The History of England, from the Accession of James the Second - Volume 4 by Thomas Babington Macaulay (well read books txt) 📕

were desirous to subscribe, but stood aloof because the terms were too hard. There ought to be some relaxation. Would the Council of Regency consent to an abatement of three hundred thousand pounds? The finances were in such a state, and the letters in which the King represented his wants were so urgent, that the Council of Regency hesitated. The Commissioners were asked whether they would engage to raise the whole sum, with this abatement. Their answer was unsatisfactory. They did not venture to say that they could command more than eight hundred thousand pounds. The negotiation was, therefore, broken off. The first of August came; and the whole amount contributed by the whole nation to the magnificent undertaking from which so much had been expected was two thousand one hundred pounds.707

Just at this conjuncture Portland arrived from the Continent. He had been sent by William with charge to obtain money, at whatever cost and from whatever quarter. The King had strained his private credit in Holland to procure bread for his army. But all was insufficient. He wrote to his Ministers that, unless they could send him a speedy supply, his troops would either rise in mutiny or desert by thousands. He knew, he said, that it would be hazardous to call Parliament together during his absence. But, if no other resource could be devised, that hazard must be run.708 The Council of Regency, in extreme embarrassment, began to wish that the terms, hard as they were, which had been offered by the Commissioners at Mercers' Hall had been accepted. The negotiation was renewed. Shrewsbury, Godolphin and Portland, as agents for the King, had several conferences with Harley and Foley, who had recently pretended that eight hundred thousand pounds were ready to be subscribed to the Land Bank. The Ministers gave assurances, that, if, at this conjuncture, even half that sum were advanced, those who had done this service to the State should, in the next session, be incorporated as a National Land Bank. Harley and Foley at first promised, with an air of confidence, to raise what was required. But they soon went back from their word; they showed a great inclination to be punctilious and quarrelsome about trifles; at length the eight hundred thousand pounds dwindled to forty thousand; and even the forty thousand could be had only on hard conditions.709 So ended the great delusion of the Land Bank. The commission expired; and the offices were closed.

And now the Council of Regency, almost in despair, had recourse to the Bank of England. Two hundred thousand pounds was the very smallest sum which would suffice to meet the King's most pressing wants. Would the Bank of England advance that sum? The capitalists who lead the chief sway in that corporation were in bad humour, and not without reason. But fair words, earnest entreaties and large promises were not spared; all the influence of Montague, which was justly great, was exerted; the Directors promised to do their best; but they apprehended that it would be impossible for them to raise the money without making a second call of twenty per cent. on their constituents. It was necessary that the question should be submitted to a General Court; in such a court more than six hundred persons were entitled to vote; and the result might well be doubted. The proprietors were summoned to meet on the fifteenth of August at Grocers' Hall. During the painful interval of suspense, Shrewsbury wrote to his master in language more tragic than is often found in official letters. "If this should not succeed, God knows what can be done. Any thing must be tried and ventured rather than lie down and die."710 On the fifteenth of August, a great epoch in the history of the Bank, the General Court was held. In the chair sate Sir John Houblon, the Governor, who was also Lord Mayor of London, and, what would in our time be thought strange, a Commissioner of the Admiralty. Sir John, in a speech, every word of which had been written and had been carefully considered by the Directors, explained the case, and implored the assembly to stand by King William. There was at first a little murmuring. "If our notes would do," it was said, "we should be most willing to assist His Majesty; but two hundred thousand pounds in hard money at a time like this." The Governor announced explicitly that nothing but gold or silver would supply the necessities of the army in Flanders. At length the question was put to the vote; and every hand in the Hall was held up for sending the money. The letters from the Dutch Embassy informed the States General that the events of that day had bound the Bank and the government together in close alliance, and that several of the ministers had, immediately after the meeting, purchased stock merely in order to give a pledge of their attachment to the body which had rendered so great a service to the State.711

