than sufficient, the blockading force in many places being less than the force blockaded. He had never met with a naval officer who entértained the opinion of the noble mover respecting the possibility of completely blockading the American ports. As to what he had said relative to the ships which had been opposed to the Americans, Lord M. observed, that we were not to alter the classes of ships in the British navy merely because there were three American ships of unusual dimensions. All naval officers agreed in the opinion that it was not proper to multiply the classes of vessels; and it was far better to send out 74's than to set about building ships only fit to cope with the American navy. The advice to diminish the number of small vessels was one in which no experienced person could concur, since these were peculiarly requisite to protect our trade against the enemy's privateers. The balance of capture was so far from being in favour of the Americans, that it was the reverse. With respect to not sooner issuing letters of marque, the delay was for the purpose of knowing the reception given by the Americans to our proposals of accommodation. As to the charge of mismanagement in the dock yards, measures had been 'taken to remedy defects. Some of our ships, it was true, had under'gone a rapid decay, through haste in the building; but it was necessary that our exertions should keep 'pace with those of the enemy.For all these reasons he should give his vote against the motion.

Earl Stanhope made a speech chiefly relative to his own plans for the improvement of naval architecture. The most remarkable

part was his reference to the contrivances of Mr. Fulton for blowing up ships under water, whose offers, he said, had been rejected by Bonaparte, but had been accepted by Mr. Pitt and Lord Melville, who, after his failure at Boulogne, made a compromise with him for a considerable sum, with which he went to America. Earl S. said he had given a plan to the admiralty for preventing the effect of his inventions, which he thought of a formidable nature.

The Earl of Galloway entered into some professional remarks respecting the naval disasters of the American war, which he attributed very much to the power of the enemy to man their few large frigates with prime sailors; whereas the great demand for men in our navy had rendered it necessary to admit a large proportion of an inferior class. He touched upon the propensity of our seamen to desert, which he thought might be best obviated by an increase of petty officers made from the best among them, and by more liberal remuneration. He was also of opinion, in opposition to Lord Melville, that ships of precisely the same kind with those of the Americans should be built, in order to contend with them. He asserted that he should have approved of the mo tion had its objects been not censure, but inquiry.

Earl Grey began with adverting to the contract of the admiralty with Mr. Fulton, and the compromise which he himself had negociated, in the conviction that his invention would not prove of the smallest utility. He confessed, however, that such was his dislike to this mode of warfare, that he had passed many uneasy nights

from

from the idea of its practicability. He then made a number of remarks relative to the expediency of an inquiry on the present occasion, not only on account of our naval' disasters, but the whole management of the American war. He dwelt particularly on the neglect in protecting the trade of the West Indies and of the coast of South America, and on the superiority of force which the Americans had been suffered to construct on the Canadian lakes.

Earl Bathurst defended the condnet of ministers upon similar grounds with those taken by Lord Melville.

Lord Grenville said that the doctrine advanced by Lord Galloway, that inquiry implied censure, would lead to the abdication of all the functions of parliament; for no inquiry could be instituted, in that case, without incurring the guilt of condemning the parties unheard. He recapitulated some of the charges against ministry which had been already urged by the supporters of the motion.

After the Earl of Liverpool had spoken in defence of the ministers, and the noble mover had briefly replied, the House divided, for the motion, 59; against it, 125. Majority, 66.

HE prodigious increase of the public expenditure, and the diminution of several sources of revenue, in consequence of the war, had occasioned a general opinion, towards the close of the last session of parliament, that some new financial measures were become necessary; and the order of the day standing on March 3, for the House of Commons to resolve itself into a committee of the whole House to consider of the finances of Great Britain, the Chancellor of the Exchequer (Mr. Vansittart) rose to open the subject. He first adverted to two measures which he had formerly mentioned; the adoption of some more efficacious plan for the redemption of the land-tax, and the provision of an increased proportion of sinking fund for so much of the loan of each year as might exceed the sum applicable to the redemption of the debt. With respect to the former, he chiefly relied upon a simplification of the mode of the redemption of the land-tax, and freeing it from troublesome formalities. As to the latter, he meant to recommend that the proportion of increase in the sinking fund should be one half of the interest of the excess in the loan. In addition to these measures he should propose to the

