ounds. [707]

Just at this conjuncture Portland arrived from the Continent. He had
been sent by William with charge to obtain money, at whatever cost
and from whatever quarter. The King had strained his private credit
in Holland to procure bread for his army. But all was insufficient. He
wrote to his Ministers that, unless they could send him a speedy supply,
his troops would either rise in mutiny or desert by thousands. He knew,
he said, that it would be hazardous to call Parliament together during
his absence. But, if no other resource could be devised, that hazard
must be run. [708] The Council of Regency, in extreme embarrassment,
began to wish that the terms, hard as they were, which had been offered
by the Commissioners at Mercers' Hall had been accepted. The negotiation
was renewed. Shrewsbury, Godolphin and Portland, as agents for the
King, had several conferences with Harley and Foley, who had recently
pretended that eight hundred thousand pounds were ready to be subscribed
to the Land Bank. The Ministers gave assurances, that, if, at this
conjuncture, even half that sum were advanced, those who had done this
service to the State should, in the next session, be incorporated as a
National Land Bank. Harley and Foley at first promised, with an air of
confidence, to raise what was required. But they soon went back from
their word; they showed a great inclination to be punctilious and
quarrelsome about trifles; at length the eight hundred thousand pounds
dwindled to forty thousand; and even the forty thousand could be had
only on hard conditions. [709] So ended the great delusion of the Land
Bank. The commission expired; and the offices were closed.

And now the Council of Regency, almost in despair, had recourse to the
Bank of England. Two hundred thousand pounds was the very smallest sum
which would suffice to meet the King's most pressing wants. Would the
Bank of England advance that sum? The capitalists who lead the chief
sway in that corporation were in bad humour, and not without reason. But
fair words, earnest entreaties and large promises were not spared; all
the influence of Montague, which was justly great, was exerted; the
Directors promised to do their best; but they apprehended that it would
be impossible for them to raise the money without making a second call
of twenty per cent. on their constituents. It was necessary that the
question should be submitted to a General Court; in such a court more
tha