in 1712 to 1743; in 1742 to 1765; in 1763 to 1786; in 1781 to 1812; and so on. There have been times of tightness. In 1697 the Bank was forced to suspend partially payment in coin, giving 10 per cent once a fortnight, and afterwards at the rate of 3 per cent once in three months. In 1720 it escaped the disaster of the South Sea Bubble. In 1745, when London was thrown into a panic by the approach of the Pretender, there was a run upon the Bank. This was staved off by paying slowly in silver. In the year 1797, by an order in Council, last payments were suspended. These events, however, belong to the after history of the Bank.

The foundation of the Bank of England brought about a complete revolution in the relations of Crown and City. We have seen that hitherto the City was called the King's Chamber; when the King wanted money he sent to the City for a loan; sometimes he asked more than the City could lend; generally the City readily conceded the loan.

In a note, Sharpe calls attention to the absurdity of representing the Chancellor of the Exchequer going about, hat in hand, borrowing £100 of this hosier and £100 from that ironmonger :

"The mode of procedure was nearly always the same. The lords of the treasury would appear some morning before the Common Council, and after a few words of explanation as to the necessities of the time, would ask for a loan, offering in most cases undeniable security. Supposing that the Council agreed to raise the required loan, which it nearly always did, the mayor for the time being was usually instructed to issue his precept to the aldermen to collect subscriptions within their several wards, whilst other precepts were (in later times at least) sent to the master of wardens of the livery companies to do the same among the members of their companies. There were times, also, when the companies were called upon to subscribe in proportion to their assessment for supplying the City with corn in times of distress" (London and the Kingdom, vol. ii. pp. 586, 587).

The last loan ever asked by the King of the City was that asked by William the Third in 1697 to pay off his navy after the Peace of Utrecht. Instead of going to the City the King went to the Bank, but not then without the authority of Parliament. The City was no longer to be the Treasurer-or the Pawnbroker -of the King and the nation. This event, though the citizens did not apprehend its full meaning for many years, deprived London of that special power which had made her from the Norman Conquest alternately the object of the Sovereign's affections or of his hatred. Henceforth it mattered nothing to London whether the King loved or hated her. The power of the City was now exercised legitimately by her representatives in the House of Commons.

CHAPTER VII

THE IRISH ESTATES

THE following history of the Irish estates is taken from London and Londonderry, published in Belfast (1890) by Messrs. Marcus Ward and Co.

In the year 1608 the first steps were taken towards the settlement of Ulster by English and Scotch emigrants-a measure whose wisdom was shown eighty years later, when the grandson of James the First owed his expulsion largely to the descendants of the original settlers.

The greater part of six counties in the Province of Ulster, viz. Donegal, Fermanagh, Cavan, Tyrone, Armagh, and Coleraine, after the rebellions of O'Neill and O'Donnell, were declared to be escheated to the Crown. James conceived a plan for securing the peace and welfare of Ulster by replacing the Irish rebels by Protestant settlers, together with those of the Irish who were willing to conform to the English rule and religion. He therefore invited "undertakers" who would accept of lands in Ulster on his conditions.

These were, that they should not ask for large portions "in tending their private property only;" that there should be three classes of undertakers :

(1) Those who would plant with English or Scotch tenants.

(2) Servitors or military undertakers.

(3) Native Irish admitted as freeholders.

The first class were to pay to the Crown the great rent of £5:6:8 for every thousand acres. The second class, when they planted with English or Scotch tenants, were to pay the same; otherwise, the second class were to pay £8 for every thousand acres; and the third class were to pay 10:13:4 for every thousand acres.

The third condition was, that all were required to provide strongholds and arms for defence, to let their lands on easy terms, to "avoid Irish exactions," and to be resident; they were not to accept the "mere" Irish as tenants at all; they were required to create market towns, and to found at least one free school in every county for education in religion and learning. They were also privileged to

import from Great Britain for three years, free of custom, everything requisite to put the plantation on a satisfactory footing.

