no means have subsisted and as some Men apprehended that had the Parliament proceeded in these Steps this Confusion would have follow'd so they were afraid that if the Second Bank that was intended to be set up had been Establish'd it would have prov'd so great a diminution of the Credit of the former that it had been impossible to have supported our Army in Flanders and if that had been the Consequence we must have been contented with what Terms of Peace our Enemys would have been pleas'd to give us Whether these Resolutions would have produc'd these Effects which many apprehended is not certain they being never put into Execution but this is certain that if these Measures were wrong the Parliament soon after recover'd themselves to their great Honour for even then when they found themselves perplex'd and almost opprest with their hard Affairs yet such was their Zeal for the Service of their Country such their Courage and Resolution that they broke thro' all their amazing Difficultys and made the way to a prosp'rous Conclusion Besides at this time tho' 't is plain by the Event that the Nation had Treasure enough to support the War yet the ways of coming at it were grown very difficult The former Parliaments chose rather to Establish Funds for Publick Supplys than to use any Methods of raising them within the year divers Branches of the King's Revenue were by His Majestys own consent subjected to great Anticipations and the most easy and obvious Funds were already setled and sufficiently loaded so that by the continuance of the War it became much harder for this than for the preceding Parliaments to find out ways to defray the Charge of it This was the posture of Affairs when this memorable Parliament first sate down These were the complicated Diseases under which the Nation labour'd when these Physitians of State met together to Consult about proper Remedys Now to judge right in such nice and perplex'd Cases and to extricate a Kingdom from such various and pressing Difficultys is a Task worthy of Wise and Great Men and when 't is duly consider'd what Condition this Parliament found the Nation in what hard work lay before them and how they surmounted the frightful difficultys they had to contend with whereby they defeated the hopes and expectations of their Enemys and setled the Nation in Peace and Tranquility it can't but raise in us a mighty esteem of their Love to their Country as well as their Courage and great Capacity His Majesty having finish'd the Campaign in Flanders Ninety Five no less to his own Honour than the general Satisfaction of his People arriv'd in England the Fourteenth of November where he was receiv'd with as loud Applauses and as great demonstration of publick Joy and Affection as have been express'd on any occasion He met the Parliament on the two and twentieth day of November following and at the opening of the Sessions both Houses with great Zeal and Unanimity in a very Loyal Address to His Majesty Congratulated the Success of his Arms in Flanders and his safe Return to his People in which they likewise assur'd him of their stedfast Resolution to support His Majesty and his Government against all his Enemys at home and abroad and effectually to Assist Him in the Prosecution of the present War The great Thing this Parliament had to do and which they undertook with great Alacrity was to find out Ways to discharge the Expence of the War and to carry it on with Vigour till they could bring it to a safe and honourable Conclusion this they were resolv'd to do with the utmost Care and Application But at the same time to shew their Zeal for the Ease of the People who chose them and the Security of their Lives and Estates before they so much as enter'd upon any Publick Business a Bill was brought into the House and read the first time for regulating Trials in Cases of Treason and Misprision of Treason where many Things which the People complain'd of as grievous were remov'd or mitigated This Bill in a short time past both Houses and was one of the first that receiv'd the Royal Assent this Session By which gracious Condescension His Majesty was pleas'd to let his People see that he was as ready to contribute every thing in his Power for the Ease and Safety of his Subjects as they were every thing in theirs for the Support of His Majesty and his Government About the Second of December the House of Commons Voted a Supply for carrying on the War and proceeded to proportion it according to the Estimates relating to the Navy Army and our Allies They endeavour'd all that was possible to raise the Supplys they had Voted by such Ways and Means as might keep the People from being querulous and uneasie And notwithstanding the Lands of England had all along born so great a share of the Publick Charge and that now there might be a greater Pretence than in former Parliaments to ease the Landlord yet the House resolv'd not to spare Themselves but Tax'd Land Four Shillings in the Pound They were contented to share the Expence of the War and chose rather to burden themselves than their Tenants acting in this like Wise Generals who to encourage their Troops and engage their Affection put them upon no other Hardships than what themselves are most forward to undergo About this time the Parliament enter'd upon the great Affair of the Coin and whether it was necessary or expedient to recoin the Silver Mony was the first Question The Arguments were indeed weighty on either side The Reasons against calling in and recoining our Mony were That this was no fit Conjuncture for it That the Nation was engag'd in a burdensome and doubtful War by which the Kingdom had already greatly suffer'd and of which it grew every day more sensible That therefore the People on whose good Affection the Government so much depended should not be provok'd by fresh superadded Grievances greater than any they had yet felt as those would certainly be that must arise from calling in our Coin That if this was done however things might be manag'd and accommodated at home it was impossible to maintain either our Foreign Commerce or our Foreign War for neither the Merchant could be paid his Bills of Exchange nor the Soldier receive his Subsistence That this therefore was to lay the Axe to the Root and to dig up the Foundations of the Government That if this design was prosecuted Trade must stand still for want of mutual Payments whence such great Disorders and Confusion would certainly follow as would discourage and dishearten the People in the highest measure if not drive them to a perfect Despair That therefore the recoining our Mony at this time was by no means to be attempted without hazarding all 'T was alledg'd by those of the contrary Opinion that the Mischief would be fatal if a present Remedy was not found out
