The price of those wooden tallies, which, according to an usage handed to us from a rude age, were given as receipts for sums paid into the Exchequer, had risen. The exchanges, which had during many months been greatly against England, had begun to turn.744 Soon the effect of the magnanimous firmness of the House of Commons was felt at every Court in Europe. So high indeed was the spirit of that assembly that the King had some difficulty in preventing the Whigs from moving and carrying a resolution that an address should be presented to him, requesting him to enter into no negotiation with France, till she should have acknowledged him as King of England.745 Such an address was unnecessary. The votes of the Parliament had already forced on Lewis the conviction that there was no chance of a counterrevolution. There was as little chance that he would be able to effect that compromise of which he had, in the course of the negotiations, thrown out hints. It was not to be hoped that either William or the English nation would ever consent to make the settlement of the English crown a matter of bargain with France. And even had William and the English nation been disposed to purchase peace by such a sacrifice of dignity, there would have been insuperable difficulties in another quarter. James could not endure to hear of the expedient which Lewis had suggested. "I can bear," the exile said to his benefactor, "I can bear with Christian patience to be robbed by the Prince of Orange; but I never will consent to be robbed by my own son."Lewis never again mentioned the subject. Callieres received orders to make the concession on which the peace of the civilised world depended. He and Dykvelt came together at the Hague before Baron Lilienroth, the representative of the King of Sweden, whose mediation the belligerent powers had accepted. Dykvelt informed Lilienroth that the Most Christian King had engaged, whenever the Treaty of Peace should be signed, to recognise the Prince of Orange as King of Great Britain, and added, with a very intelligible allusion to the compromise proposed by France, that the recognition would be without restriction, condition or reserve. Callieres then declared that he confirmed, in the name of his master, what Dykvelt had said.746 A letter from Prior, containing the good news, was delivered to James Vernon, the Under Secretary of State, in the House of Commons. The tidings ran along the benches--such is Vernon's expression--like fire in a field of stubble. A load was taken away from every heart; and all was joy and triumph.747 The Whig members might indeed well congratulate each other. For it was to the wisdom and resolution which they had shown, in a moment of extreme danger and distress, that their country was indebted for the near prospect of an honourable peace.
Meanwhile public credit, which had, in the autumn, sunk to the lowest point, was fast reviving. Ordinary financiers stood aghast when they learned that more than five millions were required to make good the deficiencies of past years. But Montague was not an ordinary financier. A bold and simple plan proposed by him, and popularly called the General Mortgage, restored confidence. New taxes were imposed; old taxes were augmented or continued; and thus a consolidated fund was formed sufficient to meet every just claim on the State. The Bank of England was at the same time enlarged by a new subscription; and the regulations for the payment of the subscription were framed in such a manner as to raise the value both of the notes of the corporation and of the public securities.
Meanwhile the mints were pouring forth the new silver faster than ever. The distress which began on the fourth of May 1696, which was almost insupportable during the five succeeding months, and which became lighter from the day on which the Commons declared their immutable resolution to maintain the old standard, ceased to be painfully felt in March 1697. Some months were still to elapse before credit completely recovered from the most tremendous shock that it has ever sustained. But already the deep and solid foundation had been laid on which was to rise the most gigantic fabric of commercial prosperity that the world had ever seen. The great body of the Whigs attributed the restoration of the health of the State to the genius and firmness of their leader Montague. His enemies were forced to confess, sulkily and sneeringly, that every one of his schemes had succeeded, the first Bank subscription, the second Bank subscription, the Recoinage, the General Mortgage, the Exchequer Bills. But some Tories muttered that he deserved no more praise than a prodigal who stakes his whole estate at hazard, and has a run of good luck. England had indeed passed safely through a terrible crisis, and was the stronger for having passed through it. But she had been in imminent danger of perishing; and the minister who had exposed her to that danger deserved, not to be praised, but to be hanged. Others admitted that the plans which were popularly attributed to Montague were excellent, but denied that those plans were Montague's. The voice of detraction, however, was for a time drowned by the loud applauses of the Parliament and the City. The authority which the Chancellor of the Exchequer exercised in the House of Commons was unprecedented and unrivalled. In the Cabinet his influence was daily increasing. He had no longer a superior at the Board of Treasury. In consequence of Fenwick's confession, the last Tory who held a great and efficient office in the State had been removed, and there was at length a purely Whig Ministry.