In 1609 Commissioners were appointed to survey the escheated lands and to divide them into convenient parcels for allocation.

In the same year proposals were made in the King's name to the City that the Corporation itself should undertake the restoration of the city of Derry and the town of Coleraine, and should plant the rest of the county with undertakers. The City was offered the Customs for twenty-one years at 6s. 8d. per annum, the fisheries of the Bann and the Foyle, free license to export wares grown on their own land, and the admiralty of Tyrconnel and Coleraine.

The following were the inducements held out to the City --

"If multitudes of men were employed proportionally to these commodities which might be there by industry attained, many thousands would be set on work to the great service of the King, strength of his realm, advancement of several trades, and benefit of particular persons, whom the infinite increasing greatness (that often doth minister occasion of ruin to itself) of this city might not only conveniently spare, but also reap a singular commodity by easing themselves of an insupportable burthen which so surcharged all the parts of the city that one tradesman can scarce live by another, which in all probability would be a means also and preserve the city from infection; and by consequence the whole kingdom, of necessity, must have recourse thither, which persons pestered or closed up together can neither otherwise or very hardly avoid" (London and Londonderry, p. 7).

On July 1, 1609, the Court of Aldermen sent a precept to each of the City Companies asking them to appoint representatives to consider the propositions. The Companies refused to undertake this work. Thereupon the Mayor appointed a Committee, ignoring the refusal of the Companies, to carry out the undertaking. This Committee sent an order to the Companies to ascertain what each member would willingly undertake.

On August 1, 1609, the City sent out four "viewers" to survey the place. intended for the new Plantation and "to make report to this City." The viewers returned in December, when it was resolved that £15,000 should be raised to meet preliminary expenses. The money was to be raised in the Companies, not by the Companies. Meantime the City asked for certain additional advantages, including forces for defence to be maintained at the King's charges. It was agreed that 200 houses should be built at Derry, leaving room for 300 more, and that 100 houses should be built at Coleraine, leaving room for 200 more, and that fortifications should be constructed. Another sum of £5000 was then ordered to be raised. In January 1610 the demands of the City were granted by the Privy Council. It is important to observe that the "undertaking" by the City was not a purchase by the Companies, but taxation of the members of the Companies by order of the City, just as any other tax was imposed and collected. Some of the poorer Companies were exempted, but not the "abler" men among them.

In July 1611 another contribution of £20,000 was raised by tax. In this

case those Companies which might choose to lose the benefits resulting from their previous contributions were exempt-a privilege accepted by two of the Companies.

Power was given by the Common Council to the Committee of the Corporation, afterwards the Irish Society, to divide the land among those Companies willing to accept them, and so "to build and plant the same at their own cost and charges, accordingly as by the Printed Book of Plantation is required." Eight of the great Companies accepted at once, and the other four shortly afterwards.

Meantime the Privy Council made certain conditions, among them the following:

"The Londoners are first to provide habitations for such poor and necessary men as they draw thither for their business, and afterwards to let for such rents as shall be fiting as well for the good of the Plantation as for some valuable rent (THE CHARGES CONSIDERED), the Londoners always performing the Articles of Plantation" (London and Londonderry, pp. 12, 13).

It would appear from this that the subscribers were intended to get rent in return for their outlay, but they never did, because the Companies added the rents of the land to their own corporate funds. As the subscribers do not appear to have objected, this was probably done openly and without any remonstrance or objection.

Complaints began to be made that the conditions were not carried out; only twenty houses were built at Derry instead of the 200 promised; the Londoners were converting the timber to their own profit. In December 1612 the King wrote to Sir Arthur Chichester, the Lord Deputy :

"If there were no reason of State to press it forward, yet we would pursue and effect that work with the same earnestness, merely for the goodness and morality of it, esteeming the settling of religion, the introducing of civility, order, and government among a barbarous and unsubjected people to be the acts of piety and glory, and worthy also a Christian Prince to endeavour'" (London and Londonderry, p. 13).

