The amount, Mr. Pitt obferved, of the revenue, as it flood for the current year, was flated by the committee at 15,397,000l. The expenditure they divided into the articles that were permanent, and the articles that were fluctuating. In the former defcriprion they confidered the interefts of the national debt, which was 9,275,7691., the civil lift 900,000l., the exchequer bills, the charges on the aggregate fend, and the appropriated duties. The whole of this divation was taken at 10,554,000l. The other clafs of expences included the different establishments for the defence of the nation, as the army, the navy, the ordnance, and the militia. They had allowed for the navy eighteen thousand men, at 100l. each, which was more than had ever been kept up in time of peace. The army they had taken upon the fame mode of reafoning, and they allowed for it 1,600,000l. The whole expenditure, permanent and fluctuating, they eftimated at 14,478,000l. Of confequence there remained a furplus of the annual income above the expenditure, of 900,000l.

It was however neceffary to be obferved, that, though this was flated to be the annual expenditure, fome time must intervene before the expenditure could be reduced to this point. The war, from the burthen of which we were juft delivered, had been most expenfive and ruinous. Many of the drains that had occurred during the courfe of it, had not ended with the conclufion of peace, but ftill continued, and must be expected for fome time to hang over the nation. Un der the head of the navy, many fhips that had been laid upon the flocks were to be finished. They had been built too far to allow them 1786.

to go back and be loft to the public; and they were befide neceflary to increafe our naval ftrength to an equality with our powerful neighbours. The demands upon this head were fo confiderable, that, though the committee had flated the peace eftablishment of the navy at 1,800, 01., yet the expence attending it in the prefent year, was taken in the current estimate at 2,400,0 ol., and would at least amount to 2,350,000l. In the army the exceedings were much above the common run of the expence of that establishment; and this amounted t. nearly 300,000l. Thefe two fums would nearly effect the annihilation of the furplus, if out of that furplus it was neceffary they fhould be discharged. But in reality they were not annual charges; they were the remainder of the expences of the latt war, and they muft fpeedily ceafe altogether. In four years the mott burthenfome of the articles, that of fhip building, would be removed, nor could this be effected fooner. It was neceffary therefore, that they fhould look to a future average, in order to obtain a true eftimate of the difbursements of the nation.

Mr. Pitt proceeded to examine what the amount of the extraor dinary demand would be for the whole term of four years. The exceeding of the navy upon the current efimates, above the fum at which it had been taken in the report of the committee was 600,00 1. In the three following years it would not be fo much, and might be taken at 400,000l. The fum therefore to be provided for under this head, for the whole term of four years, was 1,800,000l. The other heads, that fuggefted themselves as matters of extraordinary demand, were the army, the ordnance, and G

the

the American loyalifts. These three was taken by Mr. Pitt for the enfuing four years at 1,200,000l. The total demand of three millions might be encountered by the method of funding, and ways and means might be provided to anfwer the interell, without occafioning any intolerable burthen to the nation. But the ftate of the country was at prefent fo very flourishing, that Mr. Pitt was happy to mention, that it would not be neceffary to lay any taxes upon the people on this account, and that we had certain extraordinary refources within ourfelves, which would be found abundantly to answer every thing that was required.

The committee had enumerated thefe refources; and the firft they had mentioned was that of lotteries. It had been objected indeed to this method of railing money, that it afforded the most dangerous encou ragement to the fpirit of gaming. The fpirit of gaming however was fo deeply rooted, that Mr. Pitt was afraid it was of little confequence whether a lottery was givenor with held. In the mean time government was not refolved whether there fhould be one in the prefent year. The next head was that of favings in the army, or fums of money, that had been appropriated to difierent fervices, but had not been expended. Thefe had been found very confiderable after the peace of 1763; and from the extent of the grants during the late war much more might be expected. The fum of 450,000l. had already been paid under this head into the exche quer. There were befide immenfe fums in the hands of former pay mafers, which it was expected a little time would bring to the public account. The commiflioners of accounts had indeed an immenfe