A Short HISTORY OF THE Last Parliament THE Honourable Conclusion of the late War with France to the great Mortification of his Majesty's Enemys the Satisfaction of his Friends and the Admiration of all Men must thankfully be acknowled'd as chiefly owing to His Majesty's great Wisdom invincible Courage and inflexible Resolution By his Courage he rekindled the decaying Fire of this Warlike People taught them by his Conduct and provok'd them by his Example to equal the Atchievements of their Valiant Forefathers and thereby restor'd to England the ancient Reputation of her Arms. But by his Wisdom he procur'd us an Honour we never could before pretend to he made England a Match for France as well in the Cabinet as in the Camp and gain'd by a Wise Treaty more than by Arms had been won in the Field For any Potentate to unite many States and Princes disagreeing in Interests Inclinations or Religion in a strict Confederacy against a Common Enemy and to preserve that Alliance unbroken for many years together notwithstanding the great Losses those Allies sustain'd and in despight of all the Attempts of Foreign and Domestic Enemys to dissolve their Union must be acknowledg'd by all the World as the effect of a refin'd and masterly Judgment Yet this Honour which perhaps has no Example is by the Confession of all due to His Majesty who was the only Center in which so many various Lines could meet the only Head which such differing Interests could confide in as capable to direct them in a Juncture of Time when the Libertys of all Europe lay at Stake We are likewise greatly indebted to the Bravery and Fidelity of His Majesty's Fleet and Army for our present Peace and the Blessings that attend it It must be own'd to their great Honour that our Officers and Common Men as well by Land as by Sea notwithstanding any Disappointments they at any time met with did on all occasions show a Courage and Resolution equal to that of their Warlike Ancestors a Courage that became the Subjects of such a Prince and such a General a Courage worthy of the Noble Cause in which they were engag'd the Preservation of their Religion Laws and Libertys And therefore no Praises can be too high nor can any Rewards consistent with the Publick Good for which they fought be look'd on as too great for Men who have merited so much of their Country And yet it must be confess'd that so great a Prince and so great a General at the Head of such Brave and Loyal Men could never have been able to have brought a War with such a Potent Adversary to a happy Issue had not the Parliament of England concurr'd with him and stood by him with so much Constancy and unanimous Affection 'T is therefore to these worthy Patriots that we owe in a great measure our present Security and the Establishment of our Laws and Religion The People of England ought to have a due Reverence and Affection for their Representatives in Parliament and to maintain their Honour even when in distemper'd Times it might happen they should act some things against the Publick Good not only because they are a Part of our Constitution but likewise that particular Part which the People have entrusted to look after and manage their Interests for should the People desert their Representatives they would be Felo de se and one day run a hazard of losing that part of their Constitution And if it be the Duty and Interest of the People not to despise or run down indifferent or bad Parliaments for the reasons mention'd what Applauses what Expressions of Affection and Gratitude are due to Good Ones And indeed if any of our Parliaments ever rightly understood and zealously pursu'd the true Interest of their Country those that have been Call'd and Sate since the happy Revolution must be allow'd with the greatest Justice to have merited that Character If to have stedfastly adher'd to the Interest of Europe against a Common Enemy If to have chearfully supply'd His Majesty with the Sinews of War to enable him to carry it on with Vigour and by such Ways and Means as were least Burdensom and uneasy to the People If to have discern'd and prevented the greatest Dangers that could threaten a Nation To have conquer'd Difficulties of State of the highest Nature and to have persever'd so many years thro' an obstinate Zeal for the good of their Country to Support His Majesty till his Arms had procur'd an Honourable Peace and thereby Establish'd our Government our Religion and our Property If This be to have deserv'd well of the English Nation the Parliaments have been speaking of have at least equal'd the Glory of their greatest Ancestors Their Love to their Country and Capacity for Publick Business have appear'd in a very eminent manner 'T is easy and pleasant to Sail in good Weather before the Wind But to Steer true and steddy in a Storm to beat it against the Wind ' midst Rocks and Shelves on either hand and to make the Port at last in Safety this must be allow'd to be a Master's work These Parliaments therefore and particularly those among them who had the chief Direction of