William had hoped that his wants would have been met by the establishment, in accordance with a favourite plan of the Tories, of a Land Bank, as a rival to the Bank of England. This somewhat absurd scheme had been invented by a projector of the name of Chamberlain, who supposed that every proprietor of land possessing that security ought to have the disposal of at least as much money as his land was worth, and therefore suggested a bank which should lend money entirely upon landed security, overlooking the difficulty that land is not always at hand and payable on demand as money is. Harley, the representative of the Tories, now offered to advance the Government £2,500,000 at 7 per cent. The payment of his interest was to be secured by a tax upon salt. If half that sum should be subscribed before August, and half of that half paid up, the subscribers were to be incorporated as the Land Bank. This Bank was expressly intended to suit the wants of the country gentry, and to injure the moneyed interest. The company was therefore bound to lend no money but on mortgage, and to lend on mortgage at least half a million a year. It was not allowed to receive more than 3½ per cent. interest on these mortgages. Now, as the ordinary rate of interest on mortgages was nearly 7 per cent. it was plain that no capitalist would lend his money at half of the ordinary profits. It might have been plain also that the landed gentry whose chief object was to borrow were not likely to lend. It was not therefore very obvious where the capital was to come from. The King, however, hoping to obtain money on easy terms, headed the list of subscribers with £5000. When the Land Bank was called upon to advance its promised loan, it was found that the whole subscriptions consisted of no more than £6200. So eager was the Government for money, that it offered to give the Bank its charter in exchange for a loan of £40,000 only, but the subscriptions never rose beyond £7500, and the scheme proved completely abortive. [Sidenote: The Bank of England supplies the money. Aug. 15.] The King was compelled therefore to apply to the Bank of England, which by his patronage of the Land Bank he had done his best to injure. True to their political creed, a full court of subscribers consented to advance the necessary £200,000, without one dissentient voice. The Government was saved, and the connection between the Bank of England and the Whig party sealed for ever. Meanwhile, Newton's efforts as Master of the Mint had been ultimately successful. Provincial mints had been established, and from them and from the mint in London £120,000 of coin was turned out every day. By August the crisis was over, and a period of unbroken commercial prosperity began. [Sidenote: Credit of England restored.]