Ontario Public School History of England : Authorized by the Minister of Education for Ontario for Use in Forms IV and V of the Public Schools . tthan in England. But the English people wore fond ofMary. She was gentle and kind, and as eager to do wellby them as her husband was. William was heart-brokenwhen she died in 1694, for she seems to have been theonly person in the world who really understood and ap-preciated this silent, undemonstrative man. 204 HISTORY OF ENGLAND [1702 206. Financial reforms.—The heavy cost of the warsduring the reign of William made it necessary, in order tolighten
Ontario Public School History of England : Authorized by the Minister of Education for Ontario for Use in Forms IV and V of the Public Schools . tthan in England. But the English people wore fond ofMary. She was gentle and kind, and as eager to do wellby them as her husband was. William was heart-brokenwhen she died in 1694, for she seems to have been theonly person in the world who really understood and ap-preciated this silent, undemonstrative man. 204 HISTORY OF ENGLAND [1702 206. Financial reforms.—The heavy cost of the warsduring the reign of William made it necessary, in order tolighten the burden of taxation, to borrow money from thewealthy people of the kingdom for the purposes of thegovernment. In 1694, William Paterson, a Scotsman,suggested that a bank be established, which would receivedeposits from the people and lend the money to the govern-ment. The plan was adopted, and in this way the Bank ofEngland, probably the strongest financial institution in theworld, had its beginning. A further financial reform wasthe recoinage of all the money in the kingdom. Much ofit was worn out and mutilated by clipping. The coin. Costumes, Time of William and Mary had been made with smooth edges, so that with a sharpknife one could cut a strip of metal from a coin and itwould not be noticed. But the new coins were madewith milled edges, in order that no metal could be cutoff without showing. The public sent in their old moneyto the government, and received in exchange fresh, newcoins of full weight, the government bearing the loss of thedifference in value. 1702] THE HOUSE OF STUART 205 SUMMARY In William, England had at last a king who wished to make laws forthe good of the land, even though they lessened his own power. In-creased religious liberty was granted, and more freedom was given tothe press. Nevertheless, there was opposition to Williams rule by the Non-jurors and the Jacobites. Jamess hopes of regaining thecrown in Scotland were shattered by the death of Du
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