FORE:The Ministry being complete, Parliament met on the 2nd of December. It was found that the new Administration had not that influence in the boroughs that Newcastle, who had cultivated it, had; and several members of the Cabinet, Pitt amongst them, had difficulty in getting returned, as was the case with Charles Townshend. In the king's speech, his Majesty was made to speak of the militia, which he was known by everybody to hold in sovereign contempt, as the best and most constitutional means of national defence. He announced also that he had ordered the return of the Hanoverian troops to their own country; and the Duke of Devonshire inserted in the Address from the Lords an expression of thanks for having brought these troops over. Pitt had declared that he would quit the Cabinet if such a vote was passed, and Temple came hurrying down to the HousePitt being absent from the Commons with the goutand declared that he had quitted a sick bed to protest against it. This was an unlucky beginning. It was clear that there was want of unity in the Cabinet at its very birth, and out-of-doors the people were loudly complaining of the scarcity of food, and bread riots were frequent. The king himself could not help ridiculing the speech his new Ministers had composed for him; and a poor printer being arrested for putting another speech into his mouth, George said he hoped the man might receive very lenient punishment, for, as far as he could understand either of the speeches, he thought the printer's the best. To abate the ferment out-of-doors, the Commons passed two Bills: one prohibiting the export of grain, flour, or biscuit; the other prohibiting, for several months, distillation from wheat or barley.
Saturday, 23/08/2014
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FORE: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.
Saturday, 23/08/2014
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