Affairs having like Wise and Careful Patriots done so much in their hard Station toward bringing Matters to this successful Issue must deserve all the grateful Returns that can be from their Country Their Honour is the more particular inasmuch as Men of great Capacity for Business of State are so very rare For it may be truly said that a Thousand Men are Born in this Kingdom fit for Arms to one that has solidity of Judgment quickness of Apprehension compass of Thought and clearness of Sight proper for the management of Publick Affairs What has been said of the several Parliaments assembled since his Majesty's Accession to the Throne is more eminently true of the last which pursu'd the Designs of the former with the greatest Skill as well as the warmest Zeal This August Assembly had the hardest Tasks imaginable upon their hands and to give an impartial and succinct Relation of their principal Proceedings of the Wise Measures they took to remove the Evils we felt and to prevent greater which we fear'd and to find sufficient Supplys for the carrying on the War till at last they had the satisfaction to see it issue in an Honourable Peace is the design of the following Papers WHen this Parliament first came together they found themselves engag'd in variety of Business of great Nicety and most important Consequence To maintain our new Settlement after the late happy Revolution we had a War upon our hands with a mighty Prince who by his Naval Strength as well as by the Number and Discipline of his Land Forces by the Wisdom of his Counsels and his constant Successes was grown the Terror of all Europe This Potent Monarch protected the Person and espous'd the Quarrel of the late Abdicated King and looking on
his Honour and Interest alike concern'd us'd his utmost Efforts by Arms to re-enthrone him And notwithstanding England had hitherto with great Resolution and Alacrity born the weight of this heavy War to preserve all those Advantages that is whatever is dear to an English Freeman and a Protestant which were procur'd by their late Deliverance yet some of the wisest and clearest-sighted among those who were hearty Friends of the Government grew diffident of the Event They question'd our Ability to support our selves under so Burdensom and Expensive a War while the Enemys of our Settlement were insolently sure of over-turning it 'T is true indeed we had at the head of the Government One from whom we might expect all Things that with Reason could be hoped for from the Courage and Conduct of a Wise Prince and an Accomplish'd General One who to Protect a Nation which with so much Glory he had before delivered freely and frequently expos'd his Life as if it had been the Life of a Common Man to all the Dangers of the Sea and all the Hazards of Battle by Land and who the year before by his Reduction of the important Fortress of Namur in the sight of almost all the Power of France had struck a Damp upon our Enemys abroad and rebuk'd the Confidence of the Malecontents at home But notwithstanding the Nation might with the fullest Assurance rely upon His Majesty for every Thing that could be ask'd or expected from the greatest Prince and most watchful Father of his Country yet the People could not be without their Fears lest he should one day Fall by the hands of Saul and the Kingdom be crush'd by the disproportion'd Power of our Enemys They doubted whether the Nation tho' ever so willing would be able to grant to His Majesty the necessary Supplys for carrying on so necessary a War But besides what we had to apprehend from so formidable a Foe abroad we had a great deal to fear from our treacherous Enemys at home For tho' the Body of the Nation was infinitely pleas'd with the late Revolution and thankfully acknowledg'd the unvaluable Benefits that attended it yet a considerable number were impatient of their Deliverance and rav'd at the restitution of our Libertys and Religion Our Warlike David found his most dangerous Enemys were at home if not of his own Houshold The whole Body of the Papists were his Enemys and the Reasons of their Enmity are too obvious to mention Besides these a great number of moderate Protestants and such as were the Creatures and Dependants of the late Government and had embark'd in or wish'd well to the glorious design of enslaving and ruining their Native Country Men of Arbitrary and Tyrannical Principles fixt and setled in their hatred to the Constitution of our Government and the Libertys of the English Nation these and many others that did not find their Account and particular Interest in the present Settlement became its Enemys and by open or clandestine ways endeavour'd to streighten or subvert it These Men were very Zealous to deliver us from our Laws and Libertys and to restore us to the Privileges of our Egyptian Burdens The ungrateful Murmurers spoke of Stoning the Moses that rescu'd them and unable to bear their happy Deliverance with Threats and Violence demanded their heavy Tasks and their old Oppressors These Men according to their different Posts and Tempers in different ways assisted the Foreign Enemy All Arts and Methods tho' ever so base and unworthy which Wit quicken'd with malice could invent were employ'd to weaken the Reputation of the Government Sometimes they flew openly upon it with bitter Invectives sometimes they secretly stab'd it with malicious Suggestions and sly Insinuations They traduc'd all that were in Publick Employ and expos'd them to Contempt they worried their Names with base and groundless Calumnys attributing many of our Misfortunes not to be foreseen and therefore not to be prevented to the Treachery or Negligence of our most faithful and vigilant Ministers And 't is no wonder these fierce Creatures fasten'd so greedily on the Characters of our greatest Ministers when His Majesty himself who had merited as much as any Prince ever did of his People could not escape their disloyal