For some time an invasion of Britain had been threatened by France; and, sacred as the land had been for centuries from the touch of a foreign enemy, the successes of the republicans had hitherto so greatly exceeded all previous calculation, that the execution of their design did not appear improbable. Just as the inteference of the neighboring powers had, in 1792, roused the energies of the French, so did this proposed invasion stimulate the spirit of the British people. The clamors of reformers, and of those who were friendly to France, were now lost in an almost universal zeal for the defense of the country; and not only were volunteer corps everywhere formed, but the desire of prosecuting the war became nearly the ruling sentiment of the nation. The ministers, perceiving the advantage which was to be derived from the tendency of the national spirit, appeared seriously to dread an invasion, and thus produced an unexpected and very distressing result. The credit of the Bank of England was shaken; a _run_ was made upon it for gold in exchange for its notes, which it could not meet. On the 25th of February 1797, therefore, the Bank was obliged, with the sanction of the privy-council, to suspend cash payments――that is, to refuse giving coin on demand for the paper money which had been issued. This step led to a great depreciation in the value of Bank of England notes; and was followed by a very serious derangement of the currency for a number of years. In April, a new alarm arose from the proceedings of the seamen on board the Channel fleet, who mutinied for an advance of pay, and the redress of some alleged grievances. A convention of delegates from the various ships met in Lord Howe’s cabin, and drew up petitions to the House of Commons and the Board of Admiralty. Upon these being yielded to, order was restored; but the seamen on board the fleet at the Nore soon after broke out in a much more alarming revolt; and on the refusal of their demands, moored their vessels across the Thames, threatening to cut off all communication between London and the open sea. The reduction of this mutiny appeared at one time as if it could only be effected by much bloodshed; but by the firmness of the government, and some skillful dealings with the seamen, a loyal party was formed, by whom the more turbulent men were secured, and the vessels restored to their respective officers. The ringleaders, the chief of whom was a young man named Richard Parker, were tried and executed.