Изображения страниц
PDF
EPUB

even to its utmost extent. After a very splendid and powerful argument in support of that necessity, he concluded by bringing forward several resolutions, in which he claimed, as he expected to obtain, the support of the House.

Mr. Sheridan said, that as the country was now engaged in war, it would be inconsistent with good sense and sound policy not to give an unanimous assent to the propositions which had just been offered to the House. Yet, at the same time, the eloquent appeal to the passions with which the minister concluded his speech, disposed him to suspect that there was some weakness to cover, or some error to disguise in the subject before them. He was the more led into the apprehension by some very alarming hints the right honourable gentleman had dropped respecting new connections still to be formed. It seemed the expensive corps of 12,000 Hanoverians were not the only foreign troops we were, to pay: new subsidies and foreign mercenaries were announced, and in a manner that seemed to avow that government was adopting the general principles and views of the Austrian and Prussian confederacy, which he had hitherto flattered himself had not been the case, whatever had been the wishes and arguments of some individuals in that House..

Mr. Sheridan agreed that Mr. Pitt had not overloaded our average income; but he gave the most decided contradiction to his statement, that if peace had continued, or whenever peace was restored, there would be a balance, after paying the peace establishment and the surplus million, of nearly nine

hundred thousand pounds; this, Mr. Sheridan said, was proved by facts and figures to be a most gross fallacy, and nothing was so dangerous as buoying up people's hopes, and making them careless of the consequences of war by such delusions. He took the produce of last year up to the 5th of January, as stated by the chancellor of the exchequer, and the papers on the table: including the land and malt tax, the total income of this year would be something short of 17,000,000l. This, said the right honourable gentleman, is 900,0001. more than necessary for a peace establishment, and therefore we might reckon on 900,000l. whenever peace should arrive. Ten years had passed since the American war, and never had this year of peace establishment arrived! Not one single year in which our expenditure had been less than seventeen millions. Were we ever likely to see it less? Were rigorous reduction in all our military services likely to be the characteristic of a future peace? and when that peace was obtained, was another ten years interval to take place before the establishments were to be affected by it? To hold out such hopes for trifling with the country, and not following the open dealing which the minister called for and recommended. The improbability of our revenue continuing at its present standard was also a matter of serious consideration. The more general the war, the more would all foreign merchants be disturbed, and commercial capitals be withheld from their objects; and there was no town in Europe where this would not interfere with the trade and manufactures, and

conse

consequently the public revenues of Great Britain. Among the ways and means, he objected to nothing but the sum supposed to be forthcoming from the East-India company. This he dwelt on at some length, in declaring, that it ought not even to have been mentioned, but as it depended solely on the renewal of the charter. That important question ought to have been permitted to come hereafter, as it must come to the consideration of Parliament, without any previous opinion having been in a bye manner obtained upon it, much less without government and that House seeming to have already accepted the premium which was to be the price of the char

ter.

Mr. Fox approved of the declaration of the minister, that he proposed to go on a large scale, in providing for the vigorous prosecution of the war in which this country is engaged, and he commended the reduction of the unfunded debt, but it appeared to him very singular, that while the chancellor of the exchequer was proposing to pay off 1,500,000l. of exchequer bills, he was, at the same time, to issue exchequer bills to that amount on a vote of credit.He sincerely wished that the minister, instead of speculating as he had done, had deigned to follow the advice which he had given in the last session, as to paying off the

[blocks in formation]

where he spoke of our entering into numerous alliances with foreign powers, besides those in which we were now engaged. He anxiously wished to be informed what alliances were meant, as he dreaded much our being led into dangerous and improper engagements, for the prosecution of the most unjustifiable purposes. It must surely appear rather singular to bring forward, as a new and unforeseen resource, that which might arise

from a continuation of the temporary taxes imposed for defraying the expences of the Spanish armament; this must have occurred to every body; and the continuing these taxes after the period of their expiration, was in fact the same thing as imposing new taxes, though he did not mean to say that it was not better to continue taxes already existing, than to lay on the people any burden which they had not hitherto borne.

