The History of England, from the Accession of James the Second - Volume 4 by Thomas Babington Macaulay (well read books txt) π
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kingdom and especially in the capital, was fixed as the day on which the government would cease to receive the clipped money in payment of taxes.648
The principles of the Recoinage Act are excellent. But some of the details, both of that Act and of a supplementary Act which was passed at a later period of the session, seem to prove that Montague had not fully considered what legislation can, and what it cannot, effect. For example, he persuaded the Parliament to enact that it should be penal to give or take more than twenty- two shillings for a guinea. It may be confidently affirmed that this enactment was not suggested or approved by Locke. He well knew that the high price of gold was not the evil which afflicted the State, but merely a symptom of that evil, and that a fall in the price of gold would inevitably follow, and could by no human power or ingenuity be made to precede, the recoinage of the silver. In fact, the penalty seems to have produced no effect whatever, good or bad. Till the milled silver was in circulation, the guinea continued, in spite of the law, to pass for thirty shillings. When the milled silver became plentiful, the guinea fell, not to twenty-two shillings, which was the highest price allowed by the law, but to twenty-one shillings and sixpence.649
Early in February the panic which had been caused by the first debates on the currency subsided; and, from that time till the fourth of May, the want of money was not very severely felt. The recoinage began. Ten furnaces were erected, in the garden behind the Treasury; and every day huge heaps of pared and defaced crowns and shillings were turned into massy ingots which were instantly sent off to the mint in the Tower.650
With the fate of the law which restored the currency was closely connected the fate of another law, which had been several years under the consideration of Parliament, and had caused several warm disputes between the hereditary and the elective branch of the legislature. The session had scarcely commenced when the Bill for regulating Trials in cases of High Treason was again laid on the table of the Commons. Of the debates to which it gave occasion nothing is known except one interesting circumstance which has been preserved by tradition. Among those who supported the bill appeared conspicuous a young Whig of high rank, of ample fortune, and of great abilities which had been assiduously improved by study. This was Anthony Ashley Cooper, Lord Ashley, eldest son of the second Earl of Shaftesbury, and grandson of that renowned politician who had, in the days of Charles the Second, been at one time the most unprincipled of ministers, and at another the most unprincipled of demagogues. Ashley had just been returned to Parliament for the borough of Poole, and was in his twenty-fifth year. In the course of his speech he faltered, stammered and seemed to lose the thread of his reasoning. The House, then, as now, indulgent to novices, and then, as now, well aware that, on a first appearance, the hesitation which is the effect of modesty and sensibility is quite as promising a sign as volubility of utterance and ease of manner, encouraged him to proceed. "How can I, Sir," said the young orator, recovering himself, "produce a stronger argument in favour of this bill than my own failure? My fortune, my character, my life, are not at stake. I am speaking to an audience whose kindness might well inspire me with courage. And yet, from mere nervousness, from mere want of practice in addressing large assemblies, I have lost my recollection; I am unable to go on with my argument. How helpless, then, must be a poor man who, never having opened his lips in public, is called upon to reply, without a moment's preparation, to the ablest and most experienced advocates in the kingdom, and whose faculties are paralysed by the thought that, if he fails to convince his hearers, he will in a few hours die on a gallows, and leave beggary and infamy to those who are dearest to him." It may reasonably be suspected that Ashley's confusion and the ingenious use which he made of it had been carefully premeditated. His speech, however, made a great impression, and probably raised expectations which were not fulfilled. His health was delicate; his taste was refined even to fastidiousness; he soon left politics to men whose bodies and minds were of coarser texture than his own, gave himself up to mere intellectual luxury, lost himself in the mazes of the old Academic philosophy, and aspired to the glory of reviving the old Academic eloquence. His diction, affected and florid, but often singularly beautiful and melodious, fascinated many young enthusiasts. He had not merely disciples, but worshippers. His life was short; but he lived long enough to become the founder of a new sect of English freethinkers, diametrically opposed in opinions and feelings to that sect of freethinkers of which Hobbes was the oracle. During many years the Characteristics continued to be the Gospel of romantic and sentimental unbelievers, while the Gospel of coldblooded and hardheaded unbelievers was the Leviathan.
