the general voice of the nation had seemed to be on their side.740 Of course every person who thought it likely that the standard would be lowered, hoarded as much money as he could hoard; and thus the cry for little shillings aggravated the pressure from which it had sprung.741 Both the allies and the enemies of England imagined that her resources were spent, that her spirit was broken, that the Commons, so often querulous and parsimonious even in tranquil and prosperous times, would now positively refuse to bear any additional burden, and would, with an importunity not to be withstood, insist on having peace at any price.

But all these prognostications were confounded by the firmness and ability of the Whig leaders, and by the steadiness of the Whig majority.  On the twentieth of October the Houses met.  William addressed to them a speech remarkable even among all the remarkable speeches in which his own high thoughts and purposes were expressed in the dignified and judicious language of Somers.  There was, the King said, great reason for congratulation.  It was true that the funds voted in the preceding session for the support of the war had failed, and that the recoinage had produced great distress.  Yet the enemy had obtained no advantage abroad; the State had been torn by no convulsion at home; the loyalty shown by the army and by the nation under severe trials had disappointed all the hopes of those who wished evil to England.  Overtures tending to peace had been made.  What might be the result of those overtures, was uncertain; but this was certain, that there could be no safe or honourable peace for a nation which was not prepared to wage vigorous war.  “I am sure we shall all agree in opinion that the only way of treating with France is with our swords in our hands.”

The Commons returned to their chamber; and Foley read the speech from the chair.  A debate followed which resounded through all Christendom.  That was the proudest day of Montague’s life, and one of the proudest days in the history of the English Parliament.  In 1798, Burke held up the proceedings of that day as an example to the statesmen whose hearts had failed them in the conflict with the gigantic power of the French republic.  In 1822, Huskisson held up the proceedings of that day as an example to a legislature which, under the pressure of severe distress, was tempted to alter the standard of value and to break faith with the public creditor.  Before the House rose the young Chancellor of the Exchequer, whose ascendency, since the ludicrous failure of the Tory scheme of finance, was undisputed, proposed and carried three memorable resolutions.  The first, which passed with only one muttered No, declared that the Commons would support the King against all foreign and domestic enemies, and would enable him to prosecute the war with vigour.  The second, which passed, not without opposition, but without a division, declared that the standard of money should