ONE:On the 21st of March a Committee which had been appointed early in the Session to inquire into the public income and expenditure, and to suggest what might in future be calculated on as the clear revenue, presented its report through Mr. Grenville, their chairman. On the 29th, Pitt, in a Committee of the whole House, entered upon the subject, and detailed the particulars of a plan to diminish progressively and steadily the further debt. It appeared from the report of the select Committee that there was, at present, a clear surplus revenue of nine hundred thousand pounds sterling, and that this surplus could, without any great additional burthen to the public, be made a million per annum. This he declared to be an unexpected state of financial vigour after so long and unfortunate a war. The plan which he proposed was to pay two hundred and fifty thousand pounds quarterly into the hands of Commissioners appointed for the purpose to purchase stock to that amount, which was under par, or to pay stock above par, and thus cancel so much debt. In addition to this, the annuities for lives, or for limited terms, would gradually cancel another portion. All dividends arising from such purchases were to be similarly applied. Pitt calculated that by this process, and by the compound interest on the savings to the revenue by it, in twenty-eight years no less than four millions sterling per annum of surplus revenue would be similarly applied, or employed for the exigencies of the State. By this halcyon process he contemplated the eventual extinction of that enormous debt, to pay the mere interest of which every nerve had been stretched, and every resource nearly exhausted. In a delightful state of self-gratulation, Pitt declared that he was happy to say that all this was readily accomplishable; that we had nothing to fear, except one thingthe possibility of any Minister in need violating this fund. Had the original Sinking Fund, he said, been kept sacred, we should have had now very little debt. To prevent the recurrence of this fatal facility of Ministers laying their hands on this Fund, he proposed to place it in the hands of Commissioners, and he declared that "no Minister could ever have the confidence to come down to that House and desire the repeal of so beneficial a law, which tended so directly to relieve the people from their burthens." He added that he felt that he had by this measure "raised a firm column, upon which he was proud to flatter himself that his name might be inscribed." He said not a word about the name of Dr. Price being inscribed there, to whom the whole merit of the scheme belonged; he never once mentioned his name at all. On his own part, Dr. Price complained not of this, but that he had submitted three schemes to Pitt, and that he had chosen the worst.
FORE:The first measure of importance after the appearance of Pitt in the House of Commons as Prime Minister was the annual motion of Wilberforce for leave to bring in a Bill for the abolition of the Slave Trade. Pitt and Fox both supported it, and it was carried by seventy-five against forty-nine. The second reading was carried by a still larger majorityone hundred against forty-twobut on going into committee upon it, it was postponed to the next Session. War and preparations for war were the all-absorbing business of those times."To propose to Parliament no other measure than that during the sitting before Christmas. To declare an intention of submitting to Parliament immediately after the recess a modification of the existing law, but to decline entering into any details in Parliament with regard to such modification.
Lorem Dolor
FORE:The last night's debate continued till between six and seven o'clock on the morning of Saturday, the 8th of October. It was a night of intense anxiety, both in the House and out of doors. The space about the throne was crowded with foreigners and members of the other House. There was a number of ladies, peeresses, and their daughters, sitting there the whole night, manifesting their excitement in every way consistent with decorum. Palace Yard and the space all round the House was thronged with people waiting to hear the result of the division. The night was wet, however, and the debate was so protracted that the crowd had dispersed before morning. This was a matter of consolation to the Opposition peers, who dreaded a mobbing. It was now broad daylight, and no sound was heard outside except the rolling of the carriages of the peers, who passed up Parliament Street as quietly as if they had come from disposing of a road Bill. The fate of the Bill was that day decided, for it, 158; against it, 199leaving a majority of 41. "The night was made interesting," wrote Lord Eldon, "by the anxieties of all present. Perhaps, fortunately, the mob on the outside would not wait so long."
Sed ultricies
