Thus a new estate and property sprung up in the hands of mortgagees, to whom every house and foot of land in England paid a rent-charge, free of all taxes and defalcations, and purchased at less than half value.

So that the gentlemen of estates were, in effect, but tenants to these new landlords; many of whom were able, in time, to force the election of boroughs out of the hands of those who had been the old proprietors and inhabitants.

This was arrived at such a height, that a very few years more of war and funds would have clearly cast the balance on the moneyed side.
As to the second, this project of borrowing upon funds, was of mighty advantage to those who were in the management of it, as well as to their friends and dependants; for, funds proving often deficient, the government was obliged to strike tallies for making up the rest, which tallies were sometimes (to speak in the merchants' phrase) at above forty _per cent_, discount.

At this price those who were in the secret bought them up, and then took care to have that deficiency supplied in the next session of Parliament, by which they doubled their principal in a few months; and, for the encouragement of lenders, every new project of lotteries or annuities proposed some farther advantage, either as to interest or premium.
In the year one thousand six hundred and ninety-seven, a general mortgage was made of certain revenues and taxes already settled, which amounted to near a million a year.

This mortgage was to continue till one thousand seven hundred and six, to be a fund for the payment of about five millions one hundred thousand pounds.