William had hoped that his wants would have been met by the establishment, in accordance with a favourite plan of the Tories, of a Land Bank, as a rival to the Bank of England. This somewhat absurd scheme had been invented by a projector of the name of Chamberlain, who supposed that every proprietor of land possessing that security ought to have the disposal of at least as much money as his land was worth, and therefore suggested a bank which should lend money entirely upon landed security, overlooking the difficulty that land is not always at hand and payable on demand as money is. Harley, the representative of the Tories, now offered to advance the Government £2,500,000 at 7 per cent. The payment of his interest was to be secured by a tax upon salt. If half that sum should be subscribed before August, and half of that half paid up, the subscribers were to be incorporated as the Land Bank. This Bank was expressly intended to suit the wants of the country gentry, and to injure the moneyed interest. The company was therefore bound to lend no money but on mortgage, and to lend on mortgage at least half a million a year. It was not allowed to receive more than 3½ per cent. interest on these mortgages. Now, as the ordinary rate of interest on mortgages was nearly 7 per cent. it was plain that no capitalist would lend his money at half of the ordinary profits. It might have been plain also that the landed gentry whose chief object was to borrow were not likely to lend. It was not therefore very obvious where the capital was to come from. The King, however, hoping to obtain money on easy terms, headed the list of subscribers with £5000. When the Land Bank was called upon to advance its promised loan, it was found that the whole subscriptions consisted of no more than £6200. So eager was the Government for money, that it offered to give the Bank its charter in exchange for a loan of £40,000 only, but the subscriptions never rose beyond £7500, and the scheme proved completely abortive.
The Bank of England supplies the money. Aug. 15.
The King was compelled therefore to apply to the Bank of England, which by his patronage of the Land Bank he had done his best to injure. True to their political creed, a full court of subscribers consented to advance the necessary £200,000, without one dissentient voice. The Government was saved, and the connection between the Bank of England and the Whig party sealed for ever. Meanwhile, Newton's efforts as Master of the Mint had been ultimately successful. Provincial mints had been established, and from them and from the mint in London £120,000 of coin was turned out every day. By August the crisis was over, and a period of unbroken commercial prosperity began.
But although marks of commercial prosperity were already visible, the financial difficulty was not entirely over. When William, who had been abroad during the worst of the difficulty, opened Parliament upon his return (Oct. 20), he had to confess that, although the crisis had passed without disturbance in England or great disaster abroad, there was still need for some exhibition of continued firmness on the part of Parliament. In fact, the plan of reducing the standard of the coin was so plausible, and had impressed itself so deeply on the ignorance of the masses, that a very large party both in and out of Parliament were still anxious to have recourse to that step, and till all chance of such a measure was gone no speculators were willing to put the new money in circulation, and it was constantly hoarded. Consequently a scarcity of money still prevailed; and not only in England, but throughout Europe, there was a very general feeling that England was ruined, that the source of wealth which had hitherto supplied the European coalition with the means of war was dried up, and that peace was inevitable. But in the midst of these difficulties the triumph of the Whigs was complete. The Parliament stood firm, and carried by a triumphant Credit of England restored. majority three resolutions, which destroyed all the hopes of the enemies of England. First, that the Commons would assist the King to prosecute the war with vigour; secondly, that under no circumstances should the standard of money be changed; thirdly, the Parliament pledged itself to make good the deficiencies in Parliamentary funds established since the King's accession. The first promise was at once abundantly fulfilled by munificent grants for the war; the second caused the immediate production of the hoarded coin; while upon the third was framed Montague's plan known by the name of the General Mortgage. Taxes set apart to meet the interest of various loans had proved insufficient. The deficit was no less than £5,160,000. It was now ordered that, should the proceeds of the old funds and new taxes now set aside for the purpose prove insufficient, the general funds of the country should be charged with the liquidation of the debts. By such means as these the credit of the country was finally re-established.
The Assassination plot.
The discovery of the Assassination plot, and the enthusiasm to which it gave rise, has been already alluded to. It was one of two Jacobite conspiracies, matured in the middle of the crisis, when it was a common belief that the Government would never be able to pass securely through the dangers which surrounded it. One of these conspiracies was for a general rising of the Jacobites and a simultaneous invasion of England from France. The completion of this plot was intrusted to James's natural son, the Duke of Berwick, and in it, had it been carried out, would have been involved all the best of the Jacobite gentry of England. But side by side with it was a baser conspiracy, among the more unprincipled and desperate friends of James, for the assassination of the King. The management of this conspiracy, which is known by the name of the Assassination Plot, was intrusted to Sir George Barclay, a Scotch refugee. It seems certain that the scheme was sanctioned by James himself, as Barclay was sent over with a few select followers and a considerable sum of money, authorised to do any acts of hostility which might conduce to the service of the King. It was also certainly known to the Duke of Berwick, who was informed of every step in its progress. He was too honourable himself to take a declared part in it, but did not feel called upon in any way to interfere in the matter. His own mission proved unsuccessful. The English Jacobites were willing to rise, but not till a French army appeared in the country. On the other hand, Berwick could only assure them that, after the failures which had already taken place, no French army would enter the country till the Jacobites were actually in arms. On this point the negotiations broke down, and Berwick, unwilling to be mixed up with the darker schemes of Barclay, hastened to leave England before the fatal day should arrive. This day, the 15th of February, had been already fixed. Barclay had succeeded in collecting about forty men, some supplied from France, some English Jacobites of desperate character. With these it was determined to assault the King on his return from hunting in Richmond Forest. Every Saturday he was in the habit of going thither, crossing the Thames by boat near Turnham Green. The spot chosen was a narrow swampy lane leading up from the river. But, just before the time fixed, William received from Portland information that there was a design upon his life. He was induced to postpone his hunting, although he gave little faith to the information, which had been received from most untrustworthy sources. But in the course of the following week fresh information was brought by a gentleman of the name of Pendergrass, who was known to be an honourable man. Every precaution was taken to allay the suspicions of the conspirators, and on the very day when the attempt should have been made several of the leaders were arrested. The troops were set in motion, the Lord Lieutenant of Kent repaired to his county, and Russell hastened to take command of the fleet to oppose the intended invasion. French troops had been already collected at Calais, and Louis, who had been informed of the scheme, though he had not actually authorized it, had determined to take advantage of the opportunity its success would offer.
