To those who are capable of appreciating that genius which is never so strongly shown as in connexion with political affairs, the conduct of William is a most interesting study. It would be impossible to exaggerate his qualities of clear-sightedness and decision; or to select a more forcible instance of that ascendency which a man of consummate discernment and forethought may attain, in spite of every opposition. He had, in truth, very difficult cards to play. The different parties, both religious and political, throughout the nation, were so strongly opposed to each other, that it seemed impossible to adopt any line of conduct, which should not, by favouring one, give mortal umbrage to the others. It was reserved for William, by a master-stroke of policy, to create a new party by new means, which in time should absorb the others; and to strengthen his government by attaching to it the commercial classes, by a tie which is ever the strongest--that of deep pecuniary interest in the stability of existing affairs. At the same time he was most desirous, without materially increasing the taxation of England, to raise such sums of money as might enable him to prosecute his darling object of striking a death-blow at the ascendency of France. The scheme answered well--possibly beyond his most sanguine expectation. Nor was it altogether without a precedent. "In Holland," says Mr Doubleday, "the country of his birth, the Dutch king and his advisers found both a precedent to quote, and an example to follow. By its position and circumstances, this country, inconsiderable in size and population, and not naturally defensible, had been compelled to act the part, for a series of years, of a leading power in Europe; and this it had only been enabled to do, by that novel arm which a very extensive foreign trade is sure to create, and by the money drawn together by successful trading. Venice had at an earlier period played a similar part; but a series of struggles at last led the huckstering genius of the Dutch into a system at which the Venetian public had not arrived: and this was the fabrication of paper money, the erection of a bank to issue it, and the systematic borrowing of that money, and the creation of debt on the part of government, for only the interest of which taxes were demanded of the people. Here was machinery set up and at work; and, in the opinion of interested and superficial observers, working successfully. It was, accordingly, soon proposed to set up a copy of this machinery in England, and in 1694, the blow was struck which was destined to have effects so monstrous, so long continued, and so marvellous, on the fortunes of England and her people; and the establishment, since known as the Bank of England, was erected under the sanction of the government."