William Pitt the Younger King refused to support him. Fox stated the bill was necessary to save the company from bankruptcy. Pitt responded that: "Necessity was the plea for every infringement of human freedom. It was the argument of tyrants; it was the creed of slaves." The King was opposed to the bill; when it passed in the House of Commons, he secured its defeat in the House of Lords by threatening to regard anyone who voted for it as his enemy. Following the bill's failure in the Upper House, George III dismissed the coalition government and finally entrusted the premiership to William Pitt,
William Pitt the Younger after having offered the position to him three times previously. A constitutional crisis arose when the King dismissed the Fox-North coalition government and named Pitt to replace it. Though faced with a hostile majority in Parliament, Pitt was able to solidify his position in a few months' time. Some historians argue that his success was inevitable given the decisive importance of monarchical power; others argue that the King gambled on Pitt and that both would have failed but for a run of good fortune. Pitt, at the age of 24, became Great Britain's youngest Prime Minister ever. The contemporary satire