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 thing��the 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.

THREE:After thus settling the form and powers of the constitution, Congress voted eight million dollars to be raised as a loan, and ordered a fresh issue of paper money. But, above all, it laboured to acquire aid from abroad, without which it was clear they must yield to the superior military force of the mother country, and return to their obedience on humiliating terms. For this purpose, in addition to Silas Deane, who was already in Paris, Franklin and Arthur Lee were dispatched to that capital to obtain aid with all possible speed. These gentlemen set sail in the beginning of November, though in much apprehension of being intercepted by the British cruisers; but managed to reach Quib��ron Bay in safety, and Paris before the end of the year. So successful was Franklin in Paris, that he obtained a gift of two millions of livres from the French king in aid of America, and the assurance that[233] this should be annually augmented, as her finances allowed. The only stipulation for the present was profound secrecy. Franklin had also found the cause of America so popular, that many officers were anxious to engage in her service; and the enthusiastic young Marquis Lafayette, notwithstanding the ill news from the United States, engaged to embark his life and fortune with Washington and his compatriots.[81]