While they dance Bayes cries, mightily taken with his device,

'Now the Earth's before the Moon; now the Moon's before
the Sun: there's the Eclipse again.']


[Footnote 8: The elector of Hanover, who, in 1714, became King George I.]


[Footnote 9: In the year after the foundation of the Bank of England,
Mr. Charles Montague,--made in 1700 Baron and by George I., Earl of
Halifax, then (in 1695) Chancellor of the Exchequer,--restored the
silver currency to a just standard. The process of recoinage caused for
a time scarcity of coin and stoppage of trade. The paper of the Bank of
England fell to 20 per cent. discount. Montague then collected and paid
public debts from taxes imposed for the purpose and invented (in 1696),
to relieve the want of currency, the issue of Exchequer bills. Public
credit revived, the Bank capital increased, the currency sufficed, and.
says Earl Russell in his Essay on the English Government and
Constitution,

'from this time loans were made of a vast increasing amount with great
facility, and generally at a low interest, by which the nation were
enabled to resist their enemies. The French wondered at the prodigious
efforts that were made by so small a power, and the abundance with
which money was poured into its treasury... Books were written,
projects drawn up, edicts prepared, which were to give to France the
same facilities as her rival; every plan that fiscal ingenuity could
strike out, every calculation that laborious arithmetic could form,