The History of England, from the Accession of James II — Volume 4

CHAPTER XXII

Military Operations in the Netherlands—Commercial Crisis in England—Financial Crisis—Efforts to restore the Currency—Distress of the People; their Temper and Conduct—Negotiations with France; the Duke of Savoy deserts the Coalition—Search for Jacobite Conspirators in England; Sir John Fenwick—Capture of Fenwick—Fenwick's Confession—Return of William to England—Meeting of Parliament; State of the Country; Speech of William at the Commencement of the Session—Resolutions of the House of Commons—Return of Prosperity—Effect of the Proceedings of the House of Commons on Foreign Governments—Restoration of the Finances—Effects of Fenwick's Confession—Resignation of Godolphin—Feeling of the Whigs about Fenwick—William examines Fenwick—Disappearance of Goodman—Parliamentary Proceedings touching Fenwick's Confession—Bill for attainting Fenwick—Debates of the Commons on the Bill of Attainder—The Bill of Attainder carried up to the Lords—Artifices of Monmouth—Debates of the Lords on the Bill of Attainder—Proceedings against Monmouth—Position and Feelings of Shrewsbury—The Bill of Attainder passed; Attempts to save Fenwick—Fenwick's Execution; Bill for the Regulating of Elections—Bill for the Regulation of the Press—Bill abolishing the Privileges of Whitefriars and the Savoy—Close of the Session; Promotions and Appointments—State of Ireland—State of Scotland—A Session of Parliament at Edinburgh; Act for the Settling of Schools—Case of Thomas Aikenhead—Military Operations in the Netherlands—Terms of Peace offered by France—Conduct of Spain; Conduct of the Emperor—Congress of Ryswick—William opens a distinct Negotiation—Meetings of Portland and Boufflers—Terms of Peace between France and England settled—Difficulties caused by Spain and the Emperor—Attempts of James to prevent a general Pacification—The Treaty of Ryswick signed; Anxiety in England—News of the Peace arrives in England—Dismay of the Jacobites—General Rejoicing—The King's Entry into London—The Thanksgiving Day

ON the seventh of May 1696, William landed in Holland. 692 Thence he proceeded to Flanders, and took the command of the allied forces, which were collected in the neighbourhood of Ghent. Villeroy and Boufflers were already in the field. All Europe waited impatiently for great news from the Netherlands, but waited in vain. No aggressive movement was made. The object of the generals on both sides was to keep their troops from dying of hunger; and it was an object by no means easily attained. The treasuries both of France and England were empty. Lewis had, during the winter, created with great difficulty and expense a gigantic magazine at Givet on the frontier of his kingdom. The buildings were commodious and of vast extent. The quantity of provender laid up in them for horses was immense. The number of rations for men was commonly estimated at from three to four millions. But early in the spring Athlone and Cohorn had, by a bold and dexterous move, surprised Givet, and had utterly destroyed both storehouses and stores. 693 France, already fainting from exhaustion, was in no condition to repair such a loss. Sieges such as those of Mons and Namur were operations too costly for her means. The business of her army now was, not to conquer, but to subsist.

The army of William was reduced to straits not less painful. The material wealth of England, indeed, had not been very seriously impaired by the drain which the war had caused; but she was suffering severely from the defective state of that instrument by which her material wealth was distributed.

Saturday, the second of May, had been fixed by Parliament as the last day on which the clipped crowns, halfcrowns and shillings were to be received by tale in payment of taxes. 694 The Exchequer was besieged from dawn till midnight by an immense multitude. It was necessary to call in the guards for the purpose of keeping order. On the following Monday began a cruel agony of a few months, which was destined to be succeeded by many years of almost unbroken prosperity. 695

Most of the old silver had vanished. The new silver had scarcely made its appearance. About four millions sterling, in ingots and hammered coin, were lying in the vaults of the Exchequer; and the milled money as yet came forth very slowly from the Mint. 696 Alarmists predicted that the wealthiest and most enlightened kingdom in Europe would be reduced to the state of those barbarous societies in which a mat is bought with a hatchet, and a pair of mocassins with a piece of venison.

