Harley, Foley, and Harcourt, presented to the house a state of the receipts and issues of the revenue, together with two reports from the commissioners of accounts concerning sums issued for secret services, and to members of parliament. This was a discovery of the most scandalous practices in the mystery of corruption, equally exercised on the individuals of both parties, in occasional bounties, grants, places, pensions, equivalents, and additional salaries. The malcontents therefore justly observed, the house of commons was so managed that the king could baffle any bill, quash all grievances, stifle accounts, and rectify the articles of Limerick. When the commons took into consideration the estimates and supplies of the ensuing year, the king demanded forty thousand men for the navy, and above one hundred thousand for the purposes of the land service. Before the house considered these enormous demands, they granted four hundred thousand pounds by way of advance, to quiet the clamours of the seamen, who were become mutinous and desperate for want of pay, upwards of one million being due to them for wages. Then the commons voted the number of men required for the navy; but they were so ashamed of that for the army, that they thought it necessary to act in such a manner as should imply that they still retained some regard for their country. They called for all the treaties subsisting between the king and his allies; they examined the different proportions of the troops furnished by the respective powers; they considered the intended augmentations, and fixed the establishment of the year at four-score and three thousand, one hundred, and twenty-one men, including officers. For the maintenance of these they allotted the sum of two millions, five hundred and thirty thousand, five hundred and nine pounds. They granted two millions for the navy, and about five hundred thousand pounds, to make good the deficiencies of the annuity and poll bills; so that the supplies for the year amounted to about five millions and a half, raised by a land-tax of four shillings in the pound, by two more lives in the annuities, a further excise on beer, a new duty on salt, and a lottery.
Though the malcontents in parliament could not withstand this torrent of profusion, they endeavoured to distress the court interest, by reviving the popular bills of the preceding session; such as that for regulating trials in cases of high treason, the other for the more frequent calling and meeting of parliaments, and that concerning free and impartial proceedings in parliament. The first was neglected in the house of lords; the second was rejected; the third was passed by the commons, on the supposition that it would be defeated in the other house. The lords returned it with certain amendments, to which the commons would not agree: a conference ensued; the peers receded from their corrections, and passed the bill, to which the king however refused his assent. Nothing could be more unpopular and dangerous than such a step at this juncture. The commons, in order to recover some credit with the people, determined to disapprove of his majesty’s conduct. The house formed itself into a committee, to take the state of the kingdom into consideration. They resolved, that whoever advised the king to refuse the royal assent to that bill, was an enemy to their majesties and the kingdom. They likewise presented an address, expressing their concern that he had not given his consent to the bill; and beseeching his majesty to hearken for the future to the advice of his parliament, rather than to the counsels of particular persons, who might have private interests of their own, separate from those of his majesty and his people. The king thanked them for their zeal, professed a warm regard for their constitution, and assured them he would look upon all parties as enemies who should endeavour to lessen the confidence subsisting between the sovereign and the people. The members in the opposition were not at all satisfied with this general reply. A day being appointed to take it into consideration, a warm debate was maintained with equal eloquence and acrimony. At length the question being put that an address should be made for a more explicit answer, it passed in the negative by a great majority.
ESTABLISHMENT OF THE BANK OF ENGLAND.
