William had now gained, at least temporarily, the object that he had
in view when he accepted the English crown. He had succeeded in
drawing the English into a close defensive alliance against Lois
XIV,[2] who, as we have seen, was bent on destroying both the
political and the religious liberty of the Dutch as a Protestant
people (S476).
[2] Guizot's "History of Civilization," chap. xiii.
William's wars had compelled him to borrow large sums from the London
merchants. Out of these loans sprang the permanent National Debt.
That debt was destined to grow from less than a million of pounds to
so many hundred millions that all thought of ever paying it has long
since been given up. Furthermore, it became necessary to organize a
Banking Company, 1694, for the management of this collosal debt;
together the two were destined to become more widely known than any of
William's victories.
The building erected by that Company covers not far from four acres of
land in the very heart of London. In the first room which one enters
stands a statue of the King, bearing this inscription: "To the memory
of the best of Princes, William of Orange, founder of the Bank of
England,"--the largest and most important financial institution in the
world.