William had to consider whether he would give or withhold his assent. The commercial towns of the kingdom, and among them the City of London, which had always stood firmly by him, and which had extricated him many times from great embarrassments, implored his protection. It was represented to him that the Commons were far indeed from being unanimous on this subject; that, in the last stage, the majority had been only twenty-three in a full House; that the motion to except the Universities had been lost by a majority of only eight. On full consideration he resolved not to pass the bill. Nobody, he said, could accuse him of acting selfishly on this occasion; his prerogative was not concerned in the matter; and he could have no objection to the proposed law except that it would be mischievous to his people.
On the tenth of April 1696, therefore, the Clerk of the Parliament was commanded to inform the Houses that the King would consider of the Bill for the further Regulation of Elections. Some violent Tories in the House of Commons flattered themselves that they might be able to carry a resolution reflecting on the King. They moved that whoever had advised His Majesty to refuse his assent to their bill was an enemy to him and to the nation. Never was a greater blunder committed. The temper of the House was very different from what it had been on the day when the address against Portland's grant had been voted by acclamation. The detection of a murderous conspiracy, the apprehension of a French invasion, had changed every thing. The King was popular. Every day ten or twelve bales of parchment covered with the signatures of associators were laid at his feet. Nothing could be more imprudent than to propose, at such a time, a thinly disguised vote of censure on him. The moderate Tories accordingly separated themselves from their angry and unreasonable brethren. The motion was rejected by two hundred and nineteen votes to seventy; and the House ordered the question and the numbers on both sides to be published, in order that the world might know how completely the attempt to produce a quarrel between the King and the Parliament had failed. [690]
The country gentlemen might perhaps have been more inclined to resent the loss of their bill, had they not been put into high goodhumour by another bill which they considered as even more important. The project of a Land Bank had been revived; not in the form in which it had, two years before, been brought under the consideration of the House of Commons, but in a form much less shocking to common sense and less open to ridicule. Chamberlayne indeed protested loudly against all modifications of his plan, and proclaimed, with undiminished confidence, that he would make all his countrymen rich if they would only let him. He was not, he said, the first great discoverer whom princes and statesmen had regarded as a dreamer. Henry the Seventh had, in an evil hour, refused to listen to Christopher Columbus; the consequence had been that England had lost the mines of Mexico and Peru; yet what were the mines of Mexico and Peru to the riches of a nation blessed with an unlimited paper currency? But the united force of reason and ridicule had reduced the once numerous sect which followed Chamberlayne to a small and select company of incorrigible fools. Few even of the squires now believed in his two great doctrines; the doctrine that the State can, by merely calling a bundle of old rags ten millions sterling, add ten millions sterling to the riches of the nation; and the doctrine that a lease of land for a term of years may be worth many times the fee simple. But it was still the general opinion of the country gentlemen that a bank, of which it should be the special business to advance money on the security of land, might be a great blessing to the nation. Harley and the Speaker Foley now proposed that such a bank should be established by Act of Parliament, and promised that, if their plan was adopted, the King should be amply supplied with money for the next campaign.
The Whig leaders, and especially Montague, saw that the scheme was a delusion, that it must speedily fail, and that, before it failed, it might not improbably ruin their own favourite institution, the Bank of England. But on this point they had against them, not only the whole Tory party, but also their master and many of their followers. The necessities of the State were pressing. The offers of the projectors were tempting. The Bank of England had, in return for its charter, advanced to the State only one million at eight per cent. The Land Bank would advance more than two millions and a half at seven per cent. William, whose chief object was to procure money for the service of the year, was little inclined to find fault with any source from which two millions and a half could be obtained. Sunderland, who generally exerted his influence in favour of the Whig leaders, failed them on this occasion. The Whig country gentlemen were delighted by the prospect of being able to repair their stables, replenish their cellars, and give portions to their daughters. It was impossible to contend against such a combination of force. A bill was passed which authorised the government to borrow two million five hundred and sixty-four thousand pounds at seven per cent. A fund, arising chiefly from a new tax on salt, was set apart for the payment of the interest. If, before the first of August, the subscription for one half of this loan should have been filled, and if one half of the sum subscribed should have been paid into the Exchequer, the subscribers were to become a corporate body, under the name of the National Land Bank. As this bank was expressly intended to accommodate country gentlemen, it was strictly interdicted from lending money on any private security other than a mortgage of land, and was bound to lend on mortgage at least half a million annually. The interest on this half million was not to exceed three and a half per cent., if the payments were quarterly, or four per cent., if the payments were half yearly. At that time the market rate of interest on the best mortgages was full six per cent. The shrewd observers at the Dutch Embassy therefore thought that capitalists would eschew all connection with what must necessarily be a losing concern, and that the subscription would never be half filled up; and it seems strange that any sane person should have thought otherwise. [691]
It was vain however to reason against the general infatuation. The Tories exultingly predicted that the Bank of Robert Harley would completely eclipse the Bank of Charles Montague. The bill passed both Houses. On the twenty-seventh of April it received the royal assent; and the Parliament was immediately afterwards prorogued.
