whether the advance was not made at a time the most critical that could possibly have occurred-these are questions which I shall shortly proceed to discuss. But, assuming for the present, that there was a difficulty about the mode of doing it, what mode, under similar circumstances, would have been more eligible? In this way it has been tried, and has succeeded: by previously applying to parliament, it is doubtful whether it would have succeeded or not. I entreat gentlemen to recollect the situation of the emperor on the continent; the situation of this country, with respect to the prosecution of the war, or of its termination by a safe and honourable peace: I request them to look back to July or August last; a period when we saw with regret and apprehension the triumphant arms of the French Republic at the gates of Munich, and the territorial possessions of the belligerent powers in danger of being wrested from them. When they lock back to this period, let them at the same time contemplate the slow, firm, measured and magnanimous retreat of the gallant Austrian army, and the consequences which followed from a retreat only calculated to ensure the success of their future operations. Will they then ask themselves, dry as the question may be, when so ani, mated a subject is presented to the mind, how far the assurance of the aid which this country was disposed to grant, may have invigorated the spirit of a country making its utmost efforts to resist an invading foe, how far it may have given confidence to their resources, and enabled them to prosecute that line of operations which has been attended with such distinguished sucsess? With these considerations in his view, is there any man who can regard as a matter of consequence, whether the expense of 900,000l. or 1,200,000l. has been incurred to the country? Is there any man who can question the propriety of the sum allotted for the object, and would be willing, for the sake of so paltry a saving, to give up our share in promoting a service, which has terminated so honourably for the character of our allies, and so beneficially for the general interests of Europe? Who would not rejoice that he was admitted into partnership so illustrious, and accompanied with such brilliant success?

Me credite Lesbon,

Me Tenedon, Chrysenque, & Cyllan Apollinis urbes,
Et Scyron cepisse. Meâ concussa putate

Procubuisse solo Lyrnessia moenia dextrâ.

We have besides to consider, that whatever in this instance has been given, has only been lent to a power whom we have no reason to distrust. Even if à sum had been given to a much larger amount, it would surely have been amply repaid by the success which has attended the exertions of our allies, and the important advantages which have been gained to the common cause. In the course of discussion on this subject, frequent mention has been made of the opinion of the public. The public are not so dead or so insensible as either to be ignorant of the advantages which have been obtained, or ungrateful towards those to whose gallant exertions they are indebted on the present occasion. There is not a man, even the meanest individual in the country, who will not feel himself more than repaid for the small quota which he will be required to bring forward in aid of the public service, by the important benefits which have been secured to the general interests of Europe. There is not, I will venture to say, an Englishman who does not feel the most ardent sympathy with the magnanimity, the resources, the spirit, and perseverance which have been displayed by Austria in her recent exertions, and who does not rejoice that the contributions of England have been brought forward in aid of operations which have been equally marked by their gallantry and success. I will not think so ill of the good sense of my countrymen, as to suppose that they can regret any trifling expense, which has been the means of obtaining such signal advantages. The question alone is, whether there is any doubt of the exigence of the measure, whether there is any doubt of its necessity, and whether the service would have been performed by a previous statement to parliament.

Here Sir, let me state to this house, or rather repeat what I have shortly stated on a former night. The house will recollect, that from the principles on which I conceive a government

C

should act, it never could have been in my contemplation, or that of his Majesty's ministers, under the vote of credit, to propose advancing the whole of the sum which turned out to be necessary for the emperor. That it was not my intention, is proved by this circumstance, that at the very period of proposing the vote of credit, a reserve was expressly made for a loan to be specifically brought forward, and submitted to parliament, to a much larger amount than the vote of credit. What inference do I wish to draw from this? First of all, that it is a pretty clear and evident proof, that it in reality appeared, by the Austrians being so much in want, that his Majesty's ministers had an impression of the necessity of assisting the emperor. Could they have any motive to hold out a loan, if there was no such thing in agitation? What view could any government have in stating the necessity of an Austrian loan, if they did not see the occasion for one? When we asked for the vote of credit, it was plain we were not asking for a vote of credit for services unforeseen, but that we intended to apply it as it has been applied. Gentlemen will recollect, that on the first loan of eighteen millions, it was stated as uncertain the precise time it would be called for; that the precise time depended on the result of an intercourse between his Majesty and the emperor, without which it was impossible to settle the extent of it. But it is true, I felt that, in consequence of the extraordinary extent of the drain of money, some time would be necessary before the influx of trade would be such as to render a measure of that kind practicable in its execution, or safe in its impression; for of all subjects, that which relates to credit, 'or the stagnation of money, the delicacy of which every man knows, is that in which it is necessary to be particularly circumspect. Now, how does this stand? I was sanguine that a much shorter interval would have diminished the scarcity. Afterwards, at a much later period, I found that it would be impossible to bring forward the loan. Under this impression, I did think it advisable to take the step I have taken, a short time previous to the end of last parliament. How far that ean be fairly imputed to me as a crime, is a question I shall have

