of the old Company to the Judges, and the judges had pronounced
that, under the provisions of that charter, the old Company could not
be dissolved without three years' notice, and must retain during those
three years the exclusive privilege of trading to the East Indies. He
added that, being sincerely desirous to gratify the Commons, and finding
himself unable to do so in the way which they had pointed out, he had
tried to prevail on the old Company to agree to a compromise; but that
body stood obstinately on its extreme rights; and his endeavours had
been frustrated. [361]

This message reopened the whole question. The two factions which divided
the City were instantly on the alert. The debates in the House were
long and warm. Petitions against the old Company were laid on the table.
Satirical handbills against the new Company were distributed in the
lobby. At length, after much discussion, it was resolved to present
an address requesting the King to give the notice which the judges had
pronounced necessary. He promised to bear the subject in mind, and to
do his best to promote the welfare of the kingdom. With this answer the
House was satisfied, and the subject was not again mentioned till the
next session. [362]

The debates of the Commons on the conduct of the war, on the law of
treason and on the trade with India, occupied much time, and produced no
important result. But meanwhile real business was doing in the Committee
of Supply and the Committee of Ways and Means. In the Committee of
Supply the estimates passed rapidly. A few members declared it to
be their opinion that England ought to withdraw her troops from the
Continent, to carry on the war with vigour by sea, and to keep up only
such an army as might be sufficient to repel any invader who might elude
the vigilance of her fleets. But this doctrine, which speedily became
and long continued to be the badge of one of the great parties in the
state, was as yet professed only by a small minority which did not
venture to call for a division. [363]

In the Committee of Ways and Means, it was determined that a great part
of the charge of the year should be defrayed by means of an impost,
which, though old in substance, was new in form. From a very early
period to the middle of the seventeenth century, our Parliaments had
provided for the extraordinary necessities of the government chiefly by
granting subsidies. A subsidy was raised by an impost on the people of