Meanwhile strenuous exertions were making to hasten the recoinage. Since the Restoration the Mint had, like every other public establishment in the kingdom, been a nest of idlers and jobbers. The important office of Warden, worth between six and seven hundred a year, had become a mere sinecure, and had been filled by a succession of fine gentlemen, who were well known at the hazard table of Whitehall, but who never condescended to come near the Tower. This office had just become vacant, and Montague had obtained it for Newton.712 The ability, the industry and the strict uprightness of the great philosopher speedily produced a complete revolution throughout the department which was under his direction.713 He devoted himself to his task with an activity which left him no time to spare for those pursuits in which he had surpassed Archimedes and Galileo. Till the great work was completely done, he resisted firmly, and almost angrily, every attempt that was made by men of science, here or on the Continent, to draw him away from his official duties.714 The old officers of the Mint had thought it a great feat to coin silver to the amount of fifteen thousand pounds in a week. When Montague talked of thirty or forty thousand, these men of form and precedent pronounced the thing impracticable. But the energy of the young Chancellor of the Exchequer and of his friend the Warden accomplished far greater wonders. Soon nineteen mills were going at once in the Tower. As fast as men could be trained to the work in London, bands of them were sent off to other parts of the kingdom. Mints were established at Bristol, York, Exeter, Norwich and Chester. This arrangement was in the highest degree popular. The machinery and the workmen were welcomed to the new stations with the ringing of bells and the firing of guns. The weekly issue increased to sixty thousand pounds, to eighty thousand, to a hundred thousand, and at length to a hundred and twenty thousand.715 Yet even this issue, though great, not only beyond precedent, but beyond hope, was scanty when compared with the demands of the nation. Nor did all the newly stamped silver pass into circulation; for during the summer and autumn those politicians who were for raising the denomination of the coin were active and clamorous; and it was generally expected that, as soon as the Parliament should reassemble, the standard would be lowered. Of course no person who thought it probable that he should, at a day not far distant, be able to pay a debt of a pound with three crown pieces instead of four, was willing to part with a crown piece, till that day arrived. Most of the milled pieces were therefore hoarded.716 May, June and July passed away without any perceptible increase in the quantity of good money. It was not till August that the keenest observer could discern the first faint signs of returning prosperity.717

The distress of the common people was severe, and was aggravated by the follies of magistrates and by the arts of malecontents. A squire who was one of the quorum would sometimes think it his duty to administer to his neighbours, at this trying conjuncture, what seemed to him to be equity; and as no two of these rural praetors had exactly the same notion of what was equitable, their edicts added confusion to confusion. In one parish people were, in outrageous violation of the law, threatened with the stocks, if they refused to take clipped shillings by tale. In the next parish it was dangerous to pay such shillings except by weight.718 The enemies of the government, at the same time, laboured indefatigably in their vocation. They harangued in every place of public resort, from the Chocolate House in Saint James's Street to the sanded kitchen of the alehouse on the village green. In verse and prose they incited the suffering multitude to rise up in arms. Of the tracts which they published at this time, the most remarkable was written by a deprived priest named Grascombe, of whose ferocity and scurrility the most respectable nonjurors had long been ashamed. He now did his best to persuade the rabble to tear in pieces those members of Parliament who had voted for the restoration of the currency.719 It would be too much to say that the malignant industry of this man and of men like him produced no effect on a population which was doubtless severely tried. There were riots in several parts of the country, but riots which were suppressed with little difficulty, and, as far as can be discovered, without the shedding of a drop of blood.720 In one place a crowd of poor ignorant creatures, excited by some knavish agitator, besieged the house of a Whig member of Parliament, and clamorously insisted on having their short money changed. The gentleman consented, and desired to know how much they had brought. After some delay they were able to produce a single clipped halfcrown.721 Such tumults as this were at a distance exaggerated into rebellions and massacres. At Paris it was gravely asserted in print that, in an English town which was not named, a soldier and a butcher had quarrelled about a piece of money, that the soldier had killed the butcher, that the butcher's man had snatched up a cleaver and killed the soldier, that a great fight had followed, and that fifty dead bodies had been left on the ground.722 The truth was, that the behaviour of the great body of the people was beyond all praise. The judges when, in September, they returned from their circuits, reported that the temper of the nation was excellent.723 There was a patience, a reasonableness, a good nature, a good faith, which nobody had anticipated. Every body felt that nothing but mutual help and mutual forbearance could prevent the dissolution of society. A hard creditor, who sternly demanded payment to the day in milled money, was pointed at in the streets, and was beset by his own creditors with demands which soon brought him to reason. Much uneasiness had been felt about the troops. It was scarcely possible to pay them regularly; if they were not paid regularly, it might well be apprehended that they would supply their wants by rapine; and such rapine it was certain that the nation, altogether unaccustomed to military exaction and oppression, would not tamely endure. But, strange to say, there was, through this trying year, a better understanding than had ever been known between the soldiers and the rest of the community. The gentry, the farmers, the shopkeepers supplied the redcoats with necessaries in a manner so friendly and liberal that there was no brawling and no marauding. "Severely as these difficulties have been felt," L'Hermitage writes, "they have produced one happy effect; they have shown how good the spirit