160

HISTORY OP ENGLAND.

CHAP.

XXH.

Financial

crisis.

It is difficult to imagine bow, without the Exchequer Bills,the government of the country could have been carried on du-ring that year. Every source of revenue had been affected bythe state of the currency; and one source, on which the Parlia-ment had confidently reckoned for the means of defraying morethan half the charge of the war, had yielded not a singlefarthing.

The sum expected from the Land Bank was near two millionsix hundred thousand pounds. Of this sum one half was to besubscribed, and one quarter paid up by the first of August.The King, just before his departure, had signed a warrant ap-pointing certain commissioners, among whom Harley and Foleywere the most eminent, to receive the names of the contribu-tors.* A great meeting of persons interested in the scheme washeld in the Hall of the Middle Temple. One office was openedat Exeter Change, another at Mercers’ Hall. Forty agentswent down into the country, and announeedto the landed gentryof every' shire the approach of the golden age of high rents andlow interest. The Council of Regency, in order to set an exampleto the nation, put down the King’s name for five thousandpounds; and the newspapers assured the world that the sub-scription would speedily be filled.** But when three w'eeks hadpassed away, it was found that only fifteen hundred pounds hadbeen added to the five thousand contributed by the King. Manywondered at this: yet there was little cause for wonder. Thesum which the friends of theproj ?ct had undertaken to raise w r asa sum which only the enemies of the project could furnish. Thecountry gentlemen wished well to Harley’s scheme: but they

Yea, Sir, I have: they’re your Montague’s notes,

Tinctured and coloured by your Parliament votes.

But ’tis plain on the people to be but a toast,

They come by the carrier and go by the post.”

* Commons’ Journals, Nov. 25. 1696.

** L’Hermitage, June -j J 2 . 1696; Commons’ Journal, Nov. 25.; Postman,May 5., June 4., July 2.