CHAP. Resolu tions of the the speech from the chair. A debate followed which resounded through all Christendom. That was the proudest day of Montague's life, and one of the proudest days in the House of history of the English Parliament. In 1796, Burke held up Commons. the proceedings of that day as an example to the statesmen whose hearts had failed them in the conflict with the gigantic power of the French republic. In 1822, Huskisson held up the proceedings of that day as an example to a legislature which, under the pressure of severe distress, was tempted to alter the standard of value and to break faith with the public creditor. Before the House rose, the young Chancellor of the Exchequer, whose ascendency, since the ludicrous failure of the Tory scheme of finance, was undisputed, proposed and carried three memorable resolutions. The first, which passed with only one muttered No, declared that the Commons would support the King against all foreign and domestic enemies, and would enable him to prosecute the war with vigour. The second, which passed, not without opposition, but without a division, declared that the standard of money should not be altered in fineness, weight, or denomination. The third, against which not a single opponent of the government dared to raise his voice, pledged the House to make good all the deficiencies of all parliamentary funds established since the King's accession. The task of framing an answer to the royal speech was entrusted to a Committee exclusively composed of Whigs. Montague was chairman; and the eloquent and animated address which he drew up may still be read in the Journals with interest and pride.* Within a fortnight two millions and a half were granted for the military expenditure of the approaching year, and nearly as much for the maritime expenditure. Provision was made without any dispute for forty thousand seamen. About the amount of the land force there was a division. The King asked for eighty-seven thousand soldiers; and the Tories thought that number too large. The ministers carried their point by two hundred and twenty-three votes to sixty seven. The malecontents flattered themselves, during a short time, that the vigorous resolutions of the Commons would be nothing more than resolutions, that it would be found impos I take my account of these proceedings from the Commons' Journals, from the despatches of Van Cleverskirke and L'Hermitage to the States General, and from Vernon's letter to Shrewsbury of the 27th of October, 1696. "I don't know," says Vernon, "that the House of Commons ever acted with greater concert than they do at present." XXII. sible to restore public credit, to obtain advances from capi- CHAP. talists, or to wring taxes out of the distressed population, and that therefore the forty thousand seamen and the eightyseven thousand soldiers would exist only on paper. Howe, who had been more cowed than was usual with him on the first day of the session, attempted, a week later, to make a stand against the Ministry. "The King," he said, "must have been misinformed; or His Majesty never would have felicitated Parliament on the tranquil state of the country, I come from Gloucestershire. I know that part of the kingdom well. The people are all living on alms, or ruined by paying alms. The soldier helps himself, sword in hand, to what he wants. There have have been serious riots already; and still more serious riots are to be apprehended." The disapprobation of the House was strongly expressed. Several members declared that in their counties every thing was quiet. If Gloucestershire were in a more disturbed state than the rest of England, might not the cause be that Gloucestershire was cursed with a more malignant and unprincipled agitator than all the rest of England could show? Some Gloucestershire gentlemen took issue with Howe on the facts. There was no such distress, they said, no such discontent, no such rioting, as he had described. In that county, as in every other county, the great body of the population was fully determined to support the King in waging a vigorous war till he could make an honourable peace.* In fact the tide had already turned. From the moment at Return of which the Commons notified their fixed determination not to prosperity, raise the denomination of the coin, the milled money began to come forth from a thousand strong boxes and private drawers. There was still pressure; but that pressure was less and less felt day by day. The nation, though still suffering, was joyful and grateful. Its feelings resembled those of a man who, having been long tortured by a malady which has embittered his existence, has at last made up his mind to submit to the surgeon's knife, who has gone through a cruel operation with safety, and who, though still smarting from the steel, sees before him many years of health and enjoyment, and thanks God that the worst is over. Within four days after the meeting of Parliament there was a perceptible improvement in trade. The discount on bank Oct. 30 * Vernon to Shrewsbury, Oct. 29. 1696; L'Hermitage, Nov. 3. L'Hermitage calls Howe Jaques Haut. No doubt the Frenchman had always heard Howe CHAP. Effect of the proceedings of the House of Commons on notes had diminished by one third. The price of those wooden tallies, which, according to an usage handed down to us from a rude age, were given as receipts for sums paid into the Exchequer, had risen. The exchanges, which had during many months been greatly against England, had begun to turn.* Soon the effect of the magnanimous firmness of the House of Commons was felt at every Court in Europe. So high indeed was the spirit of that assembly that the King had some difficulty in preventing the Whigs foreign gofrom moving and carrying a resolution that an address vernments. should be presented to him, requesting him to enter into no negotiation with France, till she should have acknowledged him as King of England.