bility of that happy event, he said, was greater than he had known it in his time; and should it continue for ten years, the expectation of which was no ways chimerical, feventeen millions of the national debt might be discharged, by pursuing the plan which had then been laid before the houfe. The diminution of the annual interest payable on the national debt, arifing from these regulations in the finances, would raife the income of the finking fund, so as that, in conjunction with the ordinary taxes upon land, malt, and fo forth, to make the yearly revenue amount to seven millions. If, when arrived at that point, the nation should be forced into a war, it is not likely to coft us fuch enormous fums, as when we ftood fingle against France and Spain, and at the fame time protected two fovereigns. If, faid his lordship, we embark no farther in expences, than we did in wars preceding the laft, our yearly difbursements, would, he had computed, be, at an average, about seven millions; fo that we fhall be enabled to maintain fuch a war without any additional taxes. We do not, faid he, ftand in need of any conquefts; our dominions are at leaft as extenfive as we could wish; and their improvement, not their extension, fhould be our chief aim. This opens to us a prospect at leaft, of gradually reducing the national debt, a step, which will neceffarily raise our credit and confequence in Europe, and terrify our enemies into pacific measures,

With this flattering picture, the houfe in general were extremely well pleased. In a time of profound peace, the national debt engages no one's attention, but a few specuJating politicians, who look farther than the prefent moment. No stockholder wishes to receive his principal, but upon fuch terms of advantage, as that he may replace his money in the public funds at feveral per cent. profit. The terms on which this redemption was made, were lucrative

beyond

beyond example; and the minifter did not labour to conceal his opinion, that fome perfons might be more fortunate than others in an early fubfcription, but no one could fet his name for more than 10,000l. ftock.

The houfe feemed wrapt in the contemplation of the permanent profperity of the nation, and although nothing more exceptionable than the general doctrine laid down, was ever delivered by a firft lord of the treafury, yet the objections started, were confined to the mode of discharging the million and a half. Befides the unneceffary profit which was allowed the ftock-holder, the blending indifcriminately two stocks which statedly and invariably preferved a difference of two per cent. in their market price, was cenfured as highly injudicious*. It was obferved, that it was a maxim with administration to increase our expences according to the increase of our income. The minifter was asked, if he would not, in the course of ten years, talk of new eftablishments, or payment of civil lift arrears?

It is worthy of a remark, on what flight foundation the falutary effects of a ten years peace were built. The revenue, during the preceding year, had not increased, but had rather fallen off; the condition of the Eaft India Company, which the house was in poffeffion of only a week or two before this mighty vaunt was made, afforded the strongeft reasons for apprehending that they were in no condition to make good their ftipulated annual payment in future; and without it, although the land-tax feemed fixed, in perpetuity, at three fhillings in the pound during peace, a rate unprecedented in former times, the ordinary revenue would be quite inadequate to the objects proposed.

* Confolidated Bank annuities, at that time, were at 88 -8ths, South Sea old annuities at 86 5-8ths,

But

But fuppofing a coincidence of fortunate events to realize the calculations of the minifter, and we fhould not have been forced into a war, until the yearly revenue amounted to seven millions; with what fhadow of reafon could even such an income be fuppofed equal to the expences which would then be incurred? At the commencement of the war which King William waged with Louis XIV. the charges were defrayed by supplies raised and paid within the year; all the loans were fuppofed to be temporary, and to end with the collection. Too foon however, the pernicious mode of borrowing on the credit of the fupplies was introduced, which created oppofite interefts between the governors and the governed, and a debt of thirteen millions was incurred during that reign. In the next, the national debt was increased twenty-fix millions more, in confequence of a war which continued twelve years. Notwithstanding almost universal peace prevailed for the twentyfeven years which followed the treaty of Utrecht, yet the national debt had, in that space of time, increased fix millions; and during three years war with Spain fingly, and five years war with Spain and France united, thirty-two millions were added to the national incumberance. So that the wars waged by King William and Queen Anne, may be faid to have been maintained at the expence of about two millions per annum, and the first war in the reign of George IId, at four millions per annum; and according to the progreffive increase of expences in every department, fince committees of enquiry and accounts have been overruled, fimilar exertions could not be renewed at a less charge to the nation than five millions per annum; how then would a revenue of feven millions be adequate to the carrying on a war, when more than four millions is fwallowed up every year in a peace establishment ?

The

The feffion of parliament was closed on the 9th of June, by a speech from the throne.

The difpute concerning the Middlefex election had now fubfided, except that Sir Geo. Savile every feffion, made, what he called his annual protest against the decision of the house on that bufinefs, which paffed without much debate ; however, it was now revived, by being investigated in a new mode.

A cause was tried before Lord Mansfield at Westminsterhall, upon an action brought by Mr. Alderman Townfend against the collector of the land-tax, for diftraining a large quantity of hay, belonging to Mr. Townsend, upon his refufing to pay the affeffment of the land-tax, he not being fully reprefented in parliament, and consequently he confidered the tax as an illegal impofition. After the matter of Mr. Wilkes's different expulfions, rejections, and final incapacitation had been stated to the jury by Mr. Serjeant Glynn, and the house of Commons feating Mr. Luttrell, although he had the feweft votes, the Serjeant told told them, if they coincided in opinion with him, that the county of Middlefex was not fully and fairly reprefented, they would find for the plaintiff; but if they thought the prefent houfe of Commons had authority to impofe fuch a tax, then the defendant was juftified. He then produced the evidence of the poll books, the fheriffs return, &c.. to prove that Mr. Wilkes was the legal reprefentative for the county of Middlefex. The attorney-general who was retained for the defendant, did not appear. Mr. Wallace, who was alfo retained, made no other reply than by producing the act of parliament, under the authority of which

Ц

* June 9.

the

the collector had acted. Lord Mansfield then told the jury, that the question before them was, in fact, no other than, whether there was at that time any legislative power in this country? If they acknowledged there was, then they must find for the defendant; and that as to the evidence offered to be produced by the Serjeant, it was his opinion, that it was not by law competent, and was inadmiffible. The jury, with little or no hesitation, found for the defendant. Mr. Townsend, who was prefent in court, then declared that the affair fhould there end.

On the 14th of Auguft, Lord Hillsborough refigned his post of fecretary of state for the American Colonies, as well as that of first lord of trade, and was fucceeded in both by the Earl of Dartmouth. Soon after his retiring from these offices, he was advanced to the rank of an Earl of GreatBritain. Lord Dartmouth, in parliament, had voted for the repeal of the stamp-act, and fince that event, had always oppofed the taxation of America. From the advancement of this nobleman therefore, it was concluded, that a new system of government would take place with respect to the Colonies. The Earl of Harcourt fucceeded Lord Townshend in the lieutenancy of Ireland, when the latter was appointed mafter-general of the Ordnance; on the death of the Earl of Albemarle, General Conway obtained the government of the ifle of Jerfey, whom Sir Jeffery Amherst fucceeded as lieutenant-general of the ordnance, and was afterwards called to the privy council. Lord Stormont was appointed ambaffador extraordinary at the court of Versailles, in the room of the Earl of Harcourt. Mr. Jenkinson was appointed vice-treasurer of Ireland, and Mr. Charles Fox a lord of the treasury in his room.

The