A History of England, Period III. Constitutional Monarchy

by J. Franck Bright

Treachery of Marlborough.

The absence of the French fleet from Brest, which led to the supposition that the harbour must be unguarded, seemed to afford an opportunity for an attack in that quarter. An expedition was planned; the forces were intrusted to Talmash, while the Duke of Leeds' son Caermarthen commanded the fleet. It gave occasion for a new act of villany on the part of Marlborough; though the plan was kept a profound secret, he contrived to worm it out, and as had happened once or twice before in his career, he used his knowledge only to lay the details of the plan before James, and to secure the destruction of the English expedition. Vauban, the great French engineer, was sent down to re-fortify the place. Every vantage-ground was crowned with batteries, and into the trap thus laid for him Talmash had rushed headlong to meet his death, in company with 700 English soldiers (June 7, 1694). Marlborough's treachery in this instance was rather personal than political. Talmash alone of the English generals could in any way compete with him, and he knew that at his death or failure William, who it must be recollected did not know the full extent of his treachery, would be obliged to restore him to his command. His treacherous plan succeeded. He was again employed, though so thoroughly mistrusted, that William refused when he went abroad to give the regency to Anne, which he well knew would be but to give it to Marlborough. But the death of Mary, which occurred at the close of the year, while it excited the other Jacobites to action, for a time rendered Marlborough true to William; for it was followed by a reconciliation between the King and the Princess Anne, and Marlborough was now content to wait till the King's death for the completion of his designs. The more earnest Jacobites followed a different course, and it was in the midst of a conspiracy aimed against his life by Fenwick, Charnock, and Porter, that William set out for Flanders (May 1695).

In that country he had no longer the same formidable enemy with whom to contend. Luxemburg was dead, and his place was ill supplied by Villeroy and Louis' illegitimate son, the Duke of Maine, who was sent to learn the art of war under him. As Flanders was Campaign in Flanders. 1695. expected to be the great seat of war, the bulk of the French army was placed under Villeroy in that country. Boufflers, with 12,000 men, guarded the Sambre. William, however, had set his heart upon regaining Namur. Judicious feints deceived Villeroy as to his intentions, and suddenly his own army, that of the Brandenburgers and that of the Elector of Bavaria, marched straight against the city. Boufflers had just time to throw himself with his troops into the town. A body of troops under the Prince of Vaudemont had been left to watch Villeroy in Flanders. When that general advanced, the Prince could not hold his isolated position, and only succeeded in making good his retreat through the cowardice of the Duke of Maine. Villeroy advanced almost unopposed. He took the towns of Dixmuyde and Deynse, the garrisons of which, contrary to the terms of capitulation, were sent prisoners to France; and hoping by threatening the capital to draw William from Namur, he approached and ruthlessly and uselessly bombarded Brussels. But, undisturbed by Villeroy's manœuvres, William energetically pursued the siege. He was assisted by Cohorn, who had originally fortified the town, and had seen it taken by the skill of his great rival Vauban. Vauban had since much increased the fortifications, and Cohorn was eager to regain his honour by capturing it. At length, after some fierce assaults, in which the English under Lord Cutts, who for his bravery under fire got the nickname of "the Salamander," had greatly distinguished themselves, the town surrendered, but the castle still held out. It became evident to Villeroy that the actual presence of his army could alone raise the siege. Drawing troops from all the neighbouring garrisons, he approached with 80,000 men. But William now felt himself strong enough to give him battle without withdrawing from his operations. For three days the armies remained in presence, and William lay expecting the attack, but Villeroy judged his position too strong to be taken, and withdrew. The fate of the fortress was now sealed, but Boufflers thought that his honour demanded that he should stand an assault; nor was it till the English had succeeded at the cost of 2000 men in making a lodgment in the Surrender of Namur. Aug. 26. place that he consented to treat, and for the first time in history a French marshal surrendered a fortress to a victorious enemy. Having gone through the ceremony of surrender, Boufflers was much surprised and enraged at being arrested on his road to France. His angry exclamations against the breach of the terms of capitulation were met by the reply, that William was only following the example of Louis with regard to the garrisons of Dixmuyde and Deynse. He was kept in honourable imprisonment till those garrisons were restored.

William's triumphant return. Oct. 10.

It was thus no longer as a beaten and unfortunate, though skilful general, that William returned to England. The Triennial Bill having come into operation, the present Parliament would have come to a natural conclusion the following year. It had on the whole acted so much in favour of William and the Whigs, that William, could he have prolonged it, would probably have been willing to do so. But he wisely judged that it would be better to call his new Parliament while still popular from his successes, than to wait the chances of the New Whig Parliament. Nov. 22. future year. The event proved that he was right. A brilliant triumphant progress through England was followed by the return of a Parliament with an immense majority favourable to the war and to the Whig interests. Four Whigs were returned for London. Westminster followed the example of the neighbouring city, and so great was the enthusiasm that even the great Tory leader Seymour, whose interest in Devonshire was believed to render his return for Exeter sure, was defeated in that town. The Parliament thus assembled had very important work before it, and, acting in unison with the King, his ministry, and the whole country, carried it through to a noble conclusion.

Re-establishment of the currency.

