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, 1st Earl of Chatham William Pitt, 1st Earl of Chatham William Pitt, 1st Earl of Chatham, (15 November 1708 – 11 May 1778) was a British statesman of the Whig group who led the government of Great Britain twice in the middle of the 18th century. Historians call him Pitt of Chatham, or William Pitt the Elder, to distinguish him from his son, William Pitt the Younger, who also was a prime minister. Pitt was also known as The Great Commoner, because of his long-standing refusal to accept a title until 1766. Pitt was a member of the British cabinet and its informal leader