BRITAIN. 



.23 



IS 10. 



Britain, sible in specie for all their notes at present in rrnl.i- 

 -V""J tion, seems to he more tlinn doubtful. Their a'u-inpt 

 lORotlll. ( O make cash payments, if it failed, might produce 

 very serious consequences, both to public: and p: 

 credit. Nor docs it appear to be an unfounded sus- 

 picion, (if we may judge from the language of the 

 bank directors and their advocates,) that sooner than 

 submit to the injunction of government, (were it en- 

 forced at the end of two years,) to resume cash pay- 

 ments, they would employ the interim in making still 

 larger issues of paper, and thus protect themselves 

 from being called to attempt what would thus be- 

 come notoriously impossible. The establishment of 

 this new chartered bank, would not only defeat such 

 a purpose, if it were cherished, but it would be com- 

 patible with the greatest caution, in proceeding with 

 regard to tlic repeal of the restriction bill. The pro- 

 risions of that bill might be extended to both corpo- 

 rations, so long as it might be thought expedient to 

 continue the act in force ; and daily or weekly pay- 

 ments might be directed to be made between the two 

 banks for the balance of their respective notes in 

 each others hands, either in specie or in bullion, at 

 the mint price. This injunction, and a clause for- 

 bidding any person concerned in the one bank from 

 being concerned in the other, would preserve a com- 

 petition between them, and prevent their forming 

 any combination against the other for their mutual 

 advantage. Although it is evident, that the proprie- 

 tors in such a new undertaking, would act under one 

 disadvantage in the first instance, that they would be 

 obliged to pay interest to the Bank of England for 

 the notes in which they subscribed their capital ; yet 

 if the legislature patronized the New Company, this 

 disadvantage could be soon overcome, and would be 

 readily subscribed to. 



By what we hear and read on this subject, the pro- 

 ject of a new bank seems to be the remedy most 

 likely to be tried in the present crisis. ' 



ampaign The combined British and Portuguese army, which 

 n Spain of had taken up a line of positions on the eastern fron- 

 tier of Portugal, towards the close of 1809, conti- 

 nued stationary in the early part of the following year. 

 A division of this army under Major General Hill, 

 occupied the frontier line to the south of the Tagus, 

 while the main body extended from the right bank 

 of that river to the Douro. The fortress of Almei- 

 da was garrisoned chiefly by the Portuguese militia, 

 under a British governor, Major General Cox ; the 

 light troops and some cavalry, under Brigadier Ge- 

 neral Crawfurd, were advanced in front of that fortress, 

 and patroled as far as Ciudad Kodrigo in Spain. In the 

 mean time, the French, consisting of three corps, under 

 Ney, Junot, and Regnier, and commanded by Mar- 

 shal Massena, were assembling at Salamanca, and on 

 the frontiers of Portugal. Their numbers most pro- 

 bably amounted to 80,000 men. The allied army, 



when concentrated, did not exceed 60,000, ex< 

 of tli, KC militia and ordencnca, the great- 



er part of which \v:-re in thenortii-rn provinces with 

 il Francisco Oporto and 



Coimbra with Colonels Trant and Millar. 



campaign of 1810 commenced with the siege 

 of Ciudad Rodrigo, by two corps of the Frencli ar- 

 my, which invested the place on the llth of June. 

 On the night between the 1,5th and Ifith the tn ncln'S 

 were opened, and in a few days the second parallel 

 was completed. On the 'J.5;h at night, the besiegers 

 opened their fire, and on the 10th of July the place 

 surrendered. However valuable the place might be, 

 as an advanced post to the allies, Lord Wellington 

 did not judge it a sufficient object to risk a j> 

 action for its relief. Of his Portuguese troops, com- 

 posing nearly one half of his army, Lord Wellington 

 had not sufficient experience to be assured of their 

 steadiness, the enemy was besides superior in caval- 

 ry, and the scene of action must have been upon plain 

 ground. After the fall of Ciudad Rodrigo, the light 

 division under General Crawfurd, consisting of near- 

 ly 5000 men, remained between that place and Al- 

 meida. On the morning of the 24th of July, they 

 were attacked by a corps of the enemy greatly supe- 

 rior in numbers, which obliged them, after a gallant 

 defence, to retreat from their position across the 

 bridge of the Coa. On the retreat of this advanced 

 corps, the fortress of Almeida was completely invest- 

 ed, and the same day was summoned by General Loi- 

 son to surrender. On the 15th of August the ene- 

 my's trenches were opened ; in nine days, the second 

 parallel was opened within 150 toises of the place, 

 and on the morning of the 26th the hostile fire com- 

 menced from 65 pieces of cannon, which was return- 

 ed from the fortress till four in the afternoon. At 

 seven, the principal magazine in the castle and two 

 smaller ones exploded, by which the ramparts were 

 greatly injured, the ammunition was lost, and 500 

 soldiers killed. Finding resistance unavailing, go- 

 vernor Cox surrendered the fortress on the night of 

 the 27th. 



In the interval between the commencement of the 

 siege of Ciudad Rodrigo and the fall of Almeida, 

 the corps of General Regnier (the left wing of the 

 French,) was stationed on the frontiers of Spanish 

 Estremadura, to the south of the Tagus, and wai 

 held in check by the division of General Hill, which 

 occupied Portalegre, Elvas, and the frontier line of 

 Alentejo. On the surrender of Almeida, Regnier 

 crossed the Tagus with the view of turning Lord 

 Wellington's right flank, and occupying the road to 

 Lisbon by Castello Branco. This movement Gene- 

 ral Hill was able to anticipate, and crossing the Ta- 

 gus at Villa Velha, possessed himself of the import- 

 ant road at that place. On the 16th of September, 

 the French army broke up from Almeida, taking 



Dritjin. 

 <ltof 



Siege of 



June. 



which Mir- 

 renderi rn 

 the French. 



Almeida 

 surrender" 

 to the 

 French. 



* This measure, Mr Marryat (in his Thoughts on the establishment of a New Chartered Bank,) observes, is not open to the 

 abjections that have been urged against putting specie into general circulation in the present state of things, that the little 

 which we have left would immediately be sent out of the country, and that we should be obliged to revert to paper currency, 

 after having destroyed its credit; while at the same time it appears more likely, that excess would be checked, if the circula- 

 ting medium of the metropolis, instead of consisting wholly of the notes of one establishment, (on whose issues there is n* 

 eontrouL,) consisted of the paper of two establishments, both whose issues were controuled by the necessity of settling with 

 each other in a common medium, and the check given to their paper would be felt by all the subordinate banks through**! 

 the kingdom. 



