to be answered by the exchequer out of the first money due to them. That no other Bank be erected, permitted, or allowed by act of parliament, within this kingdom, during the continuance of the Bank of England. That on such new Settlement, the Bank of England be excmpted from all manner of parliamentary taxes. That no act of the corporation should forfeit the particular interest of any person concerned therein. That provision be made for he effectual preventing the officers of the Exchequer, and all other officers and receivers of the Revenue, from diverting, delaying, or obstructing the course of payments to the Bank. That care be taken to prevent the abetting, counterfeiting, or forging any Bank-Bills or Notes; as likewise against the defacing, raising, or altering any indorsement upon any such Bill or Note. That the estate and interest of each member in the Stock of the Corporation, be made a personal estate. And lastly, that no Contract or Agreement made for any BankStock to be bought or sold, be valid in law or equity, unless the said contract be actually registered in the books of the Bank within seven days, and actually transferred within 14 days next after the making such contract. Upon which encouragements, a Million was subscribed and paid in Tallies and Bank-Notes, as the parliament had directed. This expedient was the result of Mr. Charles Montague's skill and prudence, and though many persons who were interested in it, could not presently apprehend the reasonableness of it, yet the advantages they afterwards received, did fully convince them, that no other way could have been found to call back their sinking credit: for the value of 200,000l. in Bank-Notes being sunk by the new Subscription, the rest, as it was reasonable to believe they would, began presently to rise in worth; and so likewise did the Tallies, after so many as'amounted to 800,000l. were paid in to enlarge the Bank. Upon this the Credit of the Bank recovered apace, till in a short time their Notes, which bore no interest, were equal with money, and their Bills that bore interest better than money and by this means the face of affairs was quickly much changed for the better; credit began to revive, and money to circulate on moderate terins; foreign affairs were less to our disadvantage, and soon after came to an equality: and whatever hardships the people had undergone, by reason of a long and expensive war, and the recoining the Silver-Money, which could not but occasion many complaints, yet the greatest part attributed this to the necessity of affairs, and began to hope, both from the prospect of a peace, and the wisdom of those at the helm, that they should enjoy more favourable times. : "Another evil of no less difficulty or importance than the loss of Credit, (and which, as was hinted before, was one of the springs of the latter) remained still to be removed; and that was the great scarcity of Money. The parliament, to prevent disappointments, by settling Funds which might be deficient, came to a Re solution, Nov. 20th, That the Supplies for the service of the year 1697, should be raised within the year. But how could above five millions be raised within the year, while the Silver-Money was called in, and recoining, and there was not current coin enough in the nation, to answer the occasions of Trade, and scarcely the conveniencies and necessities of life? This Vote of parliament seemed impracticable; the enemies of the government made themselves merry with it, and instead of raising their spleen, it was the entertainment of their pleasant humour: and many, even of the best friends of the government, imagined that the parliament by this, rather expressed their zeal and willingness, than their ability to support the state, and maintain the present Settlement. But this parliament, for whose wisdom it was reserved to surmount difficulties, that were looked on as invincible, made money without bullion, and distributed great quantities of coin without the help of the mint. This they did by authorizing the lords of the treasury, to issue out Bills from the Exchequer, to the value, first. and last, of above two millions; which bills were first appointed to be brought in, and sunk upon the Capitation-tax. But before the session ended, the parliament being convinced by the first collection of that duty, that it would prove very deficient; they appointed the Exchequer Bills to be brought in, on any other of the king's duties or revenues, excepting the Land-Tax; and allowed an interest of 7l. 12s. per annum, upon the second issuing the said Bills out of the Exchequer, whereas at first they bore no interest. By this the parliament laid a good foundation for Paper-Money to supply the place of our Silver-Coin; for so many payments were at this time to be made into