House one which belonged more immediately to the extensive system with which he wished to combine them. It would involve the repeal of so much of the sinking fund act of 1802 as directs that the whole sinking fund then existing shall continue to accumulate at compound interest till the total redemption of the whole funded debt then remaining unredeemed. The right hon. gentleman then made some remarks on the bad effects that would arise from an accumulation of the sinking fund to 30 or 40 millions, which would be the case on adhering to this plan, and from its sudden reduction when the effect was produced. He shewed that the fund had already redeemed 240 millions, the sum of the whole debt at the time when it was established, besides which, the public had paid upwards of 200 millions in war taxes; whence he inferred that it bad now a claim for some relief. This might be given without the smallest infringement of the provisions of the act of 1792, the terms of which were, that provision should be made for the repayment of all debts subsequently contracted, within 45 years from their creation. He then proceeded to explain how this might be done,

referring

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 continuance of the war, it might be hoped that it would not be necessary to impose any other new taxes, than such as were requisite to furnish the additions to the sinking fund which he had mentioned. He concluded with reading a number of resolutions to be submitted to future discussion.

The 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 consideration of the subject.

On March 25th, the House being in a committee on the finances, Mr. Huskisson rose and made a long and elaborate speech, discussing the nature and merits of the plan proposed by the Chancellor of the Exchequer. As his arguments were entirely founded upon matters of calculation, they are incapable of abridgment; the general tenor of them, however, was to show that the new plan was an entire and dangerous deviation from the principles of Mr. Pitt's sinking fund system, and a breach of faith with the public creditor; and that the advantages it held out were mere fallacies.

The Chancellor of the Exchequer in reply said, that his right hon. friend had totally misunderstood his plan, and the principles on which it was founded; and he answered some of the principal objections

which had heen stated in the preceding 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 he 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 existing system to be continued another twelvemonth; and he was persuaded that parliament would not object to such an arrangement being made as would leave the new measure in an effective operation at the end of the year, if it were thought advisable to adopt it.

After several other speakers had entered into the debate, Mr. Baring made his motion as an amendment. 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 January 1786, was 238,231,2487. 5s. 23d. that provision was made for the gradual reduction thereof, by an act passed in the same year; and that further provision has been made, by several since passed, for

the

the more effectual reduction of the said debt, and of the public debt since contracted.

2. That, by virtue of the said acts, the sum of 238,350,1437. 18s. 1d. exceeding the said sum of 238,231,2487.5s.22d. by 118,8951. 12s. 10 d. had, on or before the first day of March 1913, been actually purchased by the commissioners for the reduction of the national debt, or transferred to the said commissioners for the redemption of land tax, or for the purchase of life annuities.

3. "That it is expedient now to declare that a sum of capital stock equal to the total capital of the public debt, in perpetual redeemable annuities, existing on the said 5th day of January 1786, hath been purchased or transferred as aforesaid; and so soon as further sums of the public debt shall have been so purchased or transferred, making in the whole an amount of annual charge of the public debt so purchased or transferred, equal to the whole annual charge of the public debt, in perpetual redeem able annuities, existing on the said 5th day of January 1780, to de-clare further that an amount of public debt equal to the whole of such capital and charge of the public debt, existing on the said 5th day of January 1786, hath been satisfied and discharged: and that, in like manner, an amount of public debt equal to the capital and charge of every loan contracted since the said 5th day of Jan. 1786, shall successively, and in its proper order, be deemed and declared to be wholly satisfied and discharged when and as soon as a further amount of capital stock, not less than the capital of such loan, in

perpetual redeemable annuities,. and producing an interest equal to the dividends thereupon, shall be so redeemed or transferred.

4. That, after such declaration as aforesaid, the capital stock purchased by the said commissioners, and standing in their names, in the books of the governor and company of the bank of England and of the South Sea company, shall from time to time be cancelled, as if the same had been transferred for the redemption of land tax, at such times and in such proportions, not exceeding the amount of debt so declared to be satisfied and discharged, after reserving thereout any sum or sums necessary to make provision for the payment of all life annuities chargeable upon the sinking fund of Great Britain, as shall be directed by any act or acts of parliament to be passed for such purpose; in order to make provision for the charge of any loan or loans thereafter to be contracted upon the same funds or securities, as are chargeable with the said stock so declared to be satisfied and redeemed.

5. "That, in order more effectually to secure the redemption of the public debt, conformably to the provisions of the acts of the 32d and 42d years of his present Majesty, it is expedient to enact, that all sums granted for the reduction thereof, by the several acts aforesaid, should be further continued, and made applicable by the reduction of all public debt now existing, or which may be hereafter contracted during the present war.

6." That, in order to carry into effect the provisions of the said acts of the 32d and 42d of the