WILLIAM AND MAEY.

313

truth, the work of his rivals and enemies. He owned that therewere grave objections to the mode in which the Commons had -provided for the public service of the year. But would theirLordships amend a money bill? Would they engage in a contestof which the end must be that they must either yield, or incurthe grave responsibility of leaving the Channel without a fleetduring the summer? This argument prevailed; and, on a di-vision, the amendment was rejected by forty three votes tothirty one. A few hours later the bill received the royal assent,and the Parliament was prorogued.*

In the City the success of Montague’s plan was complete. Itwas then at least as difficult to raise a million at eight per centas it would now be to raise thirty millions at four per cent. Ithad been supposed that contributions would drop in very slowly;and a considerable time had therefore been allowed by the Act.This indulgence was not needed. So popular was the new in-vestment that on the day on which the books were opened threehundred thousand pounds were subscribed: three hundredthousand more were subscribed during the next forty eighthours; and, in ten days, to the delight of all the friends of thegovernment, it was announced that the list was full. The wholesum which the Corporation was bound to lend to the State waspaid into the Exchequer before the first instalment was due.**Somers gladly put the Great Seal to a charter framed in con-formity with the terms prescribed by Parliament; and the Bankof England commenced its operations in the house of the Com-pany of Grocers. There, during many years, directors, secretariesand clerks might be seen labouring in different parts of onespacious hall. The persons employed by the Bank were origin-ally only fifty four. They are now nine hundred. The sum* See the Lords’Journals of April 23, 24, 25. IG94, and the letter of

^■,|>j|

L’lTcrmitage to the States General dated ' Mtty t ~

** Narcissus Luttrell’s Diary, June 1604.

CHAP.

XX.