the Exchequer, that when the people had assurance given them, that the Exchequer-Notes should be received back again in payment of the king's taxes, they were very well satisfied to take them, at first indeed at a small discount, but not long after at an equality. A great number of these Notes were only for five or 10 pounds, which answered the necessity of commerce among the meaner people, for the common conveniencies of life. And that those who had advanced money on loans on any part of the king's revenues, might not be obliged to receive it back in Notes that were under the value of money, to strengthen the reputation of these bills, the parliameut authorised the lords of the treasury, to contract with any corporation, or numbers of private men, and to allow then a competent præmium, provided they obliged themselves to exchange those Notes for ready money, when tendered to them for that purpose; which the lords of the treasury did accordingly. The credit of the Exchequer Notes being thus secured, they daily rose nearer to par, till at last they exceeded the value of money: and whereas the trustees, with whom the government had contracted to exchange them, were at first allowed 10 per cent, as a præmium, they were since contented : to do it for four. These Bills passed as so many counters, which the people were satisfied to receive, because they knew the Exchequer would receive them again as so much ready money and these state-counters so well supplied the want of money, till new coin was issued from the mint, that Trade and Commerce were maintained, and mutual payments well enough made, to answer the necessities of the government and the people. This project (which proved an effectual, though a paperprop to support the state, when its silver pillars, if I may so speak, were for a time removed) was likewise owing to the prudence and industry of Mr. Charles Montague, as well as that of re-coining the Money; which those very men who envied most his success in the house of commons, and growing power at court, were afterwards contented to call a fortunate temerity." Resolved, "That an humble Address be presented to his majesty, that he will be pleased to cause the Informations in relation to Conrade Greibe, to be laid before the house;" to which his majesty by message, the 23rd, returned the following Auswer: "W. R. His majesty having received an Address from the house, whereby it was desired that he would please to cause the Informations, in relation to Conrade Greibe, to be laid before the house, is pleased to acquaint them, that upon the discovery of the late conspiracy against his person and government, the said Greibe was taken into custody among other suspected persons, as concerned in that Plot; and about the same time, several Informations being sent and delivered to his majesty, whereby he appeared to be a very dangerous person; his majesty thought it for his safety not to suffer him, being an alien, to continue longer in this kingdom; and did order the duke of Wirtemberg, who was then going for Flanders, to transport him thither, in order to send him to the elector of Brandenburgh, his natural prince, which was done accordingly: and the said Griebe was delivered to the general of the said elector, who was by him appointed to receive him, together with the Informations." 9. Privileged Places disfranchised.] After sir J. Fenwick's business was over, the parliament, to the great satisfaction of the people, took care to remedy a Public Grievance of long standing. Several places in and about the city of London, which, in the times of the Romish superstition, were allowed as sanctuaries to criminals and debtors, had, ever since the Reformation, pretended a privilege to protect the latter; and one of these, called White Fryers, Inquiry into the Conduct of the Fleet.] Dec. was become a notorious receptacle of broken The house took into consideration the and desperate men, in the very heart of the Books and Papers laid before the house, remetropolis, whither they resorted in great num-lating to the Fleet; and entered upon Enquibers, and, to the dishonour of the government, and great prejudice of the people, defended themselves with force and violence against the law and public authority. This intolerable mischief the parliament redressed by an Act - for the more effectual relief of creditors in cases of escapes, and for preventing abuses in prisons and pretended privileged places;' wherein such effectual provision was made to reduce those outlaws, that, immediately after the act was published, they abandoned their posts to better inhabitants. ries how it came to pass, that the French Toulon squadron was not intercepted when going into Brest: upon which vice-admiral Mitchel having been examined, and several letters to and from admiral