encompassed with danger than the one in which he actually did secede. The motive, therefore, is at best suspicioùs, and de. clining to attend under such circumstances led at least to inquiry, whether by keeping away he sought opportunities to reflect that, by inflaming the people without these walls, which no exertion of his talents could achieve within. He retired just as the rancour of our enemy became most inveterate, and exclusively directed 'to this country, and when the manifestation of their malice called forth the spirit and zeal of all classes to support our national in. dependence and honour. Just at this juncture it was that the right honourable gentleman thought proper to retire.

On what ground is it that gentlemen oppose this bill? Do they deny the danger that surrounds us? Do they maintain that exertion is not necessary? that it can be sus. pended with safety? No; they do not attempt to do either; but, as the means of obtaining their own objects, they are will. ing to risk the honour, welfare, and existence of the country. The right honourable gentleman had asserted his right to secede on his own motives of expediency, and, of course, those who surround him will not object if I take their justification on the same principle; but the right honourable gentleman, it seems, retains his opinion of that expediency, and only now appears at the particular injunction of his constituents to defend their local interest. How comes it, then, that he appears so surrounded with friends, who, adopting his principle of sécession, have not, in the desire of their constituents, the same motive for his par. ticular exception? Can any thing shew in a stronger light the blind acquiescence of party zeal, when, in defiance of every avowed principle of their public conduct, they now attend to add to the splendour of their leader's entry.

There is one point in the constitution of this country, in which difference of opinion arises, namely, concerning the instructions of constituents to their representatives. Some think themselves bound to obey them, whatever their individual opinion may be on the subject. Others thinking those instructions entitled to their respect, yet follow the dictates of their own consciences.

Of this latter class the right honourable gentleman professes himself to be. According, therefore, to his own admission, he now attends in spite of his own opinion of the expediency of secession, to discuss the local interest of his constituents. He, nevertheless, declined attending in that stage of the bill in which alone he could be of service in that particular, by proposing reliefs for the particular hardships his constituents might sustain; and now, without noticing the modifications made, he objects to other particulars, without suggesting or moving any remedy! lle came here to oppose its local and partial effect, yet indulges only in a general and indiscriminate opposition to it; and professing to come for the express purpose of discussing this bill, he introduces every topic that has been decided during the long period of his absence! The house must therefore decide in what spirit, and for what real purpose he now appears. Nothing that he has said can be understood as touching in any degree the question now before us. He may, indeed, be said to reproach his Majesty's ministers, but can with no propriety be said to speak to the subject for which his constituents directed him to attend.

With respect to many objections urged in the course of the debate, I must say, in general, that if gentlemen had attended in the proper stage of the bill, they would have heard them an. swered. It is not that the objections are unanswerable, but they have not heard the answers that have been given, by neglecting to attend when it was their duty to be present. Upon the question of a great and unusual exertion, no doubt is made; all agree that it is indispensable. Now, if this is to be made, the next inquiry is, in what manner is it to be done? From whence arises this secondary question, whether it is to be done in the usual mode of raising supplies, or by raising a considerable proportion of the sum requisite for the current services within the year? Upon this latter question the right honourable gentleman is dubious; his honourable friend thinks that a suma

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should be raised by a great exertion within the year. There is one objection to the present plan not easy to comprehend, namely, that by this mode of exertion I only relieve the stocks so as to affect a few particular friends of ministers; for the old stockholders, who bought in before the war, it is said, cannot be hurt, inasmuch as they manifest an intention of retaining their capital and receive the same interest; therefore no depreciation of the funds can affect them. This, however, is a very fallacious and defective view of the subject; for property, the nature of which is transferable, must always depend on the va lue of that transfer? Is it nothing to prevent the depreciation of 200,000,000l. in capital, or can that be said to affect only a few particular friends of a minister? If further loans are to be made for the public service, is it of no consequence whether the funds are at 40 or 48 per cent? Does it make no difference whether money is borrowed for the public at 4, 5, or 6 per cent? Has the price of stocks no effect on commerce and agriculture, if they fall below a certain point? According to this plan, it is not property that is directly taxed, but expenditure is made the criterion of income in its application. I admit that some inequalities will be found; but so there must in every plan of raising a considerable sum within the year, and this only forms an objection to the plan in case it can be shewn that the same sum can be raised by means less partial and irregular. There have been instances of large sums raised within the year, but in no instance by means less liable to the objection of irregu larity.