Reflections They were very fond of propagating any ill Tydings or false Reports that might any way lessen the Credit of our Administration increase the Fears of the People and cool their Affection to the Government what unnatural and salvage Joy did they express when they heard of any Losses that befell the Nation which they cruelly aggravated and with no less Zeal they diminished and slighted the Advantages we at any time obtain'd They could by no means dissemble the secret Pleasures they felt when they had any fresh hopes of seeing their Country speedily undone England as before mention'd being engag'd in a War with France for the Preservation of the late happy Settlement great Supplys were absolutely necessary to enable His Majesty to sustain the Force of a Kingdom which by their own Wise Administration and the Supineness of England in the late inglorious Reigns was grown so Potent that now it requir'd a longer Sword to Resist than heretofore to Conquer it And for this reason without the least Flattery His Majesty has acquir'd more Honour by Controuling the Power of France than any of his great Predecessors did by subduing it The Parliaments therefore resolving to carry on the War with Vigour were oblig'd to lay great Taxes on the People tho' not greater than the necessity of Affairs requir'd and the War continuing so long they could not be insensible of the Burden Of this the Malecontents took the Advantage and represented in all Companys that the Government must of necessity sink under its own Weight and that our heavy Taxes by reducing us to extream Poverty would inevitably prove our Destruction They never ceas'd declaiming on this popular Subject and galling the People in this tender Part hoping to make them weary of a Government which was represented so Burdensome and at last perswade them rather to let in the Deluge than to be at the Expence of maintaining their Banks Besides these Adherents to the late King's Interest there were others who tho' great Asserters of the late Revolution and averse enough to a second yet from I know not what private disgusts personal Quarrels and Disappointments grew sowr and uneasy and to express their Resentments in all Conversation endeavour'd to bring our Administration into Contempt they were for breaking the Confederacy and against raising such large Sums of Mony for carrying on the War they were for distressing and streight'ning the Government but not for overturning it They were willing it should continue but they were for Clogging its Wheels that it might move heavily in short they were against all things that the known Enemys of the Government were against and for all things which they were for unless the overthrowing of the present Settlement
and the Restoration of the late King That is they were for all the means that would certainly bring about the End but not for the End it self However under this plausible pretence of declaring against great Taxes and by other popular Oppositions they thought to recommend themselves to their Country as great Patriots tho' at the same time the greatest Enemys of the Government had in this respect as good a Title to the favour of the People whom they would gladly have deliver'd from their Taxes and thereby have eas'd them of the means of their Preservation The Proceedings of these Men were of all others the most absurd and unaccountable and the opposition they made seem'd to be the effect of some strange Infatuation The best Apology that can be made for 'em is that they were guided by a false Notion of Popularity and suppos'd that the Character of a Patriot was without distinction of Times or Persons to be ever against the Court and in all Cases whatsoever Notwithstanding these Men could not but be sensible that the Preservation of their Religion Laws and Libertys was inseparably interwoven with that of the Government that the Face of Affairs was so far alter'd by the late happy Revolution that the Interest of their Country was plainly the same with that of the Court which appear'd as well by the opposition that was made to it by all those whom these Men themselves ever look'd upon as the greatest Promoters of Popery and Arbitrary Power as by the Principles of Liberty by which the Government was brought about and on which it must always stand and notwithstanding this was a Government of their own seeking and than which they could never expect any other more favourable to them either in their Civil or Religious Interests notwithstanding all this such a satisfaction it was to thwart a Court such a pleasure to express a private Resentment and by the same act to be thought Popular that these Men to the admiration of all and with the secret Derision of their new Friends endeavour'd what they could to make the Government uneasy Moreover at this time another Difficulty lay heavy upon the Nation Our Current Coin had many years before began to be Clip'd a mischief which of late had been secretly carry'd on and promoted by the Enemys of the Government and the dangerous Consequences of it not being heeded or wilfully neglected and therefore no remedy being apply'd our Mony wgs now become so far diminish'd and debas'd that the Nation suffer'd unspeakably by it both in carrying on the War as well as our Commerce The cure of this Evil could no longer be delay'd without apparent and inevitable Ruin The Adherents to the late King and the disaffected to This observ'd it with unconceivable Joy They were very confident the Government must unavoidably split on this Rock and that this single mischief was enough to sink it And tho the Friends of the Government and their Country I call them so because the Interest of both are now so inseparably united that 't is impossible to be one without being the other were fully convinc'd that this Grievance ought to be redress'd yet how to effect it in such a Conjuncture without bringing the Nation into the utmost