The History of England, from the Accession of James the Second - Volume 4, Thomas Babington Macaulay [early readers .txt] 📗

the contemptuous manner in which he spoke of the Association raised a storm against which he could not stand. Loud cries of "the Tower, the Tower," were heard. Haughty and imperious as he was, he was forced to explain away his words, and could scarcely, by apologizing in a manner to which he was little accustomed, save himself from the humiliation of being called to the bar and reprimanded on his knees. The bill went up to the Lords, and passed with great speed in spite of the opposition of Rochester and Nottingham.688

The nature and extent of the change which the discovery of the Assassination Plot had produced in the temper of the House of Commons and of the nation is strikingly illustrated by the history of a bill entitled a Bill for the further Regulation of Elections of Members of Parliament. The moneyed interest was almost entirely Whig, and was therefore an object of dislike to the Tories. The rapidly growing power of that interest was generally regarded with jealousy by landowners whether they were Whigs or Tories. It was something new and monstrous to see a trader from Lombard Street, who had no tie to the soil of our island, and whose wealth was entirely personal and movable, post down to Devonshire or Sussex with a portmanteau full of guineas, offer himself as candidate for a borough in opposition to a neighbouring gentleman whose ancestors had been regularly returned ever since the Wars of the Roses, and come in at the head of the poll. Yet even this was not the worst. More than one seat in Parliament, it was said, had been bought and sold over a dish of coffee at Garraway's. The purchaser had not been required even to go through the form of showing himself to the electors. Without leaving his counting house in Cheapside, he had been chosen to represent a place which he had never seen. Such things were intolerable. No man, it was said, ought to sit in the English legislature who was not master of some hundreds of acres of English ground.689 A bill was accordingly brought in which provided that every member of the House of Commons must have a certain estate in land. For a knight of a shire the qualification was fixed at five hundred a year; for a burgess at two hundred a year. Early in February this bill was read a second time and referred to a Select Committee. A motion was made that the Committee should be instructed to add a clause enacting that all elections should be by ballot. Whether this motion proceeded from a Whig or a Tory, by what arguments it was supported and on what grounds it was opposed, we have now no means of discovering. We know only that it was rejected without a division.

Before the bill came back from the Committee, some of the most respectable constituent bodies in the kingdom had raised their voices against the new restriction to which it was proposed to subject them. There had in general been little sympathy between the commercial towns and the Universities. For the commercial towns were the chief seats of Whiggism and Non conformity; and the Universities were zealous for the Crown and the Church. Now, however, Oxford and Cambridge made common cause with London and Bristol. It was hard, said the Academics, that a grave and learned man, sent by a large body of grave and learned men to the Great Council of the nation, should be thought less fit to sit in that Council than a boozing clown who had scarcely literature enough to entitle him to the benefit of clergy. It was hard, said the traders, that a merchant prince, who had been the first magistrate of the first city in the world, whose name on the back of a bill commanded entire confidence at Smyrna and at Genoa, at Hamburg and at Amsterdam, who had at sea ships every one of which was worth a manor, and who had repeatedly, when the liberty and religion of the kingdom were in peril, advanced to the government, at an hour's notice, five or ten thousand pounds, should be supposed to have a less stake in the prosperity of the commonwealth than a squire who sold his own bullocks and hops over a pot of ale at the nearest market town. On the report, it was moved that the Universities should be excepted; but the motion was lost by a hundred and fifty-one votes to a hundred and forty-three. On the third reading it was moved that the City of London should be excepted; but it was not thought advisable to divide. The final question that the bill do pass, was carried by a hundred and seventy-three votes to a hundred and fifty on the day which preceded the discovery of the Assassination Plot. The Lords agreed to the bill without any amendment.

William had to consider whether he would give or withhold his assent. The commercial towns of the kingdom, and among them the City of London, which had always stood firmly by him, and which had extricated him many times from great embarrassments, implored his protection. It was represented to him that the Commons were far indeed from being unanimous on this subject; that, in the last stage, the majority had been only twenty-three in a full House; that the motion to except the Universities had been lost by a majority of only eight. On full consideration he resolved not to pass the bill. Nobody, he said, could accuse him of acting selfishly on this occasion; his prerogative was not concerned in the matter; and he could have no objection to the proposed law except that it would be mischievous to his people.