The city of London petitioned that a parliamentary provision should be made for the orphans, whose fortunes they had scandalously squandered away. Such an application had been made in the preceding session, and rejected with disdain, as an imposition on the public; but now those scruples were removed, and the house passed a bill for this purpose, consisting of many clauses, extending to different charges on the city lands, aqueducts, and personal estates; imposing duties on binding apprentices, constituting freemen, as also upon wines and coals imported into London. On the twenty-third day of March these bills received the royal assent; and the king took that opportunity of recommending despatch, as the season of the year was far advanced, and the enemy diligently employed in making preparations for an early campaign. The scheme of a national bank, like those of Amsterdam and Genoa, had been recommended to the ministry as an excellent institution, as well for the credit and security of the government, as the increase of trade and circulation. One project was invented by Dr. Hugh Chamberlain, proposing the circulation of tickets on land security; but William Paterson was author of that which was carried into execution, by the interest of Michael Godfrey and other active projectors. The scheme was founded on the motion of a transferable fund, and a circulation by bill on the credit of a large capital. Forty merchants subscribed to the amount of five hundred thousand pounds, as a fund of ready money, to circulate one million at eight per cent, to be lent to the government; and even this fund of ready money bore the same interest. When it was properly digested in the cabinet, and a majority in parliament secured for its reception, the undertakers for the court introduced it into the house of commons, and expatiated upon the national advantages that would accrue from such a measure. They said it would rescue the nation out of the hands of extortioners and usurers, lower interest, raise the value of land, revive and establish public credit, extend circulation, consequently improve commerce, facilitate the annual supplies, and connect the people the more closely with the government. The project was violently opposed by a strong party, who affirmed that it would become a monopoly, and engross the whole money of the kingdom; that, as it must infallibly be subservient to government views, it might be employed to the worst purposes of arbitrary power; that instead of assisting it would weaken commerce, by tempting people to withdraw their money from trade and employ it in stock-jobbing; that it would produce a swarm of brokers and jobbers to prey upon their fellow-creatures, encourage fraud and gaming, and further corrupt the morals of the nation. Notwithstanding these objections, the bill made its way through the two houses, establishing the funds for the security and advantage of the subscribers; empowering their majesties to incorporate them by the name of the governor and company of the bank of England, under a proviso, that at any time after the first day of August, in the year one thousand seven hundred and five, upon a year’s notice, and the repayment of the twelve hundred thousand pounds, the said corporation should cease and determine. The bill likewise contained clauses of appropriation for the services of the public. The whole subscription was filled in ten clays after its being opened; and the court of directors completed the payment before the expiration of the time prescribed by the act, although they did not call in more than seven hundred and twenty thousand pounds of the money subscribed. All these funds proving inadequate to the estimates, the commons brought in a bill to impose stamp duties upon all vellum, parchment, and paper, used in almost every kind of intercourse between man and man; and they crowned the oppression of the year with another grievous tax upon carriages, under the name of a bill for licensing and regulating hackney and stage coaches.
EAST INDIA COMPANY’S CHArTER.
The commons, in a clause of the bill for taxing several joint-stocks, provided, that in case of a default in the payment of that tax, within the time limited by the act, the charter of the company so failing should be deemed void and forfeited. The East India company actually neglected their payment, and the public imagined the ministry would seize this opportunity of dissolving a monopoly against which so many complaints had been made; but the directors understood their own strength; and, instead of being broken, obtained the promise of a new charter. This was no sooner known, than the controversy between them and their adversaries was revived with such animosity, that the council thought proper to indulge both parties with a hearing. As this produced no resolution, the merchants who opposed the company petitioned, that, in the meanwhile, the new charter might be suspended. Addresses of the same kind were presented by a great number of clothiers, linen-drapers, and other dealers. To these a written answer was published by the company; the merchants printed a reply, in which they undertook to prove that the company had been guilty of unjust and unwarrantable actions, tending to the scandal of religion, the dishonour of the nation, the reproach of our laws, the oppression of the people, and the ruin of trade. They observed, that two private ships had exported in one year three times as many cloths as the company had exported in three years. They offered to send more cloth and English merchandise to the Indies in one year than the company had exported in five; to furnish the government with five hundred tons of saltpetre for less than one half of the usual price; and they represented, that the company could neither load the ships they petitioned for in England, nor reload them in the East Indies. In spite of all these remonstrances, the new charter passed the great seal; though the grants contained in it were limited in such a manner that they did not amount to an exclusive privilege, and subjected the company to such alterations, restrictions, and qualifications, as the king should direct before the twenty-ninth day of September. This indulgence, and other favours granted to the company, were privately purchased of the ministry, and became productive of a loud outcry against the government. The merchants published a journal of the whole transaction, and petitioned the house of commons that their liberty of trading to the East Indies might be confirmed by parliament. Another petition was presented by the company, praying that their charter might receive a parliamentary sanction. Both parties employed all their address in making private application to the members. The house having examined the different charters, the book of their new subscriptions, and every particular relating to the company, resolved that all the subjects of England had an equal right to trade to the East Indies unless prohibited by act of parliament.
WILLIAM AND MARY, 1688—1701.