The new currency, May-Aug., 1696.
At the time when this resolution was passed the king was expected home from the continent, whither he had gone in May last. During his absence there had occurred a monetary crisis—the first since the establishment of the Bank of England—which, after causing for several months a great amount of distress, was destined to be succeeded by a long period of unbroken prosperity. An Act had recently been passed for calling in all clipt money and substituting milled money in its stead,[1853] and the crisis was brought about by the old money being called in before the new money was ready for issue. Saturday, the 2nd May, was practically the last day clipt money was received by the exchequer. Three days later the stock of milled money in the coffers of the Bank of England at Grocers' Hall had run out, and the governor of the Bank, Sir John Houblon, who happened at the time to be also lord mayor, had to propitiate the numerous claimants for the new money by offering them part payment in the old coin and the rest in the new as soon as it was minted.[1854]
City loans, July-Nov., 1696.
Towards the end of July matters became worse. In spite of the extraordinary activity displayed by the Mint authorities, at the Tower and in divers parts of the country, the supply had not equalled the demand, yet a large sum of money was now imperatively demanded for payment of the army on the continent. The king himself had written to say that unless the money was forthcoming his troops were ready to mutiny or desert. Nothing less than a million would satisfy the requirements of the army in Flanders, a like sum was wanted for the navy, whilst half that amount was necessary for the army in England.[1855] How was this enormous sum to be raised? It was thought that the City might vote something towards it, but the Chamberlain declared that any proposal for a loan at that time would with difficulty be carried into execution owing to the scarcity of money.[1856] Some private individuals, however, managed to raise £200,000 for the king, whilst others, like Sir Josiah Child, Charles Duncombe and Sir Joseph Herne, were prepared to stand security for £300,000 more, which the Dutch were ready to advance. After long deliberation the Bank of England agreed (15 Aug.) to advance another £200,000.[1857] These sums sufficed for the more immediate wants of the king, and allowed time for the issue of the new currency.
The Peace of Ryswick, 10 Sept., 1697.
The campaign of 1696 had been carried on in a very desultory way. All parties were anxious for a peace. Towards the end of April, 1697, William once more crossed over to Flanders,[1858] and the French king having for the first time shown a disposition to come[pg 604] to terms, it was arranged that a congress should meet near the Hague. The result of the congress was the conclusion (10 Sept.) of the Peace of Ryswick, whereby Louis consented to acknowledge William's title to the throne. The news was received in the city four days later with every demonstration of joy; the Tower guns were discharged, flags hung out, bells set ringing and bonfires lighted.[1859]
Preparations to welcome the king on his return.
The Court of Aldermen resolved to give the king a more than ordinary reception on his return. Search was made for precedents as to the manner in which former kings had been received on their return from progresses or from parts beyond the sea, and these precedents, from the time of Edward IV down to that of King Charles II, were duly reported to the court by a committee appointed to make the search.[1860] The committee was next instructed to consider of suitable ways and methods for the reception of his majesty if he should be pleased to pass through the city, and on this also the committee reported with elaborate detail.[1861] These and other preparations were all made under the apprehension that the king was about to return immediately. Weeks went by and no king appeared. The Court of Aldermen availed themselves of the delay to put the finishing touches to the programme of welcome that was to be accorded him, and to commit into custody any suspicious character they found.[1862] At length, after long and impatient expectation, news came that the king had[pg 605] landed at Margate on the 14th November.[1863] By the following night his majesty reached Greenwich and rested in the handsome building which, at the desire of his beloved queen, had been recently converted from a palace into a hospital for disabled seamen.[1864]
The king met at Southwark by the mayor, aldermen, etc., 16 Nov., 1697.
The lord mayor immediately issued his precept to the several livery companies (they had received a previous warning to prepare for the occasion on the 1st October)[1865] to be ready in their stands by eight o'clock on the morning of Tuesday the 16th November, well apparelled and with all the ornaments of their companies before them.[1866] That morning witnessed one of the finest sights that had ever been seen in the city of London, famous as it always had been for its pageantry. No expense had been spared in providing new gowns for the magistrates and new banners for the companies. The mayor, aldermen and sheriffs rode out "in their formalities" as far as Southwark, where they met the king, and where the usual ceremony took place of surrendering the civic sword into his majesty's hands, to be immediately returned to the lord mayor. This done, the procession was formed, and the king was escorted with trumpets and kettle-drums through the entire length of the city, the streets being guarded by the six regiments of trained bands, and the houses rendered bright with hangings of tapestry.[1867]