HISTORY OF EUROPE. 
was therefore their moft facred duty 
to maintain inviolate and to de- 
fend againft all innovations. 
Mr. Sheridan difered from the, 
chancellor of the exchequer with 
refpect to the actual receipt, and the 
actual expenditure.’ If the averages 
of 1786 -7-8, were taken, it would ap- 
pear that the receipt for thofe three 
years feverally had been 15,1 40,0001. 
and the expenditure 17,140,000l. 
making a deficiency of fix millions 
on the whole. From the five mil- 
lions and a half of three per cents. 
redeemed, was to be dedutted the 
additional million of exchequer bills 
-iffued, the money. borrowed lait 
year, the increafe of the navy debt, 
_ and one quarter’s revenue antici- 
_ pated, which was every fhilling debt 
incurred, as much as if it had been 
_ aétually borrowed, making in all 
 3,500,0001. The average income 
of four years, including the laft year, 
would be found to be fhort of what 
' the revenue committee had taken 
it at, though annual taxes to the 
_ amount of 200,000l. had been laid 
‘fince they made their calculation ; 
and regulations for improving the 
‘collection of. old taxes adopted, 
which the committee had pointed 
out as a refource to ‘provide for 
contingencies, and not as neceflary 
to make good their eftimate.—He 
contended that there was not a fin- 
gle pound applicable to the reduc- 
tion of the national debt, and de- 
clared that nothing would put the 
finances into a proper iftate, but 
either raifing the income to the ex- 
_ penditure, or lowering the expendi- 
- ture to the income; at prefent there 
exited a plain deficiency of one 
n. , 
_ The-chancellor of the exchequer 
[95 
faid, Mr. Sheridan went for an 
average to.a period which had no 
analogy to the prefent, in order to 
take in the year 1786, before the 
commercial treaty was pafled, the 
new taxes rendered produttive, or 
the regulations for an improved 
colle&ion adopted; and then com- 
pared the permanent revenue with 
the temporary expenditure. He 
ftruck out the produce of the lot- 
tery, merely becaufe he difliked a 
lottery, and retained the temporary 
expence of the American loyalifts, 
which it was intended to meet. He 
admitted that the receipt and the ex- 
penditure could not be brought to a 
permament balance without a con- 
fiderable reduction of expence ; but 
the time when the revenue commit- 
tee had calculated that fuch a ba- 
lance would be effected, was the end 
of the year'1799, not the beginning, 
and was not, therefore, matter: for 
the difcuffion of that day. 
On the 5th of May Mr. Pitt de- 
livered to the houfe a meflage from 
his majefty *, in which he informed 
them of the violence that had beer 
committed upon two veffels belong- 
ing to his majefty’s fubjects, on the 
north-weftern coaft of America, by 
an officer commanding two Spanith 
fhips of war: of his applications to 
the court of Spain for fatisfadtion : 
of its claims to an exclufive right 
of navigation-in thofe feas, and its 
hoftile preparations: and of his ma- 
jeity’s determination to fupport the 
honour of his crown, and ¢he rights 
and interefts of his people. ‘The 
meflage being read, Mr. Pitt mov- 
ed that it fhould be taken into con- 
fideration the following day. 
On the 6th the meffage having 
been again read, Mr. Pitt rofe and 
% Sce S:ate Papcis, 
remarked, 
/ 