This important work was the re-establishment of the currency. The English coin had originally been of hammered metal, it was constantly liable to inequality in weight, and being left with raw edges, easily clipped. In Charles II.'s reign this defect had been partially cured by the use of machinery, and words had been printed round the edges of the coin; but as the bad hammered coinage was allowed to be current side by side with the new milled coinage, the better coinage had either been hoarded or had left the country, as invariably happens, when some part of the coinage of the country is of less intrinsic value than the rest. Consequently the evil became worse. Coin was more constantly clipped, and as it wore out was more easily counterfeited. Its defects at length became so obvious that shopkeepers refused to take it except by weight; thus causing heavy suffering to the lower orders, who generally received their wages by tale, and had to pay by weight, and every little transaction became the occasion of a dispute. So far had the evil gone, that when trials were made in different parts of the country, the coinage had proved on an average to be little more than half its proper weight. A re-issue of coin became absolutely necessary. The arrangements fell into the hands of Somers and Montague, of John Locke the philosopher, and Isaac Newton the mathematician. In devising their plan two great questions met them. By whom should the expense be borne? How could the inconvenience of the short supply of coin which must inevitably follow when the present coinage was called in be best alleviated? A very large minority wished to avoid the difficulty by keeping the present money in circulation, but lowering its nominal value. This plan, which was in fact to perpetrate a fraud upon all creditors, was not likely to find favour with the four sagacious men with whom the question rested. Two schemes recommended themselves chiefly to their attention. Locke proposed that, after a certain fixed date, the coin should be valued by weight only. This prevented any deficiency in the circulating medium, as the present money would not be withdrawn from circulation, but it threw the whole expense of bringing the nominal and real value of the coin into harmony, not on the Government, but on the individual possessors of the coin. It was evidently fairer that, where the evil was a national one, the nation should bear the expense. Somers suggested that, with extreme secresy, a proclamation should be prepared, saying that in three days the hammered coin should pass by weight only, but that those who held it might bring it in parcels to the mint, where it should be counted and weighed, and immediately restored, with a written promise of a future payment of the difference between the nominal and real value of the coin. Thus the money would be withdrawn from circulation only for the short time necessary to count it, while the nation would subsequently pay the difference. But for this plan secresy and suddenness were necessary, or the intervening period would have given opportunity and temptation for unlimited mutilation of the coinage. Secresy would have rendered it impossible to consult Parliament, and Montague, in the existing state of party feeling, shrank from the responsibility this implied. It was therefore determined to act in a perfectly honest, simple and straightforward manner; and immediately on the opening of Parliament, a Bill was framed in accordance with certain resolutions previously taken. By these it was declared that the old standard should be kept up, that milled coin should alone be used, that the loss should fall on the nation, not on individuals, and that the 4th of May following should be the last day on which hammered coin should be allowed to be used. The advantage of the good understanding between the Government and the Bank now became evident. To meet the expense of the new coinage, £1,200,000 was wanted. The Bank advanced it without difficulty on the security of a window tax, which took the place of the much hated hearth tax, and which lasted on almost to our own time. At last the critical day, the 4th of May, drew near. Fortunately the country was in an enthusiastic mood. Two great Jacobite plots, closely connected, which had been concocted during the previous summer, had been discovered. These were Berwick's plot for a general insurrection of the Jacobites and for an invasion from France; and a plot concocted at St. Germains, intrusted to Barclay, for the assassination of William on his road from Kensington to Richmond. Invasion and assassination are the two forms of conspiracy which the English people cannot bear; and the full discovery of these schemes, with the proved certainty that both Louis and James were fully conscious of all their atrocious details, roused the nation for an instant to an unusual unanimity of enthusiasm, and enabled Parliament to set on foot a great association, signed by hundreds of thousands, who pledged themselves to stand by the King, to support the war, and to pursue with vengeance any attempt upon his life. Good tempered and loyal though the people were the crisis was a fearful one. The operations of the mint were very slow. £4,000,000 of the old coinage lay melted in the treasury vaults. As yet scarcely any new silver had appeared. Money was not to be had either for trade or for private payments. Large employers somehow contrived, with a certain quantity of the old coinage which had not been clipped, to pay the wages. But the greater part of England lived on credit; and it is probable that even thus the crisis would scarcely have been got over, had it not been for an expedient of Montague's, who issued Government securities, bearing interest at threepence a day on £100. These are what are known now as Exchequer bills, and form a floating debt due by Government. They were eagerly used, and with the paper issues of the Bank and the free use of cheques and credit by all, the dangerous time was tided over.

William's want of money.

But the most alarming feature was not the difficulty in the commercial world, but the difficulty felt by Government and by the King himself in provisioning the troops and carrying on the war. In the midst of the commercial crisis the Bank of England had met with great difficulties; the goldsmiths, who had always hated their great rival, took the opportunity of attempting to destroy it by villanous means, they bought up all the Bank paper on which they could lay hands, and suddenly bringing it forward, demanded immediate payment. The Bank directors with great courage gained time by refusing to pay the nefarious claim, and referring their enemies to the courts of law. By means of calls on their subscribers they continued to pay by far the greater part of the private and just claims upon them, but they did not appear to be in a position to assist the King when he suddenly wrote home to say that £200,000 were absolutely necessary.

The Land Bank a failure.