state of things by a decree reducing the interest on the debt to
one-third. This was a heavy blow to those persons whose limited incomes
were mainly or entirely derived from investments in the State
Funds--including many widows, and also hospitals, orphanages and other
charitable institutions. At the same time this step should not be
regarded as a mere arbitrary and dishonest repudiation of debt. The
State was practically bankrupt. For some years only a portion of the
interest or nothing at all had been paid; and the reduction in 1810 was
intended to be but a temporary measure. The capital amount was left
untouched, and the arrears of 1808 and 1809 were paid up at the new
rate. That financial opinion was favourably impressed by this drastic
action was shown by a considerable rise in the quotation of the Stock on
the Bourse.

A far more unpopular measure was the introduction of military and naval
conscription in 1811. There never had been any but voluntary service in
Holland. Indeed during the whole period of the Republic, though the
fleet was wholly manned by Dutch seamen, the army always included a
large proportion of foreign mercenaries. By the law of 1811 all youths
of twenty were liable to serve for five years either on land or sea; and
the contingent required was filled by the drawing of lots. Deep and
strong resentment was felt throughout the country, the more so that the
law was made retrospective to all who had reached the age of twenty in
the three preceding years. The battalions thus raised were treated as
French troops, and were sent to take part in distant campaigns--in Spain
and in Russia. Of the 15,000 men who marched with Napoleon into Russia
in 1812 only a few hundreds returned.

The strict enforcement of the Continental System entailed great
hardships upon the population. To such an extent was the embargo carried
that all English manufactured goods found in Holland were condemned to
be burnt; and the value of what was actually consumed amounted to
millions of florins. A whole army of custom-house officers watched
the coast, and every fishing smack that put to sea had one on board. At
the same time not till 1812 was the customs barrier with France removed.
In consequence of this prices rose enormously, industries were ruined,
houses were given up and remained unoccupied, and thousands upon
thousands were reduced to abject poverty. Such was the state of the
treasury that in 1812 the reformed preachers