Confusion was enough to puzzle Men of the deepest Reach and greatest Capacity Our Enemys abroad after the glorious Success of His Majesty's Arms the last Campaign in Flanders grew very diffidenr of the Issue of the War After this Blow which wounded them in so sensible and tender a part they express'd by their Behaviour and Language how much their hopes of subduing us by Force were abated they could not but foresee that if His Majesty could appear in the Field the next Summer in the same Circumstances as he did the last it would be very hard if not impossible for them to oppose his Arms. To prevent this they had two things to wish and promote one was to Embroil our Affairs by creating Mutinys at home the other to ruin our Credit and thereby disable us from carrying on the War abroad The first they hoped would be effected by the ill State of our Coin for to neglect that Disease or to attempt its Cure they judg'd would alike produce such intestine Disorders as would prove our Destruction And as to our Credit they judg'd that if by any means That of the Bank of England could be destroy'd which was then the great Support of the Nation and was by Experience found to be so the following Summer when it contributed so much to the Support of our Army at a time when the Bank it self labour'd under the greatest Streights it would be impossible for us to maintain our Army abroad and for this reason they engag'd their Friends in England to employ themselves with the utmost Diligence to aggravate the Inconveniencys of not recoining our Mony if that should be neglected or to Embarrass and Entangle as much as they were able the methods of recoining it in case that should be agreed on and thereby make it grievous and insupportable and in case any Miracle should happen that this great Business should be accomplish'd without the Confusion that was expected to follow they were instructed to leave no Stone unturn'd whereby they might hope to destroy the Publick Credit and particularly that Branch of it that remain'd most entire the Bank of England If either of these Designs and much more if both succeeded they were well satisfy'd it would be impossible for the King to appear in Flanders the next Spring in that Formidable manner he did the year before In this posture our Affairs stood and indeed this Business of the Coin was such a complicated and almost inextricable a mischief that notwithstanding this Parliament as will appear in the sequel of this History appear'd a most Wise Assembly and did Wonders for the Preservation of the Government and their Country yet it may be perhaps allow'd that some unfitting and unwary Steps were made when they first enter'd upon so delicate and intricate an Affair and indeed the Novelty as well as the Nicety of it was such that it was their Honour they made no more if indeed they made any It is not certain that if according to some Resolutions the Silver Mony had been all call'd in at once and then paid out as fast as recoin'd according to the respective Appropriation we should not have run into the greatest Confusions for 't is not easy to tell how the smaller Necessities of Life and Commerce among the People could have been maintain'd had the Mony been call'd in all at once or how the New Mony should have freely Circulated had it been all paid out as appropriated for it seems that the monied Usurers and the Goldsmiths must of necessity have receiv'd the far greatest part who were not likely to part with it without great Advantage And if these had been the Consequences 't is plain the Nation could by
and apply'd That by reason of the ill State of our Coin the Change abroad was infinitely to our prejudice That the Supplys that were rais'd to maintain our Army would never attain their End being so much diminish'd and devour'd by the unequal Change and exorbitant Premiums before they reach'd the Camp That this was the unhappy Cause that our Guineas were mounted to Thirty Shillings that therefore to our great loss all Europe sent that Commodity to this profitable Market and would continue to do so till we should be impoverish'd and undone by our Plenty of Gold That we must Exchange for their Gold our Goods or our Silver till at last we should have only Guineas to Trade withall which no Body could think our Neighbours would be so kind to receive back at the Value they were at here That therefore this Disease would every day take deeper Root infect the very Vitals of the Nation and if not remedy'd would soon become deplorable That our Enemys would sooner be induc'd to agree to honorable Terms of Peace in case they saw us able to surmount this difficulty by the retrieving the ill State of our Coin on which their hopes of our speedy Ruin so much depended That it would justly create a mighty Esteem abroad of the Greatness and Wisdom of the Parliament of England which was able to Conquer such an obstinate and almost insuperable Evil in such a Juncture of Affairs That our Enemys must be mightily intimidated by so great an Action and that it would be Natural for them to conclude that nothing would be impossible for a People who were able to disengage themselves from such an intricate Mischief and get above Difficultys that were look'd on as invincible This Matter being fully debated after all their Deliberations the Parliament resolv'd to call in and recoin our Mony looking on it as an Essential and Capital Point that requir'd as certainly it did their immediate Application and utmost Care They resolv'd to do it at any Rate and to use all imaginable Endeavours to make it as easy to the People as it was possible for such a Remedy to be They chose rather to run the hazard of some great Inconveniencys by attempting the Cure than by their longer neglect of it to expose the Kingdom to apparent Ruin This Step being made the next was to consider whether the several Denominations of our New Mony should have the same Weight and