exertion of human ability, to display the ruinous tendency of the measures actually pursued, or the advantages attending the restoration of the origi nal plan of Sir Robert Walpole, in a more striking or convincing point of view, it did not immediately produce any very fenfible effect. Every difcuffion relative to the management of the finances, was fuppofed, by the generality of perfons, to be involved in darknefs and mystery; and the noble Lord then at the helm of government, and in the zenith of his power and réputation, affected to confider the mathematical demonftrations of Dr. Price, as the ingenious but Utopian fpeculations of a vifionary writer; and not a fingle advance was made by Lord North, in the whole course of an administration of near thirteen years, towards the re-establishment of the great and neceffary plan of a permanent redemption. On the contrary, after the war with America commenced, the annual loans were invariably and avowedly negociated on the dangerous and desperate principle, that redemption was wholly impracticable; and in conformity to this maxim, in order to effect a trifling faving in the article of intereft, that Minifter fcrupled not to create an enormous addition of fuperfluous capital. In the year 1781, for inftance, twelve millions were borrowed, for which the public paid precisely five and an half per cent. intereft. Had a capital been created of twelve millions, at five per cent. and an annuity granted for a limited term, by way of premium, it is evident,

G & 4

evident, that whenever the Debt came into a regular courfe of redemption, no more would be paid by the public than was actually received; and that the high rate of intereft would alfo greatly accelerate the progrefs of redemption: but the plan actually adopted by his Lordfhip, was to grant for every hundred pounds fubfcribed, one hundred and fifty pounds three per cent. and twenty-five pounds four per cent. capital stock; fo that a new capital of twenty-one millions was created, when twelve millions only were actually paid into the Exchequer. Suppofing the three per cents. therefore, in the course of redemption, to rife to par, and under the administration of Mr. Pelham they rofe confiderably above par, a premium of nine millions must be paid by the public for the loan of twelve. That a British Minifter fhould be found rafh and unadvised enough to propofe fo extravagant and monstrous a plan, or that a British Houfe of Commons fhould be induced, by any arguments whatever, to give it the fanction of their approbation, must equally excite our aftonishment and indignation. Happily for the nation, and, indeed, for the world in general, a change of administration foon fucceeded, and after a fhort interval, Mr. Pitt was placed at the head of the finances; and I most willingly join in the general plaudit, which the integrity and ability difplayed by him in the management of them, have fo juftly excited. In the year 1786, he had the merit of forming a plan

which

which foon paffed into a law, for appropriating one million annually to the redemption of the Public Debt. The plan of Mr. Pitt, is, indeed, radically and effentially, the fame with that first projected by Sir Robert Walpole, and revived by Dr. Price. In fome important circumftances, however, it differs, and, I think, appears to much advantage in the comparison. In the first place, the money appropriated to the purpose of redemption, is regularly iffued from the Exchequer, at ftated times, and configned to the management of Commiffioners, who are obliged by law, upon the ufual transfer days, to employ it in the purchase of stock, agreeably to certain rules of proportion established by the Act. Thus the Houfe of Commons hath, as it were, erected a barrier against its own encroachments. The money once paid into the hands of the Commiffioners, becomes a kind of facred depofit; and though the Legislature may, doubtlefs, by a new Act, difcontinue the payments from the Exchequer, or even compel the Commiffioners to refund or alienate what has been already appropriated, yet this would be an effort of political violence, which could not fail to excite a very general alarm, and a very powerful oppofition; and a Minister who would not fcruple to propofe an alienation of a fum, fuch as the public exigencies might happen to require, of which he had himself the cuftody, and which prefented every moment the most tempting opportunities of feizure, would find himself in very

different

different circumftances when the transfer had been actually made; and his purpofe could not be effected, unlefs a fund, folemnly appropriated to a fervice of the highest importance, were openly and publicly plundered.

Another capital improvement of the original plan, confifts in the power vefted in the Commiflioners to advance money, during war, by way of loan, on intereft to the Government. This regulation, propofed by Mr. Fox, is attended with a double advantage-as it obviates the principal inducement to alienate the Sinking Fund, arifing from an urgent neceffity for a fupply of money, during a season of public danger and distress; and as it must have a powerful tendency to restrain the rate of intereft on public loans within moderate and reasonable bounds. Various other particulars, though of inferior importance, might be fpecified, in which the plan of Mr. Pitt may juftly claim a degree of merit fuperior to that of his predecefior. Notwithstanding, however, the very general approbation with which it was received, a most vehement attack was immediately made upon it, from a quarter whence fo rude an affault could fcarcely have been apprehended. The prefent Earl Stanhope, a nobleman nearly allied to, and closely connected with, Mr. Pitt, on this occafion entered the lifts against the Minister, armed "cap a pie," defying him, "a l'outrance," with the louring brow and menacing air of a fierce and implacable combatant. Happily, being my. felf placed beyond the reach of the "whiff and

"wind"

"wind" of his Lordship's fell fword, I am the better enabled to obferve and report the aftonishing feats atchieved by this noble champion. Raillery apart, it must be owned that his Lordship's first charge feems intended as a mere flourish, viz. That the Commiffioners may, by means of the powers given them by this Bill, make large fortunes by gambling in the Public Funds. "As the Commiffioners," argues Lord Stanhope "muft certainly know in which of the "Public Funds they mean to lay out the free revenue, they may previously employ fecret "and unfufpected Agents, to purchase as largely "as they think proper into that flock, which will

66

neceffarily be raised by the confequent appropriation of the Public Money." But his Lordfhip feems not to recollect, that by this Bill the Commiffioners are obliged to bring the Public Money to the Public Market in regular and equal portions; therefore no fudden rife can ever take place in any particular ftock, in confequence of any vaft or unexpected purchase; and as to the gradual rife which will doubtless be the neceffary confequence of the gradual purchases of the Commiffioners, it is evident, that if the whole produce of the Sinking Fund was applied to the redemption of any particular stock, the rife of every other stock would maintain an exact proportion to the rife of the ftock fo redeemed; as from obvious caufes, the different Public Funds have always preferved, and must ever continue to

preferve,