BOOK sessed taxes took place; and the last article to XXXVI. which the minister had recourse, was a tax on 1802. imports and exports, being a modification of the convoy duty. The produce of the new duties combined, he estimated at four millions; an excess which compensated for the deficiency of divers of the taxes imposed in the course of the war. In the progress of the business of revenue, the chancellor of the exchequer proposed and carried into effect several important alterations in the sinking-fund bills of Mr. Pitt. The last or new fund, provided for liquidating the debt contracted since the year 1786, was much larger than the original fund established for the liquidation of the old debt contracted prior to that period. The old fund moreover was originally made disposable by parliament so soon as it amounted to four millions. These two funds the minister proposed to consolidate, and to perpetuate till the whole of the debt both old and new should be completely liquidated. The original fund had now risen to 2,534,187., and the new to 3,275,1437., making together 5,809,3301. The old debt at this time amounted to some thing more than 198 millions; about 40 millions having been redeemed, exclusive of 18 millions transferred to government and virtually annihilated, as an equivalent to that portion of the land-tax which had been purchased. The XXXVI. new debt amounted to nearly 340 millions, BOOK something more than 20 millions having been redeemed by the operation of the new fund. 1802. The whole of the existing funded debt, including the loan of the present year, and deducting the amount of the land-tax redeemed, was conse, quently about 520 millions; the interest of which amounted to the vast sum of 17 millions and upwards. This amazing debt would, nevertheless, by the wonder-working operation of the sinking fund appropriated to its liquidation, supposing that fund improved at the average interest of four per cent. only, be completely discharged in the comparatively short period of thirty-four years. On concluding his speech upon this occasion in the house of commons, the minister made use of the following remarkable words: "When I look back to the conduct of this house and of the country, to their united wisdom and vigor for the last nine years, it is with pride and satisfaction. When I look forward to the prospect before us, it is with hope. I trust, that, by a prudent and vigilant œconomy, we shall be able to provide effectually for the expenses of the country. I think, if we are enabled to preserve the blessings we enjoy, we shall effect it by a fixed determination not to interfere with any other XXXVI. 1802. BOOK country, but to be prepared always to vindicate our independence, and to maintain our honor. Such a system will, I feel confident, afford us a prospect of many years of tranquillity and repose. The period of animosity, I hope, has ceased; but vigilance, prudence, and precaution, must survive animosity. Jealousy is no longer necessary, but caution must be preserved. This conduct will give us the fairest claim to merit, and the best chance to retain the blessings which we actually possess." Such was the seasonable and satisfactory declaration of the person now at the helm of affairs; and as far as WORDS Could go, the nation had good reason to congratulate itself upon the wisdom of the new minister. State of the Irish fi nances. Mr. Corry, chancellor of the exchequer for Ireland, soon afterwards brought forward the sup plemental business of finance relative to the revenue of that kingdom. It appeared from his statement, that the debt of Ireland had risen, in the last ten years, from 2,300,000l. to 36 millions, paying an interest for the most part of six per cent. He stated the deficiency of ways and means, when compared with the supplies, at 1,660,000l.; which sum he proposed to raise by loan, in addition to a former loan of two millions, which the contractors for the English loan had XXXVI. agreed to furnish upon the same terms. Mr. BOOK Corry proposed several new taxes necessary to defray the interest of these new loans, which 1802. were agreed to; not, however, without some poignant animadversions from several of the Irish members, who represented the state of the country as very critical and alarming. striction tinued. On the 9th of April, the English minister, Mr. Bank-reAddington, moved for a bill to continue, till the bill con1st of March 1803, the restrictions on payment in specie at the bank, which was carried with little opposition. Indeed, in actual circumstances, this was a measure not so much of prudence as of necessity; and it remains a disgraceful problem, whether it will ever be expedient, or even possible, to remove this ignominious restraint caused by the rash and criminal presumption of the late minister. censure on admini sir Francis A vote of censure on the former administra- Motion of tion was, on the 12th of the same month, for- the late mally moved by sir Francis Burdett. But as a stration by vote of censure upon them by the present house Burdett. of commons would virtually have been a vote of censure on itself, there was little propriety in the motion; and it afforded no chance of success. Moreover, as a twelvemonth and upwards had now elapsed since their resignation, which was evidently an event lamented by scarcely any XXXVI. BOOK one, it seemed almost ludicrous to bring forward at this late period a direct charge against them." 1802. But, being brought forward, it was necessary for those who had supported their measures to exert themselves in their defence. And they not only were provoked to bestow high panegyrics upon the members of that administration, but lord Belgrave moved, as an amendment to the motion of sir Francis Burdett, "that the thanks of this house be returned to his majesty's late ministers for their eminent services, in the exertions. they made to preserve to us unimpaired, the blessings we enjoyed during the whole of the late contest." The speaker having suggested the irregularity of this proceeding, the motion of amendment was, at the request of Mr. Pitt himself, withdrawn; and the original proposition was negatived by a vast majority of 246 to 39 -voices. Motion by A motion yet more strange and absurd was' Mr. Nichol for an ad- made on the 7th of May following, by Mr. dress of thanks to Nichol, for an address to his majesty thanking the king moval of Mr. Pitt. for the re- him for the removal of the right honorable William Pitt from his councils. This again awakened, and in a much higher degree, the zeal of Mr. Pitt's partisans and adherents both in and out of the house; a very vehement debate ensued, the result of which afforded them |