interest because it could not be said that would be a period of peace or war. Gentlemen would naturally ask, whether it was right thus far to anticipate the solvency of the Bank under the recent experience of its having been unable to make its payments in cash? But it was so far from being an objection, in his opinion, that it decided his mind in favour of the measure now to be proposed for the renewal of the charter. The public had derived great advantages to manufactures and to commerce by the aid of the Bank, and no doubt would do so again if any similar pressure should be felt. Many thought that much calamity would follow the stoppage of payment in cash by the Bank; but that event had, among other things, convinced us of the good sense there was in placing such general confidence in the Bank, and of the real solidity of that institution. We had seen that our commerce and manufactures, instead of diminishing, had increased during the period of the restriction of payment in cash; which commerce and manufactures he had the satisfaction to observe, were still increasing to a degree unknown to our history; and therefore we ought now, with more confidence than ever, to continue the exclusive privileges of the Bank. These were the grounds on which he should move, "That it is the opinion of this committee, That it is expedient to continue to the Bank of England, for a further term of 21 years, the privileges secured to them by an act, passed in the 21st of his present majesty, on the conditions contained in the Proposal made by the governor and company of the Bank of England for that purpose." Mr. Tierney wished to know whether the proposal for this renewal first came from the chancellor of the exchequer to the Bank, or from the Bank to the right hon. gentleman? Mr. Pitt said, the proposal was first made by him to the Bank directors; was then submitted by them to the considerátion of a court of proprietors, who having approved the same, it came back to him; and, from that time, he and the Bank directors had acted together. Mr. Tierney said, he knew these parties agreed very well, and acted together, and that this was not the first instance of their doing so. The question was carried; and the resolution was reported and agreed to by the House. Debate in the Commons on the Budget.] Feb. 24. The House having resolved itself into a committee of Ways and Means, Mr. Chancellor Pitt said :-Sir, I shall not detain the committee with any preface to the account of the Supplies which have been already granted, or that remain to be granted, for the service of the current year, and of the Ways and Means for defraying the same, but shall proceed to state generally, the sums under the several heads of which those accounts consist. There have been granted, and there remain to grant, under the head of year Deficiencies of the grants of 1799 Deficiency of the usual grant of the land and malt tax ............. EXCHEQUER BILLS.-In consequence of the tax upon income, credit was taken in the ways and means of last year for 10,000,000l. under this head; but in the estimate made of its probable produce, after the modifications which were made of the tax, I reckoned upon no more than, 7,500,000l. According to the paper on the table, gentlemen will see that the amount of it is likely to be only 6,200,000l. From the number of exchequer bills issued on the credit of this tax, there will be to be paid off about...... 816,000 447,000 350,000 2,500,000 In like manner, exchequer bills were issued on the credit of the Aid and Contribution act of 1798, and which exceed the produce, making a charge which must be provided for, of...... 1,075,000 In like manner, a vote of credit was given last year for 3,000,000l. to be provided for in the ways and means of this year. It is my intention to vote for a like sum to be charged on the ways and means of the year 1801; but in the mean time, for the sake of regularity, I must include it here as an article of supply .... SUBSIDIES. The probable amount of the subsidies will be 2,500,000l. exclusive of the sum to be paid for the maintenance of the Russian troops now in the British dominions, which may be about 500,000l., so that I shall state the whole of the subsidies at Annual grant towards the fund for paying off the national debt Extraordinary services to which we may be subject, say This would make the total of the .... ...... 3,000,000 3,000,000 200,000 1,800,000 supply for the year 1800...... 39,500,000 WAYS AND MEANS. I now come to the ways and means which are to meet this supply. Land and Malt Lottery..... .... •£2,750,000 200,000 1,250,000 Exports and Imports TAX ON INCOME.-This great and substantial source of our finance will apparently produce no more than 6,200,000l. It will hereafter be my duty to propose such regulations as may tend to enforce this duty, and I am convinced, that the committee may look to this tax for a much larger production than it has had in 1799. When gentlemen consider that the tax is new in its principle, and that the means of enforcing the collection were, of course, not well understood, they will readily agree, that by regulating the collection much more may be expected. That it will be augmented to the full extent of my original estimate, I firmly believe. Suppose, however, that with the regulations which will be introduced, it shall produce only the sum of 7,000,000l. From this we have to deduct the interest to be paid on the loans for which this fund is in the first instance to be appropriated, viz. 1,663,000l. Which leaves us a sum applicable to the service of the year...... The next article I come to "is the CONSOLIDATED FUND.