HISTORY OF EUROPE. 
peaceable disposition towards this 
country, which he had received 
from allthe neighbouring powers :— 
and then prorogued the parliament 
to the 30th day of the ensuing Au- 
st. 
The marked praise bestowed by 
the speech from the throne on the 
bill for reducing the national debt, 
were supposed by some to have been 
an expression of triumph, on the 
part of the minister, over the Chan- 
cellor Thurlow, who always treat- 
ed that favourite measure, as well 
as some other plans of administra- 
tion, with severe animadversion. 
Frequent bickerings hadtaken place 
between Mr. Pitt and Lord Thur- 
low for a long time; and on the 
prorogation of the parliament, as 
there was no immediate necessity 
for his services in the House of 
Peers, the great seal of England 
was committed to the custody of 
three commissioners, Sir James 
Eyre, Sir William Ashurst, and Sir 
John Wilson. 
From the usual spirit, enterprize, 
and large capitals of our manufac- 
turers and merchants, and from the 
peculiar circumstances of the times, 
the commerce of this country had 
for several years far exceeded the 
utmost extent of its prosperity in 
any former period. In one week 
inthe month of May, the actual 
inerease of the revenue exceeded 
that of the corresponding week in 
the preceding year, by the sum of 
118,034]. 6s. It would be as ab- 
surd to lay this extraordinary in- 
flux of national wealth to the ac- 
count of the minister for the time 
being, as it would be unjust to 
charge him with those political con- 
_vulsions on the continent that have 
involved us in public expences, in 
[177 
comparison of which all the savings 
made by the national debt bill, if 
indeed any be made, are as a drop in 
the bucket. But the minister, dex- 
terously, and we do not say impro- 
perly, availed himself of the situa- 
tion of affairs, and the commercial 
spirit of the age, to acquire popula- 
rity, by appearing to direct the cur- 
rent on which he, in fact, with all 
the world was irresistibly borne: he 
sailed with the tide and wind. When 
commerce and public credit were 
in a state of great elevation, the in- 
terference and management of the 
minister appeared to vulgar appre- 
hension to be their great support ; 
and, from his exertions, very gene- 
ral expectations were entertained 
that they would both be raised still 
higher. He not only applied the 
surplus revenue for the diminution 
of the public debt, by the establish- 
ment of a sinking fund, to be held 
sacred and inviolable for that sole 
and exclusive purpose, but stood 
forth as a friend and patron of va- 
rious plans for the extension of 
commerce. 
Measures had been taken for esta- 
blishing a trade in furs, and even- 
tually in other articles on the north- 
west coast of America. ‘The seeds 
of future commerce had been sown 
in the islands in the South Seas; 
and new channels were about to be 
opened for the exportation of Brit- 
ish manufactures in India. If a free 
commercial interceurse could be 
settled with China and Japan, the 
broad zone of British commerce 
would encircle and invest the globe. 
There is at this day, in the vast 
empire of China, as there was of 
old in Egypt, and other ancient 
states and kingdoms, agreatjealousy 
of foreigners *, who are not admit- 
* In the ideal republic of Plato, it isa part of his system to exclude all foreign- 
ers not proselyted by an early education in the laws of the state. 
Vou. XXXIV. 
(N] 
ted 