There were, indeed, some hammered pieces which had escaped mutilation; and sixpences not clipped within the innermost ring were still current. This old money and the new money together made up a scanty stock of silver, which, with the help of gold, was to carry the nation through the summer. 697 The manufacturers generally contrived, though with extreme difficulty, to pay their workmen in coin. 698 The upper classes seem to have lived to a great extent on credit. Even an opulent man seldom had the means of discharging the weekly bills of his baker and butcher. 699 A promissory note, however, subscribed by such a man, was readily taken in the district where his means and character were well known. The notes of the wealthy moneychangers of Lombard Street circulated widely. 700 The paper of the Bank of England did much service, and would have done more, but for the unhappy error into which the Parliament had recently been led by Harley and Foley. The confidence which the public had felt in that powerful and opulent Company had been shaken by the Act which established the Land Bank. It might well be doubted whether there would be room for the two rival institutions; and of the two, the younger seemed to be the favourite of the government and of the legislature. The stock of the Bank of England had gone rapidly down from a hundred and ten to eighty-three. Meanwhile the goldsmiths, who had from the first been hostile to that great corporation, were plotting against it. They collected its paper from every quarter; and on the fourth of May, when the Exchequer had just swallowed up most of the old money, and when scarcely any of the new money had been issued, they flocked to Grocers' Hall, and insisted on immediate payment. A single goldsmith demanded thirty thousand pounds. The Directors, in this extremity, acted wisely and firmly. They refused to cash the notes which had been thus maliciously presented, and left the holders to seek a remedy in Westminster Hall. Other creditors, who came in good faith to ask for their due, were paid. The conspirators affected to triumph over the powerful body, which they hated and dreaded. The bank which had recently begun to exist under such splendid auspices, which had seemed destined to make a revolution in commerce and in finance, which had been the boast of London and the envy of Amsterdam, was already insolvent, ruined, dishonoured. Wretched pasquinades were published, the Trial of the Land Bank for murdering the Bank of England, the last Will and Testament of the Bank of England, the Epitaph of the Bank of England, the Inquest on the Bank of England. But, in spite of all this clamour and all this wit, the correspondents of the States General reported, that the Bank of England had not really suffered in the public esteem, and that the conduct of the goldsmiths was generally condemned. 701

The Directors soon found it impossible to procure silver enough to meet every claim which was made on them in good faith. They then bethought them of a new expedient. They made a call of twenty per cent. on the proprietors, and thus raised a sum which enabled them to give every applicant fifteen per cent. in milled money on what was due to him. They returned him his note, after making a minute upon it that part had been paid. 702 A few notes thus marked are still preserved among the archives of the Bank, as memorials of that terrible year. The paper of the Corporation continued to circulate, but the value fluctuated violently from day to day, and indeed from hour to hour; for the public mind was in so excitable a state that the most absurd lie which a stockjobber could invent sufficed to send the price up or down. At one time the discount was only six per cent., at another time twenty-four per cent. A tenpound note, which had been taken in the morning as worth more than nine pounds, was often worth less than eight pounds before night. 703

Another, and, at that conjuncture, a more effectual substitute for a metallic currency, owed its existence to the ingenuity of Charles Montague. He had succeeded in engrafting on Harley's Land Bank Bill a clause which empowered the government to issue negotiable paper bearing interest at the rate of threepence a day on a hundred pounds. In the midst of the general distress and confusion appeared the first Exchequer Bills, drawn for various amounts from a hundred pounds down to five pounds. These instruments were rapidly distributed over the kingdom by the post, and were every where welcome. The Jacobites talked violently against them in every coffeehouse, and wrote much detestable verse against them, but to little purpose. The success of the plan was such, that the ministers at one time resolved to issue twentyshilling bills, and even fifteenshilling bills, for the payment of the troops. But it does not appear that this resolution was carried into effect. 704

It is difficult to imagine how, without the Exchequer Bills, the government of the country could have been carried on during that year. Every source of revenue had been affected by the state of the currency; and one source, on which the Parliament had confidently reckoned for the means of defraying more than half the charge of the war, had yielded not a single farthing.

