The history of England, from the accession of James the Second . Montagues plan was complete. It wasthen at least as difficult to raise a million at eight per cent as it wouldnow be to raise forty millions at four per cent. It had been supposedthat contributions would drop in very slowly : and a considerable timehad therefore been allowed by the Act. This indulgence was notneeded. So popular was the new investment that on the day on whichthe books were opened three hundred thousand pounds were subscribed:three hundred thousand more were subscribed during the next fortyeight hours ; and, in ten
The history of England, from the accession of James the Second . Montagues plan was complete. It wasthen at least as difficult to raise a million at eight per cent as it wouldnow be to raise forty millions at four per cent. It had been supposedthat contributions would drop in very slowly : and a considerable timehad therefore been allowed by the Act. This indulgence was notneeded. So popular was the new investment that on the day on whichthe books were opened three hundred thousand pounds were subscribed:three hundred thousand more were subscribed during the next fortyeight hours ; and, in ten days, to the delight of all the friends of thegovernment, it was announced that the list was full. The whole sumwhich the Corporation was bound to lend to the State was paid into theExchequer before the first instalment was due.^ Somers gladly putthe Great Seal to a charter framed in conformit\ with the terms ^ See the Lords Journals of April 23, 24, 25. 1694, and the letter of LHermitage to theStates General dated A^^ 2 Narcissus Luttrells Diary, June ON oa: z ?Jo = J. z U o <X CJ o 2438 HISTORY Ol- KNGLAND chap xx prescribed 1)\- ;iinciit ; and llie Hank o\ Iuiy;land commenced itsoperations in the house of the Company t Grocers. There, duringman\- \ears, directors, secretaries, and clerks mii;ht be seen labouringin dilTerent parts of one spacious hall. The persons employed by theliank were originall)- onK- fifty ft)ur. The} are now nine sum paid yearl) in salaries amounted at to only four thousandthree hundred and iifty pounds. It now exceeds two hundred and tenthousand pounds. We may therefore fairly infer that the incomes ofcommercial clerks are, on an average, about three times as large in thereign of Victoria as the> were in the reign of William the Third.^ It soon appeared that Montague had, b} skilfully availing himselfof the financial difficulties of the country, rendered an inestimableservice to his party. During several generatio
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