162

HISTORY OP ENGLAND.

CHAP.

XXIt.

I69G.

arm}'. But all was insufficient. He wrote to his Ministers that,unless they could send him a speedy supply, his troops wouldeither rise in mutiny or desert by thousands. He knew, he said,that it would be hazardous to call Parliament together duringhis absence. But, if no other resource could be devised, thathazard must be run.* The Council of Regency, in extreme em-barrassment, began to wish that the terms, hard as they were,which had been offered by the Commissioners at Mercers’ Hallhad been accepted. The negotiation was renewed. Shrewsbury,Godolphin and Portland, as agents for the King, had severalconferences with Harley and Foley, who had recently pretendedthat eight hundred thousand pounds were ready to be subscribedto the Land Bank. The Ministers gave assurances, that, if, atthis conjuncture, even half that sum were advanced, those whohad done this service to the State should, in the next session, beincorporated as a National Land Bank. Harley and Foley atfirst promised, with an air of confidence, to raise what was re-quired. But they soon went back from their word: they showeda great inclination to be punctilious and quarrelsome abouttrifles: at length the eight hundred thousand pounds dwindledto forty thousand; and even the forty thousand could be hadonly on hard conditions.** So ended the great delusion of theLand Bank. The commission expired; and the offices wereclosed.

And now the Council of Regency, almost in despair, hadrecourse to the Bank of England. Two hundred thousandpounds was the very smallest sum which would suffice to meetthe King’s most pressing wants. Would the Bank of Englandadvance that sum? The capitalists who had the chief sway inthat corporation were in bad humour, and not without reason.

* William to Heinsius, July 30. 1696; William to Shrewsbury, July 23.30. 31.

** Shrewsbury to William, July 28. 31., Aug. 4. 1696; L’Hermitage,Aug- i'i-