A few days before the time announced for the sale in Portland Place the commercial crisis so long dreaded swooped down upon London. Continental politics, unsettled since '48, had been seething and simmering, and daily the aspect of affairs had become more bellicose. Big German States looked at little German States with longing eyes and watering mouths, and consoled themselves by the reflection that if awkward and powerful neighbours snapped at them and went off with a mouthful, they could revenge themselves on smaller fry. Italy moaned in her sleep, tormented by the old but unfulfilled dream of freedom from the Alps to the Adriatic; and France and Russia were looking on expectant. Things in the City had for some time had what is called "a downward tendency." Consols were at 82, and French Rentes lower than they had been known for years. People shook their heads at Spanish Passives, and Egyptian Scrip was at a discount. One of the great discount houses, the Brotherly Bound--formed out of the old firm of Ready, Rowdy, and Dibbs--had recently failed (partly on account of the old partners having taken all their capital out, partly on account of all the new capital which was brought in having been spent by the managing directors in giving banquets to the aristocracy), and the shareholders in similar concerns were beginning to be seriously alarmed. Under the alarm of shareholders, managers drew in their horns, and talked of limiting their business, refused all questionable paper--in which they had been dealing wholesale--and looked not too well pleased at good bills, such as they had never had before. There was gloom on the Stock Exchange, and Clapham dinner-parties were, if possible, duller than usual. No actual outbreak yet though, and chance of peace, so the papers said. If war could only be averted, the crisis would pass. The crisis! it was on them as they spoke. At that moment the clerks in Lothbury were reading off a telegraphic message, containing the few words spoken by the Emperor to a provincial mayor; and when those words appeared in print, it was known that war was meant, and three of the largest establishments in the City suspended payment that afternoon. Up went the Bank rate of discount, and the panic commenced.