CHAPTER XXII
Military Operations in the Netherlands—Commercial Crisis in
England—Financial Crisis—Efforts to restore the Currency—Distress of
the People; their Temper and Conduct—Negotiations with France; the
Duke of Savoy deserts the Coalition—Search for Jacobite Conspirators
in England; Sir John Fenwick—Capture of Fenwick—Fenwick's
Confession—Return of William to England—Meeting of Parliament;
State of the Country; Speech of William at the Commencement of
the Session—Resolutions of the House of Commons—Return of
Prosperity—Effect of the Proceedings of the House of Commons on
Foreign Governments—Restoration of the Finances—Effects of Fenwick's
Confession—Resignation of Godolphin—Feeling of the Whigs
about Fenwick—William examines Fenwick—Disappearance of
Goodman—Parliamentary Proceedings touching Fenwick's Confession—Bill
for attainting Fenwick—Debates of the Commons on the Bill of
Attainder—The Bill of Attainder carried up to the Lords—Artifices of
Monmouth—Debates of the Lords on the Bill of Attainder—Proceedings
against Monmouth—Position and Feelings of Shrewsbury—The Bill of
Attainder passed; Attempts to save Fenwick—Fenwick's Execution;
Bill for the Regulating of Elections—Bill for the Regulation of
the Press—Bill abolishing the Privileges of Whitefriars and the
Savoy—Close of the Session; Promotions and Appointments—State of
Ireland—State of Scotland—A Session of Parliament at Edinburgh;
Act for the Settling of Schools—Case of Thomas Aikenhead—Military
Operations in the Netherlands—Terms of Peace offered by France—Conduct
of Spain; Conduct of the Emperor—Congress of Ryswick—William opens a
distinct Negotiation—Meetings of Portland and Boufflers—Terms of Peace
between France and England settled—Difficulties caused by Spain and the
Emperor—Attempts of James to prevent a general Pacification—The Treaty
of Ryswick signed; Anxiety in England—News of the Peace arrives in
England—Dismay of the Jacobites—General Rejoicing—The King's Entry
into London—The Thanksgiving Day
ON the seventh of May 1696, William landed in Holland. [692] Thence he proceeded to Flanders, and took the command of the allied forces, which were collected in the neighbourhood of Ghent. Villeroy and Boufflers were already in the field. All Europe waited impatiently for great news from the Netherlands, but waited in vain. No aggressive movement was made. The object of the generals on both sides was to keep their troops from dying of hunger; and it was an object by no means easily attained. The treasuries both of France and England were empty. Lewis had, during the winter, created with great difficulty and expense a gigantic magazine at Givet on the frontier of his kingdom. The buildings were commodious and of vast extent. The quantity of provender laid up in them for horses was immense. The number of rations for men was commonly estimated at from three to four millions. But early in the spring Athlone and Cohorn had, by a bold and dexterous move, surprised Givet, and had utterly destroyed both storehouses and stores. [693] France, already fainting from exhaustion, was in no condition to repair such a loss. Sieges such as those of Mons and Namur were operations too costly for her means. The business of her army now was, not to conquer, but to subsist.
The army of William was reduced to straits not less painful. The material wealth of England, indeed, had not been very seriously impaired by the drain which the war had caused; but she was suffering severely from the defective state of that instrument by which her material wealth was distributed.