Excitement in the country. Feb. 24.
The measures taken proved sufficient. When the King went in state to Parliament, and explained what had been done, the enthusiasm of the House was roused. Two Bills were rapidly passed, the one suspending the Habeas Corpus Act, the other ordering that the Parliament should not be dissolved by the death of William, and an association was set on foot by which the House of Commons bound itself to stand by King William, to avenge his murder, and to support the order of succession settled by the Bill of Rights. Throughout the country the feeling excited was very strong. Means were taken in all the cities of England to search thoroughly for conspirators, the house of one of them was razed to the ground by the populace, and one after the other most of them were captured. Three of them, Charnock, King and Keyes, were brought to trial. Only a few months before, a Bill which had Arrest and execution of the conspirators. occupied the public attention through several sessions had received the royal assent. By this the procedure in the case of trials for treason had been changed. Before the passing of that Bill a prisoner charged with treason had not been allowed to see the indictment before he was brought to the bar. He could not put his witnesses upon oath, nor compel their attendance, nor was he allowed the service of counsel, while the Crown enjoyed all the advantages of which he was deprived. The Bill enacted that all the above-named disabilities should be removed. The opposition to this Bill had been grounded chiefly upon the advantage it appeared to give to traitors at a time when the Government was notoriously open to their attacks; and Parliament had, by way of compromise, postponed till the 25th of March 1696 (at that time the beginning of the new year) the operation of the Act. The prisoners claimed, not without some show of reason, a postponement of the trial till that date. But their request was overruled, the trial was proceeded with at once, and they were all condemned and executed (March 24).
But, by the witness of two of the informers, Porter and Goodman, a more important person had been implicated, if not in the present Trial of Sir John Fenwick. Aug. plot, yet at least in one of a similar nature which had been set on foot immediately after the Queen's death. This was Sir John Fenwick, a man highly connected, who had brought himself prominently forward as a Jacobite intriguer, and had earned the personal dislike of William by a public insult to the Queen. By the law of Edward VI. two witnesses were necessary to prove the guilt of treason, and Fenwick's chief hopes lay in his being able to bribe either Porter or Goodman to leave the country. His first attempt on Porter failed. Porter informed the Government, received the money, and gave up the agent who offered it him. Fenwick then attempted to gain time by making a confession. This was drawn up with great art: while none of the real facts were brought to light, accusations, only too well founded upon fact, were brought against Marlborough, Godolphin, Russell, and Shrewsbury. It was asserted that Marlborough had promised to bring over the army, Russell the navy, while Godolphin only held office by the leave of the exiled King. William, with great wisdom, although he knew how much truth there was in these accusations, absolutely ignored them, and ordered the trial of Fenwick to be proceeded with without delay. But some of the contents of the confession became known, and the Whigs decided that, for the honour of the party, it could not be passed over in silence. Godolphin, the last remaining Tory in the Government, they would have been unwilling to acquit; he was induced to resign, and the course was now clear. It was of the highest importance that a real confession should be got from Fenwick, but this he now refused to give, as he had just received information that his agents had contrived to get Goodman, the second witness against him, out of the country. Exasperated by seeing, as they thought, the enemy, who had tried to undermine the character of their chiefs, slipping from their grasp, the Whigs brought the question before the House. The confession was voted false and scandalous, and rather than let their victim escape, in the heat of their anger, they determined to have recourse to the dangerous expedient of a Bill of Attainder (Nov. 13). This attempt, which, as it superseded the law of the land by an exercise of the power of Parliament, had an unconstitutional and revengeful appearance, met with the strongest opposition, but was carried in the Lower House by a small majority. The question became one of party, and finally, after a long struggle, it passed the House of Lords by a majority of only seven. Great interest was made for the prisoner, His execution. Jan. 28, 1697. but William refused to listen to any request for pardon, and Fenwick was executed. William's inflexibility is better explained by his desire to shield the Whig party, whom Fenwick would certainly have accused during his trial, than by the supposed existence of a personal hostility between himself and his prisoner.