mas were by this act to be paid into the bank upon account of the furpluffes of the finking fund; and the annuities growing due yearly upon the whole of this joint ftock were, by the act which eftablifhed it, to be paid out of the finking fund yearly at Lady-day and Michaelmas.

This is the substance of the act; but I fuppofe no part of the principal monies was paid into the bank before the faid 25th of December, 1766; for as a great many new exchequer bills were to be iffued by the act I have last mentioned, I reckon the whole produce of the public revenue was applied as faft as it came in, either to the immediate public fervice, or to the paying off the old exchequer bills, in order to delay as long as poffible the iffuing of any new bills; becaufe no exchequer bill bears any intereft until it is iffued, and confequently every day's delay in iffuing it, is a day's intereft faved to the public, as the intereft upon fuch bill is not payable termly but daily, until they are returned again into the exchequer, or into the hands of fome revenue-collector, from which day the intereft ccafes until the bill or bills be re-iffued for fome public service.

April 21. The refolutions that day reported being, after fome debate upon the first, agreed to, it was ordered that a bill, or bills, fhould be brought in upon them, and to be prepared and brought in by the fame gentlemen appointed to bring in the laft mentioned bill. In purfuance of this order, Mr. Paterfon, on the 7th of May, prefented to the houfe a bill for raifing a certain fum of money, by way of annuities and a lottery, to

* See act 3 Geo. III. chap. 9.

be charged on the finking fund; which was then read a first time, and ordered to be read a fecond time. And as it was in fubftance nothing more than that of converting the firft of the faid refolutions into the form of an act, it afterwards paffed through both houses in common course, and received the royal affent at the end of the feffion.

In further pursuance of the faid order, Mr. Paterfon, on the faid 7th of May, prefented to the houfe a bill for granting to his Majefty a certain fum of money out of the finking fund, and for applying certain monies therein mentioned, for the fervice of the year 1766; which was then read a firft time, and ordered to be read a fecond time. The next day it was read a fecond time, and committed to a committee of the whole house for next morning, which was at feveral times put off until the 13th, when after reading the order of the day, inftructions were feverally ordered to the committee, that they fhould have power to receive a claufe of credit, and also a clause of appropriation, and it was ordered that fo much of his Majefty's fpeech to both houfes on the 15th of November 1763, as related to the money arifing from the fale of prizes vefted in the crown, and to the fums which fhould arife by the fale of the ceded islands, being applied to the public fervice, fhould be referred to the faid committee, and alfo that the account of the produce of fuch part of the finking. fund, on the 5th of April, 1766, as was fubject to the difpofition of parliament, be referred to the said committee.

With thefe inftructions and re. [P] 3

fer

ferences the houfe refolved itself into the fame, and having gone thro' the bill, and made all the proper amendments, the report was next day received, the amendments agreed to, and the bill with the amendments ordered to be ingrof. fed. On the 22d it was read a third time, being now intitled, A bill for granting to his Majefty a certain fum of money out of the finking fund; and for applying certain monies therein mentioned for the service of 1766; and for further appropriating the fupplies granted in this feffion of parliament. It was then paffed, and fent to the Lords for their concurrence, which their Lordships granted without any amendment; and at the end of the feffion it received the royal affent.

As to this act itself, I think it neceffary to obferve, that from the account of the produce of the finking fund referred to the committee upon the bill, there appeared to be then in the receipt of the exchequer the fum of 439:86 1. 10 s. 2 d., confequently, by virtue of the claufe of credit contained in the act, the treafury were impowered to raise but 1710413 1. 3 s. 9 d. which they were impowered to raise by loans or exchequer bills, without any limitation of intereft: and as to the other fums applied by this act to the fervice of 1766, they confifted of thofe mentioned in the following refolutions of the two grand committees of fupply and ways and means, viz. The first refolution of the 29th of April of that of ways and means, 80000 1. The fecond refolution of ditto 181000l. The third refolution of ditto. The 5th refolution of February 15th of that of fupply, 2321 1. 14 s. 10 d. The 4th

refolution of April 29th of that of ways and means, 6oooo 1. The fecond refolution of March 13th of that of fupply, 74777 1. 14 S. And the 4th refolution of March 27th of ditto, 1167 1. 10 s. fo that the other fums applied by this act to the current fervice amount to 199226 1. 18 s. 1od. and half a farthing, making in the whole 2349226 1. 18 s. 10d. {, befide the produce of the duties on gum Senega, which could not then be known.

These were all the bills past into laws that can properly be called money bills; but there were fome other bills paffed from whence fome addition may arife to the public revenue. We may now calculate what was granted by laft feffion for the payment of debts contracted during the laft war, and what was granted for emergencies that may not annually occur, from whence we fhall fee what may be our neceffary annual expence here. after in time of the most profound peace; for as we had not last year fo much as one Spithead expedition nor one German prince fubfidized, we cannot expect to be in any future year at a lefs public expence. Among our debts paid off I shall reckon fervices incurred and not provided for, and likewife the deficiencies, and replacings to the finking fund; for though fome fuch may probably occur every year, yet they may more properly be called debts paid off, or emergencies, rather than a part of the neceffary annual expence. Therefore from the fum total of laft year's grants, we must deduct the following refolutions, viz.

The

His Majefty's most gracious fpeech to both houfes of parliament, on Tuefday the 14th day of January, 1766; with the humble addreffes of both boufes upon the occafion, and his Majefty's most gracious answer.

My Lords, and Gentlemen,

WHEN I met you laft I acquainted you, that matters of importance had happened in America, which would demand the moft serious attention of parliament.

That no information which could ferve to direct your deliberations in fo interefting a concern might be wanting, I have ordered all the papers that give any light into the origin, the progrefs, or the tendency of the difturbances which have of late prevailed in fome of the northern colonies, to be immediately laid before you.

No time has been loft, on the firft advice of thefe difturbances, to iffue orders to the governors of my provinces, and to the commanders of my forces in America, for the exertion of all the powers of government in the fuppreffion of riots and tumults, and in the effectual fupport of lawful authority.

Whatever remains to be done on this occafion I commit to your

wifdom; not doubting but your zeal for the honour of my crown, your attention to the juft rights and authority of the British legiflature, and your affection and concern for the welfare and profperity of all my people, will guide you to fuch found and prudent refolutions, as may tend at once to preferve thofe

conftitutional rights over the colonies, and to restore to them that harmony and tranquillity, which have lately been interrupted by riots and diforders of the most dangerous nature.

If any alterations fhould be wanting in the commercial conomy of the plantations, which may tend to enlarge and fecure the mutual and beneficial intercourse of my kingdoms and colonies, they will deferve your most serious confideration. In effectuating purpofes fo worthy of your wisdom and public fpirit, you may depend upon my most hearty concurrence and fupport- The prefent happy tranquillity, now fubfifting in Europe, will enable you to purfue fuch objects of our interior policy with a more uninterruptedattention.

Gentlemen of the house of
Commons,

I have ordered the proper efti

mates