n, and declared it to be
forfeited; and not only that, but also the charters of all the
corporations in England, including those of the City Companies. The
whole business, when regarded in the light of history, appears farcical
and absurd, but the danger to the life of the corporations appeared very
real and tremendous to the good citizens of London in the year 1684.
They behaved in a most loyal and submissive manner, surrendered their
charters, expressed their fear that they had offended their sovereign,
who, "in his princely wisdom," had issued a _quo warranto_ against them,
and earnestly begged to have their charters renewed. The King granted
them new charters, which rivetted strong fetters about the guilds,
placed them, bound hand and foot, at the mercy of the King, and reduced
the city to entire subservience. James II. showed no inclination to
release the city and the companies from their bonds, until the news of
the advent of the Prince of Orange forced him to make an act of
restitution; the old charters were restored, and the proceedings _quo
warranto_ were hastily quashed. One of the first acts of William and
Mary was to renew the old charters and declare that all the acts of the
Stuart monarchs, with regard to the suppression of these ancient
documents and the granting of new ones, were entirely null and void.
This action endeared the new sovereign to the citizens, and, doubtless,
helped greatly to secure for him the English throne and the loyalty of
his people.

Public confidence being restored, the affairs of the companies began to
improve. Though still hampered by the loss of much wealth, and by the
misfortunes through which they had passed, their members were wealthy,
and gifts and bequests were not lacking. It is true that their
connection with the trades which they were supposed to govern was fast
dying out--indeed, many of their trades had for a long time become
obsolete--but the corporations still cared for their poor members,
managed their estates, promoted in some measure the trades with which
they were associated, and took their part in the government of the
affairs of the city. The value of their city property increased
enormously, and raised them from poverty to affluence. This has enabled
them to institute vast schemes of charity and munificence, which
enormously benefits the whole country, and to maintain, preserve, and
develop those magnificent educational and charitable establishments
which pi