Massive expenditure on wars leads to new developments in finance
Paul Foley's "Million Fund" scheme of 1693; carried out by Charles Montagu (Ch. Exch.) and Bank of England founded, to avert crisis in 1694 caused by extremely large military budget
National Debt developed
"Country opposition" begins to develop (contains both Whig and Tory members)
Opposition organizes a "commission of accounts" to examine public expenditure, establishes point of opposition to the ministry. Attempted 1690, established 1691, renewed annually through 1697. [1] See spiritual successor, Public Accounts Committee (United Kingdom)
Bill to secure rights of borough corporations
Glass duty bill
In 1692-3, Junto Whigs (court) join with country opposition to condemn mismanagement of the war by foreign generals, Tory ministers for naval setbacks. Result is mostly Whig government by 1694
Rose Club: Whig club that met at the Rose Tavern, Covent Garden
Tories control Parliament, but many reluctant to spend on war preparations
Act of Settlement 1701, Tories imposing many restrictions on the prerogative, obstruction by an alliance of 'Jacobites' and 'republicans'
Commons learns of Treaty of London (1700) negotiated without Parliamentary approval; leads to impeachment of Portland. Also results in discovery of the First Partition Treaty; Harley takes advantage of Junto complicity to divert odium. Montagu, Orford and Somers impeached; latter two tried and acquitted by Lords.
Tories order arrest of 5 Kentishmen petitioning in person for war preparations, but come around to some extent in final weeks of session
'Great Mortage' = general fund to settle public debt, established by act of 8 & 9 Gul. III c. 20.
