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Leave was given to bring in the bill, which afterwards passed with out opposition.

THE LOAN.

Nov. 15, in a committee of ways and means, the Chancellor of the Exchequer rose to state the terms on which the Loan had been that day contracted for. He began by mentioning the supplies which had been already voted, or which were likely to be required before the Christmas recess. Of these, eleven millions had been already voted for the naval service, five millions for paying off Exchequer Bills issued under an act of last session, and another sum of six millions would be requisite for army services, making in the whole 22,000,000. The way in which it had been thoughtmost expedient to meet these supplies, was by Loan; and accordringly, that morning a Loan had been contracted for to the amount of 22 millions. As however it had been an unusual practice in our financial system, to make a new Loan while the payment of the preceding was only pending, and not yet completed, it might be necessary to explain some of the circumstances which had induced Government to adopt this course. At the same time when the Loan was made, in June last, it was stated to the Contractors, that though Government considered it probable that it would be sufficient for the services of the year, yet they would not deem themselves precluded from raising a farther sum, should circumstances render it expedient. But the expenditure of the country in the interim having been greater than was then contemplated, it be came evident on the approach of the Meeting of Parliament, that a

Loan would be necessary; and, fortunately, the circumstances hiroder which it was to be raised were highly favourable to public credit. It was true, that a large sum might have been raised by the funding of exchequer Bills, as had usually been the practice before Christmas; but then it was to be considered, that the favourable state of public credit, by attracting large sums to the funds, rendered Exchequer Bills a less marketable commodity, and made it more difficult to dispose of them. On these grounds, it was thought expedient that a Joan of the present amount should be resorted to. It was true that a loan of 10 or 12 millions might have been sufficient for all the purposes of Government previous to the recess; but it was also deemed proper to relieve the Exchequer Bill market as much as possible; and with this view it was conceived proper at once to extend the loan to 22 millions, making the one-half of that amount payable in Exchequer Bills. When the loan was first proposed, a claim was put in by other persons for an open competition with the former Contraciors. It was conceived by Government, however, that though the Contractors for the former loan had no strict claims to preference, inasmuch as the liberty of raising more money within the year was expressly reserved, though its exercise was deemed improbable, yet upon the whole it was only fair to give the former Contractors the first offer; while at the same time, the interests of all parties would be properly attended to: This had accordingly been done; the late Contractors had come up to the proposals of Government, and he was now happy to lay before the Com

mittee, a transaction which, in all its parts, he trusted would be satisfactory to the public. The sum to be raised was in all 22 millions. It was agreed, that for every 1001. of this in money, there should be given 1101. in the 3 per Cents. rcduced, and that the bidding shou'd be in the Consols. The Contractors had accordingly bid 671. in the Consols; and this offer had been accepted by Government. He trusted, that upon the whole the terms would be deemed eminently favourable to the public. The interest to be paid upon it would be considerably less than that of the loan of June last. The interest on that loan was 51. 10s. 6d. per cent. but the interest on the present would be only about 51. 6s. The amount of the bonus on the former loan was about 41. per cent. while in this it would amount only to 31. 6s; and yet he had the satisfaction of learning that the loan was likely to be beneficial to the Contractors, as it was already at a premium of 3 per cent. He certainly had to congratulate the Committee and the Public on a bargain so advantageous in all respects. Instead of bearing any resemblance to a forced loan, it seemed, from the readiness of the Contractors, and the eagerness of many worthy friends, rather a loan forced upon the Treasury.

