To furnish the loans thus arbitrarily and rapidly levied, the individuals of the Companies had at this time not only impoverished themselves, but all the fraternities were obliged to sell or pawn their plate.
The Companies took a conspicuous part in the rejoicings to celebrate the Restoration. Charles was, however, scarcely established on the throne than he cast a longing eye on the wealth of the Companies. In 1684 he brought the whole of them under complete subjection to the Crown through the operation of the quo warranto—an enquiry into the validity of the City Charter, the result of which rendered the King not only master of London but of all the Corporations in England. Almost all the Companies surrendered their Charters. The new Charters granted by Charles contained such prohibitions as showed that all liberty of action was completely destroyed, and that the Companies were only to exist during the royal pleasure.
The first act of James II (1685) was an attempt to influence the Companies' selection of voters.
The news of the approach of the Prince of Orange in 1688 forced from James II an Act of Restitution, by which all restrictions consequent on the quo warranto were repealed. The City Charter was restored, and the Statute 2 of William and Mary passed, which not only reversed the quo warranto, but enacted that all and every of the several Companies of the City of London shall be restored to all their Charters and privileges, lands, tenements, and estates.
Tranquility and confidence having been restored after the Accession of William and Mary, and the privileges and rights of corporate bodies firmly established by Parliament, the affairs of the Livery Companies began to improve. During the interval between that time and the present, various minor events and changes have occurred in their separate