Fineness as the Old or whether the Establish'd Standard should be rais'd and this Question produc'd many Debates Those who were for raising the Standard argu'd thus That the Standard of our Coin'd Silver ought to bear Proportion to Silver in Bullion That the Price of an Ounce of Silver Bullion was advanc'd to Six Shillings and Three Pence and therefore the Standard ought to be rais'd to an Equality That the raising our Standard would prevent the Exportation of our Coin which had been much practis'd to the great Prejudice of this Kingdom that it would prevent its being melted down and Men would be much encourag'd to bring in their Plate and Bullion to the Mint Those who were for preserving the Old Standard in our Coin urg'd that the Worth of Mony was Relative and to be rated by the measure of such Goods Labour and Advice Skill or other Assistances as could be purchas'd from another by our parting with it That the Value of Mony among People that liv'd under different Municipal Laws was intrinsick and consisted in its Weight and Fineness That common Consent had given it this Value for the common Conveniency of supplying one anothers Wants That the Weight and Fineness was the only Worth that other Nations regarded in our Coin or we in theirs All Mony being between Subjects of different Governments of no greater Value excepting the Workmanship than so many pieces of uncoin'd Bullion That therefore should our Standard be alter'd we should still be upon the same Foot with our Neighbours for if we were to pay them for their Goods or exchange our Mony with theirs whatever Denomination we gave our Mony they would in their Change ever reduce it to an Equality with theirs and proportion the Quantity and Goodness of their Commoditys to the Weight and Fineness of the Mony they were to receive for them That therefore in respect of our Foreign Commerce there was no reason to alter our Standard And at home they said that if the Standard was rais'd great Confusions would attend it the Landlord would be defrauded of a great part of his Rents and the Creditor of his Debts That the Seaman and the Soldier would be wrong'd in their Pay c. and many the like Injurys and Inconveniencys would happen That it was no Answer to say they might buy as much Goods and Conveniencys of Life with this Coin rais'd above its Standard as they could before because by degrees the Seller would infallibly raise the Price of his Goods in proportion to the new rais'd Standard and that of this there was an instance before them all Commoditys being greatly rais'd in their Price while Guineas were paid for Thirty Shillings That whereas it was alledg'd that the Price of Bullion was risen to Six Shillings and Three Pence and therefore the Standard of our Silver Coin ought to be rais'd likewise It was reply'd that it was a thing impossible that the Price of Silver could ever rise and fall in respect of it self That it was an unchangeable Truth than which no Mathematical Demonstration could be clearer that one Ounce of Silver would be ever worth another Ounce of the same Fineness and no more allowing some inconsiderable disparity upon the account of the Coin if one Ounce be in Mony and the other Ounce in Bullion That 't was true indeed that the People commonly gave Six Shillings and Three Pence for an Ounce of Bullion but they gave only Clipt Pieces that had no more than the Name or Sound of Shillings and Pence but were by no means the Things themselves That is they were not the Standard Shillings of due Weight and Fineness and so were no more Shillings in the just sense of the word than an Ell is an Ell when the third part of it is cut off or two halfs of a broken Yard are each of them a whole one That the Case was so plain that when they demanded of those that affirm'd an Ounce of Bullion was worth six shillings and three pence whether they meant six Mill'd Shillings and three pence they knew not what to reply for this alteration of the Value of Bullion was merely in relation to the diminish'd Mony And to make it yet more evident they urg'd that it was then matter of Fact that with Five Shillings and two pence of new Mill'd Mony they could buy as much Bullion as they pleas'd while those who bought it with Clipt Pieces paid six shillings and three pence That whereas it was urg'd that the raising the Standard would
which indeed was very great The principal Evil which this Parliament had to remove was the loss of Publick Credit For the Tallys struck on Funds setled by Parliament especially such as were remote were Exchang'd for ready Mony at a mighty loss and the Government was oblig'd to make excessive Discounts and Allowances to bring Treasure into the Exchequer This great and almost fatal loss of Credit arose chiefly from two Springs the Deficiencvs of Parliamentary Funds and the Recoining our Silver The First made Trust and Confidence as the Last made Mony to be very scarce This loss of Credit was so great that unless it were restor'd it was not possible for the Government to continue much longer The Notes of the Bank of England which had been a mighty help to the Publick were discounted at Twenty Tallys at Forty Fifty or Sixty per Cent. The Government had contracted a mighty Debt and some Funds were wholly taken away and the rest prov'd Deficient great Numbers of Tallys had no Fund at all and the rest were on Funds very remote Hereby the Trust and good Opinion of the People was so far lost that those few who had any Mony to Lend shew'd the greatest backwardness imaginable to advance it for the Publick Service and therefore all Loans to the Government as was said before were procur'd on most immoderate Premiums and exorbitant Discounts This decay of Publick Credit created the greatest Confusion and Disorder in the World our Affairs seem'd reduc'd to Extremity and the Government was look'd on to be at a stand All Men were at a Gaze and stood wondering what the Parliament