When Pitt opened his great loan to public subscription, the sum required, amounting to £18,000,000, was taken within fifteen hours. When that figure was reached, the list was closed. Before it was opened to the general public, the Dukes of Bedford and Bridgewater subscribed, at sight, for £100,100. The method of subscription was new, and the conditions of the loan were not especially advantageous. The patriotic zeal of the nation responded to the confident appeal of the government. We have since seen a still greater example. The minister, Mr. Pitt, had the courage to attempt it; he had at the same time the courage to propose new taxes.
The devotion of Parliament was equal to any sacrifice. Considerable subsidies were also voted for the Emperor of Austria, notwithstanding the dissatisfaction that Mr. Pitt had caused, by giving assistance to that monarch, in the interval of the session, without the authority of the houses. Lord Malmesbury was dissatisfied and uneasy; the Directory insisted upon the annexation of the Low Countries to France; the refusal of England was peremptory. On the 19th of December, 1796, Delacroix, the Minister of Foreign Affairs, requested the English Ambassador to quit Paris within forty-eight hours, with all his suite. The French government admitted of no proposition which tended to modify the limits of her territory, as they had been fixed by the decrees of the Convention. "If the English minister truly desires peace," added Delacroix, "France is ready to conclude it upon this basis: an exchange of couriers is all that is necessary."
It was impossible for the king and his government to hesitate: the documents relative to the negotiations were immediately communicated to Parliament. "In fact," said Mr. Pitt to the House of Commons, "the question is, not how much you will give for peace, but how much disgrace you will suffer at the outset; how much degradation you will submit to as a preliminary. Shall we then persevere in a war, with a spirit and energy worthy of the British name and character; or shall we, by sending couriers to Paris, prostrate ourselves at the feet of a stubborn, supercilious government?"
Surrender To Nelson At Cape St. Vincent.
The war, more than ever burdensome and perilous, continued. The Empress Catherine II. had just died of an attack of apoplexy; her son, the Emperor Paul, feeble and impetuous, with a mind uneven—tending to insanity, was ill disposed towards England. The brilliant successes of General Bonaparte in Italy, had worn out the energy of the Austrians; the French had invaded the hereditary states of the Emperor, heroically defended by the Archduke Charles. The preliminaries of peace, signed at Leoben, on the 18th of April, 1797, were ratified at Campo Formio on the 17th of October, 1797. Henceforth, in this great struggle, England found herself alone; she was confronted by the passionate ardor and success of the young French Republic, as well as the incomparable genius of her military chief.
The attempt of General Hoche upon Ireland, was a complete failure; a severe storm scattered the fleet, destroyed some of the vessels, and prevented any landing. On the 14th of February, 1797, near Cape St. Vincent, Sir John Jervis gained a signal victory over the Spanish squadron, commanded by Don Joseph de Cordova. Commodore Nelson and Captain Collingwood bore the brunt of the conflict. "Westminster Abbey or Victory," cried Nelson, as he boarded a Spanish ship of twenty-four guns. "He was standing upon the bridge," wrote Collingwood, "receiving the submission and the swords of the officers of the two ships that he had captured. One of his sailors, named William Fearney, tied the swords together as tranquilly as if they had been fagots, in spite of the fact that they were within the range of the cannon of the enemy's twenty-four ships of the line."
For a moment the maritime power of England seemed threatened by a greater danger, from the failure of supplies, owing to financial crises at home, than from any attacks of the enemy. The state of the finances became each day more grave; orders were given to the Bank of England to make no payment of more than twenty shillings, in cash. The substitution of paper money, for a limited time, was voted by Parliament. Merchants and men of business courageously faced the necessity; others, ordinarily accustomed to brave all dangers, but for some time discontented and irritated, threatened the country, at this time, with a fatal blow. In the middle of April, 1797, a military insurrection broke out on board the ships of Lord Bridport, who commanded the channel fleet. The precautions of the conspirators were so well taken, that the officers were deposed, sent on shore, or guarded as hostages, without a drop of blood being spilled. The sailors demanded an increase of pay, equivalent to that which the army and militia had received. They complained of the unjust distribution of prizes, and of the harshness of certain officers.