The History of England, from the Accession of James II Volume IV Part 22

The evil proceeded with constantly accelerating velocity. At length in the autumn of 1695 it could hardly be said that the country possessed, for practical purposes, any measure of the value of commodities. It was a mere chance whether what was called a s.h.i.+lling was really tenpence, sixpence or a groat. The results of some experiments which were tried at that time deserve to be mentioned. The officers of the Exchequer weighed fifty-seven thousand two hundred pounds of hammered money which had recently been paid in. The weight ought to have been above two hundred and twenty thousand ounces. It proved to be under one hundred and fourteen thousand ounces. [634] Three eminent London goldsmiths were invited to send a hundred pounds each in current silver to be tried by the balance. Three hundred pounds ought to have weighed about twelve hundred ounces. The actual weight proved to be six hundred and twenty-four ounces. The same test was applied in various parts of the kingdom. It was found that a hundred pounds, which should have weighed about four hundred ounces, did actually weigh at Bristol two hundred and forty ounces, at Cambridge two hundred and three, at Exeter one hundred and eighty, and at Oxford only one hundred and sixteen. [635] There were, indeed, some northern districts into which the clipped money had only begun to find its way. An honest Quaker, who lived in one of these districts, recorded, in some notes which are still extant, the amazement with which, when he travelled southward, shopkeepers and innkeepers stared at the broad and heavy halfcrowns with which he paid his way.

They asked whence he came, and where such money was to be found. The guinea which he purchased for twenty-two s.h.i.+llings at Lancaster bore a different value at every stage of his journey. When he reached London it was worth thirty s.h.i.+llings, and would indeed have been worth more had not the government fixed that rate as the highest at which gold should be received in the payment of taxes. [636]

The evils produced by this state of the currency were not such as have generally been thought worthy to occupy a prominent place in history.

Yet it may well be doubted whether all the misery which had been inflicted on the English nation in a quarter of a century by bad Kings, bad Ministers, bad Parliaments and bad judges, was equal to the misery caused in a single year by bad crowns and bad s.h.i.+llings. Those events which furnish the best themes for pathetic or indignant eloquence are not always those which most affect the happiness of the great body of the people. The misgovernment of Charles and James, gross as it had been, had not prevented the common business of life from going steadily and prosperously on. While the honour and independence of the State were sold to a foreign power, while chartered rights were invaded, while fundamental laws were violated, hundreds of thousands of quiet, honest and industrious families laboured and traded, ate their meals and lay down to rest, in comfort and security. Whether Whigs or Tories, Protestants or Jesuits were uppermost, the grazier drove his beasts to market; the grocer weighed out his currants; the draper measured out his broadcloth; the hum of buyers and sellers was as loud as ever in the towns; the harvest home was celebrated as joyously as ever in the hamlets; the cream overflowed the pails of Ches.h.i.+re; the apple juice foamed in the presses of Herefords.h.i.+re; the piles of crockery glowed in the furnaces of the Trent; and the barrows of coal rolled fast along the timber railways of the Tyne. But when the great instrument of exchange became thoroughly deranged, all trade, all industry, were smitten as with a palsy. The evil was felt daily and hourly in almost every place and by almost every cla.s.s, in the dairy and on the thres.h.i.+ng floor, by the anvil and by the loom, on the billows of the ocean and in the depths of the mine. Nothing could be purchased without a dispute. Over every counter there was wrangling from morning to night. The workman and his employer had a quarrel as regularly as the Sat.u.r.day came round. On a fair day or a market day the clamours, the reproaches, the taunts, the curses, were incessant; and it was well if no booth was overturned and no head broken. [637] No merchant would contract to deliver goods without making some stipulation about the quality of the coin in which he was to be paid. Even men of business were often bewildered by the confusion into which all pecuniary transactions were thrown. The simple and the careless were pillaged without mercy by extortioners whose demands grew even more rapidly than the money shrank. The price of the necessaries of life, of shoes, of ale, of oatmeal, rose fast. The labourer found that the bit of metal which when he received it was called a s.h.i.+lling would hardly, when he wanted to purchase a pot of beer or a loaf of rye bread, go as far as sixpence. Where artisans of more than usual intelligence were collected together in great numbers, as in the dockyard at Chatham, they were able to make their complaints heard and to obtain some redress. [638] But the ignorant and helpless peasant was cruelly ground between one cla.s.s which would give money only by tale and another which would take it only by weight. Yet his sufferings hardly exceeded those of the unfortunate race of authors. Of the way in which obscure writers were treated we may easily form a judgment from the letters, still extant, of Dryden to his bookseller Tonson. One day Tonson sends forty bra.s.s s.h.i.+llings, to say nothing of clipped money.

Another day he pays a debt with pieces so bad that none of them will go.

The great poet sends them all back, and demands in their place guineas at twenty-nine s.h.i.+llings each. "I expect," he says in one letter, "good silver, not such as I have had formerly." "If you have any silver that will go," he says in another letter, "my wife will be glad of it. I lost thirty s.h.i.+llings or more by the last payment of fifty pounds." These complaints and demands, which have been preserved from destruction only by the eminence of the writer, are doubtless merely a fair sample of the correspondence which filled all the mail bags of England during several months.