would do what Measures they would take in such perplexing Difficultys scarce believing that the Wit of Man was able to find out any Remedy or propose any Expedient that could be effectual in removing so great a Mischief Those who were for galling and streightning the Government had now the Wicked Satisfaction of seeing it sufficiently distress'd it not being possible that our Affairs could be more embarass'd than they were in this Conjuncture To revive Publick Credit was therefore a thing of the last necessity for the Preservation of the Government but as the Wisest Men without Door were at their Wits end how to accomplish it so the Malecontents were certain that this Evil was never to be cur'd and therefore look'd upon the Government as near its End gave it up as desperate and triumph'd in the Expectation of a suddain Revolution But this great Parliament being fully sensible that the Restoration of our Credit was a point of Capital Importance instead of being discourag'd by the Difficulty of effecting it they were rather animated to undertake the Work with greater Zeal and Application as if they look'd on nothing which was necessary to be impossible and resolv'd at any Rate to find out Means to preserve their Country and to break thro' all Opposition how great soever it should appear to confirm and secure our Happy Establishment The Parliament was very sensible that one great Spring of this Mischief was that mentioned before the Deficiencys of several Aids and Dutys which neither had been nor ever would be sufficient to answer the Principal and Interest charg'd upon ' em That these Deficiencys and the remoteness of the course of Payment of the Tallys were the true Reasons why the Owners of such Tallys were frequently necessitated for the procuring of ready Mony to dispose of and exchange them at a great Loss By which means the Publick Credit was extreamly weaken'd our Commerce interrupted and other Publick and Private Affairs exceedingly perplex'd The Parliament therefore took this great Affair into their serious Consideration and in order to the Cure of this grievous Wound which began to Ulcerate and Eat into the very Heart of the Government they resolv'd to search it and lay it open to the Bottom This they did by ordering an Estimate or Computation to be laid before them of what Summs were or would be wanting to satisfy and discharge all Principal and Interest due or to become due on the several Aids Dutys or Funds over and above all Arrears standing out upon them which were determin'd and over and above all Monys to be rais'd by such as were then unexpir'd and the Computation of all the particular Summs that were wanting to make good all the deficient Funds being made the whole amounted to five Millions one Hundred and sixty Thousand four Hundred Pounds c. The Parliament now having got to the bottom of the Disease resolv'd on a through Cure by making Provision for the Payment of the whole Debt They were perfectly convinc'd that to cure a part was no way to cure the Disease and restore Strength to the Whole Had some Deficiencys been taken Care of and others neglected Publick Credit must have continued Lame and the Government must still have Halted if it had not fall'n to the Ground That therefore the Remedy might be Adequate and Commensurate to the Evil the Parliament found out a general Fund which might secure the Payment of the whole five Millions c. That so there should remain no Tally without a Fund nor any Tally on a deficient Fund but what in its course of Payment should be satisfy'd and discharg'd For this End they continued divers Taxes and Dutys after the Day on which they would otherwise have Expir'd to the first Day of August seventeen Hundred and six and appointed all the Monys which should arise and be brought into his Majesty's Exchequer from any of these Taxes or Dutys from the Day on which they were otherwise to Expire to the said first Day of August one Thousand seven Hundred and six to be the general Fund for making good all the deficient ones by the Satisfaction and Payment of the Principal and Interest due or to become due thereupon And that all occasion of Complaint might be remov'd and equal Provision might be made for all the Parliament directed that all Monys arising from the Dutys so as before continued and appropriated for a general Fund should be distributed and apply'd to pay Principal and Interests upon every one of the deficient Funds in just Proportion to the Summ of which they were deficient And that all the Mony which should be in such a due proportion distributed or plac'd to the Account of each deficient Tax and Fund for the discharge of Principal and Interest should be Issu'd or Paid out to all who were entitled to receive the same in such Course and Order as if the same were Monys really arising by the respective and deficient Funds and that without being diverted misapply'd or postpon'd and the Officers of his Majesty's Treasury were to incur great Penaltys in case this Method or Order were not observ'd And to remove all Doubts about the Security intended to be given in case on the first of August seventeen Hundred and six or within three Months then next ensuing the whole Produce of the several