The sum expected from the Land Bank was near two million six hundred thousand pounds. Of this sum one half was to be subscribed, and one quarter paid up by the first of August. The King, just before his departure, had signed a warrant appointing certain commissioners, among whom Harley and Foley were the most eminent, to receive the names of the contributors. 705 A great meeting of persons interested in the scheme was held in the Hall of the Middle Temple. One office was opened at Exeter Change, another at Mercers' Hall. Forty agents went down into the country, and announced to the landed gentry of every shire the approach of the golden age of high rents and low interest. The Council of Regency, in order to set an example to the nation, put down the King's name for five thousand pounds; and the newspapers assured the world that the subscription would speedily be filled. 706 But when three weeks had passed away, it was found that only fifteen hundred pounds had been added to the five thousand contributed by the King. Many wondered at this; yet there was little cause for wonder. The sum which the friends of the project had undertaken to raise was a sum which only the enemies of the project could furnish. The country gentlemen wished well to Harley's scheme; but they wished well to it because they wanted to borrow money on easy terms; and, wanting to borrow money, they of course were not able to lend it. The moneyed class alone could supply what was necessary to the existence of the Land Bank; and the Land Bank was avowedly intended to diminish the profits, to destroy the political influence and to lower the social position of the moneyed class. As the usurers did not choose to take on themselves the expense of putting down usury, the whole plan failed in a manner which, if the aspect of public affairs had been less alarming, would have been exquisitely ludicrous. The day drew near. The neatly ruled pages of the subscription book at Mercers' Hall were still blank. The Commissioners stood aghast. In their distress they applied to the government for indulgence. Many great capitalists, they said, were desirous to subscribe, but stood aloof because the terms were too hard. There ought to be some relaxation. Would the Council of Regency consent to an abatement of three hundred thousand pounds? The finances were in such a state, and the letters in which the King represented his wants were so urgent, that the Council of Regency hesitated. The Commissioners were asked whether they would engage to raise the whole sum, with this abatement. Their answer was unsatisfactory. They did not venture to say that they could command more than eight hundred thousand pounds. The negotiation was, therefore, broken off. The first of August came; and the whole amount contributed by the whole nation to the magnificent undertaking from which so much had been expected was two thousand one hundred pounds. 707

Just at this conjuncture Portland arrived from the Continent. He had been sent by William with charge to obtain money, at whatever cost and from whatever quarter. The King had strained his private credit in Holland to procure bread for his army. But all was insufficient. He wrote to his Ministers that, unless they could send him a speedy supply, his troops would either rise in mutiny or desert by thousands. He knew, he said, that it would be hazardous to call Parliament together during his absence. But, if no other resource could be devised, that hazard must be run. 708 The Council of Regency, in extreme embarrassment, began to wish that the terms, hard as they were, which had been offered by the Commissioners at Mercers' Hall had been accepted. The negotiation was renewed. Shrewsbury, Godolphin and Portland, as agents for the King, had several conferences with Harley and Foley, who had recently pretended that eight hundred thousand pounds were ready to be subscribed to the Land Bank. The Ministers gave assurances, that, if, at this conjuncture, even half that sum were advanced, those who had done this service to the State should, in the next session, be incorporated as a National Land Bank. Harley and Foley at first promised, with an air of confidence, to raise what was required. But they soon went back from their word; they showed a great inclination to be punctilious and quarrelsome about trifles; at length the eight hundred thousand pounds dwindled to forty thousand; and even the forty thousand could be had only on hard conditions. 709 So ended the great delusion of the Land Bank. The commission expired; and the offices were closed.

