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CHAP. bring in two more bills, one for annulling the grants of James the Second, the other for annulling the grants of Charles the Second. The Tories were caught in their own snare. For most of the grants of Charles and James had been made to Tories; and a resumption of those grants would have reduced some of the chiefs of the Tory party to poverty. Yet it was impossible to draw a distinction between the grants of William and those of his two predecessors. Nobody could pretend that the law had been altered since his accession. If, therefore, the grants of the Stuarts were legal, so were his: if his grants were illegal, so were the grants of his uncles. And, if both his grants and the grants of his uncles were illegal, it was absurd to say that the mere lapse of time made a difference. For not only was it part of the alphabet of the law that there was no prescription against the Crown, but the thirty eight years which had elapsed since the Restoration would not have sufficed to bar a writ of right brought by a private demandant against a wrongful tenant. Nor could it be pretended that William had bestowed his favours less judiciously than Charles and James. Those who were least friendly to the Dutch would hardly venture to say that Portland, Zulestein and Ginkell were less deserv ing of the royal bounty than the Duchess of Cleveland and the Duchess of Portsmouth, than the progeny of Nell Gwynn, than the apostate Arlington or the butcher Jeffreys. The opposition, therefore, sullenly assented to what the ministry proposed. From that moment the scheme was doomed. Everybody affected to be for it; and everybody was really against it. The three bills were brought in together, read a second time together, ordered to be committed together, and were then, first mutilated, and at length quietly dropped.

In the history of the financial legislation of this

CHAP.

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accused of

session, there were some episodes which deserve to be related. Those members, a numerous body, who envied and dreaded Montague readily became the unconscious tools of the cunning malice of Sunderland, whom Mon- Montague tague had refused to defend in Parliament, and who, peculation. though detested by the opposition, contrived to exercise some influence over that party through the instrumentality of Charles Duncombe. Duncombe indeed had his own reasons for hating Montague, who had turned him out of the place of Cashier of the Excise. A serious charge was brought against the Board of Treasury, and especially against its chief. He was the inventor of Exchequer Bills; and they were popularly called Montague's notes. He had induced the Parliament to enact that those bills, even when at a discount in the market, should be received at par by the collectors of the revenue. This enactment, if honestly carried into effect, would have been unobjectionable. But it was strongly rumoured that there had been foul play, peculation, even forgery. Duncombe threw the most serious imputations on the Board of Treasury, and pretended that he had been put out of his office only because he was too shrewd to be deceived, and too honest to join in deceiving the public. Tories and malecontent Whigs, elated by the hope that Montague might be convicted of malversation, eagerly called for inquiry. An inquiry was instituted; but the result not only disappointed but utterly confounded the accusers. The persecuted minister obtained both a complete acquittal, and a signal revenge. Circumstances were discovered which seemed to indicate that Duncombe himself was not blameless. The clue was followed: he was severely cross-examined; he lost his head; made one unguarded admission after another, and was at length compelled to confess, on the floor of the House, that he had been

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CHAP. guilty of an infamous fraud, which, but for his own confession, it would have been scarcely possible to bring home to him. He had been ordered by the Commissioners of the Excise to pay ten thousand pounds into the Exchequer for the public service. He had in his hands, as cashier, more than double that sum in good milled silver. With some of this money he bought Exchequer Bills which were then at a considerable discount: he paid those bills in; and he pocketed the discount, which amounted to about four hundred pounds. Nor was this all. In order to make it appear that the depreciated paper, which he had fraudulently substituted for silver, had been received by him in payment of taxes, he had employed a knavish Jew to forge endorsements of names, some real and some imaginary. This scandalous story, wrung out of his own lips, was heard by the opposition with consternation and shame, by the ministers and their friends with vindictive exultation. It was resolved, without any division, that he should be sent to the Tower, that he should be kept close prisoner there, that he should be expelled from the House. Whether any further punishment could be inflicted on him was a perplexing question. The English law touching forgery became, at a later period, barbarously severe; but, in 1698, it was absurdly lax. The prisoner's offence was certainly not a felony; and lawyers apprehended that there would be much difficulty in convicting him even of a misdemeanour. But a recent precedent was fresh in the minds of all men. The weapon which had reached Fenwick might reach Duncombe. A bill of pains and penalties was brought in, and carried through the earlier stages with less opposition than might have been expected. Some Noes might perhaps be uttered; but no members ventured to say that the Noes had it. The Tories were mad with shame and mortification, at finding that their rash at

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tempt to ruin an enemy had produced no effect except CHAP. the ruin of a friend. In their rage, they eagerly caught at a new hope of revenge, a hope destined to end, as their former hope had ended, in discomfiture and disgrace. They learned, from the agents of Sunderland, as many people suspected, but certainly from informants who were well acquainted with the offices about Whitehall, that some securities forfeited to the Crown in Ireland had been bestowed by the King ostensibly on one Thomas Railton, but really on the Chancellor of the Exchequer. The value of these securities was about ten thousand pounds. On the sixteenth of February this transaction was brought without any notice under the consideration of the House of Commons by Colonel Granville, a Tory member, nearly related to the Earl of Bath. Montague was taken completely by surprise, but manfully avowed the whole truth, and defended what he had done. The orators of the opposition declaimed against him with great animation and asperity. "This gentleman," they said, "has at once violated three distinct duties. He is a privy councillor, and, as such, is bound to advise the Crown with a view, not to his own selfish interests, but to the general good. He is the first minister of finance, and is, as such, bound to be a thrifty manager of the royal treasure. He is a member of this House, and is, as such, bound to see that the burdens borne by his constituents are not made heavier by rapacity and prodigality. To all these trusts he has been unfaithful. The advice of the privy councillor to his master is, 'Give me money.' The first Lord of the Treasury signs a warrant for giving himself money out of the Treasury. The member for Westminster puts into his pocket money which his constituents must be taxed to replace." The surprise was complete; the onset was formidable: but the Whig majority, after a moment of

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CHAP. dismay and wavering, rallied firmly round their leader. Several speakers declared that they highly approved of the prudent liberality with which His Majesty had requited the services of a most able, diligent and trusty counsellor. It was miserable economy indeed to grudge a reward of a few thousands to one who had made the State richer by millions. Would that all the largesses of former kings had been as well bestowed! How those largesses had been bestowed none knew better than some of the austere patriots who harangued so loudly against the avidity of Montague. If there is, it was said, a House in England which has been gorged with undeserved riches by the prodigality of weak sovereigns, it is the House of Bath. Does it lie in the mouth of a son of that house to blame the judicious munificence of a wise and good King? Before the Granvilles complain that distinguished merit has been rewarded with ten thousand pounds, let them refund some part of the hundreds of thousands which they have pocketed without any merit at all.

The rule was, and still is, that a member against whom a charge is made must be heard in his own defence, and must then leave the House. The Opposition insisted that Montague should retire. His friends maintained that this case did not fall within the rule. Distinctions were drawn; precedents were cited; and at length the question was put, that Mr. Montague do withdraw. The Ayes were only ninety seven; the Noes two hundred and nine. This decisive result astonished both parties. The Tories lost heart and hope. The joy of the Whigs was boundless. It was instantly moved that the Honourable Charles Montague, Esquire, Chancellor of the Exchequer, for his good services to this Government does deserve His Majesty's favour. The opposition, completely cowed, did not venture to demand another