occasion to discuss. However, this is the first principle of my defence, that when the campaign was advancing, so that the emperor could not wait for any proof of the reality of his hopes of an increase of pecuniary supply, in conformity to what had been done before, and according to principles recognized by parliament, I thought it expedient, for the success of his arms, to send the means of repelling the enemy.

The principal question is, whether this measure has deprived you of any thing you possessed? whether any disadvantage has been the consequence of it, so as to make our situation more embarrassed now than it would have been some months ago, by a loan taking place? I believe the situation of mercantile men, and the pecuniary state of the country, is more favourable now than they were at the periods when the several remittances to the emperor were issued. This I state not merely on the sug gestions of any particular member of this house, not merely in consequence of any discovered public opinion; but I state it en evident grounds of reason. Nor can I for a moment suppose that the members of this house, that the public will long suspend the delegation of their assent to a measure founded equally in the justice and expediency of the motives which gave it birth. But however this may be, I have on this occasion the satisfaction of knowing that I am not stating my own sentiments only, but also those of the persons who were the contractors for the last loan. The contractors for that loan themselves felt then, and have since communicated to me, the inconveniences that had resulted to commerce in general from the immense, but necessary drains in the money market. They had felt that any specific proposition to guarantee a fresh loan to the emperor would have sensibly affected the money market: would have depreciated the funds, and depressed the public credit. Had I upon that occasion adopted the mode of a public loan; had I come to parlia

ment, when parliament first sat to deliberate on public measures; had I, while the necessities of the empire and the dearest interests of Europe depended in some measure, the one for relief, the other for preservation, on the remittance of certain portions.

of that sum of 1,200,000l.; -- had I in that eventful crisis done any thing that might, in its ultimate consequences, increase the difficulties of that ally, endanger and risk the liberties of Europe, what, let me ask, would have been the language of the honourable gentleman, who has this night censured my conduct, and made it the subject of a specific motion? I repeat it: The persons best acquainted with the money market were, at the periods I have mentioned, deeply impressed with a sense of its growing embarrassment, and seriously felt the inconveniencies necessarily concomitant to a state of warfare. They felt those inconveni encies, but they more than felt the justice of the contest which had operated as the cause of them. In their opinion, the pecuniary situation of the country was such as would have rendered the public avowal of any loan to the emperor extremely impolitic, and by an ill-timed discussion of its propriety, have produced those evils I have in part detailed. To them I submitted whether a public loan would be prudent in such circumstances, but they were unanimous in their preference of the adopted mode. A proof this, that I could have no intention to violate the consti tution. That I had not hastily, and immaturely adopted the alternative; that I made those preliminary arrangements; that my enquiries on the subject were as general and earnest as I have this night avowed, is well known, not only to the individuals with whom I consulted, but also to my colleagues in the ministry. I appeal, without fear of being contradicted, I appeal to those in my confidence, whether such were or such were not my sentiments, whether such was or was not my conduct on that occasion? At this time the situation of the empire was also so peculiar, that his Majesty's servants could not but have a strong and influencing sense of the impropriety of affording publickly the aid that situation so much required. The arms of the French republic were victorious in almost every quarter, the empire threatened with destruction, and Europe with ruis. This was, I own, the reverse of our once favourable hopes: from the exertions of that ally our expectations had been different; but could any temporary reverse of circumstances justify a mea