On the whole, the house will decide whether they will, under the present circumstances of the country, make a great and unusual exertion to resist the enemy, or whether, on the arguments they have heard, they will suspend all defensive precautions, and leave the country open to the ruinous projects of an insolent and overbearing enemy. Notwithstanding the right honourable gentleman has intimated his intention to persevere in his retirement, I leave this question to the house, in full confidence that they will decide on this, and on every other occasion, in such a

way as most effectually to support the independence and permanent interest of the country.

The House divided, and the question for the third reading of the bill passed in the affirmative;

REDEMPTION OF THE LAND-TAX.-The House having resolved itself into a committee of the whole House, Mr. Hobart in the chair,

Mr. PITT rose and spoke in substance as follows:

The subject which I am now about to submit to the commit. tee, has of late excited considerable attention, and given rise to considerable inquiry. As the ultimate judgment which the committee will form upon it, must depend upon the consideration of a great variety of details, it is not my intention to call upon you for any decision to-day. I trust, however, that the principle upon which the measure is founded, only requires to be very shortly stated, in order to engage your attention, and to recom. mend itself to your notice. That, in the present situation of the country, every measure which tends to invigorate public credit, which will facilitate the means of supporting that struggle into which we were driven for our necessary defence, and which has been prolonged by the obstinate ambition of the enemy; that every measure which will furnish fresh resources to animate the courage of the nation, and to enable us to maintain that character which Englishmen have ever displayed, has a fair claim to the favour of the legislature, I am warranted to pronounce, from the experience of the present session, the unanimity you have shewn upon former occasions, and the recent exertions you have made for the public defence. When I recollect, then, the temper which parliament has uniformly manifested, I am sensible that it is needless to say any thing in recommendation of the principle, provided the measure itself be practicable. The leading object of

the plan which I shall have the honour to propose, is to absorb a great quantity of stock, to transfer a considerable portion of the funded security to landed security, and, by the redemption of the present land tax, to purchase a quantity of stock more than equivalent to the amount of the tax. That tax will be made applicable in the same manner as at present, but the proportion of stock it will purchase will be one fifth larger, presenting at once a considerable pecuniary gain to the public, and an advantage to the individual by whom the redemption shall be made. The chief recommendation of the plan, however, is, that it will diminish the capital stock, and remove that which presses more se verely upon us than any inconvenience with which our situation is attended. It is a truth now universally felt, a truth which the enemy have acknowledged, and which faction itself will not venture to deny, that even in this stage of the war, the state of every part of our trade, our industry, and revenue, is astonishing and proud for this country; that our general capital and wealth is greater than they were even at its commencement; that our commerce, so far from having experienced a diminution as in other wars, has greatly increased; that our industry and manufactures, subject to those local fluctuations which are inseparable from a system so extended and diversified, have sensibly advanced; and that, on a general view, our situation exhibits every symptom of internal wealth, that we are richer, that we possess a greater command of capital than this country ever enjoyed at any former period. It is singular too, that under the depreciation which the funds have experienced, the price of land has maintained itself above the average of former wars, and equal to the price in times of peace; very little indeed below the unexampled state of a few years preceding the war.

I am aware that no argument is required to demonstrate the necessity of great exertion in the circumstances in which we are now placed. You have already expressed your opinion of that necessity, and have shewn your readiness to employ our resources. All then that is wanting is judgment and discrimination in the mode of calling them into action. If there be any