oz. 2 grs. of the clipped silver money produced only 790,860 lbs. 1 oz. 19 grs., implying a depreciation in weight alone of over 47.75 per cent.
The process of stripping the country of currency was increased by the continual pouring out of money in aid of William's wars, and the loss in exchange on such large remittances made the evil only too apparent. The one or two millions yearly remitted to the Continent for the British armies were negotiated in Holland in a thousand ways to England's prejudice. Partisan statements were made that whereas in the beginning of the war the Dutch allowed 43 schillings for an English pound they gradually lowered the exchange to 28 schillings. Guineas, which were equal in value to 21s. 6d. in silver, rose to 30s.; and they would have risen to a still higher rate if the officers of the exchequer and the receivers of public revenue had not refused to receive them in payment at the increased value.
In 1695 the matter was taken up in the House of Commons, and a committee appointed. The report of this committee, which was never passed, was based on the proposition of a reduction of standard. By Montague's influence the proposals were dropped, and it was not till the 22nd November that the Act Page 225 for remedying the ill state of the coins passed. It is well known that the unwise determination of the Government of William III. to adhere to the pre-existing standard was due to the action and contrivance of Montague as Chancellor of the Exchequer, and