Russel having been read, a motion was made, that Candles should be brought in, which passed in the negative, yeas 128, noes 150. Upon which, the house adjourned. Dec. 20. The engrossed Bill for further regulating Elections being read a third time, an engrossed Proviso was offered and agreed to, to render any Merchant, being a natural-born subject of England, eligible, on his making oath, that he is worth 5,000/. in real and personal estate but no person to be esteemed a Merchant, for having money in the Bank, or any other Company. The question being then put, that the bill do pass, it passed in the affir Case of Conrade Greibe.] Dec. 8. The Committee appointed to examine the Petition of one Mary Greibe, made their Report; by which it appeared, That Conrade Griebe, husband of the said Mary, having undertaken to deliver two Petitions in behalf of certain Officers and Soldiers turned out of count Stanbock's regi-mative, Yeas 200, Noes 160. ment, to the king and parliament, was the day Report of the Committee upon the Abuses of before seized by one Kitson, a messenger, by Prisons.] Dec. 30. Mr. Pocklington, from warrant from Mr. Secretary Trumball, charging the Committee on the Abuses of Prisons, &c. him with treasonable practices that he was among a variety of other matter, reported to kept in the said messenger's hands ten days; the house, "That one Brunskill a solicitor, had during which time, he had been oftentimes re-informed the said Committee, that Tilly (who fused an examination: and that at last about two or three o'clock in the morning he was taken out of the custody of the said messenger by a party of the Dutch guards, who carried him on board a Dutch vessel, from whence he was conveyed to Brussels, where he was thrown into a dungeon, and is subsisted on bread and water only. Address thereon, and the King's Answer.] had lately procured an act of parliament to enable Bromshall, an infant, to sell his interest in the Fleet-prison; which he, Tilly, had purchased) as he was informed, should say, That he obtained that act by Bribery and Corrup tion. That one Mrs. Hancock applying to Tilly not to protect one Guy, being his Clerk of the Papers, because he was perjured, &c. Tilly refused her request: upon which, being asked how he would do, if the matter should be laid before parliament? he replied, he could do what he would there; that they were a company of bribed villains; that, to his knowledge, they would all take bribes; and that it cost him 3007. for his share, and 3004. for the other shop (meaning the King's-bench) for bribing a Committee last parliament.-That she then, intimating that she must then apply to the house of lords; he answered, it was only palming five or six talking lords, and they would quash all the rest. And she then said, she would try the king and council; he added, the best of the Lord-Keeper's fees were from him: That as to the Judges, they were all such a parcel of rogues, that they would swallow his gold faster than he would give it them; and that as to the members of the bouse of commons, they were many of them members of his house. That several other persons had charged him with other particulars of the like nature. And that the said Tilly, to invalidate their testimony, had insisted they were persons of bad character, and in a confederacy against him, &c." Ordered, That John Tilly, esq. be taken into the custody of the serjeant at arms. Jan. 5, 1696-7. The said Mr. Pocklington from the said committee likewise reported, That it was proved to them by two witnesses that one Francis Duncomb had likewise reported, that he had distributed money to several members. Ordered, That the said Francis Duncomb be taken into the custody of the serjeant at arms. On the 27th a motion being made for reading the Report delivered in by the Committee on the Abuses of Prisons, it passed in the affirmative, Yeas 152, Noes 107. Accordingly, the said report was read, and Mr. Tilly being brought to the bar to make his Defence, he desired further time, and the house proceeded to take further Informations; on which occasion several witnesses added yet farther parti'culars to his charge, and several endeavoured to prove that he was innocent of all: and that as it had been before urged, those who accused him were prejudiced persons, and had entered into a conspiracy against him; of which many instances were enumerated before the house. The whole affair ended in ordering the said Report to be delivered to the Attorney-General and Solicitor-General, and that they do take care to prosecute the persons concerned for the crimes therein mentioned. : Orders for dispersing a Mob.] Jan. 21. A tumultuous crowd of people filling all the passages to the house, and clamouring to have the Bill passed for restraining the Wear of East-India-Silks; orders