And now the Council of Regency, almost in despair, had recourse to the Bank of England. Two hundred thousand pounds was the very smallest sum which would suffice to meet the King's most pressing wants. Would the Bank of England advance that sum? The capitalists who lead the chief sway in that corporation were in bad humour, and not without reason. But fair words, earnest entreaties and large promises were not spared; all the influence of Montague, which was justly great, was exerted; the Directors promised to do their best; but they apprehended that it would be impossible for them to raise the money without making a second call of twenty per cent. on their constituents. It was necessary that the question should be submitted to a General Court; in such a court more than six hundred persons were entitled to vote; and the result might well be doubted. The proprietors were summoned to meet on the fifteenth of August at Grocers' Hall. During the painful interval of suspense, Shrewsbury wrote to his master in language more tragic than is often found in official letters. "If this should not succeed, God knows what can be done. Any thing must be tried and ventured rather than lie down and die." 710 On the fifteenth of August, a great epoch in the history of the Bank, the General Court was held. In the chair sate Sir John Houblon, the Governor, who was also Lord Mayor of London, and, what would in our time be thought strange, a Commissioner of the Admiralty. Sir John, in a speech, every word of which had been written and had been carefully considered by the Directors, explained the case, and implored the assembly to stand by King William. There was at first a little murmuring. "If our notes would do," it was said, "we should be most willing to assist His Majesty; but two hundred thousand pounds in hard money at a time like this." The Governor announced explicitly that nothing but gold or silver would supply the necessities of the army in Flanders. At length the question was put to the vote; and every hand in the Hall was held up for sending the money. The letters from the Dutch Embassy informed the States General that the events of that day had bound the Bank and the government together in close alliance, and that several of the ministers had, immediately after the meeting, purchased stock merely in order to give a pledge of their attachment to the body which had rendered so great a service to the State. 711

Meanwhile strenuous exertions were making to hasten the recoinage. Since the Restoration the Mint had, like every other public establishment in the kingdom, been a nest of idlers and jobbers. The important office of Warden, worth between six and seven hundred a year, had become a mere sinecure, and had been filled by a succession of fine gentlemen, who were well known at the hazard table of Whitehall, but who never condescended to come near the Tower. This office had just become vacant, and Montague had obtained it for Newton. 712 The ability, the industry and the strict uprightness of the great philosopher speedily produced a complete revolution throughout the department which was under his direction. 713 He devoted himself to his task with an activity which left him no time to spare for those pursuits in which he had surpassed Archimedes and Galileo. Till the great work was completely done, he resisted firmly, and almost angrily, every attempt that was made by men of science, here or on the Continent, to draw him away from his official duties. 714 The old officers of the Mint had thought it a great feat to coin silver to the amount of fifteen thousand pounds in a week. When Montague talked of thirty or forty thousand, these men of form and precedent pronounced the thing impracticable. But the energy of the young Chancellor of the Exchequer and of his friend the Warden accomplished far greater wonders. Soon nineteen mills were going at once in the Tower. As fast as men could be trained to the work in London, bands of them were sent off to other parts of the kingdom. Mints were established at Bristol, York, Exeter, Norwich and Chester. This arrangement was in the highest degree popular. The machinery and the workmen were welcomed to the new stations with the ringing of bells and the firing of guns. The weekly issue increased to sixty thousand pounds, to eighty thousand, to a hundred thousand, and at length to a hundred and twenty thousand. 715 Yet even this issue, though great, not only beyond precedent, but beyond hope, was scanty when compared with the demands of the nation. Nor did all the newly stamped silver pass into circulation; for during the summer and autumn those politicians who were for raising the denomination of the coin were active and clamorous; and it was generally expected that, as soon as the Parliament should reassemble, the standard would be lowered. Of course no person who thought it probable that he should, at a day not far distant, be able to pay a debt of a pound with three crown pieces instead of four, was willing to part with a crown piece, till that day arrived. Most of the milled pieces were therefore hoarded. 716 May, June and July passed away without any perceptible increase in the quantity of good money. It was not till August that the keenest observer could discern the first faint signs of returning prosperity. 717