Besides the increase of the annual charges, on account of the ininterest of this loan, it had been settled by the law, that in all cases where, in addition to the loan of the year, it should be necessary to raise a supplemental loan, that a sinking fund should be created at the same time for its redemption equal to one half of the interest of such loan. Now, as the annual

interest of the present loan would amount to 1,168,2001., there must be a sinking fund added to the amount of one half that sum, which would be 584,1001. The charges of management would amount to 11,6001. more, which would make the total of the increased annual charge created by this loan amount to 1,763,9001. Now, as to the Ways and Means to meet this annual charge, he believed, that it would be easy to anticipate, that he meant to conform to the Act which he had before alluded to, and throw this charge upon the stock remaining in the hands of the Commissioners for the redemption of the National Debt. The capital stock which was created by the present loan was 24,200,000l. in the reduced 3 per cents. and 14.740,000l. in the 3 per cent. Consols. As he was not aware that any objection was intended to be made to the propositions which he intended to submit to the Committee, he thought it unnecessary at present to offer any more cobservations in support of them. He was, however, happy to state, that the general state of the revenue was better than it had been last year, and that the receipts of the last quarter had exceeded by 1,700,000!. the amount of the receipts of the corresponding quarter in the last year.

The Resolutions were then put, and agreed to by the Committee.

On Nov. 17, the House of Commons having gone irto a Committee on the subject of foreign subsidies, Lord Castlereagh rose, and expressed his regret that he had it not in his power to lay before the House the whole of the documents to which he must refer, but he hoped, when all the circumstances

were

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were known, negligence or improvidence would not be ascribed to the executive government. The time occupied in carrying the treaties through the necessary forms had rendered it impossible to present all of them before he was obliged to apply to the House for the purposes he had in view. He would, however, state their general outlines, and would present to their consideration, first, the manner in which the sums placed at the discretion of government had been applied; and next, the exertions further requisite to be made in the way of subsidy. With respect to the peninsula, there was a part of the expenditure which he thought it unnecessary to advert to in detail. When armies acted together, it was impossible that part of the stores and supplies provided for our own troops, should not to a certain degree be extended to those of our allies; and in this indirect manner, considerable assistance was allowed for the service of that part of the war, independent of direct supplies. The subsidy to the Portuguese, he believed, would be on nearly the same footing as in the last year. To the Spanish nation, he calculated the money and stores furnished at about 2 millions. Two millions had been advanced to Portugal, £400,000 to Sicily, and one million to Sweden. These sums were covered by the vote of credit for 5 millions, as to pecuniary aid; the mode of distribution would be brought in a regular way before the House.

He was now to consider what was necessary to be done in the, course of the following year. The million sent to Sweden covered the exertions to be made by her

till the month of October, and e treaty to the same effect was agreed to be renewed in the present year. Concerning the policy of this renewal he supposed there would be no difference of opinion, considering how well that power had fulfilled the stipulations of the fortoer treaty. In calling the attention of the House to the treaties, with Russia and Prussia, he admitted that the effort to be made in their support was the greatest for which Parliament had ever been called upon. The sum to be allowed to these powers was five millions. The general ground on which this great advance was to be made, was the conviction that upon those the hopes of the cause principally rested. There was no reason to doubt of the ability or the inclination of the two powers to maintain the contest. Russia had

her full complement prepared at the commencement of the campaign; in addition to which, her reserve had been so well arranged on the frontiers, that she was enabled to bring it up under Gen. Bennigsen, at a very critical period; and the proper amount of force had since been replaced on those frontiers. The Emperor of Russia after delivering his own states from the enemy, had contributed his troops and generals to act in the rescue of other states, in the mass of the allied armies, not scrupling to employ them in subordinate stations, so that they were now serving under the command of the Austrian and Prussian generals, and the Crown Prince of Sweden. With respect to Prussia, the energies of that nation had been exerted so much beyond all hope, that its armed force at this time, includ ing garrisons, amounted to above

200,000

200,000 men; and at no period even in the reign of the Great Frederic had the Prussian armies been more numerous, better disciplined,or more capable of military operations.

