The sovereignty thus pressingly offered, and thus limited as to time, was finally accepted by William of Orange, according to a formal act dated at the Hague, 5th of July, 1581, but it will be perceived that no powers were conferred by this new instrument beyond those already exercised by the Prince. It was, as it were, a formal continuance of the functions which he had exercised since 1576 as the King's stadholder, according to his old commission of 1555, although a vast, difference existed in reality. The King's name was now discarded and his sovereignty disowned, while the proscribed rebel stood in his place, exercising supreme functions, not vicariously, but in his own name. The limitation as to time was, moreover, soon afterwards secretly, and without the knowledge of Orange, cancelled by the states. They were determined that the Prince should be their sovereign--if they could make him so--for the term of his life. The offer having thus been made and accepted upon the 5th of July, oaths of allegiance and fidelity were exchanged between the Prince and the estates upon the 24th of the same month. In these solemnities, the states, as representing the provinces, declared that because the King of Spain, contrary to his oath as Count of Holland and Zealand, had not only not protected these provinces, but had sought with all his might to reduce them to eternal slavery, it had been found necessary to forsake him. They therefore proclaimed every inhabitant absolved from allegiance, while at the same time, in the name of the population, they swore fidelity to the Prince of Orange, as representing the supreme authority. Two days afterwards, upon the 26th of July, 1581, the memorable declaration of independence was issued by the deputies of the united provinces, then solemnly assembled at the Hague. It was called the Act of Abjuration. It deposed Philip from his sovereignty, but was not the proclamation of a new form of government, for the united provinces were not ready to dispense with an hereditary chief. Unluckily, they had already provided themselves with a very bad one to succeed Philip in the dominion over most of their territory, while the northern provinces were fortunate enough and wise enough to take the Father of the country for their supreme magistrate.