[An interval of two years occurs in the Journal, during which Mr.
Greville wrote nothing.]

CHAPTER III.

The Panic of 1825--Death of Emperor Alexander--The Duke of
Wellington's Embassy to St. Petersburg--Robinson Chancellor of
the Exchequer--Small Notes Bill--Death of Arthur de Ros--
George III. and Lord Bute--Illness and Death of the Duke of
York--His Funeral--Lord Liverpool struck with Paralysis--
Rundell's Fortune and Will--Copley and Philpots--The Cottage--
Formation of Mr. Canning's Administration--Secession of the
Tories--The Whigs join him--Dinner at the Royal Lodge--
Difficulties of Canning's Government--Duke of Wellington visits
the King--Canning's Death--Anecdotes of Mr. Canning--
Recognition of South American States--His Industry--The Duke of
Wellington on Canning--Lord Goderich's Administration formed--
The Difficulty about Herries--Position of the Whigs--The King's
letter to Herries--Peel and George IV.--Interview of Lord
Lansdowne with the King--Weakness of the Government--First
Resignation of Lord Goderich--Lord Harrowby declines the
Premiership--Lord Goderich returns--Brougham and Rogers--
Conversation and Character of Brougham--Lord Goderich's
Ministry dissolved--Cause of its Dissolution--Hostility of
Herries--Position of Huskisson and his Friends--Herries and
Huskisson both join the New Cabinet.

1826.

[Page Head: FINANCIAL DIFFICULTIES.]

February 12th, 1826 {p.077}

The last three months have been remarkable for the panic in the
money market, which lasted for a week or ten days--that is, was
at its height for that time. The causes of it had been brewing
for some months before, and he must be a sanguine and sagacious
politician who shall predict the termination of its effects.
There is now no panic, but the greatest alarm, and every prospect
of great distress, and long continuation of it. The state of the
City, and the terror of all the bankers and merchants, as well as
of all owners of property, is not to be conceived but by those
who witnessed it. This critical period drew forth many examples
of great and confiding liberality, as well as some of a very
opposite character. Men of great wealth and parsimonious habits
came and placed their whole fortunes at the disposal of their
bankers in order to support their credit. For many days the evil
continued to augment so rapidly, and th