Chronicles and characters of the stock exchangeFrancis, John, of the Bank of England
History
Chronicles and characters of the stock exchange
Francis, John, of the Bank of England
Speculation; Stock Exchange (London, England)
If the increase to the debt last recorded was caused by a disgraceful
war and a powerless ministry, that which followed was no less
remarkable for the brilliancy of its operations and the greatness of
its achievements. Since the treaty of Aix-la-Chapelle, the English
and French East India Companies had been fighting for supremacy, and
the animosity spread to the colonies. A British force was cut off
in America, and some French vessels were taken on the West India
seas. War seemed necessary, and, when commenced, proved at first
sufficiently humiliating. Hanover was attacked by France, and petty
German princes were subsidized to defend it. Minorca, commanded
by Blakeney, a superannuated general, was taken by Richelieu, a
superannuated fop. Braddock was defeated in America; Admiral Byng
refused to engage the French fleet; and an outcry arose for his life,
which appalled the men who governed the councils of the country.
Shops were filled with libels; walls were covered with satires. The
English people, rarely yielding to the thirst for blood, demanded
that of the unpopular admiral; and the prime minister trembled for
his neck. Our navy could scarcely keep the sea, and the army was
commanded by men desirous only of seeking emolument and avoiding
risk. Enterprise and energy were absent. In the West, our power was
paralyzed; in the East it was endangered. From every county in the
kingdom, from every town in the empire, vengeance was demanded. The
Duke of Newcastle vacated the place of prime minister; a change was
effected; and from that period a succession of conquests filled
the kingdom with pride, and raised the fame of the country. The
accession of Mr. Pitt to the post of prime minister was felt in every
department. France, attacked on some, and menaced on all points,
suffered disastrous defeats, retired from Germany, and saw her West
and East Indian colonies wrested from her. In one action, thirty-six
sail of the line, fifty frigates, and forty-five sloops were taken or
destroyed, and the sea swept clear of the fleets that had insulted
our coasts and our colonies. Triumph after triumph, conquest after
conquest, and, it must be added, loan after loan, were witnessed.
Goree and Guadaloupe were taken. The Heights of Abraham beheld the
fall of Wolfe and of Quebec; Montreal was subdued; and the total
cession of Canada followed. The fleet to which the French court
had confided its American possessions was destroyed, and captured
standards were borne through the streets amidst triumphant shouts,
which deadened the roar of the cannon.
Public-domain text, read in full here on John Shaqi.
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