THREE:Of course, the commercial changes introduced by Mr. Huskisson and Mr. Robinson excited loud murmurs of dissatisfaction from the interests affected, especially the shipping interest. But the best answer to objectors was the continuously flourishing state of the country. At the opening of the Session in 1825, Lord Dudley and Ward, in moving the Address in answer to the King's Speech in the Upper House, observed:"Our present prosperity is a prosperity extending to all orders, all professions, and all districts, enhanced and invigorated by the flourishing state of all those arts which minister to human comfort, and those inventions by which man obtains a mastery over nature by the application of her own powers, and which, if one had ventured to foretell a few years ago, it would have appeared almost incredible." This happy state of things was the result of a legitimate expansion of trade. Manufacturers and merchants were at first guided by a spirit of sober calculation. The steady advance in the public securities, and in the value of property of all sorts, showed that the national wealth rested upon a solid basis. The extension of the currency kept pace with the development of trade and commerce, and the circulation of bankers' paper was enormously increased. But out of the national prosperity there arose a spirit of rash speculation and adventure, resulting in a monetary crisis. The issue of notes by country banks was under no restriction; no measures were taken to secure that their paper represented property, and could be redeemed if necessary. There were hundreds of bankers in the provinces who could issue any quantity of notes they pleased, and these passed as cash from hand to hand. The spirit of speculation and enterprise was stimulated to a feverish degree of excitement by the recognition of the states of Colombia, Mexico, and Buenos Ayres, formally announced in the King's Speech on the 3rd of February, which said that treaties of commerce had been made with those new states. The rich districts of South America being thus thrown open, there was a rush of capitalists and adventurers to work its inexhaustible mines. A number of companies was formed for the purpose, and the gains of some of them in a few months amounted to fifteen hundred per cent. The result was a mania of speculation, which seized upon all classes, pervaded all ranks, and threw the most sober and quiet members of society into a state of tumultuous excitement. Joint-stock companies almost innumerable were established, to accomplish all sorts of undertakings. There were thirty-three companies for making canals and docks, forty-eight for making railroads, forty-two for gas, twenty insurance companies, twenty-three banking companies, twelve navigation packet companies, five indigo and sugar companies, thirty-four metal companies, and many others. The amount of capital subscribed in these various companies, which numbered two hundred and seventy-six, was upwards of 174,000,000. In connection with South America there was the Anglo-Mexican Company, the Brazilian, the Colombian, Real de Monte, and the United Mexican. On the South American shares only ten pounds each had been paid, except the Real de Monte, on which 70 had been paid. We may judge of the extent to which gambling speculation was carried from the following statement of the market prices of the shares, in five of the principal mining companies[243], at two periods, December 10th, 1824, and January 11th, 1825:The Tory party sustained serious damage in consequence of an inquiry on the subject of Orange lodges in the army, which was granted in May, on the motion of Mr. Finn, an Irish member. Very startling disclosures were made by this committee during Sir Robert Peel's brief Administration. Various addresses had been presented from Orange societies, which led to pertinacious questioning of the Ministers. It was asked whether the addresses in question purported to come from Orange societies; whether the king ought to receive addresses from illegal associations; and whether it was true, as the newspapers said, that such addresses had been graciously received by his Majesty. There was a peculiar significance given to these inquiries by an impression that began to prevail that there had been on foot for some years a conspiracy to prevent the Princess Victoria from ascending the throne, and to secure the sovereignty for the eldest brother of the king, the Duke of Cumberland, the avowed head of the Tory party, and also the head of the Orange Society, through whose instrumentality the revolution was to be effected, in furtherance of which Orange lodges had been extensively organised in the army. The report of the committee was presented in September, and from this report it appeared that Orange lodges were first[394] held in England under Irish warrants; but that in 1808 a lodge was founded in Manchester, and warrants were issued for the holding of lodges under English authority. On the death of the Grand Master in that town, in 1821, the lodge was removed to London, where the meetings were held in the house of Lord Kenyon, Deputy Grand Master. The Duke of York had been prevented from assuming the office of Grand Master, because the law officers of the Crown were of opinion that the society was illegal. The Act against political associations in Ireland having expired in 1828, the Orange lodges started forth in vigorous and active existence, under the direction of the Duke of Cumberland as Grand Master. The passing of the Emancipation Act seems to have had the effect of driving the leaders of the society into a conspiracy to counteract its operation, or to bring about a counter-revolution by means of this treasonable organisation; though, perhaps, they did not consider it treasonable, as their object was to place upon the throne the brother of the king, whom they thought to be alone capable of preserving the Constitution, and of excluding from it a very young princess, who would be during her minority in the hands of Whigs and Radicals, whom they believed to be leagued together to destroy it. Considering the frenzy of party spirit at this time, and the conditional loyalty openly professed by the men who annually celebrated the battle of the Boyne and the glorious Revolution of 1688, there is nothing very surprising in the course adopted by the Orange societies, though the English public were astounded when they learnt for the first time, in 1835, that there were 140,000 members of this secret society in England, of whom 40,000 were in London; and that the army was to a large extent tainted.
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