Mr. Fox said, that he had not yet given much attention to the papers laid before the House relative to the affairs of India: but he was averse to taking at present the 500,000l. stated as a resource arising to this country from the revenues of our East India possessions. The renewal of the charter of the East India company was a commercial question of such magnitude, that the discussion of it should not be cramped or fettered. It was true, as the right honourable gentleman had said, that, by taking this 500,000l. at present into calculation, the House would by no means be pledged to a renewal of the East India company's charter: but he had also said, that the House would not adopt any regulations with respect to India, from which the

public would not derive at least an equal profit. If the House was to proceed on this ground, there could be no fair discussion; for whatever advantages, either immediate or eventual, and of how great importance soever, might appear Jikely to arise from opening the commerce with India, if a revenue of 500,000l. should not be immediately derived to the public, they would he stopped by the postulatum which had been now laid down: for his part he could never think it right or prudent to go into the consideration of a commercial question of such immense magnitude, cramped in the outset by a sine qua non of this sort. To him the whole business bore much the appearance of ministers having taken upon them to pledge that House and the public to a renewal of the company's charter, in a manner disgraceful to the country; and since the publication of the speech of another right honourable gentleman (Mr. Dundas), the opinion universally entertained was, that a renewal of the company's charter was a measure already determined upon by government.

f

Mr. Pitt denied that ministers had pledged either that House or the country to a renewal of the East India company's charter; but he did not hesitate to say, that when all the circumstances were fully before the House, he was confident that a renewal of the company's charter upon the terms which they had agreed to accept it, would be very advantageous to this country. He had been accused, he said, of acting in an unfair manner, by bringing forward this 500,0001. at present: but he must have either withheld this 500,000l. from the

public, or have delayed the budget till the final discussion of the East India business. He had never intended to say, that the 500,0001. was to counterbalance all objections that might arise to a renewal of the charter; unless by any other proposed regulations, an equal sum was immediately to be derived to the public; but it would certainly be a circumstance in the scale, and he begged leave to say, that in whatever way the trade in India was to be regulated, the public must unquestionably have a right to a participation in the surplus which had been acquired by the blood and treasure of this country, in conjunction with the company. But even on the supposition, though improbable in the highest degree, that this sum should not be deriveḍ to the public, in whatever way the trade to India may be eventually regulated, it would only be necessary that it should then be withdrawn, and the amount provided for in some other way.

Mr. Drake and sir Henry Houghton spoke briefly in favour of the war and the ministers; when the several resolutions were put and agreed to, and ordered to be reported.

On Friday the 15th March, in a committee of supply, the secretary of war rose to move the several estimates. On the first resolution being proposed, which stated the expences of the Hanoverian troops, subsidised for the assistance of Holland, lord Fielding and major Maitland charged ministers with the most criminal negligence, in delaying to give any assistance to the Dutch, and in very strong terms expressed their opinion, that if timely aid had been afforded them,

the

the previous successes of the French in Holland might have been prevented. Ministers, major Maitland particularly observed, had explicitly acknowledged, that, on the 17th December, they considered the French as in a state of hostile preparation. They knew also the defenceless state of the Dutch, as well as the danger that threatened them; and yet they did not enter into any negotiation for subsidising the Hanoverian troops till the 22d February; and that the guards did not sail till the 23d of that month.

Mr. Pitt said, that steps had been taken long before the 22d of Feb. for the purpose of arranging matters so as to bring the Hanoverian troops into the service of this country, though their pay is stated only from that time. With respect to the troops from England, he observed, that, considering the season, and the small army establishment always kept in Great Britain, no delay could be justly attributed to government, when a body of near 2,000 troops had been got together, on the first account of an attack on Holland, and had sailed in a few days. In fact, the States General themselves were of opinion, that they had received from this country a vigorous, speedy, and timely supply, which had rendered them very essential service.

