supposed to have signified to the king their entire BOOK II. approbation. But the measures of the court 1693. were decided; and the king had already announced in his speech to parliament, November 7, 1693, "the necessity of increasing the national forces both by sea and land, the next year, as essential to the honor and security of the kingdom informing them that the continental powers had on their part resolved upon making proportionable additions, and demanding a supply equal to the present exigency." The house of commons, highly gratified with the late changes, voted unanimously, "that they would support their majesties and the government, and grant a sufficient supply for the vigorous prosecution of the war."

sent re

Place Bill.

The bill for rendering all members of the house Royal Ar of commons incapable of places of trust and profit, fused to the which had been brought in last session under the title of a bill touching free and impartial proceedings in parliament, and rejected by the lords, now passed with an high hand through both houses-but when presented to the king, with the land-tax and other bills, the royal assent was refused, to the great astonishment and indignationof the commons, who immediately came to a vote, "that whoever advised the king not to give the royal assent to the bill in question, was an enemy to their majesties and the kingdom." And

BOOK H. an address was unanimously agreed to, represent1693. ing the grief of the commons, that a measure which tended so much to the clearing the reputation of the house should be rejected by his majesty after their great exertions for the public service. "We humbly beseech your majesty," says this high-spirited and patriotic house of commons, "to believe that none can have so great a concern and interest in the prosperity and happiness of your majesty and government as your two houses of parliament; and do therefore humbly pray, that for the future you would be graciously pleased to hearken to the advice of your parliament, and not to the secret advices of particular persons, who may have private interests of their own, separate from the true interest of your majesty and your people." The king's answer expressed his high esteem for the constitution, and the great regard he should ever pay to the advice of parliament-assuring them "that he should consider all such persons as his enemies who should advise any thing that might lessen it," This was so evasive, that a motion was made to address the king for a farther and more explicit answer; but, on a division, over-ruled by a great majority.,

In the course of a tedious enquiry into the naval miscarriages of the last year, lord Falkland, who had for some time past occupied the high

1693.

station of first lord of the admiralty, fell under BOOK II. parliamentary displeasure. The admirals were exculpated: and Russel, after a short interval, and with unusual powers, placed at the head of the board. But the earl of Nottingham silenced, though unable to disarm, the malice of his enemies, by the clearest and most satisfactory vindication of his own conduct.

The session of parliament was rendered me- Bank of England morable by the establishment of a national bank, established under the denomination of the bank of England; the original capital stock of which, amounting to 1,500,0001. was subscribed in ten days. This proved a very sensible relief to government in matters of pecuniary concern, and raised surprisingly the value of exchequer-bills, tallies, and other government securities, which had suffered under a great depreciation. The act however did not pass without animadversion. Some prophetic politicians intimated their apprehensions,

that an institution of this kind would soon become a mere creature of the government-that care would be taken to give it none but government operations-that on any sudden emergency, or even general panic, the Bank might find itself unable to answer the demands of its creditors, and that the failure of a national bank must be attended with national ruin-that such an institution, under the influence of the executive go

BOOK II. vernment, would throw more real power into its 1693. hands, and add more facility to the projects of arbitrary and despotic ministers, not to say monarchs, than the erection of a citadel :-that the shutting up the exchequer in the last reign but one, after the bankers had been induced to deposit the money there, was alone sufficient to manifest the danger of trusting any mighty mass of wealth within the reach of power :-and in fiue, that, from the time this new wheel was added to the machine of government, all its motions would be mysterious and unintelligible; and a very little cunning might serve to destroy what all the wisdom and virtue of the nation could never restore.

Ahirs of the East

As no decisive measure had been resolved on India Com- during the last session to the prejudice of the pany. East-India company, the proprietors flattered themselves that they had the best of the contest. And they had in consequence made application to government for a new charter, to enable thein to take in additional subscriptions to the amount of 756,000l. which was necessary to raise the aggregate of their capital to one million and a half, which had by a vote of the house of commons been declared necessary for carrying on the trade: and had actually obtained an order of council to the attorney-general for preparing one, with such additional regulations as were pre

t

1693.

viously agreed upon. But on the other hand, BOOK H. the antagonists of the company had preferred their petition to government, praying, as before, "for the establishment of a NEW COMPANY, by a new, free, and national subscription; and declaring that the addition of new subscriptions to the imaginary stock of the company then subsisting would expose the new stock to the debts of the old; whereby the said new stock might be swallowed up, and the whole trade endangered." An application for a new charter was indeed become absolutely necessary on the part of the old proprietors, in consequence of their own egregious indiscretion. For, a bill being introduced for taxing the joint stocks of the several public companies, and the capital of the East-India Company being valued at 744,000l., it was urged in plea of abatement, that, were their debts paid, their stock would be worth little or nothing. The bill nevertheless passed, with a severe clause of forfeiture of charter in case of default of payment. Default being made, the charter became legally void, and the antagonists of the company maintained, that, being voided by act of parliament, it could only be restored by act of parliament. After a violent contest, and repeated hearings before the privy council, a warrant was at length prepared by an order of council for her majesty's signature in order to the passing the charter in