that remained behind; it seemed as if the country was really upon the verge of a national bankruptcy, for the amount of specie was found insufficient to carry on the business of the country. At the same time that the financial strength of England seemed to have been fruitlessly exhausted, her permanent power upon the sea seemed on the point of disappearing also; for not only had the French been lately turning their attention to their own navy, but the successes of their arms had given them the command both of the fleets of Holland and Spain. Holland, formed into the Batavian Republic, had early purchased peace by promising thirty ships: in the July of the last year Spain had entered into a similar convention, and the whole of her naval resources, as many as forty line of battle-ships, were at the disposal of the French. It was with these combined armaments that the intended descent upon England was to take place. And just as the internal ruin had gone hand in hand with the failure of external financial influence, so it appeared that the new-born naval power of our enemies would go hand in hand with the total dissolution of our maritime force: for disaffection was widely spread among our sailors, and the year was marked by the mutinies of St. Helen's and the Nore. Monetary crisis. In point of time it was the financial difficulty which first arose. The difficulty was not what is called a commercial but a monetary crisis. There was no want of credit, there was no want of solid wealth, but there was every chance of there being such a dearth of the circulating medium that the ordinary transactions of business would not be able to be carried on, that it would be impossible to meet engagements as they fell due, and that consequently many houses would be forced to stop payment, and a general bankruptcy be the result, more especially as it seemed probable that at the head of the banks that stopped payment would be the Bank of England itself. The causes of this state of things are not very difficult to understand. The same forces which had been at work to produce the necessary issue of Exchequer bills in 1793 had continued; the balance of trade had been constantly against the country. The position of Spain, Italy, France and Holland in the ranks of our enemies had of necessity curtailed the number of our purchasers. The necessity of war supplies and several poor harvests had rendered necessary the purchase of much food and of much raw material, consequently to restore the balance large payments in gold and silver had to be made. The great subsidies granted to foreign powers had necessarily been chiefly paid 1797] MONETARY CRISIS 1193 in specie. Large compensation had been given for the freights and cargoes of neutral ships which had been seized; and the Government for their special purposes had had to borrow upwards of ten millions in specie from the Bank. Threats of invasion had induced people throughout the country to realize their property as far as possible; this had produced a run upon the country banks, which had in turn demanded their deposits from the Bank of England. All these accumulated causes had so lowered the reserve, that on Saturday the 20th of February there was only £1,272,000 in the Bank cellars, and it was known that the demands of the next forty-eight hours would entirely empty them. In this crisis the Bank applied to the Government; a Council was immediately held, although Suspension of it was Sunday, and a proclamation was issued forbid- cash payments. ding payments in cash. A meeting of merchants next day sanctioned this step, promising to accept bank notes as legal tender. On examination the Bank was found solvent, but a Bill was passed prohibiting it to pay in cash more than twenty shillings, or to advance to Government more than £600,000. Though only intended as a temporary expedient, this Act continued in operation for twenty-two years, and during the whole of that time the depreciation of the paper money was comparatively slight. The threatened Invasion checked by the victory of St. Vincent. The danger caused by the mutiny was still greater: it was the intention of the French Directory that the fleet of the Texel, composed entirely of the Dutch, the fleet at Brest which had been collected for the invasion of Ireland, and the great Spanish fleet, should combine. Thus, an armament of more than seventy ships of the line would sweep the English fleet from the Channel, and any operations against the island would be rendered safe. But the check sustained by the Spanish fleet off Cape St. Vincent ruined the well-conceived plan. A few days before Tate landed in England, the great Spanish fleet set sail from Carthagena, intending to join the French fleet off Brest and the Dutch fleet off the Texel, and thus secure the mastery of the Channel. Sir John Jervis was Admiral in the Mediterranean, and with him was Commodore Nelson, and though the Spanish fleet had twelve more ships than he had, and 1200 more guns, he determined to fight. He contrived to separate nine Spanish ships from the main body, and took four of the remainder, and though the separated ships joined the line in the evening, and Jervis was still outnumbered, the Spanish fleet retired into Cadiz. But though the combined invasion was thus thwarted, the whole danger for England, or rather for Ireland, was by no means at an end. Hoche had been removed from the army of the Ocean to the army of the Sambre and Meuse. His mind was constantly bent upon the invasion of Ireland, and, acting under his influence, the Dutch Government, wishing to do something to show that they were not entirely effaced from the list of nations, with great efforts strengthened and equipped their fleet at the Texel till it numbered fourteen sail of the line, and embarked in it their whole army, 15,000 men, for an attack upon Ireland. The Directory, taking umbrage at this independent action, insisted upon Hoche, with 5000 men, accompanying them, and on their refusal began again to get ready their Brest squadron for a similar expedition. To watch the Dutch became the duty of Admiral Duncan, the care of Brest was intrusted to Admiral Bridport with the fleet at Portsmouth. Fortunately for England, the sailing of the fleets was delayed; had they sailed in the summer, as intended, they would have found England without fleets. Early in the year a conspiracy was discovered among the crews of the fleet at Spithead, with a view to demanding redress of certain Mutiny at grievances. These grievances were shared in by all the Spithead. seamen in the navy and were very real. The pay and pensions had never been altered since the time of Charles II., though every necessary of life had risen from thirty to forty per cent.; this neglect was rendered particularly objectionable as the pay and pensions of the army had been increased to suit the times. Many officers were appointed by interest alone, and a system of barefaced peculation was carried on by those who had the duty of provisioning the fleet, for the ships were furnished in a great degree by contract through the purser; moreover, all the nautical arrangements were at this time remarkable for extreme roughness, almost brutality, for unjust severity of discipline, for arbitrary power vested in the hands of the captain, and frequent misuse of that power. When Lord Bridport, Lord Howe's second in command, signalled to put to sea, every ship in the fleet refused to obey; and the next day delegates from every ship met in the 'Queen Charlotte,' and the mutiny was organized. The men behaved with perfect decorum, and drew up a petition, asking that their wages should be raised to suit the rise of prices in every direction, and that some improvement should be made in their system of pensions. To the Admiralty they sent a petition, exposing the peculations of the pursers and the unwarrantable hardships to which the sailor was exposed. The |