THREE:A great portion of the present Session was[143] occupied with discussing the return to cash payments, which, by the Act of Parliament, ought to take place on the 5th of July of this year. It appears that no less than fifty debates and conversations in both Houses took place on this important subject during the Session. Very soon after the meeting of Parliament a secret committee of each House was appointed to inquire into the state of the Bank. These committees were, however, so managed, by delivering to the members lists of suitable persons for such committees, that scarcely any but Ministerial men were voted, though these votes were given by ballot. In the Commons this result was so evident that the Opposition declined to vote at all. The first reports of the committees went rather to close more strictly than to open the issue of gold by the Bank. It had been paying in gold its notes issued previous to January, 1817. This payment it was proposed to stop, as, at present, evidently injurious to the interests of the country. Mr. Peel, on moving for a Bill for this purpose, stated that the gold at the present price was fast finding its way abroad, and was as rapidly absorbed in re-minting a gold coinage for France. It appeared that during the first half of 1818 gold to the value of no less than one hundred and twenty-eight million francs had been coined at the French mint, of which three-fourths were derived from the gold coinage of England. A Bill was accordingly passed to stop payment altogether in gold till the necessary preparations were made by a fresh Bill. Still, the condition of the Bank was represented as flourishing. Its liabilities were stated in January, 1819, as amounting to thirty-three million eight hundred and ninety-four thousand five hundred and eighty pounds; its assets, including the debt due from Government, fifty-three million seven hundred and eighty-three thousand seven hundred pounds. The total Bank surplus appeared to be nineteen million eight hundred and eighty-nine thousand one hundred and twenty pounds; and its surplus, independent of the Government debt, and therefore available for current use, was five million two hundred and two thousand three hundred and twenty pounds. The committees adopted the scheme broached by Mr. Ricardo in his "Proposals for an Economical and Secure Currency," published in 1816. This was that the Bank, in the first instance, should not pay for its notes in gold coin, but in ingots of a certain weight, its fineness being attested by a stamp; and this degree of purity should be regulated from time to time till the gold descended to the Mint price of three pounds seventeen shillings and tenpence-halfpenny per ounce. When the Mint gold at length reached this rate of value, then the payment in coin was to be begun. Resolutions to this effect were moved by the Earl of Harrowby on the 21st of May, and they received the approval, not only of the Ministerial side, but of the leading Opposition members, Lords Grenville, Lansdowne, and King.Thus occupying the right bank of the Aller, and the French the left, or western side, the Russians advanced to Friedland, not many miles from Eylau. At Friedland was a long wooden bridge crossing the Aller, and there, on the 13th of June, Buonaparte, by a stratagem, succeeded in drawing part of the Russians over the bridge by showing only Oudinot's division, which had been severely handled at the battle of Heilsberg. The[544] temptation was too great. Benningsen forgot his usual caution, and allowed a division of his army to cross and attack Oudinot. Oudinot retired fighting, and thus induced more of the Russians to follow, till, finding his troops hotly pressed, Benningsen marched his whole force over, and then Napoleon showed his entire army. Benningsen saw that he was entrapped, and must fight, under great disadvantages, with an enfeebled army, and in an open space, where they were surrounded by a dense host of French, who could cover themselves amid woods and hills, and pour in a tempest of cannon-balls on the exposed Russians. It was the anniversary of the battle of Marengo, and Buonaparte believed the day one of his fortunate ones. Benningsen was obliged to reduce his number by sending six thousand men to defend and keep open the bridge of Allerburg, some miles lower down the Aller, and which kept open his chance of union with L'Estocq and his Prussians. Notwithstanding all these disadvantages, Benningsen fought desperately. The battle continued from ten o'clock in the morning till four o'clock in the afternoon, when Buonaparte brought up his full force in person for one of those terrible and overwhelming shocks by which he generally terminated a doubtful contest. There was such a simultaneous roar of musketry and cavalry as seemed enough to sweep away the Russians like chaff. The batteries poured down upon them a rain of no less than three thousand ball and five hundred grape-shot charges; yet the Russians did not flinch till they had at least twelve thousand killed and wounded. It was then determined to retreat across the river, and, two fords having been found, the Czar's Imperial Guard charged the troops of Ney with the bayonet, and kept them at bay till the army was over. The transit was marvellous in its success. All their cannon, except seventeen, were saved, and all their baggage.
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