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THREE:On the 21st of March a Committee which had been appointed early in the Session to inquire into the public income and expenditure, and to suggest what might in future be calculated on as the clear revenue, presented its report through Mr. Grenville, their chairman. On the 29th, Pitt, in a Committee of the whole House, entered upon the subject, and detailed the particulars of a plan to diminish progressively and steadily the further debt. It appeared from the report of the select Committee that there was, at present, a clear surplus revenue of nine hundred thousand pounds sterling, and that this surplus could, without any great additional burthen to the public, be made a million per annum. This he declared to be an unexpected state of financial vigour after so long and unfortunate a war. The plan which he proposed was to pay two hundred and fifty thousand pounds quarterly into the hands of Commissioners appointed for the purpose to purchase stock to that amount, which was under par, or to pay stock above par, and thus cancel so much debt. In addition to this, the annuities for lives, or for limited terms, would gradually cancel another portion. All dividends arising from such purchases were to be similarly applied. Pitt calculated that by this process, and by the compound interest on the savings to the revenue by it, in twenty-eight years no less than four millions sterling per annum of surplus revenue would be similarly applied, or employed for the exigencies of the State. By this halcyon process he contemplated the eventual extinction of that enormous debt, to pay the mere interest of which every nerve had been stretched, and every resource nearly exhausted. In a delightful state of self-gratulation, Pitt declared that he was happy to say that all this was readily accomplishable; that we had nothing to fear, except one thing��the possibility of any Minister in need violating this fund. Had the original Sinking Fund, he said, been kept sacred, we should have had now very little debt. To prevent the recurrence of this fatal facility of Ministers laying their hands on this Fund, he proposed to place it in the hands of Commissioners, and he declared that "no Minister could ever have the confidence to come down to that House and desire the repeal of so beneficial a law, which tended so directly to relieve the people from their burthens." He added that he felt that he had by this measure "raised a firm column, upon which he was proud to flatter himself that his name might be inscribed." He said not a word about the name of Dr. Price being inscribed there, to whom the whole merit of the scheme belonged; he never once mentioned his name at all. On his own part, Dr. Price complained not of this, but that he had submitted three schemes to Pitt, and that he had chosen the worst.At the same time, the Duke of Brunswick was[406] approaching from the rear, and Kellermann from Metz, but both with equal tardiness. Dumouriez dispatched a courier to order Kellermann, on arriving, to take his position on the heights of Gisancourt, commanding the road to Chalons and the stream of the Auve; but Kellermann, arriving in the night of the 19th, instead of reaching the heights of Gisancourt, advanced to the centre of the basin at Valmy, where, on the morning of the 20th, he found himself commanded by the Prussians, who had come up and formed on the heights of La Lune, when, had Kellermann taken the position assigned him on Gisancourt, he would have commanded La Lune. The Prussians had been in full march for Chalons when they took post here, and discovered Kellermann below them by the mill of Valmy, and Dumouriez above on the heights of Valmy. Kellermann, perceiving the error of his position, and that the Prussians would soon seize on the heights of Gisancourt, which he ought to occupy, sent to Dumouriez for assistance to extricate himself. The King of Prussia, perceiving that forces were thrown forward towards Kellermann's position, imagined that the French meant to cut off his march towards Chalons, and immediately commenced firing. From the heights of La Lune and of Gisancourt, which he now occupied, he poured a deadly fire of artillery on Kellermann; and the Austrians, about to attempt to drive the French from the heights of Hyron, if they succeeded, would leave him exposed on all sides. The battle now was warmly contested, but only through the artillery. A shell falling into one of Kellermann's powder waggons exploded it, and occasioned much confusion. The King of Prussia thought this the moment to charge with the bayonet, and now, for the first time, the Revolutionary soldiers saw the celebrated troops, bearing the prestige of the great Frederick, marching down upon them in three columns, with the steady appearance of victory. Kellermann, to inspirit his inexperienced soldiers, shouted, "Vive la Nation!" The troops caught the enthusiasm of the cry, replied with a loud "Vive la Nation!" and dashed forward. At this sight the Duke of Brunswick was astonished; he had been led to expect nothing but disorder and cowardice; he halted, and fell back into his camp. This movement raised the audacity of the French; they continued to cannonade the Prussians, and after one or two more attempts to reach them with the bayonet, Brunswick found himself, as night fell, in anything but a victorious position. About twenty thousand cannon shots had been exchanged, whence the battle was called the cannonade of Valmy. Yet there stood the French, who, according to the reports of the Emigrants, were to have run off at the first smell of powder, or to have come over to them in a body. The next morning it was worse. Kellermann, in the night, had recovered himself from his false position; had gained the heights of Gisancourt which he should have occupied at first; had driven the Prussians thence, and now commanded them in La Lune.