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THREE:The year 1757 opened amid very gloomy auspices. War, of a wide and formidable character, was commencing in Europe, and the House of Commons was called on to vote no less than eight million three hundred thousand pounds for the supplies of the year, and to order fifty-five thousand men for the sea service, and forty-five thousand for the land. The National Debt had now reached seventy-two million pounds, and was destined to a heavy and rapid increase. Pitt commenced the admirable plan recommended years before by Duncan Forbes, of raising Highland regiments from the lately disaffected clans. The militia was remodelled, it was increased to thirty-four thousand, and it was proposed to exercise the men on Sunday afternoons, to facilitate their progress in discipline; but an outcry from the Dissenters put a stop to this. Serious riots, moreover, were the consequences of forcing such a number of men from their homes and occupations in the militia ranks; and the public discontent was raised to a crisis by the voting of two hundred thousand pounds, avowedly for the protection of Hanover. A measure which the nation beheld with astonishment Pitt himself introduced, notwithstanding his many thunderings against the Hanover millstone.
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THREE:Within a few days of taking Philadelphia, Lord Howe raised three batteries on the side of the river. On the 3rd of October Washington issued from his camp on the Schuylkill, about fourteen miles from Germantown, having heard that two British detachments had been withdrawn thence to attack the forts on the Delaware. He had been reinforced by militia from Maryland and New Jersey, and determined to surprise the British camp at Germantown. Two columns of Continental troops, led by Greene and Sullivan, were to gain the front of the British, and attack it; whilst two other columns of militia were to attack the rear. This force marched all night, and entered Germantown about sunrise, and all seemed likely to favour their enterprise. A fog prevented the discovery of their approach. But, at the first surprise, Colonel Musgrove threw himself into a storehouse, and kept up such a fire from the windows as checked the assault of the Americans, and gave time for the rest of the British force to get under arms. The village of Germantown consisted of one long street. Across this street the British army had encamped, and stoutly resisted the advance of the Americans. Musgrove was summoned to surrender; but he continued his fire from the house without taking any notice, and, before artillery could be brought up to batter the house, General Greig and Brigadier Agnew came up to his assistance. The Continental troops in front, led on by Washington himself, made a brisk attack, but were repulsed at all points, and were badly co-operated with by the militia in the rear. Washington was compelled to fall back to his camp at Skippack Creek, leaving behind him about eight hundred killed and wounded, and four hundred prisoners. So far, however, was Sir William Howe from availing himself of this opportunity to follow up the attack on Washington, and disperse his army, that he, as usual, thought only of getting into snug winter quarters.
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THREE: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.
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Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old.
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