TWO:The great financial questions of 1786 were the Duke of Richmond's plan of fortifying Portsmouth and Plymouth, and Pitt's proposal of a sinking fund to pay off the national debt, an excise duty on wines, and Pitt's commercial treaty with France. During the previous Session the Duke of Richmond, Master-General of the Ordnance, had proposed a plan of fortifying these large arsenals, so that, in the supposed absence of our fleet on some great occasion, they would be left under the protection of regiments of militia, for whom enormous barracks were to be erected. A board of officers had been appointed to inquire into the advantages of the plan, and their report was now brought up on the 27th of February, and introduced by Mr. Pitt, who moved that the plan be adopted. This scheme was strongly opposed by General Burgoyne, Colonel Barr��, and others. Mr. Bastard moved an amendment declaring the proposed fortifications inexpedient. He said the militia had been called the school of the army, but to shut them up in these strongholds, separate from their fellow-subjects, was the way to convert them into universities for pr?torian bands. He protested against taking the defence of the nation from our brave fleet and conferring it on military garrisons; tearing the ensign of British glory from the mast-head, and fixing a standard on the ramparts of a fort. The Bill was rejected, Fox, Sheridan, Windham, and all the leading Oppositionists declaiming against it.But, gloomy as was the aspect of affairs at home, they were far more so in America. There, the insane conduct of the Government had gone on exasperating and alienating the colonists. True, the Cabinet, on the close of Parliament, held a meeting to consider what should be done regarding America. Grafton proposed to repeal the obnoxious duties at the commencement of the next session, but he was overruled on the motion of Lord North, and it was agreed to repeal all but the tea duties. Within a few days after the close of the session, therefore, Lord Hillsborough wrote this news in a circular to the governors of the American colonies. As was certain, the partial concession produced no effect, the principle being still retained in the continued tea duty. Moreover, Hillsborough's circular was composed in such harsh and uncourteous terms, that it rather augmented than assuaged the excitement.