Were we now to grapple with France, under such circumstances, what sanguine hopes would we not form of success! The case turned out widely different: the first benefit the nation expected in consequence of their liberty restored, was an abolition of the hearth money; a tax which raised over the whole kingdom, 245,000_l._ and was considered as an insupportable burthen. Such sentiments and dispositions in the English nation, might have been a sufficient indication of what was to be expected from the war; the consequences of which had, before 1695, produced the following changes in the revenue. The tunnage and poundage, which at the revolution produced 600,000_l._ was by this time reduced to 286,687_l._ The excise upon beer and ale, from 666,383_l._ was reduced to 391,275_l._ The hearth money was abolished. The post-house, from 65,000_l._ was reduced to 63,517_l._ The wine-licences, from 10,000_l._ to 5000_l._ The temporary customs which subsisted at the revolution, were now expired, and had been either continued by new grants, or by others of the same nature introduced in their stead. The former had produced 415,472_l._ the new produced 373,839_l._ The last and most important grant of all, was an additional excise upon beer and ale, which produced 450,000_l._ The revenue at the revolution produced, clear of all charges, 2 001 855_l._ sterling. A revenue established at pretty much the same rate, and nearly on the same objects, with an addition of a new excise, which produced 450,000_l._ produced net in 1694, no more than 1 570 318_l._ so that, deducting the new excise, the old revenue was diminished in its produce, no less than 1 081 527_l._ or above one half, in five years time. In a country like England, at that time, taxes were of little use to the state, and were an excessive burthen on the people. What could they be paid out of? Not out of the value in the hands of the people; because there was no way provided for turning that value into money. The whole of the money coined before the end of the war in 1697, did not amount to 8½ millions. It was not to be expected that during the war, foreign coin was to come in, except in consequence of borrowing; and we may be very certain, that all that was borrowed, and a great part of what had been coined at home, had gone out from the year 1695 to 1697. Under these circumstances, the exchequer issued tallies of wood, a notable expedient for facilitating circulation! And the bank of England lent not one farthing upon mortgage: all that was possible to be raised on the land and on the people, by pound-rate, assessment, and poll-tax, was imposed.