In the midst of the public distress one cla.s.s prospered greatly, the bankers; and among the bankers none could in skill or in luck bear a comparison with Charles Duncombe. He had been, not many years before, a goldsmith of very moderate wealth. He had probably, after the fas.h.i.+on of his craft, plied for customers under the arcades of the Royal Exchange, had saluted merchants with profound bows, and had begged to be allowed the honour of keeping their cash. But so dexterously did he now avail himself of the opportunities of profit which the general confusion of prices gave to a moneychanger, that, at the moment when the trade of the kingdom was depressed to the lowest point, he laid down near ninety thousand pounds for the estate of Helmsley in the North Riding of Yorks.h.i.+re. That great property had, in a troubled time, been bestowed by the Commons of England on their victorious general Fairfax, and had been part of the dower which Fairfax's daughter had brought to the brilliant and dissolute Buckingham. Thither Buckingham, having wasted in mad intemperance, sensual and intellectual, all the choicest bounties of nature and of fortune, had carried the feeble ruins of his fine person and of his fine mind; and there he had closed his chequered life under that humble roof and on that coa.r.s.e pallet which the great satirist of the succeeding generation described in immortal verse. The s.p.a.cious domain pa.s.sed to a new race; and in a few years a palace more splendid and costly than had ever been inhabited by the magnificent Villiers rose amidst the beautiful woods and waters which had been his, and was called by the once humble name of Duncombe.

Since the Revolution the state of the currency had been repeatedly discussed in Parliament. In 1689 a committee of the Commons had been appointed to investigate the subject, but had made no report. In 1690 another committee had reported that immense quant.i.ties of silver were carried out of the country by Jews, who, it was said, would do any thing for profit. Schemes were formed for encouraging the importation and discouraging the exportation of the precious metals. One foolish bill after another was brought in and dropped. At length, in the beginning of the year 1695, the question a.s.sumed so serious an aspect that the Houses applied themselves to it in earnest. The only practical result of their deliberations, however, was a new penal law which, it was hoped, would prevent the clipping of the hammered coin and the melting and exporting of the milled coin. It was enacted that every person who informed against a clipper should be ent.i.tled to a reward of forty pounds, that every clipper who informed against two clippers should be ent.i.tled to a pardon, and that whoever should be found in possession of silver filings or parings should be burned in the cheek with a redhot iron. Certain officers were empowered to search for bullion. If bullion were found in a house or on board of a s.h.i.+p, the burden of proving that it had never been part of the money of the realm was thrown on the owner. If he failed in making out a satisfactory history of every ingot he was liable to severe penalties. This Act was, as might have been expected, altogether ineffective. During the following summer and autumn, the coins went on dwindling, and the cry of distress from every county in the realm became louder and more piercing.

But happily for England there were among her rulers some who clearly perceived that it was not by halters and branding irons that her decaying industry and commerce could be restored to health. The state of the currency had during some time occupied the serious attention of four eminent men closely connected by public and private ties. Two of them were politicians who had never, in the midst of official and parliamentary business, ceased to love and honour philosophy; and two were philosophers, in whom habits of abstruse meditation had not impaired the homely good sense without which even genius is mischievous in politics. Never had there been an occasion which more urgently required both practical and speculative abilities; and never had the world seen the highest practical and the highest speculative abilities united in an alliance so close, so harmonious, and so honourable as that which bound Somers and Montague to Locke and Newton.

It is much to be lamented that we have not a minute history of the conferences of the men to whom England owed the restoration of her currency and the long series of prosperous years which dates from that restoration. It would be interesting to see how the pure gold of scientific truth found by the two philosophers was mingled by the two statesmen with just that quant.i.ty of alloy which was necessary for the working. It would be curious to study the many plans which were propounded, discussed and rejected, some as inefficacious, some as unjust, some as too costly, some as too hazardous, till at length a plan was devised of which the wisdom was proved by the best evidence, complete success.

Newton has left to posterity no exposition of his opinions touching the currency. But the tracts of Locke on this subject are happily still extant; and it may be doubted whether in any of his writings, even in those ingenious and deeply meditated chapters on language which form perhaps the most valuable part of the Essay on the Human Understanding, the force of his mind appears more conspicuously. Whether he had ever been acquainted with Dudley North is not known. In moral character the two men bore little resemblance to each other. They belonged to different parties. Indeed, had not Locke taken shelter from tyranny in Holland, it is by no means impossible that he might have been sent to Tyburn by a jury which Dudley North had packed. Intellectually, however, there was much in common between the Tory and the Whig. They had laboriously thought out, each for himself, a theory of political economy, substantially the same with that which Adam Smith afterwards expounded. Nay, in some respects the theory of Locke and North was more complete and symmetrical than that of their ill.u.s.trious successor. Adam Smith has often been justly blamed for maintaining, in direct opposition to all his own principles, that the rate of interest ought to be regulated by the State; and he is the more blamable because, long before he was born, both Locke and North had taught that it was as absurd to make laws fixing the price of money as to make laws fixing the price of cutlery or of broadcloth. [639]

Dudley North died in 1693. A short time before his death he published, without his name, a small tract which contains a concise sketch of a plan for the restoration of the currency. This plan appears to have been substantially the same with that which was afterwards fully developed and ably defended by Locke.

One question, which was doubtless the subject of many anxious deliberations, was whether any thing should be done while the war lasted. In whatever way the restoration of the coin might be effected, great sacrifices must be made, the whole community or by a part of the community. And to call for such sacrifices at a time when the nation was already paying taxes such as, ten years before, no financier would have thought it possible to raise, was undoubtedly a course full of danger.

Timorous politicians were for delay; but the deliberate conviction of the great Whig leaders was that something must be hazarded, or that every thing was lost. Montague, in particular, is said to have expressed in strong language his determination to kill or cure. If indeed there had been any hope that the evil would merely continue to be what it was, it might have been wise to defer till the return of peace an experiment which must severely try the strength of the body politic. But the evil was one which daily made progress almost visible to the eye. There might have been a recoinage in 1691 with half the risk which must be run in 1696; and, great as would be the risk in 1696, that risk would be doubled if the coinage were postponed till 1698.

