George Bancroft, History of the United States from the Discovery of the American Continent, Vol. 10

Long years of peace had enriched the Netherlands by prosperous manufactures and commerce, so that they became the bankers of all nations. Their own funds, bearing but two and a half per cent interest, rose from six to ten per cent above par; but of their importance the words of Lord North were: ‘When the Dutch say, “we maritime powers,” it reminds me of the cobbler who lived next door to the Lord Mayor and used to say, “my neighbor and I. ” ’¹

In the American war the Dutch republic was the leading neutral power; but the honor of its flag was endangered by the defects in its constitution. Its forms of procedure made legislation dilatory, and tended to anarchy. Each of the seven provinces was represented in the states-general, which had jurisdiction over questions relating to the union; but the limit of their powers was not clearly defined. The provinces voted by states, but before the vote any state might insist on referring the subject of discussion to the several provinces, which again might consult the towns. When these delays were overcome, there still remained a doubt in what cases absolute unanimity of the states was required. The presidency changed every week, passing by turns through the several provinces. The ancient subordination of the stadholder to the king of Spain became in the republic a subordination to the states-general, on whose acts he had a veto. In the council of state, he was the first member with the right of voting, but not the president; his authority was