Page:History of England (Macaulay) Vol 5.djvu/184

 to the compromise proposed by France, that the recognition would be without restriction, condition or reserve. Callieres then declared that he confirmed, in the name of his master, what Dykvelt had said.[746] A letter from Prior, containing the good news, was delivered to James Vernon, the Under Secretary of State, in the House of Commons. The tidings ran along the benches--such is Vernon's expression--like fire in a field of stubble. A load was taken away from every heart; and all was joy and triumph.[747] The Whig members might indeed well congratulate each other. For it was to the wisdom and resolution which they had shown, in a moment of extreme danger and distress, that their country was indebted for the near prospect of an honourable peace.

By this time public credit, which had, in the autumn, sunk to the lowest point, was fast reviving. Ordinary financiers stood aghast when they learned that more than five millions were required to make good the deficiencies of past years. But Montague was not an ordinary financier. A bold and simple plan proposed by him, and popularly called the General Mortgage, restored confidence. New taxes were imposed; old taxes were augmented or continued; and thus a consolidated fund was formed sufficient to meet every just claim on the State. The Bank of England was at the same time enlarged by a new subscription; and the regulations for the payment of the subscription were framed in such a manner as to raise the value both of the notes of the corporation and of the public securities.

Meanwhile the mints were pouring forth the new silver faster than ever. The distress which began on the fourth of May 1696, which was almost insupportable during the five succeeding months, and which became lighter from the day on which the Commons declared their immutable resolution to maintain the old standard, ceased to be painfully felt in March 1697. Some months were still to elapse before credit completely recovered from the most tremendous shock that it has