willingly pay for the distinction of writing himself an
esquire, who would grumble with dissatisfaction at the duty on his salt.
But to meet the increasing expense of the state, and 'carrying on the
war with vigor in France and Ireland' (the propitiating clause with
which nearly all the acts of taxation of the period close), the most
minute articles, both of necessity and luxury, were required to bear a
portion of the common burden. The nation bore its unaccustomed load with
singular patience. A license duty on hackney coaches, imposed in 1693,
called forth, however, opposition from an unexpected quarter. The
outraged wives of the hackmen assembled, and, to express their
indignation at the tax, mobbed the offending members of Parliament on
their way from the House. It should be mentioned, as showing the
intrepidity of that body, or, more probably, the great necessities of
the state, that the tax remained unchanged. In spite of all these taxes,
the greatest difficulty was experienced in procuring funds to carry on
the war. A general lack of confidence in the stability of the Government
prevented men from taking up readily the loans which the Government was
forced to call for. Various expedients were adopted to attract the
cupidity of capitalists. Among these the most successful was the custom
of receiving loans upon tontines. This was a species of annuity. Twenty
or thirty persons united in the purchase from Government of an annuity
upon the joint lives of their whole number. At the death of each his
share went to those who remained, and was distributed equally among
them. The final survivor took the whole annuity. No inducements,
however, were sufficient to overcome the popular distrust. The national
debt had already begun to accumulate. Exchequer bills sold on the street
at forty per cent. discount; while, at the same time, a wild spirit of
speculation and adventure, such as is too apt to be produced by the
unnatural excitements of a state of war, had seized upon the popular
mind, and threatened, in its reaction, to bring the whole nation to
ruin.

It was at this time of excitement and danger that the National Bank was
established. It was not at first favorably received. But the effect of
its steadying influence soon began to be felt in the whole financial
condition of the state. It even checked for a time the frenzied spirit
of stock jobbing, which was absorbing the strength of the nation, and
with which a few years