ished six thousand barrels of gunpowder on a very pressing occasion:
and eighty thousand pounds for the circulation of exchequer bills, at
a very critical juncture, by desire of the lords of the treasury;
who owned that their compliance was a very important service to the
government. No regard being paid to their remonstrances, they undertook
to raise the loan of two millions, and immediately subscribed two
hundred thousand pounds as the first payment. The two proposals being
compared and considered by the house, the majority declared for the
bill, which was passed, and sent up to the house of lords. There the
old company delivered another petition, and was heard by counsel;
nevertheless the bill made its way, though not without opposition, and
a formal protestation by one-and-twenty lords, who thought it was a
hardship upon the present company; and doubted whether the separate
trade allowed in the bill, concurrent with a joint stock, might not
prove such an inconsistency as would discourage the subscription. This
act, by which the old company was dissolved, in a great measure blasted
the reputation of the whigs, which had for some time been on the decline
with the people. They had stood up as advocates for a standing army;
they now unjustly superseded the East India company; they were accused
of having robbed the public by embezzling the national treasure, and
amassing wealth by usurious contracts, at the expense of their fellow
subjects groaning under the most oppressive burdens. Certain it is, they
were at this period the most mercenary and corrupt undertakers that
had ever been employed by any king or administration since the first
establishment of the English monarchy.

The commons now transferred their attention to certain objects in which
the people of Ireland were interested. Colonel Michelburn, who had been
joint governor of Londonderry with Dr. Walker during the siege of that
place, petitioned the house in behalf of himself, his officers, and
soldiers, to whom a considerable sum of money was due for subsistence;
and the city itself implored the mediation of the commons with
his majesty, that its services and sufferings might be taken into
consideration. The house having examined the allegations contained
in both petitions, presented an address to the king, recommending the
citizens of Londonderry to his majesty's favour; that they might no
longer remain a ruinous spectacle to all, a scorn to their enemies, and