Those politicians whose voice was for delay gave less trouble than another set of politicians, who were for a general and immediate recoinage, but who insisted that the new s.h.i.+lling should be worth only ninepence or ninepence halfpenny. At the head of this party was William Lowndes, Secretary of the Treasury, and member of Parliament for the borough of Seaford, a most respectable and industrious public servant, but much more versed in the details of his office than in the higher parts of political philosophy. He was not in the least aware that a piece of metal with the King's head on it was a commodity of which the price was governed by the same laws which govern the price of a piece of metal fas.h.i.+oned into a spoon or a buckle, and that it was no more in the power of Parliament to make the kingdom richer by calling a crown a pound than to make the kingdom larger by calling a furlong a mile.

He seriously believed, incredible as it may seem, that, if the ounce of silver were divided into seven s.h.i.+llings instead of five, foreign nations would sell us their wines and their silks for a smaller number of ounces. He had a considerable following, composed partly of dull men who really believed what he told them, and partly of shrewd men who were perfectly willing to be authorised by law to pay a hundred pounds with eighty. Had his arguments prevailed, the evils of a vast confiscation would have been added to all the other evils which afflicted the nation; public credit, still in its tender and sickly infancy, would have been destroyed; and there would have been much risk of a general mutiny of the fleet and army. Happily Lowndes was completely refuted by Locke in a paper drawn up for the use of Somers. Somers was delighted with this little treatise, and desired that it might be printed. It speedily became the text book of all the most enlightened politicians in the kingdom, and may still be read with pleasure and profit. The effect of Locke's forcible and perspicuous reasoning is greatly heightened by his evident anxiety to get at the truth, and by the singularly generous and graceful courtesy with which he treats an antagonist of powers far inferior to his own. Flamsteed, the Astronomer Royal, described the controversy well by saying that the point in dispute was whether five was six or only five. [640]

Thus far Somers and Montague entirely agreed with Locke; but as to the manner in which the restoration of the currency ought to be effected there was some difference of opinion. Locke recommended, as Dudley North had recommended, that the King should by proclamation fix a near day after which the hammered money should in all payments pa.s.s only by weight. The advantages of this plan were doubtless great and obvious. It was most simple, and, at the same time, most efficient. What searching, fining, branding, hanging, burning, had failed to do would be done in an instant. The clipping of the hammered pieces, the melting of the milled pieces would cease. Great quant.i.ties of good coin would come forth from secret drawers and from behind the panels of wainscots. The mutilated silver would gradually flow into the mint, and would come forth again in a form which would make mutilation impossible. In a short time the whole currency of the realm would be in a sound state, and, during the progress of this great change, there would never at any moment be any scarcity of money.

These were weighty considerations; and to the joint authority of North and Locke on such a question great respect is due. Yet it must be owned that their plan was open to one serious objection, which did not indeed altogether escape their notice, but of which they seem to have thought too lightly. The restoration of the currency was a benefit to the whole community. On what principle then was the expense of restoring the currency to be borne by a part of the community? It was most desirable doubtless that the words pound and s.h.i.+lling should again have a fixed signification, that every man should know what his contracts meant and what his property was worth. But was it just to attain this excellent end by means of which the effect would be that every farmer who had put by a hundred pounds to pay his rent, every trader who had sc.r.a.ped together a hundred pounds to meet his acceptances, would find his hundred pounds reduced in a moment to fifty or sixty? It was not the fault of such a farmer or of such a trader that his crowns and halfcrowns were not of full weight. The government itself was to blame.

The evil which the State had caused the State was bound to repair, and it would evidently have been wrong to throw the charge of the reparation on a particular cla.s.s, merely because that cla.s.s was so situated that it could conveniently be pillaged. It would have been as reasonable to require the timber merchants to bear the whole cost of fitting out the Channel fleet, or the gunsmiths to bear the whole cost of supplying arms to the regiments in Flanders, as to restore the currency of the kingdom at the expense of those individuals in whose hands the clipped sliver happened at a particular moment to be.

Locke declared that he regretted the loss which, if his advice were taken, would fall on the holders of the short money. But it appeared to him that the nation must make a choice between evils. And in truth it was much easier to lay down the general proposition that the expenses of restoring the currency ought to be borne by the public than to devise any mode in which they could without extreme inconvenience and danger be so borne. Was it to be announced that every person who should within a term of a year or half a year carry to the mint a clipped crown should receive in exchange for it a milled crown, and that the difference between the value of the two pieces should be made good out of the public purse? That would be to offer a premium for clipping. The shears would be more busy than ever. The short money would every day become shorter. The difference which the taxpayers would have to make good would probably be greater by a million at the end of the term than at the beginning; and the whole of this million would go to reward malefactors. If the time allowed for the bringing in of the hammered coin were much shortened, the danger of further clipping would be proportionally diminished; but another danger would be incurred. The silver would flow into the mint so much faster than it could possibly flow out, that there must during some months be a grievous scarcity of money.

A singularly bold and ingenious expedient occurred to Somers and was approved by William. It was that a proclamation should be prepared with great secresy, and published at once in all parts of the kingdom. This proclamation was to announce that hammered coins would thenceforth pa.s.s only by weight. But every possessor of such coins was to be invited to deliver them up within three days, in a sealed packet, to the public authorities. The coins were to be examined, numbered, weighed, and returned to the owner with a promissory note ent.i.tling him to receive from the Treasury at a future time the difference between the actual quant.i.ty of silver in his pieces and the quant.i.ty of silver which, according to the standard, those pieces ought to have contained. [641]

Had this plan been adopted an immediate stop would have been put to the clipping, the melting and the exporting; and the expense of the restoration of the currency would have been borne, as was right, by the public. The inconvenience arising from a scarcity of money would have been of very short duration; for the mutilated pieces would have been detained only till they could be told and weighed; they would then have been sent back into circulation, and the recoinage would have taken place gradually and without any perceptible suspension or disturbance of trade. But against these great advantages were to be set off hazards, which Somers was prepared to brave, but from which it is not strange that politicians of less elevated character should have shrunk. The course which he recommended to his colleagues was indeed the safest for the country, but was by no means the safest for themselves. His plan could not be successful unless the execution were sudden; the execution could not be sudden if the previous sanction of Parliament were asked and obtained; and to take a step of such fearful importance without the previous sanction of Parliament was to run the risk of censure, impeachment, imprisonment, ruin. The King and the Lord Keeper were alone in the Council. Even Montague quailed; and it was determined to do nothing without the authority of the legislature. Montague undertook to submit to the Commons a scheme, which was not indeed without dangers and inconveniences, but which was probably the best which he could hope to carry.

