slip on board the’ship. Over-fatigue, hunger than by the extraordinary attachment exand excitement, brought on an attack of libited towards him by a gigantic Highland high fever. In her ravings, she repeatedly piper, serving with the regiment, whom he uttered the name of George Prendergast, and had chosen as his body servant, and who, her connection with him was thus first dis- indeed, was scarcely ever absent from his covered. The Colonel, of course, was wroth side. Closely attended by Archy Ledingham, very wroth-with both the lovers ; she should as the piper was called, Captain Hepburn be sent home instantly by the first ship to was a daily visitor in our lines, friendly with her father, Sir Ulick; but this she positively the officers, genial with the men, and passing refused to agree in, and in her refusal she no one without a kind word or glance; but it was aided and abetted by the wives of all soon began to be noticed that he invariably the married officers, whose interest was halted for some little time at Prendergast's powerfully excited by the romance of the tent, into which he passed, while the Highaffair. So.the Colonel, like a sensible” man lander remained keeping watch outside. as he was, soon gave in, and the lovers were These visits constantly paid to a very pretty married as soon as we got into barracks. woman, invariably during the absence of her Mrs. Prendergast became at once the pet of husband on regimental duties, of course soon everybody in the regiment; and after a very became the subject of comment among the short time I lost my clerk, as Prendergast scandal-mongers : who began to mention was promoted to duties which brought him Mrs. Prendergast's pame, at first with smiles, into more immediate contact with the Colo- and then with scorn ; and who would probanel.

bly have proceeded further, in their amiable A year passed away—a year, during which self-imposed task, when an event occurred the Legion suffered numberless. hardships which effectually silenced them. and passed through numberless dangers—but One morning (the particulars were not through hardships and dangers this high-born generally kpown for some time, but they Irish girl always bore herself bravely and ably oozed out, as all secrets will): one morning, doing her duty to her husband. Prendergast Mrs. Prendergast made her way to was now a sergeant, a daring soldier, and Colonel's tent, and, flinging herself on her one likely to win further promotion. He was knees before him, implored his protection the Colonel's prime favorite ; every officer of from the persecution to which she was exthe regiment spoke well of him; and his posed by Captain Hepburn, and of which she wife and her baby—for she had a little son dared not tell her husband. That morning, of a month old—were adored by all the she said, she had told him she should seek ladies.

the protection of the Colonel, and he had left But theirs, like all other human happiness, her tent vowing vengeance. The kind old was not without a cloud. The great battle Colonel raised her from the ground, comforted on the fifth of May, 1836, had been fought, her in the best manner he could, told her she the Carlists had been driven back, and the need fear no further molestation, and disLegion was lying encamped outside the walls missed her trembling, but re-assured; then, of San Sebastian. The Tenth Munster lay after consulting with two or three intimate at the extreme verge of the line; and next friends, he despatched a strong letter to the to us was a Scotch regiment, with the men commanding officer of Hepburn's regiment. and officers of which we soon became very Within an hour's time from the despatch friendly. Among these officers, the most of the letter, Colonel Saunderson entered our frequent and the most welcome in our lines lines, and sought an interview with our was a Captain Evan Hepburn: a tall, dashing, Colonel, in which he stated that he keenly high-spirited fellow, whose father was a laird felt the disgrace which Captain Hepburn of one of the Western isles, and who, after had brought upon his regiment, not only by having been expelled from Sandhurst, rusti- his persecution of Mrs. Prendergast, but by cated at Cambridge, and forbidden the pater- his indulgence in gambling, and the ruin he nal roof, had obtained a commission in the had entailed upon some of his junior officers. Legion, and had already rendered himself Colonel Saunderson added, that he had on conspicuous—not less by his reckless audacity, the previous day severely lectured Hepburn


for his conduct, and that on the receipt of looked, but could not see Levingham by his this fresh complaint he had again sent for side ; I cast a hurried glance along my own him; but, that the orderly who bore his mes- ranks, and discovered Prendergast within a sage had utterly failed in delivering it, for few feet of me. By the expression of his neither Hepburn nor his Highland follower face I saw that he, too, saw and knew his old was to be found.

