The day before the Battle of the Boyne, England was disgraced by her admiral, Lord Torrington, standing aloof while a French fleet defeated the Dutch off Beachy Head. The French then sailed along the coast of England, and, landing, burned the little village of Teignmouth. Although there were many people in England who were discontented with William’s rule, nevertheless, the thought of Frenchmen landing on England’s shores roused a fierce indignation against the Jacobites, and made William much stronger in England than he was before. He now crossed over to the Netherlands to take command of the allied army which was fighting there against Louis’ forces. William was not very successful, and he lost many battles. His losses encouraged the numerous traitors at that time in England to carry on plots against him, and to treat with James for his return. Churchill was one of the basest of these traitors, and Lord Russell, the admiral of the fleet, was known at the court of James to be unfaithful. Yet, when Admiral Tourville tried to cross the channel with a French army, Russell rather than allow the French to triumph in English waters, met him at Cape La Hague, in 1692, and inflicted so heavy a loss on the French fleet that France made no further attempts to invade England.
7. The National Debt and Bank of England.—But all this fighting made heavy taxes for the English people, who had to bear the heaviest portion of the expenses of the Allies. To lighten their burdens, William’s Treasurer, Charles Montague, introduced the plan of borrowing what was needed from rich people, who received in return each year from the government interest on what they lent. It was not easy to borrow much at first, for there were no banks which could receive the savings of many people, and then lend them to the government. Butin 1694, Patterson, a Scotchman, suggested the founding of a bank, and his plan was carried out by Montague. In this way the Bank of England, perhaps the strongest bank in the world, had its beginning. Montague carried out another reform, very much needed at that time. The coin of the realm had become so worn and clipped by dishonest men, that a shilling was often worth no more than sixpence. The rich people did not feel this much for they took the coins at what they were really worth; but poor men had little choice, and their wages were often paid in this debased coin at its face value, while the coins they gave for what they bought were taken by dealers at sometimes less than