for the King's Dutys they were very well satisfy'd 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 ten Pounds which answer'd the necessitys of Commerce among the meaner People for the common Conveniencys of Life And that those who had advanc'd Mony in Loans on any Part of his Majesty's Revenue might not be oblig'd to receive it back in Notes that were under the Value of Mony to strengthen the Reputation of these Bills the Parliament authoriz'd the Lords of the Treasury to Contract with any Corporations or Numbers of Private Men and to allow them a competent Premium provided they oblig'd themselves to exchange these Notes for ready Mony when tender'd to them for that purpose which the Lords of the Treasury did accordingly By this means the Credit of the aforesaid Notes was mightily secur'd and dayly arose nearer to Par till as at this time they exceeded the Value of Mony and whereas the Trustees contracted with to exchange them for Mony were before as a Premium allow'd Ten per Cent. they have been since contented to do it for Four By this means Trade and Commerce were maintain'd and without Silver we had an Artificial Treasure Circulating thro' the Kingdom which so well answer'd the design of the Wise Projectors that by the Confession of those very Men who at first inveigh'd sharply against it it prov'd an effectual tho' a Paper Prop to support the State when its Silver Pillars were for a time remov'd We were Sailing in bad Weather and our main Mast was brought by the Board and 't is very plain that unless this Jury-Masts of Exchequer Notes had been presently made and set up in this stress of Affairs we must unavoidably have sunk and perish'd These Bills past in Payments as so many Counters which the People were satisfy'd to receive because they knew the Exchequer would receive them again as so much ready Mony These State-Counters so well supply'd the place of Mony till new Coin was issued from the Mint that Trade was preserv'd and mutual Payments well enough made to answer the Necessitys of the Goverment and the People and by this means the Parliament had the Honour to Accomplish another Work that was judg'd impossible The Parliament likewise this Session to the great satisfaction of the People took care to Remedy a Publick Grievance of long standing Several Places in and about the City of London which in Times of the Romish Superstition were allow'd as Sanctuarys to Criminals and Debtors had ever since the Reformation pretended a Privilege to protect the last and one of these was a notorious Nest of broken and desperate Men in the very heart of his Majesty's Capitol City whither they resorted in great Numbers and to the dishonour of the Government and grievance of the People defended themselves with Force and Violence against the Law and Publick Authority The Parliament took care to redress this inveterate Mischief and what was long expected from others was effected by this in an Act intituled 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 these Garisons of Out-Laws that immediately after the Act was publish'd they abandon'd their Posts and deserted in such Numbers that their old Haunts became a Desolation and lay open to receive better Inhabitants The Summer after this Session of Parliament His Majesty being at the Head of his Army in Flanders his Enemys even after they had open'd the Campaign with the taking of Aeth thought fit to enter upon a Negotiation of Peace which was begun and carry'd on at Ryswick by the Plenipotentiarys of all the Princes and States concern'd and thro' the good Disposition of the principal Partys to so great a Work the Treaty was concluded and a Peace ratify'd the Autumn following to the accomplishing of which his Majesty's Presence in Flanders mightily contributed The management of this famous Negotiation and the favourable Terms on which it were concluded were no less to the Peoples Satisfaction than to His Majesty's Glory For the Malecontents never believ'd that it was possible for the King to make Peace upon any much less upon Terms so very Honourable and therefore they look'd on this Transaction at Ryswick as a pure Amusement either to break the Confederacy or to cover some notable Design which was not yet ripe for Execution And when at last they saw the Treaty far advanc'd they began indeed to believe that a Peace might be concluded with the rest of the Allys but they were certain England would never be included For they judg'd this so incredible a Story that they scarcely believ'd it when the Peace was publickly and solemnly Proclaim'd This important Work being thus happily effected His Majesty return'd to England where the People every where receiv'd him as they had the greatest Reason in the World to do with all the Applause and Demonstration of Joy that can be imagin'd He met his Parliament the third day of December The War being ended the House of Commons for the Ease of the People Voted the Army to be Disbanded and resolv'd to raise a Supply sufficient to pay off the Troops But at the same time when they took off so great a part of the Burden from the Country out of a due regard to our future Safety they pass'd a Vote to enable His Majesty to keep such a number of Troops on Foot and to maintain such Naval Force as in their Opinion the Security of the Government and the publick Tranquility requir'd When the House had Voted a Supply for the Disbanding the greatest part of the Army they took into Consideration the Services of the Officers and Common Men who had amidst so many Hardships Dangers and Disappointments in Nine successive Campaigns shewn so much Bravery and Fidelity in the Defence of their Country as recover'd the declining Reputation of the English Valour and preserv'd the Kingdom from the terrible Assaults of the most Potent Empire that perhaps was ever Erected in the World It was thought hard that such gallant Men to whom the Kingdom ow'd so much should be discharg'd without any Provision made for them the House of Commons therefore pass'd a Vote in their Favour That the Officers should be continued in half Pay till they should otherwise be provided for and that the Common Centinels should have a Donative at their Disbanding and for their further encouragement should be free to set up and exercise their Trades in any Town or Corporation throughout the Country This being done the Parliament took into Consideration two great Branches of our Foreign Trade which had long wanted a due Regulation and they enter'd first upon that of the Company Trading to Africa and in consideration of the necessity of keeping up Forts and Castles for the Defence of our