enemy; in an instant his musket was at his The thought that they had deserted to the shoulder, and before the opposing lines Carlists at once struck all who heard the clashed together, and with the cheer yet story, and the confirmation of the idea was ringing on his lips, Captain Hepburn fell to not long wanting. That night, a company of the ground a corpse, shot dead by Prender. the Tenth Munsters, of which I was in com-gast's hand. mand, and a company of the Scotch regiment, The action was over, the last desperate were told off to perform outlying picket duty, attempt of the Carlists had been repulsed, that is, to form our foremost cordon of sen- their fortifications carried, and they themtries, nearest to the enemy's lines. It was a selves utterly routed. I was wandering black and heavy night; we had marched on about on the plain, endeavoring to muster without speaking—the two companies in close the remnants of my company, when I came proximity; when, as we neared the place upon a little knot of soldiers, bending over where the sentries were to be posted, we what I imagined, at first, to be the dead body heard the distant tramp of the enemy's relief of some favorite comrade. Pushing through guard going their rounds, and the shrill notes the crowd, I discovered, the body of Prenderof a bagpipe rang through the air. I still gast's wife. She had left the lines with a flask distinctly hear the subdued growl of indigna- of wine and some bread for her husband, tion which rose from the Scotchmen when and was making her way towards the place this sound smote upon their ears, and the where the conflict was raging, when a pordeep Gaelic oath of vengeance which they tion of a shell struck her in the chest, and uttered, as the well-known notes of the old, put an end to the earthly trials of this devoted Jacobite air, “Wha wadna fecht for Charlie ?' girl. Sick at heart, and with tears in my came surging over the plain.

eyes, I was turning from the group, when my For three days and nights this continued ; arm was pressed by the kind grasp of the the piper went round with the relief every old Colonel. time the guard was changed, playing as loudly • That is the saddest sight I ever saw," as possible all his old national tunes, and said he; “ worse, far worse, than a scene I goading his ancient comrades to madness. have just come from. You recollect that

On the morning of the fourth day after scoundrelly Scotch piper who deserted with Hepburn's desertion, it. was determined to Hepburn ? He had built himself into one of attack the Carlist lines : principally with a those stone huts, but the men of his old regiview of driving the enemy from a row of ment found him out, burst into the place, and two-storied stone huts, which they had forti- discovering him in the second story, four of fied, and from whence they could keep up a them seized him, two by his hands, and two most harrassing fire on our sentries. The by his feet; and, then, chaunting meanwhile action commenced at seven o'clock; and, a dismal Highland croon, they swung him after three hours' hard fighting, a tremendous between them, and dashed out his brains charge of our gallant fellows broke the against the wall." Carlist lines, and sent them in full retreat to Twenty years have passed since that day, their row of fortifications. Here they halted, and not many now remain to whom these re-formed, and again advanced. Often, in circumstances are known; but in the lunatic my dreams, rings in my ears the demoniac ward of the Kerry County Hospital there is yell with which the decimated Carlist band still a tall, grey-haired, soldierly-looking rushed upon their victorious pursuers, cheered man, who is pointed out as "the poor seron by a tall and handsome officer, in a fantas- geant whose lady-wife followed him through tic uniform, in whom, even amidst the smoke his campaigns, and died on the field of and carnage, I recognized E Hepburn. I battle."



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From The Saturday Review, 28 Nov. They dių understand them, and one of the THE CAUSES OF THE CRISIS.

principles on which they relied was that NOTWITHSTANDING the recently reported they might be careless of risk, because Govfailure of another large provincial Bank, the ernment would step in to save them from its worst of the crisis appears to be over, and ultimate consequences. enough has transpired to indicate the real

Now, if these are the real facts, how encauses of the disaster. Under present cir- tirely do they dispose of the arguments cumstances, the morbid anatomy of trade, as which are urged in favor of relaxing the exhibited in the failures that have occured, stringency of our monetary laws. We are not may be a serviceable, though not a pleasing now referring to those declaimers against study. It is very material to ascertain the Bank Act who grow fervent about arbiwhether the troubles we have been passing trary interference with the issue of paper, through are to be attributed to unavoidable and who believe, in all simplicity, that Peel's accident, or to the wilful errors of speculative Act is a subtle contrivance for maintaining a houses, acting in full knowledge of the mis- curiously artificial standard of currency. chief they might do, and in the confidence These gentlemen can never be got to see that if matters came to the worst, Provi- that the Act, so far from interfering with the dence, in the shape of Lord Palmerston, natural course of trade, does exactly the would step in and save them from ruin. If reverse, by prohibiting the arbitrary creation the latter is the real state of the case, there of conventional money, which would interis an end of the argument that commercial fere, and is always intended to interfere, crises are to be regarded as the work of with the natural flow of bullion and the destiny, to be met by exceptional relief, in- market rate of interest. Against fanatics of stead of being averted beforehand by the this stamp silence is the only weapon. But warnings of an inflexible law. The apolo- there is another class of theorists to who gists of Lord Palmerston of course attribute the facts we have noticed ought to bring all that has occurred to the mischance of the conviction. They are men who attack the American panic ; but it is daily becoming Bank Charter Act not from ignorance, but more evident that the direct influence of this from want of faith. They know that the disturbance, serious as it must needs have law of which they complain is simply an been, would not of itself have prostrated our enactment that the trade in money shall be commerce or led to any interference with left to itself as completely as it would be if our monetary laws. The principal houses Bank-notes had never been invented. They which have really a right to attribute their admit that it combines the convenience and suspension to the failure of American economy of paper with a flow of coin as free debtors

