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sufficiently important to form a parish to itself, and that its first dock was not built before 1709. Its population in 1700 is believed to have been slightly under 6,000, but to have increased in the course of the next half-century to about 30,000. Liverpool had by this time become indisputably the third port in the kingdom, and it was soon prominent beyond all others in the slave trade.' The whole population of Lancashire was estimated at 166,200 in 1700, and at 297,400 in 1750.2 At the time of the census of 1871 it exceeded 2,800,000.

In addition to the other causes which united the industrial classes with the Whigs we must reckon the funded system and the creation of the great mercantile companies established after the Revolution. The national debt, which at the accession of William had been very inconsiderable, had increased during his reign and during the reign of his successor with a portentous rapidity. Incurred as it was in a struggle against the Power that was in alliance with the Pretender, it was more than doubtful whether the interest of the debt would be paid if the Government of the Revolution were overthrown, and thus an immense proportion of the capitalists had the strongest personal reasons for supporting the Government. In this manner the national debt, which was in some respects very injurious to the country, was eminently advantageous to the Whigs. Very similar considerations apply to the Bank of Eng

1 Baines' Hist. of Liverpool. Picton's Memorials of Liverpool. Corry's Hist. of Lancashire. Macpherson's Annals of Commerce, iii. 135. Derrick's Letters from Liverpool. See, too, the voyage of Gonzales (a Portuguese) to England and Scotland, in 1730, Pinkerton's Voyages, ii.

39. It appears from the petition of the Liverpool corporation in 1699 for making a new church there, that they already claimed for Liverpool the position of the third port of the trade of England. See Picton, i. 145, 146.

2 Corry's Hist. of Lancashire, i. 265

Both Both

land and to the new East India Company. These great corporations exercised an influence which extended to every city in the kingdom, and affected, directly or indirectly, almost every great mercantile fortune. of them were created by the Whig Government. of them obtained their privileges by the loan of large sums to that Government, and both of them depended for their very existence on the regular payment of the interest.

2

In this manner a great Whig interest was artificially created, which was attached by the closest ties to the Government of the Revolution and to the House of Brunswick. In 1707, at the news of the intended invasion by the Pretender, the price of stocks at once fell fourteen or fifteen per cent.1 In 1710, when the Queen resolved to dismiss the Whig ministry of Godolphin, the Bank of England sent a formal deputation to her to deprecate the change. The accession of the Harley ministry, though it promised a return of peace, was at once followed by a depreciation of the funds, which continued till Harley, following in the steps of his predecessors, created the South Sea Company, on the same principle as the great Whig corporations, by granting important mercantile privileges to a portion of the national creditors.3 As long as Harley retained his ascendency the national credit was not seriously imperilled; but when Bolingbroke succeeded in displacing him, when the reins of power seemed passing into Jacobite hands, a panic immediately ensued. The funds, as we have seen, rose when the illness of the Queen was followed by a report of her death; they fell at a false rumour of her recovery; they rose again when

Francis' Hist. of the Bank

of England, i. 85.

2 Parl. Hist. vi. 906, 907.

' Macpherson's Annals of Commerce, iii. 17-21. Somers' Tracts, xiii. 35.

her sudden death disconcerted the Jacobite intrigues.' The Jacobites, on the other hand, looked forward to the ruin of the Bank as the most probable of all means of accomplishing their designs. Had Bolingbroke continued in power, it is possible that the funds would have been taxed, and probable that measures would have been taken seriously to restrict the powers of the great mercantile companies, and there were great fears that they might be wholly subverted.3 The country gentry looked with feelings of the keenest jealousy on the new political power which was arising, and contrasted bitterly the exemption of the fundholder from taxation with the burdens imposed upon land. The proprietor of the land,' it was said, ' and the merchant who brought riches home by the returns of foreign trade, had during two wars borne the whole immense load of the national expenses; while the lender of money, who added nothing to the common stock, throve by the public calamity, and contributed not a mite to the public charge.' Nor was this all. It was a fundamental maxim of the Tory party that 'Law in a free country is, or ought to be, the determination of the majority of those who have property in land;' that the right strength of this kingdom depends upon the land, which is infinitely superior, and ought much more to be regarded than our concerns in trade.' The Landed Property Qualification Act of 1712 was intended to assert this principle, and it was elicited by the manifest fact that in the latter days of

6

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' Calamy's Life, ii. 292.

2 See Macpherson's Original Papers, ii. 211, 212.

See a remarkable passage in Bolingbroke's Letter to Windham.

+ Bolingbroke's Letter to Windham.

5 Swift.

Davenant, iii. 328. Thus, too, Defoe said that in case of the dissolution of the Government, power devolves on the freeholders, who are the proper owners of the country.'-Wilson's Life of Defoe, i. 425.

land and to the new East India Company. These great corporations exercised an influence which extended to every city in the kingdom, and affected, directly or indirectly, almost every great mercantile fortune. Both of them were created by the Whig Government. Both of them obtained their privileges by the loan of large sums to that Government, and both of them depended for their very existence on the regular payment of the interest.

2

In this manner a great Whig interest was artificially created, which was attached by the closest ties to the Government of the Revolution and to the House of Brunswick. In 1707, at the news of the intended invasion by the Pretender, the price of stocks at once fell fourteen or fifteen per cent. In 1710, when the Queen resolved to dismiss the Whig ministry of Godolphin, the Bank of England sent a formal deputation to her to deprecate the change. The accession of the Harley ministry, though it promised a return of peace, was at once followed by a depreciation of the funds, which continued till Harley, following in the steps of his predecessors, created the South Sea Company, on the same principle as the great Whig corporations, by granting important mercantile privileges to a portion of the national creditors. As long as Harley retained his ascendency the national credit was not seriously imperilled; but when Bolingbroke succeeded in displacing him, when the reins of power seemed passing into Jacobite hands, a panic immediately ensued. The funds, as we have seen, rose when the illness of the Queen was followed by a report of her death; they fell at a false rumour of her recovery; they rose again when

1 Francis' Hist. of the Bank

of England, i. 85.

Parl. Hist. vi. 906, 907.

Macpherson's Annals of Commerce, iii. 17-21. Somers' Tracts, xiii. 35.

her sudden death disconcerted the Jacobite intrigues.' The Jacobites, on the other hand, looked forward to the ruin of the Bank as the most probable of all means of accomplishing their designs.2 Had Bolingbroke continued in power, it is possible that the funds would have been taxed, and probable that measures would have been taken seriously to restrict the powers of the great mercantile companies, and there were great fears that they might be wholly subverted.3 The country gentry looked with feelings of the keenest jealousy on the new political power which was arising, and contrasted bitterly the exemption of the fundholder from taxation with the burdens imposed upon land. The proprietor of the land,' it was said, 'and the merchant who brought riches home by the returns of foreign trade, had during two wars borne the whole immense load of the national expenses; while the lender of money, who added nothing to the common stock, throve by the public calamity, and contributed not a mite to the public charge.' Nor was this all. It was a fundamental maxim of the Tory party that Law in a free country is, or ought to be, the determination of the majority of those who have property in land;' that the right strength of this kingdom depends upon the land, which is infinitely superior, and ought much more to be regarded than our concerns in trade.' 6 The Landed Property Qualification Act of 1712 was intended to assert this principle, and it was elicited by the manifest fact that in the latter days of

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'Calamy's Life, ii. 292.

2 See Macpherson's Original Papers, ii. 211, 212.

See a remarkable passage in Bolingbroke's Letter to Windham.

4 Bolingbroke's Letter to Windham.

5 Swift.

4

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