The bill, so often brought in and so often lost, went through the Commons without a division, and was carried up to the Lords. It soon came back with the long disputed clause altering the constitution of the Court of the Lord High Steward. A strong party among the representatives of the people was still unwilling to grant any new privilege to the nobility; but the moment was critical. The misunderstanding which had arisen beween the Houses touching the Recoinage Bill had produced inconveniences which might well alarm even a bold politician. It was necessary to purchase concession by concession. The Commons, by a hundred and ninety-two votes to a hundred and fifty, agreed to the amendment on which the Lords had, during four years, so obstinately insisted; and the Lords in return immediately passed the Recoinage Bill without any amendment.
There had been much contention as to the time at which the new system of procedure in cases of high treason should come into operation; and the bill had once been lost in consequence of a dispute on this point. Many persons were of opinion that the change ought not to take place till the close of the war. It was notorious, they said, that the foreign enemy was abetted by too many traitors at home; and, at such a time, the severity of the laws which protected the commonwealth against the machinations of bad citizens ought not to be relaxed. It was at last determined that the new regulations should take effect on the twenty-fifth of March, the first day, according to the old Calendar, of the year 1696.
On the twenty-first of January the Recoinage Bill and the Bill for regulating Trials in cases of High Treason received the royal assent. On the following day the Commons repaired to Kensington on an errand by no means agreeable either to themselves or to the King. They were, as a body, fully resolved to support him, at whatever cost and at whatever hazard, against every foreign and domestic foe. But they were, as indeed every assembly of five hundred and thirteen English gentlemen that could by any process have been brought together must have been, jealous of the favour which he showed to the friends of his youth. He had set his heart on placing the house of Bentinck on a level in wealth and splendour with the houses of Howard and Seymour, of Russell and Cavendish.
Some of the fairest hereditary domains of the Crown had been granted to Portland, not without murmuring on the part both of Whigs and Tories. Nothing had been done, it is true, which was not in conformity with the letter of the law and with a long series of precedents. Every English sovereign had from time immemorial considered the lands to which he had succeeded in virtue of his office as his private property. Every family that had been great in England, from the De Veres down to the Hydes, had been enriched by royal deeds of gift. Charles the Second had carved ducal estates for his bastards out of his hereditary domain. Nor did the Bill of Rights contain a word which could be construed to mean that the King was not at perfect liberty to alienate any part of the estates of the Crown. At first, therefore, William's liberality to his countrymen, though it caused much discontent, called forth no remonstrance from the Parliament. But he at length went too far. In 1695 he ordered the Lords of the Treasury to make out a warrant granting to Portland a magnificent estate in Denbighshire. This estate was said to be worth more than a hundred thousand pounds. The annual income, therefore, can hardly have been less than six thousand pounds; and the annual rent which was reserved to the Crown was only six and eightpence. This, however, was not the worst. With the property were inseparably connected extensive royalties, which the people of North Wales could not patiently see in the hands of any subject. More than a century before Elizabeth had bestowed a part of the same territory on her favourite Leicester. On that occasion the population of Denbighshire had risen in arms; and, after much tumult and several executions, Leicester had thought it advisable to resign his mistress's gift back to her. The opposition to Portland was less violent, but not less effective. Some of the chief gentlemen of the principality made strong representations to the ministers through whose offices the warrant had to pass, and at length brought the subject under the consideration of the Lower House. An address was unanimously voted requesting the King to stop the grant; Portland begged that he might not be the cause of a dispute between his master and the Parliament; and the King, though much mortified, yielded to the general wish of the nation.651
This unfortunate affair, though it terminated without an open quarrel, left much sore feeling. The King was angry with the Commons, and still more angry with the Whig ministers who had not ventured to defend his grant. The loyal affection which the Parliament had testified to him during the first days of the session had perceptibly cooled; and he was almost as unpopular as he had ever been, when an event took place which suddenly brought back to him the hearts of millions, and made him for a time as much the idol of the nation as he had been at the end of 1688.652
The plan of assassination which had been formed in the preceding spring had been given up in consequence of William's departure for the Continent. The plan of insurrection which had been formed in the summer had been given up for want of help from France. But before the end of the autumn both plans were resumed. William had returned to England; and the possibility of getting rid of him by a lucky shot or stab was again seriously discussed. The French troops had gone into winter quarters; and the force, which Charnock had in vain demanded while war was raging round Namur, might now be spared without inconvenience. Now, therefore, a plot was laid, more formidable than any that had yet threatened the throne and the life of William; or rather, as has more than once happened in our history, two plots were laid, one within the other. The object of the greater plot was an open insurrection, an insurrection which was to be supported by a foreign army. In this plot almost all the Jacobites of note were more or less concerned. Some laid in arms; some bought horses; some made lists of
