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."The Clare election supplied the manifest proof of an abnormal and unhealthy condition of the public mind in Irelandthe manifest proof that the sense of a common grievance and the sympathies of a common interest were beginning to loosen the ties which connect different classes of men in friendly relations to each other, to weaken the force of local and personal attachments, and to unite the scattered elements of society into a homogeneous and disciplined mass, yielding willing obedience to the assumed authority of superior intelligence hostile to the law and to the Government which administered it. There is a wide distinction (though it is not willingly recognised by a heated party) between the hasty concession to unprincipled agitation and provident precaution against the explosion of public feeling gradually acquiring the strength which makes it irresistible. 'Concede nothing to agitation,' is the ready cry of those who are not responsiblethe vigour of whose decisions is often proportionate to their own personal immunity from danger, and imperfect knowledge of the true state of affairs. A prudent Minister, before he determines against all concessionagainst any yielding or compromise of former opinionsmust well consider what it is that he has to resist, and what are his powers of resistance. His task would be an easy one if it were sufficient to resolve that he would yield nothing to violence or to the menace of physical force. In this case of the Clare election, and of its natural consequences, what was the evil to be apprehended? Not force, not violence, not any act of which law could take cognisance. The real danger was in the peaceable and legitimate exercise of a franchise according to the will and conscience of the holder. In such an exercise of that franchise, not merely permitted, but encouraged and approved by constitutional law, was involved a revolution of the electoral system in Irelandthe transfer of political power, so far as it was connected with representation, from one party to another. The actual transfer was the least of the evil; the process by which it was to be effectedthe repetition in each county of the scenes of the Clare electionthe fifty-pound free-holders, the gentry to a man polling one way, their alienated tenantry anotherall the great interests of the county broken down'the universal desertion' (I am quoting the expressions of Mr. Fitzgerald)the agitator and the priest laughing to scorn the baffled landlordthe local heaving and throes of society on every casual vacancy in a countythe universal convulsion at a general electionthis was the danger to be apprehended; those were the evils to be resisted. What was the power of resistance? 'Alter the law, and remodel the franchise,' was the ready, the improvident response. If it had been desired to increase the strength of a formidable confederacy, and, by rallying round it the sympathies of good men and of powerful parties in Great Britain, to insure for it a signal triumph, to extinguish the hope of effecting an amicable adjustment of the Catholic question, and of applying a corrective to the real evils and abuses of elective franchise, the best way to attain these pernicious ends would have been to propose to Parliament, on the part of the Government, the abrupt extinction of the forty-shilling franchise in Ireland, together with the continued maintenance of civil disability."
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