On the tenth of April 1696, therefore, the Clerk of the Parliament was commanded to inform the Houses that the King would consider of the Bill for the further Regulation of Elections. Some violent Tories in the House of Commons flattered themselves that they might be able to carry a resolution reflecting on the King. They moved that whoever had advised His Majesty to refuse his assent to their bill was an enemy to him and to the nation. Never was a greater blunder committed. The temper of the House was very different from what it had been on the day when the address against Portland's grant had been voted by acclamation. The detection of a murderous conspiracy, the apprehension of a French invasion, had changed every thing. The King was popular. Every day ten or twelve bales of parchment covered with the signatures of associators were laid at his feet. Nothing could be more imprudent than to propose, at such a time, a thinly disguised vote of censure on him. The moderate Tories accordingly separated themselves from their angry and unreasonable brethren. The motion was rejected by two hundred and nineteen votes to seventy; and the House ordered the question and the numbers on both sides to be published, in order that the world might know how completely the attempt to produce a quarrel between the King and the Parliament had failed.690

The country gentlemen might perhaps have been more inclined to resent the loss of their bill, had they not been put into high goodhumour by another bill which they considered as even more important. The project of a Land Bank had been revived; not in the form in which it had, two years before, been brought under the consideration of the House of Commons, but in a form much less shocking to common sense and less open to ridicule. Chamberlayne indeed protested loudly against all modifications of his plan, and proclaimed, with undiminished confidence, that he would make all his countrymen rich if they would only let him. He was not, he said, the first great discoverer whom princes and statesmen had regarded as a dreamer. Henry the Seventh had, in an evil hour, refused to listen to Christopher Columbus; the consequence had been that England had lost the mines of Mexico and Peru; yet what were the mines of Mexico and Peru to the riches of a nation blessed with an unlimited paper currency? But the united force of reason and ridicule had reduced the once numerous sect which followed Chamberlayne to a small and select company of incorrigible fools. Few even of the squires now believed in his two great doctrines; the doctrine that the State can, by merely calling a bundle of old rags ten millions sterling, add ten millions sterling to the riches of the nation; and the doctrine that a lease of land for a term of years may be worth many times the fee simple. But it was still the general opinion of the country gentlemen that a bank, of which it should be the special business to advance money on the security of land, might be a great blessing to the nation. Harley and the Speaker Foley now proposed that such a bank should be established by Act of Parliament, and promised that, if their plan was adopted, the King should be amply supplied with money for the next campaign.

The Whig leaders, and especially Montague, saw that the scheme was a delusion, that it must speedily fail, and that, before it failed, it might not improbably ruin their own favourite institution, the Bank of England. But on this point they had against them, not only the whole Tory party, but also their master and many of their followers. The necessities of the State were pressing. The offers of the projectors were tempting. The Bank of England had, in return for its charter, advanced to the State only one million at eight per cent. The Land Bank would advance more than two millions and a half at seven per cent. William, whose chief object was to procure money for the service of the year, was little inclined to find fault with any source from which two millions and a half could be obtained. Sunderland, who generally exerted his influence in favour of the Whig leaders, failed them on this occasion. The Whig country gentlemen were delighted by the prospect of being able to repair their stables, replenish their cellars, and give portions to their daughters. It was impossible to contend against such a combination of force. A bill was passed which authorised the government to borrow two million five hundred and sixty-four thousand pounds at seven per cent. A fund, arising chiefly from a new tax on salt, was set apart for the payment of the interest. If, before the first of August, the subscription for one half of this loan should have been filled, and if one half of the sum subscribed should have been paid into the Exchequer, the subscribers were to become a corporate body, under the name of the National Land Bank. As this bank was expressly intended to accommodate country gentlemen, it was strictly interdicted from lending money on any private security other than a mortgage of land, and was bound to lend on mortgage at least half a million annually. The interest on this half million was not to exceed three and a half per cent., if the payments were quarterly, or four per cent., if the payments were half yearly. At that time the market rate of interest on the best mortgages was full six per cent. The shrewd observers at the Dutch Embassy therefore thought that capitalists would eschew all connection with what must necessarily be a losing concern, and that the subscription would never be half filled up; and it seems strange that any sane person should have thought otherwise.691

It was vain however to reason against the general infatuation. The Tories exultingly predicted that the Bank of Robert Harley would completely eclipse the Bank of Charles Montague. The bill passed both Houses. On the