168] 
manufactures would,ina shorttime, 
reduce it to such distress, as lo dis- 
able it from carrying on the war, 
and oblige it to submit to any con- 
ditions, for the sake of recovering 
its trade. It cannot be denied 
that appearances militated strongly 
in favour of these consequences. 
Spain and Italy, two capital marts 
for the sale of English commodities, 
especially the first, were now al- 
most enurely shut to their admission. 
Genoa and Leghorn, the two prin- 
cipal seats of the trade between 
England and Italy, were under the 
immediate controul of France; the 
former was compelled, through the 
terror of its arms, to exclude Eng- 
land from its ports, by a formal 
ireaty to that purpose ; and the lat- 
ter was in the possession of a French 
garrison. Corsica was, at the same 
time, no longer in the hands of the 
English: but Naples and the papal 
territories still remained open to 
them in Italy; and Portugal af- 
forded an ample chanael for the in- 
troduction of every article of com- 
merce from England, not only into 
that kingdom, but also inte Spain, 
its adjoining neighbour, with which 
its immediate communication would 
always procure either an open or 
clandestine entrance for English 
merchandize of all kinds. 
Thus, on a considerate examina- 
tion of the consequences resulting 
from this famous decree, they did not 
meet the expectations of those who 
framed it., Lt was found that as pow- 
er shut one door against commerce 
luxury opened another. Little was 
the Jiminuuon of the Eaglish trade to 
the southern parts of Europe, while 
inthe north it remained uninterrupt- 
ed. From this quarter it was that 
E-ngland drew the most essential arti- 
cles it wanted. Hamburgh wasa port, 
ANNUAL REGISTER, 1796. 
which, while it continued open, 
would always prove an inlet for 
English good$ to all parts of Ger- 
many: and tbe princes and States of 
the empire were no ways disposed to 
gratily the French with an exclusion 
of the English from that only medi- 
um of commercial communication 
between Germany and the other 
trading countries in Europe. ' 
The disappointmentof the French 
government, in the sanguine hope it 
had entertained of destroying the 
commerce, and through it the finan- 
ces of England, was farther aggra- 
vated by the disorder of its own. 
Notwithstanding the indefatigable 
efforts used to place them on a foot« 
ing of stability, tempurary expedi- 
ents were still the only props of go- 
vernment, which had no fixed pros- 
pect of supporting itself by other 
than precarious and uncertain 
‘means. Butas these could not again 
be resorted to, thestate still reverted 
to the dangerous situation it had just 
escaped, and was liable to experi. 
ence still greater difficulties, from 
this successive abridgment of its 
remaining resources. 
In this alarming situation the di- 
rectory resolved to call a meeting of 
the great bankers and merchanis, 
to consult with them on the means of 
restoring the pecuniary credit of the 
nation, and circular letters were dis- 
patched to them for that purpose. 
On the tenth of December a mes- 
sage of a most pressing nature was 
sent to the council of five hundred. 
It was seriously urged by the di- 
rectory, to come without delay to 
the assistance of the state, the wants 
of which were such, that if not im- 
mediately relieved, it would be ex- 
posed to certain ruin. The only re- 
medy that could be proposed, in this 
extremity, was, to authorize the di- 
rectory 
