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 the principal, and that the lenders must content themselves with interest. They were consequently unable to meet their own engagements. The Exchange was in an uproar: several great mercantile houses broke; and dismay and distress spread through all society. Meanwhile rapid strides were made towards despotism. Proclamations, dispensing with Acts of Parliament, or enjoining what only Parliament could lawfully enjoin, appeared in rapid succession. Of these edicts the most important was the Declaration of Indulgence. By this instrument the penal laws against Roman Catholics were set aside; and, that the real object of the measure might not be perceived, the laws against Protestant Nonconformists were also suspended.

A few days after the appearance of the Declaration of Indulgence, war was proclaimed against the United Provinces. By sea the Dutch maintained the struggle with honour; but on land they were at first borne down by irresistible force. A great French army passed the Rhine. Fortress after fortress opened its gates. Three of the seven provinces of the federation were occupied by the invaders. The fires of the hostile camp were seen from the top of the Stadthouse of Amsterdam. The Republic, thus fiercely assailed from without, was torn at the same time by internal dissensions. The government was in the hands of a close oligarchy of powerful burghers. There were numerous selfelected Town Councils, each of which exercised within its own sphere, many of the rights of sovereignty. These councils sent delegates to the Provincial States, and the Provincial States again sent delegates to the States General. A hereditary first magistrate was no essential part of this polity. Nevertheless one family, singularly fertile of great men, had gradually obtained a large and somewhat indefinite authority. William, first of the name, Prince of Orange Nassau, and Stadtholder of Holland, had headed the memorable insurrection against Spain. His son Maurice had been Captain General and first minister of the States, had, by eminent abilities and public services, and by some treacherous and cruel actions, raised himself to almost kingly power, and had bequeathed a great part of that power to his family. The influence of the