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

once in all parts of the kingdom. This proclamation was to announce that hammered coins would thenceforth pass only by weight. But every possessor of such coins was to be invited to deliver them up within three days, in a sealed packet, to the public authorities. The coins were to be examined, numbered, weighed, and returned to the owner with a promissory note entitling him to receive from the Treasury at a future time the difference between the actual quantity of silver in his pieces and the quantity of silver which, according to the standard, those pieces ought to have contained.641 Had this plan been adopted an immediate stop would have been put to the clipping, the melting and the exporting; and the expense of the restoration of the currency would have been borne, as was right, by the public. The inconvenience arising from a scarcity of money would have been of very short duration; for the mutilated pieces would have been detained only till they could be told and weighed; they would then have been sent back into circulation, and the recoinage would have taken place gradually and without any perceptible suspension or disturbance of trade. But against these great advantages were to be set off hazards, which Somers was prepared to brave, but from which it is not strange that politicians of less elevated character should have shrunk. The course which he recommended to his colleagues was indeed the safest for the country, but was by no means the safest for themselves. His plan could not be successful unless the execution were sudden; the execution could not be sudden if the previous sanction of Parliament were asked and obtained; and to take a step of such fearful importance without the previous sanction of Parliament was to run the risk of censure, impeachment, imprisonment, ruin. The King and the Lord Keeper were alone in the Council. Even Montague quailed; and it was determined to do nothing without the authority of the legislature. Montague undertook to submit to the Commons a scheme, which was not indeed without dangers and inconveniences, but which was probably the best which he could hope to carry.

On the twenty-second of November the Houses met. Foley was on that day again chosen Speaker. On the following day he was presented and approved. The King opened the session with a speech very skilfully framed. He congratulated his hearers on the success of the campaign on the Continent. That success he attributed, in language which must have gratified their feelings, to the bravery of the English army. He spoke of the evils which had arisen from the deplorable state of the coin, and of the necessity of applying a speedy remedy. He intimated very plainly his opinion that the expense of restoring the currency ought to be borne by the State; but he declared that he referred the whole matter to the wisdom of his Great Council. Before he concluded he addressed himself particularly to the newly elected House of Commons, and warmly expressed his approbation of the excellent choice which his people had made. The speech was received with a low but very significant hum of assent both from above and from below the bar, and was as favourably received by the public as by the Parliament.642 In the Commons an address of thanks was moved by Wharton, faintly opposed by Musgrave, adopted without a division, and carried up by the whole House to Kensington. At the palace the loyalty of the crowd of gentlemen showed itself in a way which would now be thought hardly consistent with senatorial gravity. When refreshments were handed round in the antechamber, the Speaker filled his glass, and proposed two toasts, the health of King William, and confusion to King Lewis; and both were drunk with loud acclamations. Yet near observers could perceive that, though the representatives of the nation were as a body zealous for civil liberty and for the Protestant religion, and though they were prepared to endure every thing rather than see their country again reduced to vassalage, they were anxious and dispirited. All were thinking of the state of the coin; all were saying that something must be done; and all acknowledged that they did not know what could be done. "I am afraid," said a member who expressed what many felt, "that the nation can bear neither the disease nor the cure."643

There was indeed a minority by which the difficulties and dangers of that crisis were seen with malignant delight; and of that minority the keenest, boldest and most factious leader was Howe, whom poverty had made more acrimonious than ever. He moved that the House should resolve itself into a Committee on the State of the Nation; and the Ministry, for that word may now with propriety be used, readily consented. Indeed the great question touching the currency could not be brought forward more conveniently than in such a Committee. When the Speaker had left the chair, Howe harangued against the war as vehemently as he had in former years harangued for it. He called for peace, peace on any terms. The nation, he said, resembled a wounded man, fighting desperately on, with blood flowing in torrents. During a short time the spirit might bear up the frame; but faintness must soon come on. No moral energy could long hold out against physical exhaustion. He found very little support. The great majority of his hearers were fully determined to put every thing to hazard rather than submit to France. It was sneeringly remarked that the state of his own finances had suggested to him the image of a man bleeding to death, and that, if a cordial were administered to him in the form of a salary, he would trouble himself little about the drained veins of the commonwealth. "We did not," said the Whig orators, "degrade ourselves by suing for peace when our flag was chased out of our own Channel, when Tourville's fleet lay at anchor in Torbay, when the Irish nation was in arms against us, when every post from the Netherlands brought news of some disaster, when we had to contend against the genius of Louvois in the Cabinet and of Luxemburg in the field. And are we to turn suppliants now, when no hostile squadron dares to show itself even in the Mediterranean, when our arms are victorious on the Continent, when God has removed the great statesman and the great soldier whose abilities long frustrated our efforts, and when the weakness of the French administration indicates, in a manner not to be mistaken, the ascendency of a female favourite?" Howe's suggestion was contemptuously rejected; and the Committee proceeded to take into consideration the state of the currency.644