, are already re-establishing them- from artificial regulatiou or disturbance as selves on a creditable footing. All they re- the supply cf the necessaries of life now forquired was time; and they have been able tunately is. But they say that the self-actto offer an early payment of all their liabili- ing rule of Free Trade, which is best in every ties with interest in the meantime. Failures other case, is not the best law for the trade such as these would never have produced the in money. They recognize the broad truth panic which has lately prevailed in this that the complicated action of the separate country. But there is another and very dif- interests of traders all over the world, if let ferent type of commercial disaster to be alone, will carry every thing where it is found in the majority of the suspensions wanted, in the right quantity and at the right which have been reported. We have more time. They will trust this principle to furnarratives of the manufacture of fictitious nish the millions of a city like London with bills

, and we have accumulating evidence of their daily food and their daily luxuries—as the extent to which the system has been fos- it does, without stint or waste, and with a tered by the speculative policy of banks and success which the ablest commissariat staff money-dealers. It is not to ignorant or un- could not attain to in supplying an army of lucky traders that the panic is to be attrib- as many thousands. But no sooner do they uted, but to those whose special business it begin to talk of gold than they refuse to put is to understand and to act upon the princi- faith in the principle which, in every other ples by which the money-market is governed. I discussion they accept as a safe and certain

guide. And yet the doctrine rests on a wants of every applicant. But that is a risk foundation which must be universal. It can- which the speculator does not dread, for he not be questioned in any one of its applica- is quite satisfied that in such a strait legal tions without rejecting the assumption on restrictions will be set at nought, and notes which the whole science of political economy will be forthcoming to stave off the ruin is based—viz., that in the main, men will which he has deliberately risked. It is in pursue their individual interests, and will vain to ct that a more wholesome syshave intelligence enough to see in what they tem will ever be introduced while men are consist. If merchants failed to show this tempted to carry on business, in defiance of amount of intelligence and prudence in the every maxim of prudence, by the assurance general management of their business, free —it matters not whether express or implied trade would be a disastrous failure, and we --that the law shall always be suspended in should constantly hear appeals to Govern- time to avert their ultimate crash. ment for relief against periodic famines. If If it is said that it is impossible to prevent the same measure of prudence were displayed over-trading, and that the mischief is done by those who conduct the trade in money, without any deep calculation as to the course panics would seldom occur, and never in the which the Bank or the Government may aggravated form which they now assume. take, the facts of the present crisis furnish

There is no way of' teaching wisdom but the answer. The offenders are not only or by letting men feel the consequences of chiefly a multitude of small traders, doing folly. It needs no extraordinary sagacity to all the business they can grasp, and who distinguish prudence from imprudence in might perhaps be fairly assumed to have money dealings. The merchant who scatters acted without much reference to the Act or accommodation paper about the market, its suspension. Men of this stamp can not of knows very well that he is playing at a dan- themselves bring about a crisis. "It requires gerous game. The money-dealers who make the assistance of indulgent bankers and great advances on questionable securities up to the discount houses to make trade thoroughly edge of their means, rather than sacrifice a rotten. If the dealers in money were to act portion of profit for the security cf an ade- with uniformi prudence, as they would be quate reserve, are aware of the risks they compelled to do if they had no Government run. Banks, whose capital is locked up in interposition to look to in the last resort, an unavailable form, must be conscious that over-speculation could never be carried to a the first breath of suspicion may bring them very formidable extent. The fault must to ruin. Yet all. these practices go on as a always lie in great measure at the doors of matter of course until a rise in the demand the particular class of traders who have been for accommodation, or a delay in the arrival the especial instruments in bringing about of remittances from abroad, overthrows one the present crisis. They are not men on establishment after another, and discloses an whom a rigid enforcement of the law would amount of unsound trading that leaves every be lost. They would see at once the necesman in doubt of the solvency of his neigh- sity of adopting a more cautious style of bor. Now, what is at the root of all this business, when they had no longer the assurreckless folly? Why do so many merchants, ance of indefinite aid from the Bank of Engand money-dealers, and banks, carry on land. Their prudence would react upon trade on a footing that involves such danger their customers, and though it would be idle of eventual failure? The reason is obvious. to suppose that we can escape altogether The merchant, of course, relies upon his from periods of pressure, the chief engine banker or his discount house to help him for the encouragement of over-speculation through any difficulty. The money-dealer and the production of commercial panic thinks he may as well run matters fine, and would be converted into a sound element of 80 make the larger profits ; for if a difficulty the mercantile body. On the other hand, if comes, what is the Bank of England for, if any sanction is given to the practice of susnot to give assistance when it is required ? pending the Bank Act on every difficulty, the He foresees, perhaps, that at the very time wildest of the banking and discount estabwhen he is likely to be pinched, the Bank lishments will be justified and encouraged in itself may not have the means to supply the a course of business which- renders a crisis no longer an accident to call forth compas- though independent, causes of the extreme sion, but an event coolly foreseen and delib- severity with which the blow has been felt in erately courted.