-Gentlemen will hear with astonishment that we may safely take : the surplus produce of this fund at 5,300,000 5,512,000 I shall now state to the committee the terms upon which I have been able to contract for the loan of 18 millions. That which is raised here for the service of Ireland will, of course, be provided for in that kingdom. The terms are, for every 100%. in money the contractor is to have 1101. of 3 per cent consols, and 471. of 3 per cents reduced. Early in the day the consols were at 61, and the reduced at 614. Taking them at this price, the terms would be as follow: £.110 of 3 per cents consols at 61 47 ditto Reduced at 61 15 Discount for prompt payment .. So that for every 100l. in money they agreed to take 67 2 0 29 0 4 2 16 7 98 18 11 Making...... 100 10 5 The gentlemen, in this view of the bargain, agreed to lend their money to the public for a bonus of 10s. 5d. Let us look at it in another way. The total amount of the interest to be permanently paid by the public on each 100l. is 157. of stock, at 3 per cent. 47. 14s. 24d. So that in the eighth year of the war we have been able to raise the necessary supplies at less than 44 per cent. I now come to the permanent charge which is to be imposed on the public by this loan. I propose to charge the tax upon income with the interest of 13,500,000l. There remains then, only the interest of 5,000,000l., for which I have to provide by taxes; namely, 313,500l. The first tax, I shall propose, is, a duty of 5 per cent on all teas above 2s. 6d. per lb. I estimate this tax at | said:-Sir, from the recollection of what is past-from all I know of the situation of this country-from what is known, indeed, to every man, not only of the situa tion of this country, but of the whole of Europe, I conceive myself called on to bring the House to a definitive vote as to the genuine object and the real principle of the war in which we are engaged. His majesty's ministers have been called on, times out of number, to name what is the actual object for which they contend. Nothing distinct and conclusive is to be drawn from them on this point. They attempt to define it; but they rather croud the question with incongruous ex 130,000l. The next article of taxation which I mean to propose is on British and foreign spirits. The proposed duty on the home made spirits is 1d. on the gallon of wash, or 5d. on the gallon of spirit; and the same proportionate duty to be laid on all kinds of foreign spirits. I estimate these duties to produce :-Home made spirits, 100,000l. Foreign spirits, 120,000l.: making together 350,000l., which is more than the sum wanted. Mr. Pitt concluded by saying, that he needed not to add any thing to a statement so highly satisfactory, which proved to the committee, the growing prosperity of the kingdom, and our ability to per-planations, than satisfy and convince any severe in the struggle until we could obtain a safe and permanent peace. He then moved his first resolution. thinking mind. We have heard them asked, if this was a war for the restoration of monarchy in France; and the anMr. Tierney said, that with respect to swer has been, that that most undoubtedly the revenue, he was extremely glad to is nearest the thoughts of his majesty's mifind it was in so prosperous a state. It nisters. But we have again heard it decertainly had exceeded his most sanguine nied, that the inference is fair, from any expectations; and if we had good reason thing the hon. gentlemen have said, that to believe that it would continue under a the war is carried on for the restoration peace establishment, it would be a subject of monarchy in France. For myself I for triumph. The right hon. gentleman believe in my conscience it is carried on said, he intended to bring forward certain for no other purpose. I have been told regulations for the better collection of the it is carried on for security. I do not income tax. What these were to be he perfectly understand what gentlemen mean had not hinted. Would he expose every by security. They may think that a war species of property to the same mode of of security, which I consider a war of incollection, and to the same publicity? security; they may think that a good One of the objections which he (Mr. T.) cause, which I consider a most cruel conhad formerly urged against this tax was, test. test. Certainly, nothing can be a better that it could not be put in execution with ground of war than security. But it would out great inequality and vexation. As to be just as plausible for Spain to declare, the loan, he agreed that the terms were that she will not make peace with us until favourable to the public: he could not we give up Gibraltar, because the possesadmit, however, that this circumstance sion of Gibraltar may be necessary to the was a decisive proof of the prosperity of security of that nation; or in us, on the the country; it was no less a proof of other hand, it had been as just to insist the extravagant spirit of speculation which on the surrender of Gibraltar when in prevailed. possession of Spain, because