On the twenty-second of November the Houses met. Foley was on that day again chosen Speaker. On the following day he was presented and approved. The King opened the session with a speech very skilfully framed. He congratulated his hearers on the success of the campaign on the Continent. That success he attributed, in language which must have gratified their feelings, to the bravery of the English army. He spoke of the evils which had arisen from the deplorable state of the coin, and of the necessity of applying a speedy remedy. He intimated very plainly his opinion that the expense of restoring the currency ought to be borne by the State; but he declared that he referred the whole matter to the wisdom of his Great Council. Before he concluded he addressed himself particularly to the newly elected House of Commons, and warmly expressed his approbation of the excellent choice which his people had made. The speech was received with a low but very significant hum of a.s.sent both from above and from below the bar, and was as favourably received by the public as by the Parliament. [642] In the Commons an address of thanks was moved by Wharton, faintly opposed by Musgrave, adopted without a division, and carried up by the whole House to Kensington. At the palace the loyalty of the crowd of gentlemen showed itself in a way which would now be thought hardly consistent with senatorial gravity. When refreshments were handed round in the antechamber, the Speaker filled his gla.s.s, and proposed two toasts, the health of King William, and confusion to King Lewis; and both were drunk with loud acclamations. Yet near observers could perceive that, though the representatives of the nation were as a body zealous for civil liberty and for the Protestant religion, and though they were prepared to endure every thing rather than see their country again reduced to va.s.salage, they were anxious and dispirited. All were thinking of the state of the coin; all were saying that something must be done; and all acknowledged that they did not know what could be done. "I am afraid," said a member who expressed what many felt, "that the nation can bear neither the disease nor the cure." [643]

There was indeed a minority by which the difficulties and dangers of that crisis were seen with malignant delight; and of that minority the keenest, boldest and most factious leader was Howe, whom poverty had made more acrimonious than ever. He moved that the House should resolve itself into a Committee on the State of the Nation; and the Ministry, for that word may now with propriety be used, readily consented. Indeed the great question touching the currency could not be brought forward more conveniently than in such a Committee. When the Speaker had left the chair, Howe harangued against the war as vehemently as he had in former years harangued for it. He called for peace, peace on any terms.

The nation, he said, resembled a wounded man, fighting desperately on, with blood flowing in torrents. During a short time the spirit might bear up the frame; but faintness must soon come on. No moral energy could long hold out against physical exhaustion. He found very little support. The great majority of his hearers were fully determined to put every thing to hazard rather than submit to France. It was sneeringly remarked that the state of his own finances had suggested to him the image of a man bleeding to death, and that, if a cordial were administered to him in the form of a salary, he would trouble himself little about the drained veins of the commonwealth. "We did not," said the Whig orators, "degrade ourselves by suing for peace when our flag was chased out of our own Channel, when Tourville's fleet lay at anchor in Torbay, when the Irish nation was in arms against us, when every post from the Netherlands brought news of some disaster, when we had to contend against the genius of Louvois in the Cabinet and of Luxemburg in the field. And are we to turn suppliants now, when no hostile squadron dares to show itself even in the Mediterranean, when our arms are victorious on the Continent, when G.o.d has removed the great statesman and the great soldier whose abilities long frustrated our efforts, and when the weakness of the French administration indicates, in a manner not to be mistaken, the ascendency of a female favourite?" Howe's suggestion was contemptuously rejected; and the Committee proceeded to take into consideration the state of the currency. [644]

Meanwhile the newly liberated presses of the capital never rested a moment. Innumerable pamphlets and broadsides about the coin lay on the counters of the booksellers, and were thrust into the hands of members of Parliament in the lobby. In one of the most curious and amusing of these pieces Lewis and his ministers are introduced, expressing the greatest alarm lest England should make herself the richest country in the world by the simple expedient of calling ninepence a s.h.i.+lling, and confidently predicting that, if the old standard were maintained, there would be another revolution. Some writers vehemently objected to the proposition that the public should bear the expense of restoring the currency; some urged the government to take this opportunity of a.s.similating the money of England to the money of neighbouring nations; one projector was for coining guilders; another for coining dollars.

[645]

Within the walls of Parliament the debates continued during several anxious days. At length Montague, after defeating, first those who were for letting things remain unaltered till the peace, and then those who were for the little s.h.i.+lling, carried eleven resolutions in which the outlines of his own plan were set forth. It was resolved that the money of the kingdom should be recoined according to the old standard both of weight and of fineness; that all the new pieces should be milled; that the loss on the clipped pieces should be borne by the public; that a time should be fixed after which no clipped money should pa.s.s, except in payments to the government; and that a later time should be fixed, after which no clipped money should pa.s.s at all. What divisions took place in the Committee cannot be ascertained. When the resolutions were reported there was one division. It was on the question whether the old standard of weight should be maintained. The Noes were a hundred and fourteen; the Ayes two hundred and twenty-five. [646]

