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)
At this time the position of revolutionary France was remarkable.
From the commencement of the change, the princes of Europe regarded
it with dislike; and the death of Louis was sufficient to decide all
crowned heads against the movement. So soon, therefore, as war was
declared, treaties were formed with the principal Continental powers.
In six months, seven treaties of alliance, and six of subsidies, were
concluded. Sweden coalesced with Russia, Prussia, and Austria. The
German empire followed. Bavaria, Suabia, and the Elector Palatinate
joined the hostile league. Naples followed the example of the Holy
See; and the young republic, menaced from without and divided within,
saw her territory invaded by half a million of the most warlike
troops in Europe.
But the danger was met boldly. The combined armies which were to
destroy democracy and establish kingly supremacy were checked at the
first onset. The republic resolved to conquer, and the waste of life
was disregarded. Conscriptions were frequent; reinforcements arrived
constantly; and the army of the allies gave way. But to roll back
the tide of war was insufficient for a victorious and a military
people. The invasion was carried from their soil, and the invaders
were dishonored on their own hearths. A great man had arisen; and
Italy fell before the genius of Napoleon. Holland was conquered;
Prussia and Spain sued for peace; the savage Russ and the disciplined
Austrian alike gave way before the fierce enthusiasm of the soldiery,
and the greatness of the captain.
In the mean time, the aspect of affairs in England was alarming.
Ineffectual trials for high treason agitated the people. Every effort
to pervert casual discontent into determined rebellion was made. The
price of provision was high; the system of subsidies impoverishing;
and taxation saddened the homes and hearts of the people.
The emperor had received seven millions, Prussia a million and a
half; and a host of minor powers had coalesced from similar causes.
But if the trials of the people were fearful, the difficulties of the
government were numerous. Disaffection among the populace, a powerful
and organized opposition within the House, a general hatred of the
war without, an oratory unsurpassed in the senate, an invective
unsurpassed in the street, an empty exchequer, a starving people, and
quarterly loans, were difficulties which even the fine eloquence of
William Pitt, and the large majorities he commanded, found it hard to
surmount. Riots which endangered the royal person ensued; hundreds
of thousands clamored against the taxation which oppressed them; and
England seemed on the brink of revolt.
Public-domain text, read in full here on John Shaqi.
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