The fight was protracted by the obstinacy and dexterity of the Old Company and its friends from the first week of May to the last week in June. It seems that many even of Montague's followers doubted whether the promised two millions would be forthcoming. His enemies confidently predicted that the General Society would be as complete a failure as the Land Bank had been in the year before the last, and that he would in the autumn find himself in charge of an empty exchequer. His activity and eloquence, however, prevailed. On the twenty-sixth of June, after many laborious sittings, the question was put that this Bill do pass, and was carried by one hundred and fifteen votes to seventy-eight. In the upper House, the conflict was short and sharp. Some peers declared that, in their opinion, the subscription to the proposed loan, far from amounting to the two millions which the Chancellor of the Exchequer expected, would fall far short of one million. Others, with much reason, complained that a law of such grave importance should have been sent up to them in such a shape that they must either take the whole or throw out the whole. The privilege of the Commons with respect to money bills had of late been grossly abused. The Bank had been created by one money bill; this General Society was to be created by another money bill. Such a bill the Lords could not amend; they might indeed reject it; but to reject it was to shake the foundations of public credit and to leave the kingdom defenceless. Thus one branch of the legislature was systematically put under duress by the other, and seemed likely to be reduced to utter insignificance. It was better that the government should be once pinched for money than that the House of Peers should cease to be part of the Constitution. So strong was this feeling that the Bill was carried only by sixty-five to forty-eight. It received the royal sanction on the fifth of July. The King then spoke from the throne. This was the first occasion on which a King of England had spoken to a Parliament of which the existence was about to be terminated, not by his own act, but by the act of the law. He could not, he said, take leave of the Lords and Gentlemen before him without publicly acknowledging the great things which they had done for his dignity and for the welfare of the nation. He recounted the chief services which they had, during three eventful sessions, rendered to the country. "These things will," he said, "give a lasting reputation to this Parliament, and will be a subject of emulation to Parliaments which shall come after." The Houses were then prorogued.
During the week which followed there was some anxiety as to the result of the subscription for the stock of the General Society. If that subscription failed, there would be a deficit; public credit would be shaken; and Montague would be regarded as a pretender who had owed his reputation to a mere run of good luck, and who had tempted chance once too often. But the event was such as even his sanguine spirit had scarcely ventured to anticipate. At one in the afternoon of the 14th of July the books were opened at the Hall of the Company of Mercers in Cheapside. An immense crowd was already collected in the street. As soon as the doors were flung wide, wealthy citizens, with their money in their hands, pressed in, pushing and elbowing each other. The guineas were paid down faster than the clerks could count them. Before night six hundred thousand pounds had been subscribed. The next day the throng was as great. More than one capitalist put down his name for thirty thousand pounds. To the astonishment of those ill boding politicians who were constantly repeating that the war, the debt, the taxes, the grants to Dutch courtiers, had ruined the kingdom, the sum, which it had been doubted whether England would be able to raise in many weeks, was subscribed by London in a few hours. The applications from the provincial towns and rural districts came too late. The merchants of Bristol had intended to take three hundred thousand pounds of the stock, but had waited to learn how the subscription went on before they gave their final orders; and, by the time that the mail had gone down to Bristol and returned, there was no more stock to be had.
This was the moment at which the fortunes of Montague reached the meridian. The decline was close at hand. His ability and his constant success were everywhere talked of with admiration and envy. That man, it was commonly said, has never wanted, and never will want, an expedient.
During the long and busy session which had just closed, some interesting and important events had taken place which may properly be mentioned here. One of those events was the destruction of the most celebrated palace in which the sovereigns of England have ever dwelt. On the evening of the 4th of January, a woman,—the patriotic journalists and pamphleteers of that time did not fail to note that she was a Dutchwoman,—who was employed as a laundress at Whitehall, lighted a charcoal fire in her room and placed some linen round it. The linen caught fire and burned furiously. The tapestry, the bedding, the wainscots were soon in a blaze. The unhappy woman who had done the mischief perished. Soon the flames burst out of the windows. All Westminster, all the Strand, all the river were in commotion. Before midnight the King's apartments, the Queen's apartments, the Wardrobe, the Treasury, the office of the Privy Council, the office of the Secretary of State, had been destroyed. The two chapels perished together; that ancient chapel where Wolsey had heard mass in the midst of gorgeous copes, golden candlesticks, and jewelled crosses, and that modern edifice which had been erected for the devotions of James and had been embellished by the pencil of Verrio and the chisel of Gibbons. Meanwhile a great extent of building had been blown up; and it was hoped that by this expedient a stop had been put to the conflagration. But early in the morning a new fire broke out of the heaps of combustible matter which the gunpowder had scattered to right and left. The guard room was consumed. No trace was left of that celebrated gallery which had witnessed so many balls and pageants, in which so many maids of honour had listened too easily to the vows and flatteries of gallants, and in which so many bags of gold had changed masters at the hazard table. During some time men despaired of the Banqueting House. The flames broke in on the south of that beautiful hall, and were with great difficulty extinguished by the exertions of the guards, to whom Cutts, mindful of his honourable nickname of the Salamander, set as good an example on this night of terror as he had set in the breach of Namur. Many lives were lost, and many grievous wounds were inflicted by the falling masses of stone and timber, before the fire was effectually subdued. When day broke, the heaps of smoking ruins spread from Scotland Yard to the Bowling Green, where the mansion of the Duke of Buccleuch now stands. The Banqueting House was safe; but the graceful columns and festoons designed by Inigo were so much defaced and blackened that their form could hardly be discerned. There had been time to move the most valuable effects which were moveable. Unfortunately some of Holbein's finest pictures were painted on the walls, and are consequently known to us only by copies and engravings. The books of the Treasury and of the Privy Council were rescued, and are still preserved. The Ministers whose offices had been burned down were provided with new offices in the neighbourhood. Henry the Eighth had built, close to St. James's Park, two appendages to the Palace of Whitehall, a cockpit and a tennis court. The Treasury now occupies the site of the cockpit, the Privy Council Office the site of the tennis court.
Notwithstanding the many associations which make the name of Whitehall still interesting to an Englishman, the old building was little regretted. It was spacious indeed and commodious, but mean and inelegant. The people of the capital had been annoyed by the scoffing way in which foreigners spoke of the principal residence of our sovereigns, and often said that it was a pity that the great fire had not spared the old portico of St. Paul's and the stately arcades