It was now proper for him to state what had been the transactions of his Majesty's ministers with the court of Austria. Much as Austria had at stake, he was convinced she would never have joined the combination, but from the persuasion that France was indisposed towards a pacific settlement of Europe. Here his lordship said he was desirous to correct an apparent misconception of the hon. member for Bedford, who had said that what ever conditions had in a former stage been proposed to France, they should now be adopted. In point of fact, no plan had been offered. Austria never went further than an attempt to mediate, which was met by France with a variety of evasions, leaving that power no alternative but either at once to take arms, or to state the grounds on which she was disposed to mediate. These grounds did not pledge the continental allies, or this country; they were merely a basis by which Austria wished to ascertain whether her attempts for peace were likely to have a chance for success, and the reply of France at once shewed her that these endeavours were fruitless. After some further explanations on this head, Lord Castlereagh mentioned the sum to be advanced to Austria; it was one million, and 100,000 stand of arms, with military stores; and if the war should continue after the 1st of March next, a new arrangement was to be entered on. It appeared then that the subsidies Vol. LV.

amounted to 10 millions, four of which were devoted to the peninsula, and six to the continental system. In calling upon the house, to make provision for these engagements, he should move, first, that 3 millions be voted to his Majesty on account; secondly, that leave be given to bring in a bill to recognize the engagements of 2 millions and a half already entered into in the subsidiary treaties.

As no shadow of an opposition appeared against the motions, it is unnecessary to notice the eloquence, or the personalities of the succeeding speeches.

The two resolutions proposed were then put and carried.

It may here be observed, that the amazing successes of the allies, the expulsion of the French from the greatest part of their usurpa tions, and the unprecedented circumstance of three hostile armies invading France at different points, put an end to all difference of opinion relative to the vigorous prosecution of the war; the advocates for peace seeing in it the readiest way to attain their object

an object constantly placed in view by the declarations of the allies; while those who indulged feelings of martial glory and revenge were gratified by prospects of the complete humiliation of a hated and dreaded foe. Never, therefore, was there a session of parliament in which more unanimity prevailed as to public mea. sures, the enormous and increasing burdens on the nation being patiently acquiesced in both by that body and the people at large, as neces sary for accelerating that termination which was the general wish.

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On Dec. 14th, Sir James Mackintosh rose in the House of Commons to put some questions to Lord Castlereagh in consequence of the announcement in the London Gazette, of an ambassador to Holland under a new designation. The questions were, whether it was known to his Majesty's ministers before the Prince of Orange left this country, whether he meant to exercise powers, or assume a title, unknown to the ancient laws of the United Provinces; and whether he had assumed those titles and authorities with the privity of his Majesty's govern

ment.

Lord Castlereagh replied, that he was not privy to any intention in the Prince of Orange before his departure to take any new titles, or exercise any new authority. The Prince had been invited by a provisional government in Holland, and it was not known to his Majesty's ministers what powers or titles would be conferred upon him in that country. Lord Castlereagh was however happy to state, that to his present title and the authority he now exercised, he was called by the spontaneous and unanimous voice of the whole nation; not only of the former friends of the House of Orange, but of those who had been most adverse to the power of that family. His Majesty's ministers however had cautiously abstained from making out the credentials to the ambassador at the Hague till a formal notification had been received of the style and title conferred upon the Prince of Orange.

On Dec. 20, Lord Holland expressed a wish to be informed by the minister, whether the paper purporting to be a declaration of the

allied powers were authentic, and whether the government of this country were a party. His question was occasioned by the words, "The first use which their Imperial and Royal Majesties have made of their victory, has been to offer peace to his Majesty the Emperor of the French. Another question arose out of them, whether or no the offer had been rejected, or whether a negociation was actually going on.

Lord Liverpool replied to the two first queries, that the paper was authentic, and that it was issued without any communication with this government; but that the allied powers were fully in possession of the sentiments of the British cabinet on the subject. The subsequent question he declined answering. His lordship then rose to move a longer adjourn ment of parliament than usual, namely, to March 1, assigning as a reason, the earlier period at which it had met, and the business it had gone through.

Lord Darnley advanced many objections against so long an adjournment, arising from the state of affairs in America, the inconvenience to which it would put the Irish and Scotch members, and other matters; in consequence of which he moved as an amendment the substitution of February 1, for March 1.

Lord Holland supported the amendment in a speech which took a wide view of the present state of affairs, and expressed his wishes for a safe and honourable peace. The question being then put, and the amendment negatived without a division, the original motion for adjournment was carried.

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