f the currency would have been borne, as was right, by the
public. The inconvenience arising from a scarcity of money would have
been of very short duration; for the mutilated pieces would have been
detained only till they could be told and weighed; they would then have
been sent back into circulation, and the recoinage would have taken
place gradually and without any perceptible suspension or disturbance
of trade. But against these great advantages were to be set off hazards,
which Somers was prepared to brave, but from which it is not strange
that politicians of less elevated character should have shrunk. The
course which he recommended to his colleagues was indeed the safest for
the country, but was by no means the safest for themselves. His plan
could not be successful unless the execution were sudden; the execution
could not be sudden if the previous sanction of Parliament were asked
and obtained; and to take a step of such fearful importance without
the previous sanction of Parliament was to run the risk of censure,
impeachment, imprisonment, ruin. The King and the Lord Keeper were
alone in the Council. Even Montague quailed; and it was determined to do
nothing without the authority of the legislature. Montague undertook to
submit to the Commons a scheme, which was not indeed without dangers and
inconveniences, but which was probably the best which he could hope to
carry.

On the twenty-second of November the Houses met. Foley was on that
day again chosen Speaker. On the following day he was presented and
approved. The King opened the session with a speech very skilfully
framed. He congratulated his hearers on the success of the campaign on
the Continent. That success he attributed, in language which must have
gratified their feelings, to the bravery of the English army. He spoke
of the evils which had arisen from the deplorable state of the coin, and
of the necessity of applying a speedy remedy. He intimated very plainly
his opinion that the expense of restoring the currency ought to be borne
by the State; but he declared that he referred the whole matter to the
wisdom of his Great Council. Before he concluded he addressed himself
particularly to the newly elected House of Commons, and warmly expressed
his approbation of the excellent choice which his people had made. The
speech was received with a low but very significant hum of assent both
from above and from below the bar, and was as favourably received by the