The principles of the Recoinage Act are excellent. But some of the details, both of that Act and of a supplementary Act which was passed at a later period of the session, seem to prove that Montague had not fully considered what legislation can, and what it cannot, effect. For example, he persuaded the Parliament to enact that it should be penal to give or take more than twenty- two shillings for a guinea. It may be confidently affirmed that this enactment was not suggested or approved by Locke. He well knew that the high price of gold was not the evil which afflicted the State, but merely a symptom of that evil, and that a fall in the price of gold would inevitably follow, and could by no human power or ingenuity be made to precede, the recoinage of the silver. In fact, the penalty seems to have produced no effect whatever, good or bad. Till the milled silver was in circulation, the guinea continued, in spite of the law, to pass for thirty shillings. When the milled silver became plentiful, the guinea fell, not to twenty-two shillings, which was the highest price allowed by the law, but to twenty-one shillings and sixpence.649
Early in February the panic which had been caused by the first debates on the currency subsided; and, from that time till the fourth of May, the want of money was not very severely felt. The recoinage began. Ten furnaces were erected, in the garden behind the Treasury; and every day huge heaps of pared and defaced crowns and shillings were turned into massy ingots which were instantly sent off to the mint in the Tower.650
With the fate of the law which restored the currency was closely connected the fate of another law, which had been several years under the consideration of Parliament, and had caused several warm disputes between the hereditary and the elective branch of the legislature. The session had scarcely commenced when the Bill for regulating Trials in cases of High Treason was again laid on the table of the Commons. Of the debates to which it gave occasion nothing is known except one interesting circumstance which has been preserved by tradition. Among those who supported the bill appeared conspicuous a young Whig of high rank, of ample fortune, and of great abilities which had been assiduously improved by study. This was Anthony Ashley Cooper, Lord Ashley, eldest son of the second Earl of Shaftesbury, and grandson of that renowned politician who had, in the days of Charles the Second, been at one time the most unprincipled of ministers, and at another the most unprincipled of demagogues. Ashley had just been returned to Parliament for the borough of Poole, and was in his twenty-fifth year. In the course of his speech he faltered, stammered and seemed to lose the thread of his reasoning. The House, then, as now, indulgent to novices, and then, as now, well aware that, on a first appearance, the hesitation which is the effect of modesty and sensibility is quite as promising a sign as volubility of utterance and ease of manner, encouraged him to proceed. "How can I, Sir," said the young orator, recovering himself, "produce a stronger argument in favour of this bill than my own failure? My fortune, my character, my life, are not at stake. I am speaking to an audience whose kindness might well inspire me with courage. And yet, from mere nervousness, from mere want of practice in addressing large assemblies, I have lost my recollection; I am unable to go on with my argument. How helpless, then, must be a poor man who, never having opened his lips in public, is called upon to reply, without a moment's preparation, to the ablest and most experienced advocates in the kingdom, and whose faculties are paralysed by the thought that, if he fails to convince his hearers, he will in a few hours die on a gallows, and leave beggary and infamy to those who are dearest to him." It may reasonably be suspected that Ashley's confusion and the ingenious use which he made of it had been carefully premeditated. His speech, however, made a great impression, and probably raised expectations which were not fulfilled. His health was delicate; his taste was refined even to fastidiousness; he soon left politics to men whose bodies and minds were of coarser texture than his own, gave himself up to mere intellectual luxury, lost himself in the mazes of the old Academic philosophy, and aspired to the glory of reviving the old Academic eloquence. His diction, affected and florid, but often singularly beautiful and melodious, fascinated many young enthusiasts. He had not merely disciples, but worshippers. His life was short; but he lived long enough to become the founder of a new sect of English freethinkers, diametrically opposed in opinions and feelings to that sect of freethinkers of which Hobbes was the oracle. During many years the Characteristics continued to be the Gospel of romantic and sentimental unbelievers, while the Gospel of coldblooded and hardheaded unbelievers was the Leviathan.
The bill, so often brought in and so often lost, went through the Commons without a division, and was carried up to the Lords. It soon came back with the long disputed clause altering the constitution of the Court of the Lord High Steward. A strong party among the representatives of the people was still unwilling to grant any new privilege to the nobility; but the moment was critical. The misunderstanding which had arisen beween the Houses touching the Recoinage Bill had produced inconveniences which might well alarm even a bold politician. It was necessary to purchase concession by concession. The Commons, by a hundred and ninety-two votes to a hundred and fifty, agreed to the amendment on which the Lords had, during four years, so obstinately insisted; and the Lords in return immediately passed the Recoinage Bill without any amendment.
