The citizens appreciated too well the blessings of freedom not to sympathise with the struggles of others to obtain it, and they looked askance at the Holy Alliance which had been formed with the view of dictating to the rest of the world. In their eyes "national independence is to states what liberty is to individuals," and that being so the Common Council readily voted two sums of £1,000 to assist Spain and Greece in throwing off their respective yokes.[783] In 1823 the relations between the City and Spain, then threatened by France, were of such a friendly nature that a proposal was actually made to set up, in the centre of Moorfields, a statue of Don Rafael Del Riego, a patriotic Spanish general, who had lost his life in the cause.[784] In the following year (1824) the City again raised its voice against the pretensions of the Holy Alliance, and opposed the renewal of the Alien Act, mainly on the ground that its renewal would appear to countenance the action of the allies "against the independence of nations and the rights and liberties of mankind."[785] [Sidenote: Revival of trade followed by wild speculation, 1825-1826.] A revival of commerce, which commenced in 1821, was succeeded in 1825 by an era of wild speculation such as had not been seen since the days of the South Sea Bubble. The civic authorities protested against the reckless formation of Joint Stock Companies, but in vain.[786] Before the end of the year a crash came, firms and companies began to break, credit was shaken, trade depressed, and a run on banks took place, resulting in many of them stopping payment altogether. In six weeks between sixty and seventy banks are said to have stopped payment, of which six or seven were London houses. The distress which ensued was widespread, so widespread indeed that it extended to Scotland, and brought to grief that "wizard of the North," whose writings have delighted, and continue to delight, so many thousands, both young and old--Sir Walter Scott. In the city of London the Spitalfield weavers were reduced to such straits that the Corporation had to come to their assistance with a grant of £500.[787] Although the worst was over by the end of 1825, bankruptcies were frequent during the following year, whilst the country was much disturbed by riots and attacks on all kinds of machinery, which the artisan foolishly regarded as the chief cause of all the misery. When Venables, the lord mayor, went out of office (Nov., 1826) and the Common Council passed the usual vote of thanks, they expressly referred to the decision, energy and judgment he had evinced "during a recent period of commercial embarrassment," and the prompt measures he had taken for relieving distress and restoring confidence.[788] FOOTNOTES: [718] Journal 90, fos. 123-125; Common Hall Book, No. 9, fos. 339-340. [719] Journal House of Commons, lxxi, 4.