Mr. Fox accused ministers of the most disgraceful remissness and inactivity. He blamed them for delaying to send troops to Holland, till it was actually attacked, an event which they must have foreseen, and Breda and Gertrudenberg would then have been preserved to the Dutch.

Mr. Pitt replied, that ministers could not with safety send any

part of our small army establishment out of the country, withouta careful review of the general distribution of the land forces for internal defence; and it was not possible that such an examination of the general and local force could be made in a shorter time than had been employed in it.

After some further debate, in which the negligence of ministers was urged by Mr. Sheridan, and their conduct defended by Mr. Dundas, the resolutions were severally passed.

In a committee of ways and means on the same day, resolutions were also passed for issuing four millions of exchequer bills.

On Wednesday, the 27th of March, the House of Commons having resolved itself into a committee of ways and means, Mr. Pitt rose to communicate the terms on which he had negotiated the loan, that was to form a part of the ways and means for the present year. The sum he had to borrow was 4,500,000l. It was originally his wish to have procured it by the sale of annuities in the 4 or 5 per cent stocks; but finding it inexpedient to pursue such an object, he had at last determined to raise it by creating new annuities in the three per cents. The terms on which the lenders had agreed to advance their money, and which he had thought proper to accept, were, that for every 721, advanced to the public, the lender should be entitled to 1001. stock, bearing an interest of three per cent. This would make a capital in the 3 per cent. fund of 6,210,000l. the interest of which to be paid by the public would amount to 186,3001. a year. But this was not the whole

charge

charge attending the loan; for, by the act for appropriating the million surplus, it was provided that, whenever a new loan should be made, a fund equal to one per cent. on the whole of it must be provided, and applied to the liquidation of it; this would require an annual charge of 62,1001. making in the whole, and including the interest 248,4001. per annum. He had done every thing, he said, in his power to excite a competition among the monied men, but without effect; for it had so happened, that he had not received two of fers on the occasion. Circumstances by no means connected with the political situation of the country, which in a general view might be considered as bearing a prosperous and promising aspect, had produced embarrassments in some commercial houses, which, calling for an immediate supply from those who were connected with them, had actually occasioned a scarcity of cash so that those, who otherwise might have been disposed to advance money to the public, either had it not at command, or were obliged to employ it in another channel. The advantages to the subscribers, with whom he had been obliged to close, were very considerable and obvious. The difference between the actual price of the 3 per cents, and that at which they were to receive stock in that fund, was between 4 and 5 per cent. To this must be added the circumstance that the loan would bear interest from the 5th of January last this would make the bonus to the subscribers full 6 per cent; but it did not stop there, for it was usual to allow a discount of 2 per cent for prompt

payment; so that the premium would amount at least to eight per cent. on the whole loan. This he allowed was a very high premium, but he had omitted nothing on his part that might have enabled him to make a better bargain for the public.

He had fixed in his own mind a certain price for the new three per cents. for less than which he had resolved not to sell them. He then informed the committee, that he should move for the continuance of the temporary taxes, which having been imposed for defraying the expences of the Spanish armament. Their annual produce was 287,000l.; so that, after providing for the interest and other expences of the loan, there would be a surplus of more than 370,000]. a year. The chancellor of the exchequer concluded by moving the following resolution:

"That the sum of 4,500,000l. be raised by annuities, and that, for every 721. contributed and paid, the lender should be entitled to 1001. three per cent stock, bearing interest from the 5th of January last, &c."

Mr. Fox said, it was rather singular that, because one set of gentlemen refused to advance money except on terms highly disadvantageous to the public, those terms must be necessarily accepted. A premium of 8 per cent. he thought sufficient to have drawn money from various quarters. What the minister had said to colour the terms to which he had acceded, would, in his opinion, not be found to apply; and he did not hesitate to state it as his belief, that the scarcity arose from the political state of the country; so that if

the

« ПредыдущаяПродолжить »