prince, and that Elizabeth's youngest child, Sophia of Hanover, a very old lady, was the best Protestant heir. She had already a son and a grandson, who were one day to be King George I and King George Il. No one liked the prospect of a petty German prince as our King; but most people thought anything was better than a Papist, and unfortunately our lawful King, James III, remained a Papist all his days. He could have bought his throne at any moment by turning Protestant, but he was far too honourable to do that.
Parliament becomes all-powerful.Before we leave King William we must notice an important change which took place during his reign, a change which really transferred the sovereignty of the country from King to Parliament. Taxes.To previous kings Parliament had usually voted, at the beginning of the reign, a certain sum of money to be paid each year out of taxes, which sum, they thought, should be enough to pay all the expenses of governing and defending the country. It never was enough, and extra money had always to be voted for wars. Now, however, William's Parliament voted him only a small sum for his life—enough for himself and his Court ‘to live on’; but the expenses of governing and defending the country, paying the Army and Navy and Civil Service, they only voted from year to year. So since his time the Kings have always been obliged to call a Parliament every year whether they wanted to or not—or else to leave army and navy without pay.
Loans and the National Debt.Further, as William's wars cost a great deal of money, and as Parliament shrank from laying on the heavy the taxes which were necessary to pay for them, it allowed the Crown to borrow money from any one who would lend it at interest. The interest had to be paid yearly