It was ordered that a bill founded on the resolutions should be brought in. A few days later the Chancellor of the Exchequer explained to the Commons, in a Committee of Ways and Means, the plan by which he proposed to meet the expense of the recoinage. It was impossible to estimate with precision the charge of making good the deficiencies of the clipped money. But it was certain that at least twelve hundred thousand pounds would be required. Twelve hundred thousand pounds the Bank of England undertook to advance on good security. It was a maxim received among financiers that no security which the government could offer was so good as the old hearth money had been. That tax, odious as it was to the great majority of those who paid it, was remembered with regret at the Treasury and in the City. It occurred to the Chancellor of the Exchequer that it might be possible to devise an impost on houses, which might be not less productive nor less certain than the hearth money, but which might press less heavily on the poor, and might be collected by a less vexatious process. The number of hearths in a house could not be ascertained without domiciliary visits. The windows a collector might count without pa.s.sing the threshold. Montague proposed that the inhabitants of cottages, who had been cruelly hara.s.sed by the chimney men, should be altogether exempted from the new duty. His plan was approved by the Committee of Ways and Means, and was sanctioned by the House without a division. Such was the origin of the window tax, a tax which, though doubtless a great evil, must be considered as a blessing when compared with the curse from which it rescued the nation. [647]

Thus far things had gone smoothly. But now came a crisis which required the most skilful steering. The news that the Parliament and the government were determined on a reform of the currency produced an ignorant panic among the common people. Every man wished to get rid of his clipped crowns and halfcrowns. No man liked to take them. There were brawls approaching to riots in half the streets of London. The Jacobites, always full of joy and hope in a day of adversity and public danger, ran about with eager looks and noisy tongues. The health of King James was publicly drunk in taverns and on ale benches. Many members of Parliament, who had hitherto supported the government, began to waver; and, that nothing might be wanting to the difficulties of the conjuncture, a dispute on a point of privilege arose between the Houses.

The Recoinage Bill, framed in conformity with Montague's resolutions, had gone up to the Peers and had come back with amendments, some of which, in the opinion of the Commons, their Lords.h.i.+ps had no right to make. The emergency was too serious to admit of delay. Montague brought in a new bill; which was in fact his former bill modified in some points to meet the wishes of the Lords; the Lords, though not perfectly contented with the new bill, pa.s.sed it without any alteration; and the royal a.s.sent was immediately given. The fourth of May, a date long remembered over the whole kingdom and especially in the capital, was fixed as the day on which the government would cease to receive the clipped money in payment of taxes. [648]

The principles of the Recoinage Act are excellent. But some of the details, both of that Act and of a supplementary Act which was pa.s.sed at a later period of the session, seem to prove that Montague had not fully considered what legislation can, and what it cannot, effect. For example, he persuaded the Parliament to enact that it should be penal to give or take more than twenty-two s.h.i.+llings for a guinea. It may be confidently affirmed that this enactment was not suggested or approved by Locke. He well knew that the high price of gold was not the evil which afflicted the State, but merely a symptom of that evil, and that a fall in the price of gold would inevitably follow, and could by no human power or ingenuity be made to precede, the recoinage of the silver. In fact, the penalty seems to have produced no effect whatever, good or bad. Till the milled silver was in circulation, the guinea continued, in spite of the law, to pa.s.s for thirty s.h.i.+llings. When the milled silver became plentiful, the guinea fell, not to twenty-two s.h.i.+llings, which was the highest price allowed by the law, but to twenty-one s.h.i.+llings and sixpence. [649]

Early in February the panic which had been caused by the first debates on the currency subsided; and, from that time till the fourth of May, the want of money was not very severely felt. The recoinage began. Ten furnaces were erected, in the garden behind the Treasury; and every day huge heaps of pared and defaced crowns and s.h.i.+llings were turned into ma.s.sy ingots which were instantly sent off to the mint in the Tower.

[650]

With the fate of the law which restored the currency was closely connected the fate of another law, which had been several years under the consideration of Parliament, and had caused several warm disputes between the hereditary and the elective branch of the legislature. The session had scarcely commenced when the Bill for regulating Trials in cases of High Treason was again laid on the table of the Commons. Of the debates to which it gave occasion nothing is known except one interesting circ.u.mstance which has been preserved by tradition. Among those who supported the bill appeared conspicuous a young Whig of high rank, of ample fortune, and of great abilities which had been a.s.siduously improved by study. This was Anthony Ashley Cooper, Lord Ashley, eldest son of the second Earl of Shaftesbury, and grandson of that renowned politician who had, in the days of Charles the Second, been at one time the most unprincipled of ministers, and at another the most unprincipled of demagogues. Ashley had just been returned to Parliament for the borough of Poole, and was in his twenty-fifth year.

In the course of his speech he faltered, stammered and seemed to lose the thread of his reasoning. The House, then, as now, indulgent to novices, and then, as now, well aware that, on a first appearance, the hesitation which is the effect of modesty and sensibility is quite as promising a sign as volubility of utterance and ease of manner, encouraged him to proceed. "How can I, Sir," said the young orator, recovering himself, "produce a stronger argument in favour of this bill than my own failure? My fortune, my character, my life, are not at stake. I am speaking to an audience whose kindness might well inspire me with courage. And yet, from mere nervousness, from mere want of practice in addressing large a.s.semblies, I have lost my recollection; I am unable to go on with my argument. How helpless, then, must be a poor man who, never having opened his lips in public, is called upon to reply, without a moment's preparation, to the ablest and most experienced advocates in the kingdom, and whose faculties are paralysed by the thought that, if he fails to convince his hearers, he will in a few hours die on a gallows, and leave beggary and infamy to those who are dearest to him."