were given to the Justices to disperse them and it was resolved, "That the inciting and encouraging any number of persons to come in a riotous manner, either to hinder or promote the passing any Bill depending before this house, being against the constitution and freedom of parliament, is a high crime and misdemeanour." "That the Trade to Newfoundland doth very much promote navigation, increase seamen, and is of great profit to this nation, and of advantage to us in the balance of trade. That the great losses sustained in the Newfoundland Trade were occasioned through want of a sufficient number of men of war, to secure its harbours, and to protect the fishery. That an humble Address be presented to his majesty, that a competent number of men of war and land forces be sent as soon as conveniently may be to regain the lost harbours in Newfoundland, to cruize on that coast, to guard the fishery, and annoy the enemy trading to those parts.' Jan. 29. The committee appointed to make Enquiry into the causes of the late Tumults, having made their Reports, a motion was made, and the question put, That Gabriel Glover, for speaking scandalous words of this house and their proceedings, be taken into the custody of the serjeant at arms; it passed in the Negative.-Ordered, That the said question be not printed. The Printer of the Flying-Post ordered into Custody; and a Bill to restrain the Press rejected.] The next business of importance was to retrieve and maintain the Public Credit; and to supply the Want of Money by the currency of Exchequer-Bills, and to support the Bank of England: the Commons were so intent upon these wise ends, that when in a Paper, entitled the Flying-Post, published on Thursday April the 1st, there was this Advertisement : We hear, that when the Exchequer-Notes are given out upon the Capitation-Fund, whosoever shall desire Specie on them, will have it at 5 per cent. of the society of gentlemen that have subscribed to advance some hun'dred thousands of pounds.' They voted this passage to be a malicious insinuation, in order to destroy the credit and currency of the Exchequer-Bills. They ordered the printer, John Salisbury, to he sent for in custody: And gave leave to bring in a Bill, to prevent the writing, printing, or publishing any news without licence. And yet when such a Bill was presented by Mr. Pulteney, it was thrown out before a second reading.* The King's Speech at the close of the Session.] April 16. His majesty came to the house of lords, when, after having given the royal assent to several Bills, he made this Speech to both houses: *About this time a small Tract was published, intitled, " A Letter to a Member of Parliament, shewing that a Restraint on the Press is inconsistent with the Protestant Religion and dangerous to the Liberties of the Nation;" for a copy of which, see Appendix No. XIII. to "My lords and gentlemen; Having given the kingdom from the continuing burthen of an my assent to the several Bills you have pre-expensive war.—I am heartily sorry, my subsented to me, I am now to return you my hearty jects will not at first find all that relief from thanks for what you have done this session; the Peace, which I could wish, and they may which has been carried on with great prudence, expect; but the Funds intended for the last temper, and affection. At the opening of the year's service, have fallen short of answering session, I told you how sensible I was of the the sums for which they are given; so that difficulties to be struggled with, which were of there remain considerable Deficiences to be such a nature, that I will freely own, the hopes provided for.-There's a Debt upon the account I had of our being able to overcome them, of the Fleet and the Army. The Revenues of were founded only upon the wisdom and zeal the Crown have been anticipated by my conof so good a parliament.-My expectation bas sent, for public uses; so that I am wholly been fully answered; you entered upon the destitute of means to support the Civil-List; business with so much chearfulness, proceeded and I can never distrust you will suffer this so unanimously, and have at last brought things turn to my disadvantage, but will proto such a conclusion, that we may hope to vide for me, during my life, in such a manner, carry on the War with success, in case our as may be for my honour, and for the honour enemies do not think it their interest to agree of the government.-Our Naval force being into an honourable peace: And so effectual a creased to near double what it was at my acprovision being made for supplying the Defi- cession to the crown, the Charge of maintainciences of former Funds, (which is the best ing it will be proportionably augmented; and foundation for re-establishing of Credit) I doubt it is certainly necessary for the interest and renot but in a short time it will have a very happy putation of England, to have always a great effect, to the universal ease and satisfaction of strength at sea.