The distress of the common people was severe, and was aggravated by the follies of magistrates and by the arts of malecontents. A squire who was one of the quorum would sometimes think it his duty to administer to his neighbours, at this trying conjuncture, what seemed to him to be equity; and as no two of these rural praetors had exactly the same notion of what was equitable, their edicts added confusion to confusion. In one parish people were, in outrageous violation of the law, threatened with the stocks, if they refused to take clipped shillings by tale. In the next parish it was dangerous to pay such shillings except by weight. 718 The enemies of the government, at the same time, laboured indefatigably in their vocation. They harangued in every place of public resort, from the Chocolate House in Saint James's Street to the sanded kitchen of the alehouse on the village green. In verse and prose they incited the suffering multitude to rise up in arms. Of the tracts which they published at this time, the most remarkable was written by a deprived priest named Grascombe, of whose ferocity and scurrility the most respectable nonjurors had long been ashamed. He now did his best to persuade the rabble to tear in pieces those members of Parliament who had voted for the restoration of the currency. 719 It would be too much to say that the malignant industry of this man and of men like him produced no effect on a population which was doubtless severely tried. There were riots in several parts of the country, but riots which were suppressed with little difficulty, and, as far as can be discovered, without the shedding of a drop of blood. 720 In one place a crowd of poor ignorant creatures, excited by some knavish agitator, besieged the house of a Whig member of Parliament, and clamorously insisted on having their short money changed. The gentleman consented, and desired to know how much they had brought. After some delay they were able to produce a single clipped halfcrown. 721 Such tumults as this were at a distance exaggerated into rebellions and massacres. At Paris it was gravely asserted in print that, in an English town which was not named, a soldier and a butcher had quarrelled about a piece of money, that the soldier had killed the butcher, that the butcher's man had snatched up a cleaver and killed the soldier, that a great fight had followed, and that fifty dead bodies had been left on the ground. 722 The truth was, that the behaviour of the great body of the people was beyond all praise. The judges when, in September, they returned from their circuits, reported that the temper of the nation was excellent. 723 There was a patience, a reasonableness, a good nature, a good faith, which nobody had anticipated. Every body felt that nothing but mutual help and mutual forbearance could prevent the dissolution of society. A hard creditor, who sternly demanded payment to the day in milled money, was pointed at in the streets, and was beset by his own creditors with demands which soon brought him to reason. Much uneasiness had been felt about the troops. It was scarcely possible to pay them regularly; if they were not paid regularly, it might well be apprehended that they would supply their wants by rapine; and such rapine it was certain that the nation, altogether unaccustomed to military exaction and oppression, would not tamely endure. But, strange to say, there was, through this trying year, a better understanding than had ever been known between the soldiers and the rest of the community. The gentry, the farmers, the shopkeepers supplied the redcoats with necessaries in a manner so friendly and liberal that there was no brawling and no marauding. "Severely as these difficulties have been felt," L'Hermitage writes, "they have produced one happy effect; they have shown how good the spirit of the country is. No person, however favourable his opinion of the English may have been, could have expected that a time of such suffering would have been a time of such tranquillity." 724

Men who loved to trace, in the strangely complicated maze of human affairs, the marks of more than human wisdom, were of opinion that, but for the interference of a gracious Providence, the plan so elaborately devised by great statesmen and great philosophers would have failed completely and ignominiously. Often, since the Revolution, the English had been sullen and querulous, unreasonably jealous of the Dutch, and disposed to put the worst construction on every act of the King. Had the fourth of May found our ancestors in such a mood, it can scarcely be doubted that sharp distress, irritating minds already irritable, would have caused an outbreak which must have shaken and might have subverted the throne of William. Happily, at the moment at which the loyalty of the nation was put to the most severe test, the King was more popular than he had ever been since the day on which the Crown was tendered to him in the Banqueting House. The plot which had been laid against his life had excited general disgust and horror. His reserved manners, his foreign attachments were forgotten. He had become an object of personal interest and of personal affection to his people. They were every where coming in crowds to sign the instrument which bound them to defend and to avenge him. They were every where carrying about in their hats the badges of their loyalty to him. They could hardly be restrained from inflicting summary punishment on the few who still dared openly to question his title. Jacobite was now a synonyme for cutthroat. Noted Jacobite laymen had just planned a foul murder. Noted Jacobite priests had, in the face of day, and in the administration of a solemn ordinance of religion, indicated their approbation of that murder. Many honest and pious men, who thought that their allegiance was still due to James, had indignantly relinquished all connection with zealots who seemed to think that a righteous end justified the most unrighteous means. Such was the state of public feeling during the summer and autumn of 1696; and therefore it was that hardships which, in any of the seven preceding years, would certainly have produced a rebellion, and might perhaps have produced a counterrevolution, did not produce a single tumult too serious to be suppressed by the constable's staff.