There had been much contention as to the time at which the new system of procedure in cases of high treason should come into operation; and the bill had once been lost in consequence of a dispute on this point. Many persons were of opinion that the change ought not to take place till the close of the war. It was notorious, they said, that the foreign enemy was abetted by too many traitors at home; and, at such a time, the severity of the laws which protected the commonwealth against the machinations of bad citizens ought not to be relaxed. It was at last determined that the new regulations should take effect on the twenty-fifth of March, the first day, according to the old Calendar, of the year 1696.
On the twenty-first of January the Recoinage Bill and the Bill for regulating Trials in cases of High Treason received the royal assent. On the following day the Commons repaired to Kensington on an errand by no means agreeable either to themselves or to the King. They were, as a body, fully resolved to support him, at whatever cost and at whatever hazard, against every foreign and domestic foe. But they were, as indeed every assembly of five hundred and thirteen English gentlemen that could by any process have been brought together must have been, jealous of the favour which he showed to the friends of his youth. He had set his heart on placing the house of Bentinck on a level in wealth and splendour with the houses of Howard and Seymour, of Russell and Cavendish.
Some of the fairest hereditary domains of the Crown had been granted to Portland, not without murmuring on the part both of Whigs and Tories. Nothing had been done, it is true, which was not in conformity with the letter of the law and with a long series of precedents. Every English sovereign had from time immemorial considered the lands to which he had succeeded in virtue of his office as his private property. Every family that had been great in England, from the De Veres down to the Hydes, had been enriched by royal deeds of gift. Charles the Second had carved ducal estates for his bastards out of his hereditary domain. Nor did the Bill of Rights contain a word which could be construed to mean that the King was not at perfect liberty to alienate any part of the estates of the Crown. At first, therefore, William's liberality to his countrymen, though it caused much discontent, called forth no remonstrance from the Parliament. But he at length went too far. In 1695 he ordered the Lords of the Treasury to make out a warrant granting to Portland a magnificent estate in Denbighshire. This estate was said to be worth more than a hundred thousand pounds. The annual income, therefore, can hardly have been less than six thousand pounds; and the annual rent which was reserved to the Crown was only six and eightpence. This, however, was not the worst. With the property were inseparably connected extensive royalties, which the people of North Wales could not patiently see in the hands of any subject. More than a century before Elizabeth had bestowed a part of the same territory on her favourite Leicester. On that occasion the population of Denbighshire had risen in arms; and, after much tumult and several executions, Leicester had thought it advisable to resign his mistress's gift back to her. The opposition to Portland was less violent, but not less effective. Some of the chief gentlemen of the principality made strong representations to the ministers through whose offices the warrant had to pass, and at length brought the subject under the consideration of the Lower House. An address was unanimously voted requesting the King to stop the grant; Portland begged that he might not be the cause of a dispute between his master and the Parliament; and the King, though much mortified, yielded to the general wish of the nation.651
This unfortunate affair, though it terminated without an open quarrel, left much sore feeling. The King was angry with the Commons, and still more angry with the Whig ministers who had not ventured to defend his grant. The loyal affection which the Parliament had testified to him during the first days of the session had perceptibly cooled; and he was almost as unpopular as he had ever been, when an event took place which suddenly brought back to him the hearts of millions, and made him for a time as much the idol of the nation as he had been at the end of 1688.652
The plan of assassination which had been formed in the preceding spring had been given up in consequence of William's departure for the Continent. The plan of insurrection which had been formed in the summer had been given up for want of help from France. But before the end of the autumn both plans were resumed. William had returned to England; and the possibility of getting rid of him by a lucky shot or stab was again seriously discussed. The French troops had gone into winter quarters; and the force, which Charnock had in vain demanded while war was raging round Namur, might now be spared without inconvenience. Now, therefore, a plot was laid, more formidable than any that had yet threatened the throne and the life of William; or rather, as has more than once happened in our history, two plots were laid, one within the other. The object of the greater plot was an open insurrection, an insurrection which was to be supported by a foreign army. In this plot almost all the Jacobites of note were more or less concerned. Some laid in arms; some bought horses; some made lists of
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