-The circumstances of affairs my people. The circumstances of affairs mak- abroad are such, that I think myself obliged to ing it necessary for me to be out of the king- tell you my opinion, that, for the present, Engdom for some time, I shall take care to leave land cannot be safe without a Land-force; and the administration of the government, during I hope we shall not give those who mean us iH, my absence, in the hands of such persons as I the opportunity of effecting that, under the nocan depend upon. - My lords and gentlemen; tion of a peace, which they could not bring to I have nothing more to ask of you, but that you pass by a war.-I doubt not but you, gentlewould carry down the same good disposition men of the house of commons, will take these into your several countries, which you have ex- particulars into your consideration, in such a pressed in all the proceedings of this session." manner as to provide the necessary Supplies, And then the parliament was prorogued to which I do very earnestly recommend to you.the 3d of December. My lords and gentlemen; That which I most delight to think of, and am best pleased to own, is, that I have all the proofs of my people's affection, that a prince can desire; and I take this occasion to give them the most solemn assurance, that as I never had, so I never will, nor can, have any interest separate from theirs. I esteem it one of the greatest advantages of the Peace that I shall now have leisure to rectify such Corruptions or Abuses as may have crept into any part of the administration during the War; and effectually to discourage Prophaneness and Immorality: and I shall employ my thoughts in promoting Trade, and advancing the happiness and flourishing estate of the kingdom. I shall conclude with telling you, that as I have, with the hazard of every thing, rescued your Religion, Laws and Liberties, when they were in the extremest danger; so I shall place the glory of my reign in preserving them entire, and leaving them so to posterity.' On the 26th, his majesty embarked for Holland; having a few days before created the new lord Chancellor Somers baron of Evesham, in the County of Worcester: and Edward Russel, eq. the admiral, baron of Shingey, viscount Barfleur, and earl of Oxford, in the county of Suffolk. During the recess, a Congresss was opened at Ryswick for a general Peace, and Preliminaries were agreed upon; but many difficulties arising, the earl of Portland demanded a private conference with marshal Boufflers, which was agreed to and held in the open field, at an equal distance from the two camps; after which they retired to the suburbs of Hull, and in one hour adjusted all which, at Ryswick, had hitherto been found insurmountable. This was done July the 26th. THIRD SESSION OF THE THIRD PARLIAMENT OF KING WILLIAM III. The King's Speech on opening the Session.] Dec. 3. The parliament met at Westminster, and the King made this Speech to the two houses: "My lords and gentlemen; The War which I entered into by the advice of my people, is by the blessing of God, and their zealous and affectionate assistance, brought to the end we all proposed, an honourable Peace; which I was willing to conclude, not so much to ease myself from the trouble or hazard, as to free ,, The Commons' Address.] Dec. 9. The commons presented this humble Address to the king: "We your majesty's most dutiful and loyal subjects, the Commons in parliament assembled, who have so frequently waited on your majesty with the tender of our assistance for carrying on the War, come now to congratulate your majesty upon the happy conclusion of it, in a Peace so honourable and advantageous to the nation, as sufficiently justifies the wisdom patriots, who had no worse view than the Rights of the Commons in advising, and your majesty's and Liberties of their country: all, upon difconduct in the prosecution of it.-The prospect ferent thoughts, agreed in the same aversion to of the benefits your people will receive from a Standing Army, and laboured to represent it this Peace, is very pleasing. The honour your as absolutely destructive to the constitution of majesty has restored to England, of holding the the English government. And it was no wonBalance of Europe, gives your subjects great der that their objections prevailed when they content. But what your Commons are most were more popular, and had this weight in affected and delighted with, is, that your ma- them, that standing forces would want a conjesty's sacred person will now be secure, from tinual tax; and disbanding would relieve the those many and great dangers, to which you people