coin is always disadvantageous, to the lower orders, and dishonourable to the State. The revival of public credit, after the peace of Ryswick, and the rising of the notes of the Bank of England to par, which had been depretiated, by the bad state of the coin, strengthened private confidence; at the same time, that those causes invigorated our manufactures, and our trade. And, the spirit of population was still more animated, by the many acts of naturalization, which were readily passed, during every session, in the reign of William; and which clearly evince, how many industrious foreigners found shelter, in England, from the persecution of countries, less tolerant, and free. Thus, was a vigorous nation, according to MILTON, * The whole coinage of King William's reign amounted only to 10,511,9631. There was but little, if any, legal meliorations, during this busy period: And, the bounty on corn is a measure of a very doubtful cast. CHAP. V. The War of Queen Anne.-The strength of the Nation.-The Losses of Trade.-The Revival of Trade.-Complaints of its Decline.-The Laws of Queen Anne, for promoting the Commercial Interests of the Nation.-The Union.-Reflections. " A NEW war, still more bloody, and glorious, than the former, ensued on the accession of Queen Anne. All Europe either hated the imperiousness, or dreaded, at length, the power, of Lewis XIV. But, it was his owning and declaring the pretended prince of Wales to be king of England, Scotland, and Ireland," which was the avowed cause of the hostilities of Great-Britain against France; though private motives have, generally, more influence than public pretences. When her treasurer sat down to calculate the cost, he found resources, in his own prudence. Her general saw armies, and alliances, rise out of his own genius, for war, and negotiation. And both estimated right; since a favourable change had gradually taken place, in the spirit, as well as in the abilities of the people. If we inquire more minutely, into the national strength, we shall find, that England and Wales, now contained about 1,700,oco fighting men. Brought over 1,700,000 fighting men. The Union with Scotland, If this number be multiplied by 4; then, the population will be 8,100,000; but, if by 4 be taken as the multiplier, for the proportion of fighting men, then will the aggregate population be 9,112,500; which would give an increase, for England, and Wales, of 650,000, from the Revolution to the Union with Scotland, exclusive of the additional numbers, which were added by that memorable event. But, troops, without money, to carry them to war, with all that soldiers require, are of little avail. And happy is it, for this nation, at least, that there is a successive rise, in the accumulations of our wealth, in the same manner, as we have already seen, there is a continual progress, in our population; owing to the various means, which individuals constantly use, to meliorate their own condition. There can be little doubt, then, though Gregory King supposed the contrary, that the productive capital, and annual gains of the people, were greater, at the accession of Anne, than they had been, during the preceding reign, or in any former period. * *After so expensive a war just ended, says Anderson, it gave foreigners a high idea of the wealth and grandeur of Godolphin, and Marlborough, had not to contend, with the embarrassments, of their immediate predecessors. The disorders of the coin, which had so enfeebled the late administration, had been perfectly cured, by the great re-coinage of the last reign. The high interest, which had been given, and the still higher profit, that was made, by purchasing government-securities, had drawn, meanwhile, much of the hoarded cash, within the circle of commerce. No less than 3,400,000l. of liammered money, which had been equally locked up, were brought into action, according to Davenant, by the act for suppressing it, in 1697. The Bank of England now lent its aid, by facilitating loans, and circulating Exchequer bills: And the public debts, and additional taxes, filled circulation, at present, and gave it activity; as they had equally produced similar effects, when the Long Parlia ment opened the coffers of England. Owing to all those causes, the statesmen of the reign of Anne, borrowed money, at five per cent., in 1702, and never gave more than six, during the war; which alone shows, how the condition of this country had happily changed, from the time, that seven and England, to see two millions sterling subscribed for in three days, (by the new East India Company in 1698); and there were persons ready to subscribe as much more: For, although, since that time, higher proofs have appeared, of the great riches of this nation, because our wealth is very visibly increased; yet, till then, continues he, there had never been so illustrious an instance of England's opulence. [Chron, Com. vol. ii. p. 223.] |