we consider. ed the possession of it by us as necessary to our security. Security may be urged by every nation with equal propriety, as the pretext for continuing expensive and ruinous wars. The chancellor of the exchequer has availed himself of a phrase which undoubtedly sounds well, and is in itself grateful to mankind; but with him, when talking to us of security, it is only using an indirect mode of evading a distinct answer to a most important question. I am afraid, Sir, this language subjects me to some hazard of being misunderstood. I know it has been said, that my object is not the security of this coun Mr. Jolliffe said, that we were told, when the income tax was imposed, that it would only last with the war; but we were now employing it to pay the interest of a debt which we were contracting, and he feared much that it would be next to perpetual. The several Resolutions were then put, and agreed to. Debate on Mr. Tierney's Motion respecting the Restoration of Monarchy in France.] Feb. 28. Mr. Tierney rose to make his promised motion respecting the Restoration of Monarchy in France, and of carrying on the war for the restoration of the Bourbons. In the sta'e paper which I have alluded to we meet with that opinion, and unfortunately it rests there on authority that we are not permitted to disclaim. But if the authority be high, the interest produced in the public mind by the avowal of such seatiments has been ardent. What, then, do I wish for this night? That this House may cancel for ever sentiments which it neither consists with good policy, nor with the rights of nations, to cherish. I wish ministers to agree to a resolution, declaring that the war is not carried on for the purpose of restoring monarchy in France. I must suppose, that, if mini t rs were sincere in their assertion in that paper, they carry on the war for no other purpose; and until it is retracted, I think you look in vain toward peace. Do gentlemen expect it from the arms of the allies, that France shall be so humbled as to accept on her knees any terms ministers may choose to offer. After seven years of war, it is now felt to be necessary not to protract the possibility of peace. I will not debate with gentlemen the time and the manner of proposing to negotiate; but it becomes us to consider, that in those seven years there has been raised in taxes of one kind and another, 187 millions. I do not desire ministers to hurry to that peace, to court the power of France-but to cancel opinions which I am sure it will be our best policy to abandon for ever. Frenchmen cannot be cordial towards us, with such a note as lord Grenville's circulating through Europe. Instead of dividing, that manifesto has united them. A war for security is indeed a just war. The present may be a war into which we originally engaged as a war of security; but as it now stand s, it is neither just nor necessary. To prove that it is not just, I need only remark, that it is carried on for the purpose of restoring the Bourbon family. The note declares enough to make every republican feel, on the one hand, that nothing he can do will restore him to your confidence; and on the other, every royalist must perceive, that he cannot depend on ultimate support from you. The effect of the note is, in fact, either to unite all France so powerfully in her armies, that you must fail in all attempts to subdue her; or to drive the people to such desperation and distraction, that as a settled government, you cannot treat with them. By the restoration, you do not [5 E] try, that I do not exclusively desire to witness the success of measures undertaken to give safety to Europe, but that all I am solicitous for, is the preservation of the republic of France. Such assertions are loose, and it is easy to refute them. There is no man more attached to the monarchy of this country than I am. It is a part of the constitution. It is essential to the existence of freedom amongst us; and the rights of the people are only well guarded while that great branch of our standing polity is endowed with its legitimate vigour, is possessed of its rightful power. My veneration for our monarchy is no fashion that I have adopted for convenience; it is not affectation; it has grown up with me. I am from education and from habit attached to our monarchy. But it follows not, that I am to be in love with the house of Bourbon. I think I cannot revere that house, and preserve my loyalty to the house of Hanover. The interests of the two families are distinct, but not more distinct than they are remote and different. With respect to my motion, the object of it is, to bring the House to a vote on that declaration in the note of lord Grenville, which avows the object of the war to be the restoration of the hereditary line of princes. That paper, Sir, is not to be answered by petulant declamation. The vote of this House disclaiming that rash, and most impolitic declaration, would be an authority that could not fail to satisfy all men; it would pass current throughout Europe as the recorded renunciation, by the British parliament and by the British minister, of the wildest project that ever was cherished by ambition -of the most unjust principle that ever was avowed by any government. Wherever that memorable state-paper has been read with attention, the inference I am sure was