† Such an address was unnecessary. The votes of the Parliament had already forced on Lewis the conviction that there was no chance of a counterrevolution. There was as little chance that he would be able to effect that compromise of which he had, in the course of the negotiations, thrown out hints. It was not to be hoped that either William or the English nation would ever consent to make the settlement of the English crown a matter of bargain with France. And, even had William and the English nation been disposed to purchase peace by such a sacrifice of dignity, there would have been insuperable difficulties in another quarter. James could not endure to hear of the expedient which Lewis had suggested. "I can bear," the exile said to his benefactor, "I can bear with Christian patience to be robbed by the Prince of Orange: but I never will consent to be robbed by my own son. Lewis never again mentioned the subject. Caillieres received orders to make the concession on which the peace of the civilised world depended. He and Dykvelt came together at the Hague before Baron Lilienroth the representative of the King of Sweden, whose mediation the belligerent powers had accepted. Dykvelt informed Lilienroth that the Most Christian King had engaged, whenever the Treaty of Peace should be signed, to recognise the Prince of Orange as King of Great Britain and Ireland, and added, with a very intelligible allusion to the compromise formerly proposed by France, that the recognition would be without restriction, billets de banque, qui estoit le jour auparavant à 18, est revenu à douze, et les actions ont aussy augmenté, aussy bien que les taillis." William to Heinsius, Nov. 13. 1696. condition, or reserve. Caillieres then declared that he confirmed, in the name of his master, what Dykvelt had said.* A letter from Prior, containing the good news, was delivered to James Vernon, the Under Secretary of State, in the House of Commons. The tidings ran along the benches, such is Vernon's expression,-like fire in a field of stubble. A load was taken away from every heart; and all was joy and triumph.† The Whig members might indeed well congratulate each other. For it was to the wisdom and resolution which they had shown, in a moment of extreme danger and distress, that their country was indebted for the near prospect of an honourable peace. CHAP. XXII. tion of the By this time public credit, which had, in the autumn, sunk Restora to the lowest point, was fast reviving. Ordinary financiers finances. stood aghast when they learned that more than five millions were required to make good the deficiencies of past years. But Montague was not an ordinary financier. A bold and simple plan, proposed by him, and popularly called the General Mortgage, restored confidence. New taxes were imposed: old taxes were augmented or continued; and thus a consolidated fund was formed sufficient to meet every just claim on the State. The Bank of England was at the same time enlarged by a new subscription; and the regulations for the payment of the subscription were framed in such a manner as to raise the value both of the notes of the corporation and of the public securities. Meanwhile the mints were pouring forth the new silver faster than ever. The distress which began on the fourth of May 1696, which was almost insupportable during the five succeeding months, and which became lighter from the day on which the Commons declared their immutable resolution to maintain the old standard, ceased to be painfully felt in March 1697. Some months were still to elapse before credit completely recovered from the most tremendous shock that it has ever sustained. But already the deep and solid foundation had been laid on which was to rise the most gigantic fabric of commercial prosperity that the world had ever seen. The great body of the Whigs attributed the restoration of the health of the State to the genius and firmness of their leader Montague. His enemies were forced to confess, sulkily and sneeringly, that every one of his schemes had * Actes et Mémoires des Négociations de la Paix de Ryswick, 1707; Villiers to Shrewsbury, Dec... 1696; Letter of Heinsius, quoted by M. Sirtema de Grovestins. Of this letter I have not a 1696. XXII. CHAP. succeeded, the first Bank subscription, the second Bank subscription, the Recoinage, the General Mortgage, the Exchequer Bills. But some Tories muttered that he deserved no more praise than a prodigal who stakes his whole estate at hazard, and has a run of good luck. England had indeed passed safely through a terrible crisis, and was the stronger for having passed through it. But she had been in imminent danger of perishing; and the minister who had exposed her to that danger deserved, not to be applauded, but to be hanged. Others admitted that the plans which were popularly attributed to Montague were excellent, but denied that those plans were Montague's. The voice of detraction, however, was for a time drowned by the acclamations of the Parliament and the City. The authority which the Chancellor of the Exchequer exercised in the House of Commons was unprecedented and unrivalled. In the Cabinet his influence was daily increasing. He had no longer a superior at the Board of Treasury. In consequence of Fenwick's confession, the last Tory who held a great and efficient office in the State had been removed; and there was at length a purely Whig Ministry. Effects of Fenwick's confession. It had been impossible to prevent reports about that confession from getting abroad. The prisoner, indeed, had found means of communicating with his friends, and had doubtless given them to understand that he had said nothing against them, and much against the creatures of the usurper. William wished the matter to be left to the ordinary tribunals, and was most unwilling that it should be debated elsewhere. But his counsellors, better acquainted than himself with the temper of large and divided assemblies, were of opinion that a parliamentary discussion, though perhaps undesirable, was inevitable. It was in the power of a single member of either House to force on such a discussion; and in both Houses there were members who, some from a sense of duty, some from mere love of mischief, were determined to know whether the prisoner had, as was rumoured, brought grave charges against some of the most distinguished men in the kingdom. If there must be an enquiry, it was surely desirable that the accused statesmen should be the first to demand it. There was, however, one great difficulty. The Whigs, who formed the majority of the Lower House, were ready to vote, as one man, for the entire absolution of Russell and Shrewsbury, and had no wish to put a stigma on Marlborough, who was not in place, and therefore excited |