Hamburg and Altona. The whole trade of

the North of Europe has collapsed to an exFrom The Saturday Review 12 Dec.

tent which cannot be wholly attributed to the THE CAUSE OF THE PANIC.

reaction of the American pressure. There NOTHING shows so clearly the extent to must have been some inherent rottenness in which the interests of commercial nations are the condition of this branch of commerce, to interwoven one with another, as the progress have led to so many failures both here and of a panic. Like the cholera, it ranges from in Hamburg. It almost looks as if there one end of the globe to another, seeming were two distinct centres of disturbance occasionally a little capricious in its visita- one in the American, and the other in the tions, but for the most part following laws at Northern trade, mutually increasing one anleast as well understood as those which gov- other, and adding to the difficulties of those ern the march and determine the intensity of countries which, like our own, had extensive a physical epidemic. There are countries as connexions with both. famous for originating panics as others are The comparative exemption of the nonfor the development of infection. Other lo- commercial nations of Europe from the precalities, again, are prepared by their commer- vailing distress is only what might have been cial position and habitudes to receive the foreseen, and reflects no special credit on taint at the earliest moment. Some are for their peculiar modes of supervising and pattunate enough to lie out of the regular track ronizing industrial and speculative operaand take the disease only in a mitigated form. tions. But they were out of the circle, and For some of these variations in the time and the only way in which the convulsion' could intensity of the visitation, it is not difficult to reach them was by creating an unusually account, while others are so puzzling as to high rate of interest, and some -disturbance appear to be due to occasional and acciden- of their foreign exchanges. Apart from any tal causes which are hidden beneath the sur consideration of the monetary systems which face of affairs.. The general progress of the prevail in the different countries which have present disturbance is, however, intelligible suffered, the relations in which tủey stand to enough. America had almost a prescriptive the localities whence the mischief sprung are right to set the ball rolling. Her youth and enough to account for many of the deploraher position, her expansive energies and her ble results that have been witnessed. But comparatively slender capital, her speculative the severity of the visitation has been far temper, the laxity of her morals in money greater than it could have been had it fallen matters—and, more than all, her free banks, upon communities prepared by a previous and her more than free press—all conduce course of sound and profitable business to to make commercial revulsions quite a natu- bear up against it. Much has been made of ral production of the soil. It was a necessi- the cessation of our usual supply of gold ty, too, that the wave which originated in the from America, but after all it was only a very United States should overflow England be- few millions at the outside that were withfore reaching any other country. With so held, and this loss alone would not have sufmany Anglo-American houses in London, ficed to create a veny extensive derangement Liverpool, and Glasgow, it was hopeless to of our money market. The amount of debts think of escaping altogether, though there which ought to have been met by acceptanhave been abundance of indications that, if ces from America was no doubt much greater, our own general commerce had been in as and the failure of the American houses is thoroughly sound a state as it was almost quite enough to account for the difficulties of universally supposed to be, the American in- ine class of traders among ourselves. But solvencies would have produced but a slight the mere withholding of bills which English commotion. After England, Hamburg was houses would otherwise have brought into the likely to be the next sufferer, and now that market to discount, however ruinous to the the trouble has reached that unlucky city, it individual merchants, would not of itself has borne it even worse than we have. But I have led to the excessive demand for accomthere seem to have been two concurring, modation that has culminated in the tempo

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