History of the English People, Volume VII: The Revolution, 1683-1760; Modern England, 1760-1767Green, John Richard
History
History of the English People, Volume VII: The Revolution, 1683-1760; Modern England, 1760-1767
Green, John Richard
Great Britain -- History
Had England and Holland shared William's temper he would have insisted
on the succession of the Electoral Prince to the whole Spanish
dominions. But both were weary of war, and of the financial distress
which war had brought with it. In England the peace of Ryswick was at
once followed by the reduction of the army at the demand of the House of
Commons to ten thousand men; and a clamour had already begun for the
disbanding even of these. It was necessary therefore to bribe the two
rival claimants to a waiver of their claims; and Lewis after some
hesitation yielded to the counsels of his Ministers, and consented to
waive his son's claims for such a bribe. The secret treaty between the
three powers, which was concluded in the summer of 1698, thus became
necessarily a Partition Treaty. The succession of the Electoral Prince
of Bavaria was recognized on condition of the cession by Spain of its
Italian possessions to his two rivals. The Milanese was to pass to the
Emperor; the Two Sicilies, with the border province of Guipuzcoa, to
France. But the arrangement was hardly concluded when the death of the
Bavarian prince in February 1699 made the Treaty waste paper. Austria
and France were left face to face; and a terrible struggle, in which the
success of either would be equally fatal to the independence of Europe,
seemed unavoidable. The peril was the greater that the temper of both
England and Holland left William without the means of backing his policy
by arms. The suffering which the war had caused to the merchant class
and the pressure of the debt and taxation it entailed were waking every
day a more bitter resentment in the people of both countries. While the
struggle lasted the value of English exports had fallen from four
millions a year to less than three, and the losses of ships and goods at
sea had been enormous. Nor had the stress been less felt within the
realm. The revenue from the post-office, a fair index to the general
wealth of the country, had fallen from seventy-six thousand to
fifty-eight. With the restoration of peace indeed the energies of the
country had quickly recovered from the shock. In the five years after
the Peace of Ryswick the exports doubled themselves; the
merchant-shipping was quadrupled; and the revenue of the post-office
rose to eighty-two thousand pounds. But such a recovery only produced a
greater disinclination to face again the sufferings of a renewed state
of war.
[Sidenote: The second Partition Treaty.]
Public-domain text, read in full here on John Shaqi.
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