Meanwhile the newly liberated presses of the capital never rested a moment. Innumerable pamphlets and broadsides about the coin lay on the counters of the booksellers, and were thrust into the hands of members of Parliament in the lobby. In one of the most curious and amusing of these pieces Lewis and his ministers are introduced, expressing the greatest alarm lest England should make herself the richest country in the world by the simple expedient of calling ninepence a shilling, and confidently predicting that, if the old standard were maintained, there would be another revolution. Some writers vehemently objected to the proposition that the public should bear the expense of restoring the currency; some urged the government to take this opportunity of assimilating the money of England to the money of neighbouring nations; one projector was for coining guilders; another for coining dollars.645

Within the walls of Parliament the debates continued during several anxious days. At length Montague, after defeating, first those who were for letting things remain unaltered till the peace, and then those who were for the little shilling, carried eleven resolutions in which the outlines of his own plan were set forth. It was resolved that the money of the kingdom should be recoined according to the old standard both of weight and of fineness; that all the new pieces should be milled; that the loss on the clipped pieces should be borne by the public; that a time should be fixed after which no clipped money should pass, except in payments to the government; and that a later time should be fixed, after which no clipped money should pass at all. What divisions took place in the Committee cannot be ascertained. When the resolutions were reported there was one division. It was on the question whether the old standard of weight should be maintained. The Noes were a hundred and fourteen; the Ayes two hundred and twenty-five.646

It was ordered that a bill founded on the resolutions should be brought in. A few days later the Chancellor of the Exchequer explained to the Commons, in a Committee of Ways and Means, the plan by which he proposed to meet the expense of the recoinage. It was impossible to estimate with precision the charge of making good the deficiencies of the clipped money. But it was certain that at least twelve hundred thousand pounds would be required. Twelve hundred thousand pounds the Bank of England undertook to advance on good security. It was a maxim received among financiers that no security which the government could offer was so good as the old hearth money had been. That tax, odious as it was to the great majority of those who paid it, was remembered with regret at the Treasury and in the City. It occurred to the Chancellor of the Exchequer that it might be possible to devise an impost on houses, which might be not less productive nor less certain than the hearth money, but which might press less heavily on the poor, and might be collected by a less vexatious process. The number of hearths in a house could not be ascertained without domiciliary visits. The windows a collector might count without passing the threshold. Montague proposed that the inhabitants of cottages, who had been cruelly harassed by the chimney men, should be altogether exempted from the new duty. His plan was approved by the Committee of Ways and Means, and was sanctioned by the House without a division. Such was the origin of the window tax, a tax which, though doubtless a great evil, must be considered as a blessing when compared with the curse from which it rescued the nation.647

Thus far things had gone smoothly. But now came a crisis which required the most skilful steering. The news that the Parliament and the government were determined on a reform of the currency produced an ignorant panic among the common people. Every man wished to get rid of his clipped crowns and halfcrowns. No man liked to take them. There were brawls approaching to riots in half the streets of London. The Jacobites, always full of joy and hope in a day of adversity and public danger, ran about with eager looks and noisy tongues. The health of King James was publicly drunk in taverns and on ale benches. Many members of Parliament, who had hitherto supported the government, began to waver; and, that nothing might be wanting to the difficulties of the conjuncture, a dispute on a point of privilege arose between the Houses. The Recoinage Bill, framed in conformity with Montague's resolutions, had gone up to the Peers and had come back with amendments, some of which, in the opinion of the Commons, their Lordships had no right to make. The emergency was too serious to admit of delay. Montague brought in a new bill; which was in fact his former bill modified in some points to meet the wishes of the Lords; the Lords, though not perfectly contented with the new bill, passed it without any alteration; and the royal assent was immediately given. The fourth of May, a date long remembered over the whole