GENERAL HISTORY. 



[43 



referring for proof to certain tables 

 which were to be put into the 

 hands of the members; and he 

 said that the immediate result of 

 the system would be equal to a 

 subsidy of above 100 millions; so 

 that for four years to come, upon 

 the supposition of the continu- 

 ance of the war, it might be 

 hoped that it would not be neces- 

 sary to impose any other new 

 taxes, than such as were requisite 

 to furnish the additions to the sink- 

 ing fund which he had mentioned. 

 He concluded with reading a num- 

 ber of resolutions to be submitted 

 to future discussion. 



ITie conversation which ensued, 

 consisting of observations hazarded 

 without any precise understanding 

 of the proposed plan, may be 

 passed over. A future day was 

 appointed for the further conside- 

 ration of the subject. 



On March i!5th, the House be- 

 ing in a committee on the finances, 

 Mr. Huskissan rose and made a 

 long and elaborate speech, dis- 

 cussing the nature and merits of 

 the plan proposed by the chancel- 

 lor of the exchequer. As his argu- 

 ments were entirely founded upon 

 matters of calculation, they are in- 

 capable of abridgment; the general 

 tenor of them, however, was to 

 show that the new plan was an en- 

 tire and dangerous deviation from 

 the principles of Mr. Pitt's sinking 

 fund system, and a breach of faith 

 ^ith the public creditor ; and that 

 the advantages it held out were 

 mere fallacies. 



The Chancellor of the Exchequer 

 in reply «aid, that his right hon. 

 friend had totall^'misunderstoodhis 

 <filan, and the principles on which 

 •It was founded ; and he answered 

 •ome of the principal objections 



which had been stated in the pre- 

 ceding speech. 



Mr. Huskisson's arguments were 

 supported by Mr. Baring, Mr. H. 

 Thornton, and Mr. Tierney : and 

 the Chancellor's plan was defended 

 by Mr. Long and Mr. Rose. The 

 report was ordered for the next day. 

 The subject being resumed on 

 March 26th, Mr. Baring said, that 

 lie should acquiesce in the motion 

 for bringing up the report, with a 

 view of moving a resolution that 

 the House would early in the next 

 session of parliament take it into 

 consideration. He observed that 

 the great argument used by the 

 supporters of the new plan was, 

 that it would relieve the country 

 from the burthen of additional 

 taxation ; but a very small increase 

 of taxation would enable the ex- 

 isting system to be continued an- 

 other twelvemonth ; and he was 

 persuaded that parliament would 

 not object to such an arrangement 

 being made as would leave the new 

 measure in an eftective o|>eration 

 at the end of the year, if it were 

 thought advisable to adopt it. 



After several other speakers had 

 entered into the debate, Mr. Bar- 

 ing made his motion as an amend- 

 ment. It was negatived without 

 a division, after which the report 

 was read and agreed to, and a bill 

 ordered upon it. 



The resolutions were as follows : 

 1, Resolved, " That the total 

 capital of the funded debt of Great 

 Britain, in perpetual redeemable 

 annuities, on the 5th day of Ja- 

 nuary 1786, was 238,231,248/. 5s. 

 2^. that provision was made for 

 the gradual redaction thereof, by 

 an act passed in the same year ; 

 and that further provision has been 

 made, by several since passed, for 



