A. D. 1697. 691 



* ut par, which coft the fublcribers but 55 to 65 per cent * ; by which 



* the greatefl. eftates were railed in the leafl time, and the moftof them, 

 ' that had been known in any age, or in any part of the world.' I have 

 indeed often heard it faid by perfons who lived at this time, that one 

 lingle lubfcriber alone (Sir Gilbert Heathcote) gained by that rife of 

 the price above L6o,oco. 



' During the recoinage of our fdver,' (fays D'Avenant, in the fecond 

 part of his Difcoiirfes on the public revenues and trade of England^ p. i6i) 

 ' all great dealings were tranfaded by tallies, bank bills, and goldfmiths 

 ' notes. Paper credit did not only fupply the place of running cadi, but 

 ' greatly multiplied the kingdom's liock ; for tallies and bank bills did, 

 ' to many ufes, ferve as well, and to fome better, than gold and filver: 

 ' and this artificial wealth, which neceflity had introduced, did make us 

 ' lefs feel the want of that real treafure, which the war, and our lofTes 

 ' at fea, had drawn out of the nation.' This able, but venal, author 

 wrote in a very different ftrain t.owards the clofe of the next reign. 



Thefe prudent meafures in England proved the great means of con- 

 cluding, in September in the fame year, a treaty of peace between 

 England and France, much wanted by both nations. In general, by 

 article 7, moft places, poiTefled by either party before the war broke 

 out, were now flipulated to remain to them Some of the forts in Hud- 

 fon's bay were, however, thereby ceded to France, as alfo thofe of Nova- 

 Scotia, which we had taken from France in 1690; alfo that part of 

 St. Chriflophers which we had taken from France in the fame year, 

 1 690, was reftored to France; King William's then untoward affairs not 

 permitting him, at that time, to infifl too {Irenuoufly on thofe matters, 

 more efpecially as the main preliminary of this treaty was the acknow- 

 legement of William as king of Great Britain and Ireland by Louis. 



The Dutch reftored to France Pondicherry in Eafl-India ; and, at the 

 fame time, a feparate treaty of commerce and marine was concluded 

 between them for twenty years. All that is memorable therein being, 

 that the Dutch fhould enjoy the fam.e privileges, franchifes, &c. in 

 France, as Louis's own fubjeds did, and that they might freely carry to 

 Marfeilles, &c. the merchandize of the Levant, as well in their own 

 fhips as in French bottoms, without being liable to the 20 per cent ou 

 the Levant commerce ; faving only in cafes where the French them- 

 felves were liable to pay it. The Dutch alfo might import pickled her- 

 rings without being liable to repacking. France alfo remitted to them 

 the 50 fols per ton on foreigners fhips, excepting only when Dutch fliips 

 carry French goods coaft-ways, from one port of France to another. 



To Spain France yielded what fhe had taken in Catalonia, as alfo the 

 city and province of Luxemburgh, with Charleroy, Aeth, Courtray, and 



* Hj means fuch as bought diem at fo large a difcount. A. 



4 S 2 