It may reasonably be suspected that Ashley's confusion and the ingenious use which he made of it had been carefully premeditated. His speech, however, made a great impression, and probably raised expectations which were not fulfilled. His health was delicate; his taste was refined even to fastidiousness; he soon left politics to men whose bodies and minds were of coa.r.s.er texture than his own, gave himself up to mere intellectual luxury, lost himself in the mazes of the old Academic philosophy, and aspired to the glory of reviving the old Academic eloquence. His diction, affected and florid, but often singularly beautiful and melodious, fascinated many young enthusiasts. He had not merely disciples, but wors.h.i.+ppers. His life was short; but he lived long enough to become the founder of a new sect of English freethinkers, diametrically opposed in opinions and feelings to that sect of freethinkers of which Hobbes was the oracle. During many years the Characteristics continued to be the Gospel of romantic and sentimental unbelievers, while the Gospel of coldblooded and hardheaded unbelievers was the Leviathan.

The bill, so often brought in and so often lost, went through the Commons without a division, and was carried up to the Lords. It soon came back with the long disputed clause altering the const.i.tution of the Court of the Lord High Steward. A strong party among the representatives of the people was still unwilling to grant any new privilege to the n.o.bility; but the moment was critical. The misunderstanding which had arisen between the Houses touching the Recoinage Bill had produced inconveniences which might well alarm even a bold politician. It was necessary to purchase concession by concession. The Commons, by a hundred and ninety-two votes to a hundred and fifty, agreed to the amendment on which the Lords had, during four years, so obstinately insisted; and the Lords in return immediately pa.s.sed the Recoinage Bill without any amendment.

There had been much contention as to the time at which the new system of procedure in cases of high treason should come into operation; and the bill had once been lost in consequence of a dispute on this point. Many persons were of opinion that the change ought not to take place till the close of the war. It was notorious, they said, that the foreign enemy was abetted by too many traitors at home; and, at such a time, the severity of the laws which protected the commonwealth against the machinations of bad citizens ought not to be relaxed. It was at last determined that the new regulations should take effect on the twenty-fifth of March, the first day, according to the old Calendar, of the year 1696.

On the twenty-first of January the Recoinage Bill and the Bill for regulating Trials in cases of High Treason received the royal a.s.sent. On the following day the Commons repaired to Kensington on an errand by no means agreeable either to themselves or to the King. They were, as a body, fully resolved to support him, at whatever cost and at whatever hazard, against every foreign and domestic foe. But they were, as indeed every a.s.sembly of five hundred and thirteen English gentlemen that could by any process have been brought together must have been, jealous of the favour which he showed to the friends of his youth. He had set his heart on placing the house of Bentinck on a level in wealth and splendour with the houses of Howard and Seymour, of Russell and Cavendish.

Some of the fairest hereditary domains of the Crown had been granted to Portland, not without murmuring on the part both of Whigs and Tories.

Nothing had been done, it is true, which was not in conformity with the letter of the law and with a long series of precedents. Every English sovereign had from time immemorial considered the lands to which he had succeeded in virtue of his office as his private property. Every family that had been great in England, from the De Veres down to the Hydes, had been enriched by royal deeds of gift. Charles the Second had carved ducal estates for his b.a.s.t.a.r.ds out of his hereditary domain. Nor did the Bill of Rights contain a word which could be construed to mean that the King was not at perfect liberty to alienate any part of the estates of the Crown. At first, therefore, William's liberality to his countrymen, though it caused much discontent, called forth no remonstrance from the Parliament. But he at length went too far. In 1695 he ordered the Lords of the Treasury to make out a warrant granting to Portland a magnificent estate in Denbighs.h.i.+re. This estate was said to be worth more than a hundred thousand pounds. The annual income, therefore, can hardly have been less than six thousand pounds; and the annual rent which was reserved to the Crown was only six and eightpence. This, however, was not the worst. With the property were inseparably connected extensive royalties, which the people of North Wales could not patiently see in the hands of any subject. More than a century before Elizabeth had bestowed a part of the same territory on her favourite Leicester. On that occasion the population of Denbighs.h.i.+re had risen in arms; and, after much tumult and several executions, Leicester had thought it advisable to resign his mistress's gift back to her. The opposition to Portland was less violent, but not less effective. Some of the chief gentlemen of the princ.i.p.ality made strong representations to the ministers through whose offices the warrant had to pa.s.s, and at length brought the subject under the consideration of the Lower House. An address was unanimously voted requesting the King to stop the grant; Portland begged that he might not be the cause of a dispute between his master and the Parliament; and the King, though much mortified, yielded to the general wish of the nation. [651]

This unfortunate affair, though it terminated without an open quarrel, left much sore feeling. The King was angry with the Commons, and still more angry with the Whig ministers who had not ventured to defend his grant. The loyal affection which the Parliament had testified to him during the first days of the session had perceptibly cooled; and he was almost as unpopular as he had ever been, when an event took place which suddenly brought back to him the hearts of millions, and made him for a time as much the idol of the nation as he had been at the end of 1688.

[652]

The plan of a.s.sa.s.sination which had been formed in the preceding spring had been given up in consequence of William's departure for the Continent. The plan of insurrection which had been formed in the summer had been given up for want of help from France. But before the end of the autumn both plans were resumed. William had returned to England; and the possibility of getting rid of him by a lucky shot or stab was again seriously discussed. The French troops had gone into winter quarters; and the force, which Charnock had in vain demanded while war was raging round Namur, might now be spared without inconvenience. Now, therefore, a plot was laid, more formidable than any that had yet threatened the throne and the life of William; or rather, as has more than once happened in our history, two plots were laid, one within the other. The object of the greater plot was an open insurrection, an insurrection which was to be supported by a foreign army. In this plot almost all the Jacobites of note were more or less concerned. Some laid in arms; some bought horses; some made lists of the servants and tenants in whom they could place firm reliance. The less warlike members of the party could at least take off b.u.mpers to the King over the water, and intimate by significant shrugs and whispers that he would not be over the water long. It was universally remarked that the malecontents looked wiser than usual when they were sober, and bragged more loudly than usual when they were drunk. [653] To the smaller plot, of which the object was the murder of William, only a few select traitors were privy.

