HISTORY OF EUROPE. 
surplus, or 4 real alarming de- 
ficiency 2? In contemplating the cir- 
“cumsiance of a deficiency, it should 
be farther inquired into, whether 
there really existed a necessity of 
supplying those deficiencies, by that 
most ruinous of all financial mea- 
sures, a system of peace-loans? 
He acknowledged the utility of the 
yarious accounts which had been 
laid before the house; however, in 
the important, but perhaps rather 
general view, which he then meant 
to take of the subject, he was say- 
ed the trouble of adyerting to them 
in detail; a casual reference would 
be sufficient for his purpose. Those 
which he should have occasion to 
refer to, were of unquestionable 
authenticity, being signed by the se- 
cretary to the treasury ; and the 
result of these, he meant to con- 
trast with the statements made by 
the chancellor of the exchequer 
himself, taken from a publication, 
issued by authority into the world, 
and with a view to the full informa- 
tion of the public; and statements, 
which be could not retrain from 
observing, had been totally, to a 
certain degree, credited and acted 
upon by the monied interest of the 
_ country. In considering the sub- 
ject before them, he disclaimed the 
least idea whatever, of exciting any 
sensation of despondency, On a 
subject of this particular nature, he 
knew a speaker was more liable to 
misrepresentation, than on any 
other, and in that view he felt him- 
self called upon distinctly to state 
his firm conviction, that instead of 
there existing any real cause for 
despondency or dismay, the country 
had upon every account, just rea- 
gon to be confident of the strength, 
gnd adequacy of its own resources, 
133 
The country was able to cover the 
existence of much greater deficien- 
cies, and this he was perfectly able 
to prove; and farther, that it was 
not only equal to maintain its ex- 
istence and independence, but even. 
to repel aggression, and take am- 
ple vengeance on the authors of that 
ageression: the parliament under 
such circumstancesshould notshrink 
from its duty, but fairly call these 
resources into action, and provide 
a revenue fully adequate to meet 
the occasions of the country. It 
was in the recollection of their 
lordships, that, a short time before 
the Christmas recess, the finance 
minister of the country, at an un- 
usual period of the session, and in 
circumstances of extraordinary mo- 
ment, anticipated the customary 
statement of the finances of the pre- 
sent year. The reason assigned 
for this proceeding was, the neces- 
sity of laying before the country, 
a true picture of its finances; he 
was relieved from much trouble on 
the score of reference, as his state- 
ments respecting that display of the 
finances, was authenticated by the 
publication he had before alluded 
to, which he had reason to believe 
was ushered to public notice, under 
the authority of ministers; and 
therefore it could net be conceived 
to contain a false account of those 
statements. Notwithstanding the 
specious advantages there held out, 
the effect of this publication was to 
delude every monied man who 
placed confidence in it, On this 
head he could say much; but the 
consideratiun of the subject, in the 
view he alluded to, had better be 
leit until the real budget of the pre- 
sent year should come forward, 
which in the course of a few weeks 
kK 3 might 
