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 pounds.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