Nevertheless, the effect of the commercial and financial crisis in England was felt through all the fleets and armies of the coalition. The great source of subsidies was dry. No important military operation could any where be attempted. Meanwhile overtures tending to peace had been made, and a negotiation had been opened. Callieres, one of the ablest of the many able envoys in the service of France, had been sent to the Netherlands, and had held many conferences with Dykvelt. Those conferences might perhaps have come to a speedy and satisfactory close, had not France, at this time, won a great diplomatic victory in another quarter. Lewis had, during seven years, been scheming and labouring in vain to break the great array of potentates whom the dread of his might and of his ambition had brought together and kept together. But, during seven years, all his arts had been baffled by the skill of William; and, when the eighth campaign opened, the confederacy had not been weakened by a single desertion. Soon however it began to be suspected that the Duke of Savoy was secretly treating with the enemy. He solemnly assured Galway, who represented England at the Court of Turin, that there was not the slightest ground for such suspicions, and sent to William letters filled with professions of zeal for the common cause, and with earnest entreaties for more money. This dissimulation continued till a French army, commanded by Catinat, appeared in Piedmont. Then the Duke threw off his disguise, concluded peace with France, joined his troops to those of Catinat, marched into the Milanese, and informed the allies whom he had just abandoned that, unless they wished to have him for an enemy, they must declare Italy neutral ground. The Courts of Vienna and Madrid, in great dismay, submitted to the terms which he dictated. William expostulated and protested in vain. His influence was no longer what it had been. The general opinion of Europe was, that the riches and the credit of England were completely exhausted; and both her confederates and her enemies imagined that they might safely treat her with indignity. Spain, true to her invariable maxim that every thing ought to be done for her and nothing by her, had the effrontery to reproach the Prince to whom she owed it that she had not lost the Netherlands and Catalonia, because he had not sent troops and ships to defend her possessions in Italy. The Imperial ministers formed and executed resolutions gravely affecting the interests of the coalition without consulting him who had been the author and the soul of the coalition. 725 Lewis had, after the failure of the Assassination Plot, made up his mind to the disagreeable necessity of recognising William, and had authorised Callieres to make a declaration to that effect. But the defection of Savoy, the neutrality of Italy, the disunion among the allies, and, above all, the distresses of England, exaggerated as they were in all the letters which the Jacobites of Saint Germains received from the Jacobites of London, produced a change. The tone of Callieres became high and arrogant; he went back from his word, and refused to give any pledge that his master would acknowledge the Prince of Orange as King of Great Britain. The joy was great among the nonjurors. They had always, they said, been certain that the Great Monarch would not be so unmindful of his own glory and of the common interest of Sovereigns as to abandon the cause of his unfortunate guests, and to call an usurper his brother. They knew from the best authority that His Most Christian Majesty had lately, at Fontainebleau, given satisfactory assurances on this subject to King James. Indeed, there is reason to believe that the project of an invasion of our island was again seriously discussed at Versailles. 726 Catinat's army was now at liberty. France, relieved from all apprehension on the side of Savoy, might spare twenty thousand men for a descent on England; and, if the misery and discontent here were such as was generally reported, the nation might be disposed to receive foreign deliverers with open arms.