The History of England, from the Accession of James II — Volume 5 — John Shaqi
The History of England, from the Accession of James II — Volume 5Macaulay, Thomas Babington Macaulay, Baron
History
The History of England, from the Accession of James II — Volume 5
Macaulay, Thomas Babington Macaulay, Baron
Great Britain -- History -- James II, 1685-1688; Great Britain -- History -- William and Mary, 1689-1702
publicly acknowledging the great things which they had done for his
dignity and for the welfare of the nation. He recounted the chief
services which they had, during three eventful sessions, rendered to
the country. "These things will," he said, "give a lasting reputation to
this Parliament, and will be a subject of emulation to Parliaments which
shall come after." The Houses were then prorogued.
During the week which followed there was some anxiety as to the result
of the subscription for the stock of the General Society. If that
subscription failed, there would be a deficit; public credit would be
shaken; and Montague would be regarded as a pretender who had owed his
reputation to a mere run of good luck, and who had tempted chance
once too often. But the event was such as even his sanguine spirit had
scarcely ventured to anticipate. At one in the afternoon of the 14th
of July the books were opened at the Hall of the Company of Mercers in
Cheapside. An immense crowd was already collected in the street. As
soon as the doors were flung wide, wealthy citizens, with their money
in their hands, pressed in, pushing and elbowing each other. The guineas
were paid down faster than the clerks could count them. Before night six
hundred thousand pounds had been subscribed. The next day the throng was
as great. More than one capitalist put down his name for thirty thousand
pounds. To the astonishment of those ill boding politicians who were
constantly repeating that the war, the debt, the taxes, the grants to
Dutch courtiers, had ruined the kingdom, the sum, which it had been
doubted whether England would be able to raise in many weeks, was
subscribed by London in a few hours. The applications from the
provincial towns and rural districts came too late. The merchants of
Bristol had intended to take three hundred thousand pounds of the stock,
but had waited to learn how the subscription went on before they gave
their final orders; and, by the time that the mail had gone down to
Bristol and returned, there was no more stock to be had.
This was the moment at which the fortunes of Montague reached the
meridian. The decline was close at hand. His ability and his constant
success were everywhere talked of with admiration and envy. That man, it
was commonly said, has never wanted, and never will want, an expedient.
Public-domain text, read in full here on John Shaqi.
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