George III, King of Great Britain, 1738-1820; Great Britain -- History -- George III, 1760-1820
[100] _Correspondence of George III with Lord North._
After this stern rebuke, even George III had not courage enough to apply
again to Parliament, but as the lavish corruption continued, money had
to be found, and to provide for his master's necessities, North
sacrificed his financial reputation. In 1781 he raised a loan of
£12,000,000 upon terms so liberal as to give the bondholders a return of
ten per cent., but instead of following the usual course of inviting
bankers to become subscribers, he divided the much desired stock among
the supporters of the Government in both Houses, who were thus
handsomely rewarded for their services. This was so disgraceful a
proceeding that even a servile House of Commons could not overlook it,
and the transaction was undoubtedly one of the causes that contributed
to North's overthrow in the following year.[101]
[101] On February 15, 1802, Addington delivered a message to the Commons
from the King. "His Majesty feels great concern in acquainting the House
of Commons that the provision made by Parliament for defraying the
expenses of his household, and civil government, has been found
inadequate to their support. A considerable debt has, in consequence,
been unavoidably incurred, an account of which he has ordered to be laid
before this House. His Majesty relies with confidence on the zeal and
affection of his faithful Commons, that they will take the same into
their early consideration, and adopt such measures as the circumstances
may appear to them to require." The amount required was in round figures
£1,000,000, and the reasons alleged for the deficit were the dearness of
provisions, the expenses caused by the younger princes and princesses
who were growing up, the marriage of the Prince of Wales, and the
support of Princess Charlotte of Wales.
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