They

labour upon their hands. had to go through one hundred and e'ghteen regiments of foot, and as many of horie and dragoons, whose accounts for non-effective men had not been examined for twenty years together. One regiment which they had gone through, had produced 22,cocl. for the ufe of government; and, though Mr. Piit could not be fo fanguine as to expect that every regiment would produce as much, he however thought he might state the total, including contracts and other articles of abuse, at the fum of 1,000,000l. The next fource was the balance due from the company for the fubfilence of troops in India. This amounted to 600,00cl., and there was a probabihity of its being paid in a very fhort time. The committee added to the account, the unclaimed di'vidends at the bank, a part of which might with fafety be applied to the public ufe, and the fate of the

crown lands.

But the great article, upon which they infifted, and upon which they built their furent expectations of a permanent furplus, was the improvement of the revenue by proper regulations to difcourage an illicit trade. The regulations, which had already been made in this refpect, had not had room for their full operation, and might be expected fill to increase, fince an addition of this fort derived from a regular fouice, and was not the fudden effect of the restoration of peace. Wine was an article fill fubject to great abufes, and demanded an immediate remedy. The confumption of wine in this country was not diminished, and yet it ap peared, when the average of the last

car came to be compared with the year 1746, that the revenue upon this article fell fhort no less than 240,00. L

240,000l. Without laying a burthen upon the country, there were many regulations to be made in the article of fpirits, that would increate the revenue from that branch of trade. The article of tobacco was another object that demanded the attention of the legiflature; and Mr. Pitt had no doubt, that, from the regulations that would be propofed under these heads, the fum of 300,000l. per annum, might at leaft be obtained. In another fef fion of parliament he intended alfo to introduce a confolidation of the cuftoms, which would undoubtedly add greatly to the produce of the revenue. If therefore the fubject were fairly confidered, we might here fee fums equal to the extraordinary demands, without any new application to parliament, and without any additional burthen upon the people.

to the houfe, amounted to no more than goo,ocol.; and that therefore the additional fum of 100,000l. muit be raised in order to complete the propofed annual million. This fum he was happy to be able to obtain without laying any taxes that would be burthenfome to the people at large. He would first move for an additional duty upon fpirits. They had formerly been charged in what was called the wafh, with feven pence per gallon. This was afterwards decreafed to five pence; and he thould now fix it at fix pence per gallon, which would produce about 70,ocol. Another operation. he would propofe was only the modification of a tax; it confifted in a duty upon the importation of twơ fpecics of timber; and this he took at 30,cool. A farther tax which he propofed was upon an article of mere luxury, upon pertumery and hair-powder; and this he would rate at 15,000l. or 20.000k. Thus he would make up the requifite fum in order to complete the an nual million.

One million was the fum annually to be contributed to the finking fund, and Mr. Pitt propofed, that this money fhould be placed in the hands of commiffioners appointed for that purpofe, in quarterly payments of 250,cool. each, to begin on the fifth of the following July. He undertook to fhow in what manner this money would be furnished for the three quarterly payments, that would fall within the current year. He fated the ways and means at 13,362,480l.; and the fupplies that had been voted at 12,477,051. Of confequence, there remained a furplus of 885,351. This forplus Mr. Pitt confidered as affording not only the requifite fum of 750,000l. but also a remainder of 135,40cl.; and including the increafe of the revenue according to the ideas of the committee, a remainder of 449,0931. Mr. Pitt now came to obferve, that the furplus, the existence of which he had endeavoured to prove

Mr. Pitt proceeded to explain to the houfe the effects, that would be produced by an attention to compound interest. The million to be applied would by that hypothefis amount to a very great fum in a period, that was not very long in the. life of an individual, and was but an hour in the existence of a nation. It would diminish the debt of this country fo much, as to prevent the exigencies of war from ever railing it to the enormous height they had hitherto done. In the period of twenty-eight years the fum or a million annually im proved, would produce an incoine' of four millions per annum. Care therefore must be taken, that this fund were never divert d from its original deftination. This had hither