On March 29, 1613, the first charter was granted to the Irish Society as representing not the Companies, but the Corporation of the City of London for the Plantations. This charter constitutes and incorporates the Irish Society

"For the better ordering, directing, and governing all and all manner of things for and concerning the City and Citizens of Londonderry aforesaid, and the aforesaid County of Londonderry, and the Plantation to be made within the same City and County of Londonderry, and other businesses belonging to the same,' giving the Society power to purchase and hold in fee, for these purposes, lands, goods, etc., in England or in Ireland, to have a common seal, and to sue or be sued" (p. 14).

A grant of timber is made only for the Plantation and "not for any other causes to be merchandized or sold." In other words, the Irish Society was incorporated for the purpose of a Trust; the members were originally Trustees.

It is charged against the Society that they began by neglecting the conditions, setting too high a rent upon their lands, and trying to make a profit for the Londoners out of the property. James himself was much dissatisfied with the conduct of the estates. He wrote to Sir Arthur again in August 1615, adding a

postscript in his own hand:-"My Lord, in this service I expect that zeal and uprightness from you, that you will spare no flesh, English or Scotch, for no private man's worth is able to counterbalance the particular safety of a kingdom, which this Plantation, being well accomplished, will procure."

A year afterwards the King granted a licence to the twelve Companies to hold in mortmain whatever lands the Irish Society might grant them.

These grants contained a reservation of the right of re-entry if the conditions specified were not kept.

It is, of course, evident that if the Irish Society were Trustees they could not give away their lands, and that they could only make grants under the conditions of their Trust.

In 1620, on further complaints being made, the sequestration of the estates was granted, but not carried out. In 1624 other complaints were made that the conditions of allotting 4000 acres to Derry and 3000 to Coleraine had not been carried out. It was replied that Derry had received 1500 and Coleraine 500.

Charles I. began by making an attempt to fix a fair rent, which appears to have failed, the Society declaring that for the time it was impracticable. There were, no doubt, difficulties in the way of getting settlers, or, which seems possible, there were so many applicants that the Society was able to run up rents. In 1637 the Court of Chancery gave judgment in the case. The letters patent of March 1613 were annulled, and the premises granted to the Irish Society were seized into the hands of the King. A fine of £70,000 was also imposed upon the City.

The charges brought against the Londoners were as follows:

1st, Unduly and deceitfully obtaining the letters patent, under pretence of a due observance of the articles'; 2nd, Obtaining more land than it was the King's intention to grant (97,000 acres of fertile land, instead of 27,000), the rents mentioned being 'one hundred and ninety-three pounds, eight shillings and fourpence, and no more; 3rd, The neglecting to plant with English and inland Scots, and illegally many of the 'mere Irish' (names being given) in possession of the lands; 4th, Rack-renting of an atrocious type. "Their Agents. . . do still continue the natives upon the said Plantation, and paid the Fines imposed upon them, according to the said Proclamation, for not departing from the British undertaken Lands, because they would give greater Rents for the said Lands than the British were able to live upon, and did prefer the Irish before the English, because they pretended they were more serviceable unto them, by which means, AND BY THEIR EXCESSIVE RAISING THE RENTS FROM FORTY SHILLINGS AND FIFTY SHILLINGS A BALLIBOE, UNTO TEN POUNDS, TWELVE POUNDS, AND TWENTY POUNDS AND THIRTY POUNDS A BALLIBOE, the English were and are much disheartened, and the natives do far exceed the British, etc.;' 5th, Spoliation of the Plantation and fraud on the Crown by cutting down the woods for merchandise instead of for Plantation purposes to the extent of one million oaks, two thousand elms, and two hundred thousand ash trees, of the value of £550,666 13s. 4d." (pp. 21 and 22).

The King, however, accepted a fine of 12,000 with the surrender of all the

grants.

Three years later the sentence of the Court was set aside by the House of Commons with the following resolutions :-