The World's Greatest Books [Volumes 1-15, 17-20]

No mightier armament had ever appeared in the English Channel than the fleet of allied British and Dutch ships, under the command of Admiral Russell. On May 19 it encountered the French fleet under the Count of Tourville, and a running fight took place which lasted during five fearful days, ending in the complete destruction of the French force off La Hogue. The news of this great victory was received in England with boundless joy. One of its happiest effects was the effectual calming of the public mind.

Creation of the Bank of England

In this reign, in 1694, was established the Bank of England. It was the result of a great change that had developed in a few years, for old men in William's reign could remember the days when there was not a single banking house in London. Goldsmiths had strong vaults in which masses of bullion could lie secure from fire and robbers, and at their shops in Lombard Street all payments in coin were made. William Paterson, an ingenious speculator, submitted to the government a plan for a national bank, which after long debate passed both Houses of Parliament.

In 1694 the king and the nation mourned the death from small-pox, a disease always working havoc, of Queen Mary. During her illness William remained day and night at her bedside. The Dutch Envoy wrote that the sight of his misery was enough to melt the hardest heart. When all hope was over, he said to Bishop Burnet, "There is no hope. I was the happiest man on earth; and I am the most miserable. She had no faults; none; you knew her well; but you could not know, none but myself could know, her goodness." The funeral was remembered as the saddest and most august that Westminister had ever seen. While the queen's remains lay in state at Whitehall, the neighbouring streets were filled every day, from sunrise to sunset, by crowds that made all traffic impossible. The two Houses with their maces followed the hearse, the Lords robed in scarlet and ermine, the Commons in long black mantles. No preceding sovereign had ever been attended to the grave by a Parliament: for till then the Parliament had always expired with the sovereign. The gentle queen sleeps among her illustrious kindred in the southern aisle of the Chapel of Henry the Seventh.

The affection of her husband was soon attested by a monument the most superb that was ever erected to any sovereign. No scheme had been so much her own, and none so dear to her heart, as that of converting the palace at Greenwich into a retreat for seamen. As soon as he had lost her, her husband began to reproach himself for neglecting her wishes. No time was lost. A plan was furnished by Wren; and soon an edifice, surpassing that asylum which the magnificent Louis had provided for his soldiers, rose on the margin of the Thames. The inscription on the frieze ascribes praise to Mary alone. Few who now gaze on the noble double edifice, crowned by twin domes, are aware that it is a memorial of the virtues of the good Queen Mary, of the love and sorrow of William, and of the greater victory of La Hogue.