from the burthen of the war, which have so often exposed it for our sakes: nothing they would never be willing to bear in a time being so evident, as that your majesty's return of peace. The king hoped that he had prein safety, was a blessing more welcome to your vented the warmth of these Debates at his last people than Peace, and received with greater coming over, when he had caused several regidemonstrations of joy. We therefore with ments of horse, dragoons, and foot to be dishearts full of affection, duty, and gratitude, dobanded; and even others to be reduced, and assure your majesty in the name of all the sent away (most of them) either to Scotland or Commons of England, that this house will be Ireland. And therefore he resented it as the very ready to assist and support your majesty, greater hardship upon him, that he must have who, by putting a period to the War, has con- no troops remaining, but be left so naked and firmed us in the quiet possession of our Rights exposed, as if the Peace were only to encourage and Liberties, and so fully completed the glo- his enemies to surprize him with another war. rious Work of our Deliverance." The King's Answer.] The king answered thus: "Gentlemen; Nothing that relates to the Peace pleases me so much, as the satisfaction you have in it: and as you have assisted me in the War, beyond all expression, I do not doubt, but you will be as zealous in maintaining the Peace." The Commons however persisted in their Resolutions of disbanding; but to make it the more palatable, they passed a Vote, Dec. the 13th," That it be an instruction to the Committee who were to consider of the Supply, that they should likewise consider of a Gratuity, to be given to such Officers and Soldiers of the English Army who were or should be disbanded." And, at the same time, ordered Mr. Haminond and Mr. Moyle to bring in a Bill, to enable Soldiers who should be disbanded, to exercise their Trades in any town or corporation throughout this kingdom; and, to provide for the security of the kingdom, when the Army should be disbanded. On Dec. 17th, they appointed several members to prepare and bring in a Bill, to regulate the Militia, and make them more useful. And on Dec. 18th, they Resolved, "That 10,000 men are necessary for a Summer and Winter-Guard at Sea, for the year 1698." The Commons resolve to disband the Army.] Standing forces, however established and regulated by law, or however necessary to maintain the peace, were thought intolerable; and therefore upon entering into a consideration of his majesty's Speech, the first Resolution of the Commons, was on Dec. 11, “ That all the Land Forces of this kingdom, that have been raised since the 29th of Sept. 1680, shall be paid and disbanded." The friends of the king and his government had argued, that the nation was still unsettled, and not quite delivered from the fear of king James; that the The Supply taken into Consideration; aCivilAdherents to that abdicated prince, were as List of 700,000l. settled on the King for Life.] bold and numerous as ever; and he himself Dec. 20. The Commons took the Supply into still protected by the French king; who, hav-consideration, and resolved, “That in a just ing as yet dismissed none of his troops, was still as formidable as before. That if our Army was entirely disbanded, the Peace which was obtained at the expence of so much blood and treasure, would be altogether precarious: And not only England, but all Europe lie once more at the mercy of that ambitious monarch, an inveterate enemy to king William, the Protestant Religion, and the Liberties of Christendom. On the other hand, the Country Party, who valued themselves upon opposing any motions of the Court; the disaffected Party, who never heartily approved the Revolution; the Commonwealth Party, who were secretly driving at a change of government into their own scheme and interest; an even many worthy *The army then consisted of 17,656 foot, and 6,876 horse and dragoons. sense and acknowledgment of what great things his majesty has done for these kingdoms, a sum not exceeding 700,000l. be granted to his majesty during his life, for the Support of the Civil-List." Sums granted, and for what Uses.] January 14, 1697-8. The Commons agreed to the Resolutions which had been taken in a grand committee about the Supply; "1. That a Sum not exceeding $50,000l. Le granted to his majesty, for maintaining Guards and Garrisons for the year 1698. 2. That a Supply be granted to his majesty, which, together with the Funds already settled for that purpose, should be sufficient to answer and cancel all Exchequer-Bills, issued or to be issued, not exceeding 2,700,000l. 3. That a Supply be granted to his majesty, for the speedy paying and disbanding the Army." And then they ordered, That a Bill |