Each of these plots was under the direction of a leader specially sent from Saint Germains. The more honourable mission was entrusted to Berwick. He was charged to communicate with the Jacobite n.o.bility and gentry, to ascertain what force they could bring into the field, and to fix a time for the rising. He was authorised to a.s.sure them that the French government was collecting troops and transports at Calais, and that, as soon as it was known there that a rebellion had broken out in England, his father would embark with twelve thousand veteran soldiers, and would be among them in a few hours.

A more hazardous part was a.s.signed to an emissary of lower rank, but of great address, activity and courage. This was Sir George Barclay, a Scotch gentleman who had served with credit under Dundee, and who, when the war in the Highlands had ended, had retired to Saint Germains.

Barclay was called into the royal closet, and received his orders from the royal lips. He was directed to steal across the Channel and to repair to London. He was told that a few select officers and soldiers should speedily follow him by twos and threes. That they might have no difficulty in finding him, he was to walk, on Mondays and Thursdays, in the Piazza of Covent Garden after nightfall, with a white handkerchief hanging from his coat pocket. He was furnished with a considerable sum of money, and with a commission which was not only signed but written from beginning to end by James himself. This commission authorised the bearer to do from time to time such acts of hostility against the Prince of Orange and that Prince's adherents as should most conduce to the service of the King. What explanation of these very comprehensive words was orally given by James we are not informed.

Lest Barclay's absence from Saint Germains should cause any suspicion, it was given out that his loose way of life had made it necessary for him to put himself under the care of a surgeon at Paris. [654] He set out with eight hundred pounds in his portmanteau, hastened to the coast, and embarked on board of a privateer which was employed by the Jacobites as a regular packet boat between France and England. This vessel conveyed him to a desolate spot in Romney Marsh. About half a mile from the landing place a smuggler named Hunt lived on a dreary and unwholesome fen where he had no neighbours but a few rude shepherds. His dwelling was singularly well situated for a contraband traffic in French wares. Cargoes of Lyons silk and Valenciennes lace sufficient to load thirty packhorses had repeatedly been landed in that dismal solitude without attracting notice. But, since the Revolution, Hunt had discovered that of all cargoes a cargo of traitors paid best. His lonely abode became the resort of men of high consideration, Earls and Barons, Knights and Doctors of Divinity. Some of them lodged many days under his roof while waiting for a pa.s.sage. A clandestine post was established between his house and London. The couriers were constantly going and returning; they performed their journeys up and down on foot; but they appeared to be gentlemen, and it was whispered that one of them was the son of a t.i.tled man. The letters from Saint Germains were few and small.

Those directed to Saint Germains were numerous and bulky; they were made up like parcels of millinery, and were buried in the mora.s.s till they were called for by the privateer.

Here Barclay landed in January 1696; and hence he took the road to London. He was followed, a few days later, by a tall youth, who concealed his name, but who produced credentials of the highest authority. This youth too proceeded to London. Hunt afterwards discovered that his humble roof had had the honour of sheltering the Duke of Berwick. [655]

The part which Barclay had to perform was difficult and hazardous; and he omitted no precaution. He had been little in London; and his face was consequently unknown to the agents of the government. Nevertheless he had several lodgings; he disguised himself so well that his oldest friends would not have known him by broad daylight; and yet he seldom ventured into the streets except in the dark. His chief agent was a monk who, under several names, heard confessions and said ma.s.ses at the risk of his neck. This man intimated to some of the zealots with whom he consorted a special agent of the royal family was to be spoken with in Covent Garden, on certain nights, at a certain hour, and might be known by certain signs. [656] In this way Barclay became acquainted with several men fit for his purpose. The first persons to whom he fully opened himself were Charnock and Parkyns. He talked with them about the plot which they and some of their friends had formed in the preceding spring against the life of William. Both Charnock and Parkyns declared that the scheme might easily be executed, that there was no want of resolute hearts among the Royalists, and that all that was wanting was some sign of His Majesty's approbation.

Then Barclay produced his commission. He showed his two accomplices that James had expressly commanded all good Englishmen, not only to rise in arms, not only to make war on the usurping government, not only to seize forts and towns, but also to do from time to time such other acts of hostility against the Prince of Orange as might be for the royal service. These words, Barclay said, plainly authorised an attack on the Prince's person. Charnock and Parkyns were satisfied. How in truth was it possible for them to doubt that James's confidential agent correctly construed James's expressions? Nay, how was it possible for them to understand the large words of the commission in any sense but one, even if Barclay had not been there to act as commentator? If indeed the subject had never been brought under James's consideration, it might well be thought that those words had dropped from his pen without any definite meaning. But he had been repeatedly apprised that some of his friends in England meditated a deed of blood, and that they were waiting only for his approbation. They had importuned him to speak one word, to give one sign. He had long kept silence; and, now that he had broken silence, he merely told them to do what ever might be beneficial to himself and prejudicial to the usurper. They had his authority as plainly given as they could reasonably expect to have it given in such a case. [657]

All that remained was to find a sufficient number of courageous and trustworthy a.s.sistants, to provide horses and weapons, and to fix the hour and the place of the slaughter. Forty or fifty men, it was thought, would be sufficient. Those troopers of James's guard who had already followed Barclay across the Channel made up nearly half that number.

