History of the United States of America, Volume 5 (of 9) : $b During the first administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 5 (of 9) : $b During the first administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
The coincidence of opinion about Spencer Perceval extended everywhere,
except among the Church of England clergy, the country squires, the
shipping interests, the Royal household at Windsor, and the Federalists
of Boston and Connecticut. As though to make him an object of
execration, the long-threatened storm burst on the trade and private
credit of Great Britain. For some eighteen months gold stood at a
premium of about fifteen per cent; the exchanges remained steadily
unfavorable, while credit was strained to the utmost, until in July,
1810, half the traders in England, and private banks by the score,
were forced to suspend payment. Never before, and probably never since,
has England known such a fall in prices and destruction of credit.[239]
This was the impending situation when Parliament adjourned, June 21,
with no bright spot on its horizon but the supposed friendship of
America. Meanwhile Pinkney wearied Wellesley for an answer to the
question whether Fox’s blockade was in force. June 10, June 23, and
finally August 6, he renewed his formal request. “No importunity had
before been spared which it became me to use.”[240] He was met by the
same torpor at every other point. Wellesley promised to name a new
minister to Washington, but decided upon none. He invited overtures in
regard to the “Chesapeake” affair, but failed to act on them. Rumor
said that he neglected business, came rarely to Cabinet meetings, shut
himself in his own house, saw only a few friends, and abandoned the
attempt to enforce his views. He resolved to retire from the Cabinet,
in despair of doing good, and waited only for the month before the next
meeting of Parliament, which he conceived to be the most proper time
for declaring his intention.[241]
Public-domain text, read in full here on John Shaqi.
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