After the revolution Preston, who was in high favour with Louis XIV, was entrusted by the French government with considerable sums of money for political purposes. In a gesture, which was also intended to be a test case, James II, created him, by letters patent dated at St. Germain-en-Laye 21 January 1689 Baron of Esk, in the Peerage of England, which title was not recognised subsequently by the House of Lords. In March 1689 he was reported to be in the north of England concerting measures for the restoration of the king. In May he was arrested, brought up to London, committed to the Tower, and not admitted to bail until 25 October. Meanwhile, the Earl of Montagu had commenced an action against him to recover the profits of the office of wardrobe, for which he held a life patent for the place. Preston thereupon appeared before the House of Lords on 11 November, claiming the privilege of a peer of the realm in respect of the action at law. He stated that he had received a patent to be an English Peer from James II before the vote of abdication passed. The house thereupon sent him to the Tower, and instructed the attorney-general to prosecute him for a high misdemeanor. He was, however, released on making a humble apology and withdrawing his claim, 27 November. On the following day, he obtained a discharge from his recognisances in the court of king's bench, no further notice being taken of his conduct in the north. On 28 June 1690 Lord Montagu won his action, being awarded £1,300 damages. Preston carried on his plots, and was still regarded by his party as a man of courage and honour. He retained the seals of his office, and was still considered by the Jacobites as the real secretary of state. The lord president, Carmarthen, caused a watch to be set on his movements. In December 1690 a meeting of the leading Protestant Jacobites was held, at which it was determined that Preston should carry to St. Germain the resolutions of the conspirators.