James had himself seen some of these men before their departure from Saint Germains, had given them money for their journey, had told them by what name each of them was to pa.s.s in England, had commanded them to act as they should be directed by Barclay, and had informed them where Barclay was to be found and by what tokens he was to be known. [658]

They were ordered to depart in small parties, and to a.s.sign different reasons for going. Some were ill; some were weary of the service; Ca.s.sels, one of the most noisy and profane among them, announced that, since he could not get military promotion, he should enter at the Scotch college and study for a learned profession. Under such pretexts about twenty picked men left the palace of James, made their way by Romney Marsh to London, and found their captain walking in the dim lamplight of the Piazza with the handkerchief hanging from his pocket. One of these men was Ambrose Rockwood, who held the rank of Brigadier, and who had a high reputation for courage and honour; another was Major John Bernardi, an adventurer of Genoese extraction, whose name has derived a melancholy celebrity from a punishment so strangely prolonged that it at length shocked a generation which could not remember his crime. [659]

It was in these adventurers from France that Barclay placed his chief trust. In a moment of elation he once called them his Janissaries, and expressed a hope that they would get him the George and Garter. But twenty more a.s.sa.s.sins at least were wanted. The conspirators probably expected valuable help from Sir John Friend, who had received a Colonel's commission signed by James, and had been most active in enlisting men and providing arms against the day when the French should appear on the coast of Kent. The design was imparted to him; but he thought it so rash, and so likely to bring reproach and disaster on the good cause, that he would lend no a.s.sistance to his friends, though he kept their secret religiously. [660] Charnock undertook to find eight brave and trusty fellows. He communicated the design to Porter, not with Barclay's entire approbation; for Barclay appears to have thought that a tavern brawler, who had recently been in prison for swaggering drunk about the streets and huzzaing in honour of the Prince of Wales, was hardly to be trusted with a secret of such fearful import. Porter entered into the plot with enthusiasm, and promised to bring in others who would be useful. Among those whose help he engaged was his servant Thomas Keyes. Keyes was a far more formidable conspirator than might have been expected from his station in life. The household troops generally were devoted to William; but there was a taint of disaffection among the Blues. The chief conspirators had already been tampering with some Roman Catholics who were in that regiment; and Keyes was excellently qualified to bear a part in this work; for he had formerly been trumpeter of the corps, and, though he had quitted the service, he still kept up an acquaintaince with some of the old soldiers in whose company he had lived at free quarter on the Somersets.h.i.+re farmers after the battle of Sedgemoor.

Parkyns, who was old and gouty, could not himself take a share in the work of death. But he employed himself in providing horses, saddles and weapons for his younger and more active accomplices. In this department of business he was a.s.sisted by Charles Cranburne, a person who had long acted as a broker between Jacobite plotters and people who dealt in cutlery and firearms. Special orders were given by Barclay that the swords should be made rather for stabbing than for slas.h.i.+ng. Barclay himself enlisted Edward Lowick, who had been a major in the Irish army, and who had, since the capitulation of Limerick, been living obscurely in London. The monk who had been Barclay's first confidant recommended two busy Papists, Richard Fisher and Christopher Knightley; and this recommendation was thought sufficient. Knightley drew in Edward King, a Roman Catholic gentleman of hot and restless temper; and King procured the a.s.sistance of a French gambler and bully named De la Rue. [661]

Meanwhile the heads of the conspiracy held frequent meetings at treason taverns, for the purpose of settling a plan of operations. Several schemes were proposed, applauded, and, on full consideration, abandoned.

At one time it was thought that an attack on Kensington House at dead of night might probably be successful. The outer wall might easily be scaled. If once forty armed men were in the garden, the palace would soon be stormed or set on fire. Some were of opinion that it would be best to strike the blow on a Sunday as William went from Kensington to attend divine service at the chapel of Saint James's Palace. The murderers might a.s.semble near the spot where Apsley House and Hamilton Place now stand. Just as the royal coach pa.s.sed out of Hyde Park, and was about to enter what has since been called the Green Park, thirty of the conspirators, well mounted, might fall on the guards. The guards were ordinarily only five and twenty. They would be taken completely by surprise; and probably half of them would be shot or cut down before they could strike a blow. Meanwhile ten or twelve resolute men on foot would stop the carriage by shooting the horses, and would then without difficulty despatch the King. At last the preference was given to a plan originally sketched by Fisher and put into shape by Porter. William was in the habit of going every Sat.u.r.day from Kensington to hunt in Richmond Park. There was then no bridge over the Thames between London and Kingston. The King therefore went, in a coach escorted by some of his body guards, through Turnham Green to the river. There he took boat, crossed the water and found another coach and another set of guards ready to receive him on the Surrey side. The first coach and the first set of guards awaited his return on the northern bank. The conspirators ascertained with great precision the whole order of these journeys, and carefully examined the ground on both sides of the Thames. They thought that they should attack the King with more advantage on the Middles.e.x than on the Surrey bank, and when he was returning than when he was going. For, when he was going, he was often attended to the water side by a great retinue of lords and gentlemen; but on his return he had only his guards about him. The place and time were fixed. The place was to be a narrow and winding lane leading from the landingplace on the north of the rover to Turnham Green. The spot may still be easily found.

The ground has since been drained by trenches. But in the seventeenth century it was a quagmire, through which the royal coach was with difficulty tugged at a foot's pace. The time was to be the afternoon of Sat.u.r.day the fifteenth of February. On that day the Forty were to a.s.semble in small parties at public houses near the Green. When the signal was given that the coach was approaching they were to take horse and repair to their posts. As the cavalcade came up this lane Charnock was to attack the guards in the rear, Rockwood on one flank, Porter on the other. Meanwhile Barclay, with eight trusty men, was to stop the coach and to do the deed. That no movement of the King might escape notice, two orderlies were appointed to watch the palace. One of these men, a bold and active Fleming, named Durant, was especially charged to keep Barclay well informed. The other, whose business was to communicate with Charnock, was a ruffian named Chambers, who had served in the Irish army, had received a severe wound in the breast at the Boyne, and, on account of that wound, bore a savage personal hatred to William. [662]