le. One office was opened at
Exeter Change, another at Mercers' Hall. Forty agents went down into the
country, and announced to the landed gentry of every shire the approach
of the golden age of high rents and low interest. The Council of
Regency, in order to set an example to the nation, put down the King's
name for five thousand pounds; and the newspapers assured the world that
the subscription would speedily be filled. [706] But when three weeks
had passed away, it was found that only fifteen hundred pounds had been
added to the five thousand contributed by the King. Many wondered at
this; yet there was little cause for wonder. The sum which the friends
of the project had undertaken to raise was a sum which only the enemies
of the project could furnish. The country gentlemen wished well to
Harley's scheme; but they wished well to it because they wanted to
borrow money on easy terms; and, wanting to borrow money, they of course
were not able to lend it. The moneyed class alone could supply what
was necessary to the existence of the Land Bank; and the Land Bank was
avowedly intended to diminish the profits, to destroy the political
influence and to lower the social position of the moneyed class. As the
usurers did not choose to take on themselves the expense of putting down
usury, the whole plan failed in a manner which, if the aspect of public
affairs had been less alarming, would have been exquisitely ludicrous.
The day drew near. The neatly ruled pages of the subscription book at
Mercers' Hall were still blank. The Commissioners stood aghast. In
their distress they applied to the government for indulgence. Many great
capitalists, they said, were desirous to subscribe, but stood aloof
because the terms were too hard. There ought to be some relaxation.
Would the Council of Regency consent to an abatement of three hundred
thousand pounds? The finances were in such a state, and the letters in
which the King represented his wants were so urgent, that the Council
of Regency hesitated. The Commissioners were asked whether they would
engage to raise the whole sum, with this abatement. Their answer was
unsatisfactory. They did not venture to say that they could command
more than eight hundred thousand pounds. The negotiation was, therefore,
broken off. The first of August came; and the whole amount contributed
by the whole nation to the magnificent undertaking from which so much
had been expected was two thousand one hundred p