"WILLIAM THE THIRD.

161

wished well to it because they wanted to borrow money on easyterms; and, wanting to borrow money, they of course were not -able to lend it. The moneyed class alone could supply what wasnecessary to the existence of the Land Bank; and the LandBank was avowedly intended to diminish the profits, to destroythe political influence and to lower the social position of themoneyed class. As the usurers did not choose to take on them-selves the expense of putting down usury, the whole plan failedin a manner which, if the aspect of public affairs had been lessalarming, would have been exquisitely ludicrous. The daydrew near. The neatly ruled pages of the subscription book atMercers’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 oughtto be some relaxation. Would the Council of Regency consentto an abatement of three hundred thousand pounds? The finan-ces v r ere in such a state, and the letters in which the King re-presented his wants were so urgent, that the Council of Regencyhesitated. The Commissioners were asked whether they wouldengage to raise the whole sum, with this abatement. Theiranswer was unsatisfactory. They did not venture to say thatthey could command more than eight hundred thousand pounds.The negotiation was, therefore, broken off. The first of Au-gust came; and the whole amount contributed by the wholenation to the magnificent undertaking from which so much hadbeen expected was two thousand one hundred pounds.*

Just at this conjuncturePortland arrived from the Continent.He had been sent by William with charge to obtain money, atwhatever cost and from whatever quarter. The King hadstrained his private credit in Holland to procure bread for his

* L’Hermitnge, July i 3 3 ., -lj>. 1696; Commons’ Journals, Nov. 25.; ParisGazette, June 30., August 25.; Old Postmaster, July 9.

Macaulay, History* YUI.

CHAP.

XXII.

l(il) 6.

11