The rebellion being thus put down, the Common Council unanimously resolved (11 May, 1716) to present another address to the king, in which after offering their congratulations upon the failure of the rebels to depose and murder his majesty, and to subvert the Church and State, they declared their resolution (1) as friends to monarchy to promote true zeal and loyalty towards his majesty's person, (2) as members of the Church of England to act up to its principles by submitting to the powers that be, and (3) by all possible means to prevent discord and support the Protestant succession. To this the king returned a gracious answer, and expressed his conviction that the example set by the City would have a good effect upon the nation.[28] [Sidenote: The king's statue and picture.] The Council at the same time resolved to set up a statue of the king at the Royal Exchange as well as his picture in the Guildhall. The royal assent having been asked and obtained, Sir Godfrey Kneller was sent for to paint the portrait. Considerable delay took place in the execution of the work,[29] but the picture was at last completed and is still believed to grace the walls of the members' reading room at the Guildhall, although in 1779 it was reported to be so much decayed and torn as to be incapable of repair.[30] The statue, if ever set up at the Royal Exchange, probably shared the fate of other statues erected there, and was destroyed in the fire of 1838. [Sidenote: Thanksgiving service at St. Paul's, 7 June, 1716.] Thursday, the 7th June (1716), was ordered by royal proclamation (8 May) to be kept as a day of public thanksgiving for the suppression of the rebellion. A sermon was preached at St. Paul's on the occasion. The members of the livery companies were desired to attend in their best gowns and hoods, at nine o'clock in the morning; this early hour being probably fixed so as not unduly to interfere with the business of the day.[31] [Sidenote: The Septennial Act, April, 1716.] One of the immediate effects of the rebellion was the repeal of the Triennial Act (passed Dec., 1694), limiting the duration of parliament to three years. According to the provisions of this Act a new parliament would have to be elected in 1718. The Whigs were afraid, however, to face the country and risk the return of a Jacobite majority. The ministers therefore proposed and parliament agreed that the existing parliament should continue for a term of seven instead of three years--a somewhat arbitrary proceeding on their part and only to be justified by the exigency of the time. The Septennial Act[32] was only intended as a temporary measure, but it has been found to work so well that it continues to this day to regulate the duration of parliaments, notwithstanding repeated efforts made by the City in general and by Alderman Sawbridge in particular to get it repealed. [Sidenote: The King and the Prince of Wales.]