the court lent large sums to the Crown on the security of
exchequer bills. Could any guardian or trustee have acted more honestly or
with greater prudence? They had not reckoned, however, upon a king being
on the throne who should be sufficiently dishonest to stop all payments
out of the exchequer in discharge of principal and interest of past loans.
This is what Charles II did, as we have seen, in 1672; and his action not
only ruined many bankers and merchants of the city, but inflicted great
hardship upon the city's fatherless children. The City's revenue at the
time of William's accession was little more than sufficient to meet the
necessary expenses of the municipality, to say nothing of repaying the
orphans their confiscated estates. This fact was recognised by the orphans
themselves, who saw no other hope but to apply to parliament for
assistance with the aid of the Common Council.

(M848)

To this end "a large number" of orphans of the city presented a petition
to the court on the 1st March.(1659) Their fortunes (they said) had been
paid into the Chamber of London according to the custom of the city, and
they were now left destitute of support and reduced to great hardships and
extremities, very many of them having their whole portions in the Chamber.
They prayed the court, therefore, to appoint a committee to consider the
whole matter with the view of approaching parliament with some
recommendation. To this the court readily gave its consent, and a
committee was then and there nominated.

(M849)

A week later (8 March) this committee made a report to the council.(1660)
They had found upon investigation that the debt owing by the Chamber was
very great, being upwards of L500,000 due on principal money to orphans
and nearly L100,000 more due to others, besides "finding money" and
interest. The committee were of opinion that before any application was
made to parliament the City should first do what it could on its own
account for the relief of the orphans. The City's lands of inheritance
were estimated as bringing in about L4,000 a year, subject to a charge of
L500 or L600 for charitable uses, and the committee recommended that lands
to the value of L3,000 a year rental should be sold. By this means it was
thought that L70,000 or thereabouts would be raised, and the sum being
devoted to the relief of the orphans would be "a good introduction to
request a further assistance from the parliament." The charges of