Godolphin had taken over the Treasury with an adverse balance, arising in the main out of the continental campaigns of William III., which the economies practised since the peace had, at the time of the King's death, failed to discharge. At the accession of the Queen, the funded debt stood at 10,000,000l. In addition to this, there were 2,338,628l. outstanding Exchequer Bills, borrowed at 7 and 8 per cent., and other arrears, amounting in all to about 12,750,000l. Taking the total revenue from taxation, direct and indirect, at 4,654,000l., which is the average of the last three years of William III., the outstanding indebtedness represented a capital sum approaching three times the annual taxation of the country. In 1697 a general mortgage was made of certain revenues and taxes amounting to nearly a million pounds a year, to be continued till 1706 as a fund for the discharge of about 5,100,000l. In the first session of the reign this mortgage was extended to 1710, to supply a deficiency of over 3¼ millions. Godolphin further allocated some additional taxes to constitute security for the floating Exchequer Bills (1 Anne, st. 1, c. 13).