WILLIAM THE THIKD.

159

more than nine pounds, was often worth less than eight poundsbefore night.*

Another, and, at that conjuncture, a more effectual substitutefor a metallic currency, owed its existence to the ingenuity ofCharles Montague. He had succeeded in engrafting on Harley’sLand Bank Bill a clause which empowered the government toissue negotiable paper bearing interest at the rate of threepencea day on a hundred pounds. In the midst of the general distressand confusion appeared the first Exchequer Bills, drawn forvarious amounts from a hundred pounds down to five pounds.These instruments were rapidly distributed over the kingdom bythe post, and were every where welcome. The Jacobites talkedviolently against them in every coffeehouse, and wrote muchdetestable verse against them, but to little purpose. The successof the plan was such, that the ministers at one time resolved toissue twentyshilling bills, and even fifteenshilling bills, for thepayment of the troops. But it does not appear that this resolu-tion was carried into effect.**

* On this subject see the Short History of the Last Parliament, 1699;Narcissus Luttrell's Diary; the newspapers of 1696 passim, and the lettersof L’Hermitage passim. See also the petition of the Clothiers of Gloucesterin the Commons’ Journal, Nov. 27. 1696. Oldmixon, who had been himselfa sufferer, writes on this subject with even more than his usual acri-mony.

** See L’Hermitage, June

June 23. June 30.

Aug.

Aug. 28.

July 3. July 10. ® ’ Sept. 7.

2696. The Postman of August 15. mentions the great benefit derived fromthe Exchequer Bills. The Pegasus of Aug. 24. says: “The ExchequerBills do more and more obtain with the public; and ’tis no wonder.” ThePegasus of Aug. 28. says: “They pass as money from hand to hand: ’tisobserved that such as cry them down are ill affected to the government.”“ They are found by experience,” says the Postman of the seventh of Mayfollowing, “to bo of extraordinary use to the merchants and traders ofthe City of London, and all other parts of the kingdom.” I will giveone specimen of the unmetrical and almost unintelligible doggrel whichthe Jacobite poets published on this subject: —

“Pray, Sir, did you hear of the late proclamation,

Of sending paper for payment quite thro’ the nation?

CHAP.

XXII.

1696.