A History of England, Period III. Constitutional MonarchyBright, J. Franck (James Franck)
History
A History of England, Period III. Constitutional Monarchy
Bright, J. Franck (James Franck)
Great Britain -- History
But although marks of commercial prosperity were already visible, the
financial difficulty was not entirely over. When William, who had been
abroad during the worst of the difficulty, opened Parliament upon his
return (Oct. 20), he had to confess that, although the crisis had passed
without disturbance in England or great disaster abroad, there was still
need for some exhibition of continued firmness on the part of
Parliament. In fact, the plan of reducing the standard of the coin was
so plausible, and had impressed itself so deeply on the ignorance of the
masses, that a very large party both in and out of Parliament were still
anxious to have recourse to that step, and till all chance of such a
measure was gone no speculators were willing to put the new money in
circulation, and it was constantly hoarded. Consequently a scarcity of
money still prevailed; and not only in England, but throughout Europe,
there was a very general feeling that England was ruined, that the
source of wealth which had hitherto supplied the European coalition with
the means of war was dried up, and that peace was inevitable. But in the
midst of these difficulties the triumph of the Whigs was complete. The
Parliament stood firm, and carried by a triumphant majority three
resolutions, which destroyed all the hopes of the enemies of England.
First, that the Commons would assist the King to prosecute the war with
vigour; secondly, that under no circumstances should the standard of
money be changed; thirdly, the Parliament pledged itself to make good
the deficiencies in Parliamentary funds established since the King's
accession. The first promise was at once abundantly fulfilled by
munificent grants for the war; the second caused the immediate
production of the hoarded coin; while upon the third was framed
Montague's plan known by the name of the General Mortgage. Taxes set
apart to meet the interest of various loans had proved insufficient. The
deficit was no less than £5,160,000. It was now ordered that, should the
proceeds of the old funds and new taxes now set aside for the purpose
prove insufficient, the general funds of the country should be charged
with the liquidation of the debts. By such means as these the credit of
the country was finally re-established.
[Sidenote: The Assassination plot.]
Public-domain text, read in full here on John Shaqi.
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