Sanderson, who was thereupon indignantly ex- BOOK III. pelled the house. 1696. Parliament. mous Con Commons. On the 20th of October 1696, the day fixed Session of for the meeting of the parliament of England, the king acquainted the two houses, "that overtures for peace had been made on the part of the enemy. But," said he, "I am sure we shall agree in opinion, that the only way of treating with France is with our swords in our hands." In reply to which, the commons presented an Magnaniaddress framed in the spirit of Roman magnani- duct of the mity. "This is the eighth year," say they, " in which your majesty's most dutiful and loyal subjects, the commons in parliament assembled, have assisted your majesty with large supplies for carrying on a just and necessary war in defence of our religion, preservation of our laws, and vindication of the rights and liberties of the people of England, which we have hitherto preserved, and by the blessing of God on your majesty's conduct and good government will stedfastly maintain, and entail on our posterity. This has cost the nation much blood and treasure: but the hopes of accomplishing so great and glorious a work have made your subjects cheerfully support the charge. And to shew your majesty and all Christendom that the commons of England will not be amused or diverted from their firm resolutions of obtaining by war a safe and honorable BOOK III. peace, we do, in the name of those we represent, 1096. renew our assurances to your majesty, that this house will support your majesty and your government against all your enemies both at home and abroad; and that they will effectually assist you in the prosecution and carrying on the present war against France." The king, highly pleased and gratified with these assurances, replied in warm terms, "that the continuance of their zeal . and affection was what of all things in the world he valued most; and that he would make the good and safety of the nation the principal care of his life." Novel The professions of the commons by no means of Finance, evaporated in mere words. The estimates of the necessary supplies being laid before the house by Mr. Montague, it appeared that near six millions were wanting for the current expences of the year; and upwards of five millions of floating debt, occasioned by the deficiency of former funds and taxes, were to be provided for. Meeting the embarrassments of the moment with firmness and fortitude, they came to a resolution, "that the supplies for the service of the year 1697, should be raised within the year;" which was effected by a land-tax of three shillings in the pound, and a very heavy capitation tax, in addition to the existing burdens. The arrear of 5,160,000l. was provided for by loans and exchequer bills, which till this time, from BOOK III the delay and uncertainty of payment, had suf- 1696. fered an enormous depreciation. But the most vigorous and effectual measures were now taken for the restoration of the public credit. An interest of 71. 12s. per cent. was allowed upon these bills; they were taken by the government as money, in the payment of all duties excepting the land-tax; and the commissioners of the treasury were authorised by parliament to contract with such individuals or bodies corporate as they thought fit, to exchange these bills or tallies for ready money at a certain premium; which was first fixed at ten per cent. but afterwards sunk to four; till in a short time, to the astonishment of the public, who had so long seen them at 20, 30, or 40 per cent. discount, they rose to par, in consequence of these very easy and obvious, but at this period novel and marvellous, operations of finance. There were, nevertheless, those who mourned in secret to see national profusion and extravagance organised into a system, and millions upon millions lavished and dissipated, as if the national wealth could never be exhausted, and the heart's-blood of the public were destined eternally to feed the insatiable vulture of war.* * "Few people," says lord Bolingbroke, " at this period foresaw how the creation of funds, and the multiplication of BOOK III. So anxious were the commons to retrieve and 1060. establish parliamentary and public credit, that they condescended to take very great alarm at a trifling jesting paragraph in a certain periodical Freedom of paper published at this time, called the Flying in danger. Post, expressed as follows: "We hear that when the Press the exchequer notes are given out upon the capi- taxes, would increase yearly the power of the crown, and bring our liberties by a natural and necessary progression into more real though less apparent danger than they were in before the Revolution.-I am not, however, so uncharitable as to believe that the authors of these measures intended to bring upon their country all the mischiefs that we who came after thein experience and apprehend. No: they saw the measures they took singly and unrelatively, or relatively alone to some immediate object. The notion of attaching men to the new government by tempting them to embark their fortunes on the same bottom was a reason of state to some; the notion of creating a new, that is a moneyed interest, in opposition to the landed interest, or as a balance to it, was a reason of party to others: and the opportunity of amassing immense estates by the management of funds, by trafficking in paper, and by all the arts of jobbing, was a reason of private interest to those who supported and improved this scheme of iniquity, if not to those who devised it."-Letters on History, vol. i. p. 45. 1696. rency of the exchequer bills." They ordered the BOOK III printer, John Salisbury, to be taken into 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, to the everlasting honor of the house, thrown out before a second reading; because, though they saw the mischiefs of the liberty of the press, they knew not where to fix the power of restraint. This was happily the last attempt ever made to fetter the freedom of the press, that palladium of our liberties. Soon after the Restoration, an act, founded chiefly on the star-chamber decree of 1637, passed, to subject the press to the restrictive power of a licenser; but this, as the celebrated Blackstone observes," is to subject all "is freedom of sentiment to the prejudices of one man, and make him the arbitrary and infallible judge of all controverted points in learning, religion, and government. The will of individuals ought to be left free: the abuse only of that free will is the proper object of legal punishment." The licensing act determined in 1679; but was revived by statute in the first year of James II. and continued till 1692, when it was again renewed for two years, and finally expired in 1694, when the press became properly free, as it will now in all probability remain till the constitution of Eng |