inevitable, that his majesty's ministers have no entire object for which they would think it worth the risk to contend, except the restoration of monarchy in France. If that paper has been read with an unbiassed mind, the deduction from it must have been what I have stated. I always wished to hear it avowed in language that the people of all Europe could understand, what was the real object of the war. But never, until the discussion on the subsidy to Russia, did the right hon. gentleman speak out. On a recent occasion, indeed, he thought proper to declare his opinion of the propriety [VOL. XXXIV.] get security; and if you fail in the enter prise, what do you do? Why, when you would enter on negotiation with the republic, you cannot begin your work until you have abandoned that declaration. This threat of royalty, for such it really is, is absurd. Will the right hon. gentleman tell us, he wishes to restore the Bourbons, that he may destroy Jacobinism? It was the tyranny of the Bourbons that introduced Jacobinism; and the attempt to restore them will be the means of reviving that now dormant spirit. Jacobinism is remembered in France as a means by which she has gained the great object of all her struggles-an equality of rights; and surely gentlemen do not require to be told, that there are no weapons so formidable against the hereditary rights of princes, as the abstract rights of man. France will coalesce again for her own security. You distract her now; can you expect, even if you do restore royalty, to make a secure peace with a nation divided as she will be in such a crisis? What are we to gain by restoring a weak and feeble monarchy? Do you mean to protect it? You will incur an expense that will prove ruinous. But as an Englishman I do not wish for the restoration of monarchy in France. That unfortunate monarch, the last of her kings, whose death was the cause of this unfortunate war, though a virtuous and amiable prince, did as little for the security of the peace of Europe as the most despotic and restless of her monarchs. In the American war, a speech of his majesty delivered at the opening of the session of 1778, unfolds, in language truly forcible and descriptive, the character and the policy of the house of Bourbon.-[The clerk here read the speech from the Journals.*]-I mention that speech to show what was the disposition of the court of Versailles at that time; and are not we told in it, that that court was the disturber of the peace of Europe, bringing every calamity on nations; not our insidious enemy only, but open and declared, avowing their support of the Americans. Can, then, any form of government be more dangerous than that which violated the rights of sovereigns, stirred up sedition against governors, and armed and clothed traitors, as they were styled, against legitimate authority. The same spirit actuated the court throughout. Were not their projects against India discovered * See Vol. 19, p. 1277. soon after the peace of 1783? I believe the intercepted letters which opened to us the history of those gigantic projects are at the board of control. In 1787, did not the court of France exert all its powers of intrigue to drive the stadtholder out of Holland? Has not the greatest republic in the world arisen from the ruins of that ambitious house, the house of Bourbon? But the stadtholder has no interest in restoring that family, and I am sure England has not. We may have an interest in destroying the republic, but we should have the same interest in destroying an overgrown and ambitious monarchy. No, says the war secretary; restore monarchy, and you gain security to yourselves. The speech of the secretary of state (Mr. Dundas) was not so bold. He administered the salvo, "that there are changes besides the restoration, with which his majesty would be satisfied." The chancellor of the exchequer who wraps what he says in more words than any other man, ifI understood him at all, is to be satisfied with nothing without the restoration of monarchy.-[Here Mr. Pitt appeared to dissent.] A fair presumption as the real views of ministers arises from the publications of writers in their pay. I shall produce strong evidence of this sort by quoting a pamphlet of Mr. Bowles, intituled "Reflections on the Political State of Society at the Commencement of the year 1800." This writer must be considered in the pay of government, because he is a commissioner of Dutch prizes; and he strenuously contends, that the restoration of the Bourbon family is essential to the peace and security of Europe. But, there is the strongest evidence of all, to prove the truth of all I have asserted-I mean our treaties with Russia. The forces of that nation continue in our pay; if so, the object of the cabinet of St. James's is the same as that of Russia, the restoration of the Bourbons. Another reason for considering that to be our object, is the presence of the count d'Artois. There is no other person in this country with whom ministers can advise on the object of the war; and they can only consult with him on the means most likely to prove effectual for the restoration of his family. Now, as to that august personage, I have too high an opinion of him to suppose that he would lend himself to consultations that had not that for their object. I cannot see, without disapprobation, our court becoming the |