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Mr. Vansittart introduced some financial measures which effected a material saving. He proposed a plan for reducing the interest of the Navy Five per Cents. to four per cent. Holders not signifying their dissent were to have one hundred and five pounds in a New Four per Cent. stock, and persons dissenting were to be paid off in numerical order. By this scheme an annual saving to the public of one million one hundred and forty thousand pounds would be effected; besides a further saving of upwards of ninety thousand pounds of annual charge, which would be gained by similar reduction of the Irish Five per Cents. The high prices of the public funds obviated all difficulty in the execution of this financial operation, and the holders of the Five per Cent. stock found it expedient to acquiesce in the Minister's terms. The dissentients were in number only one thousand seven hundred and seventy-eight, and the stock held by them amounted to two million six hundred and fifteen thousand nine hundred and seventy-eight pounds, not a fifteenth part of the Five per Cent. capital. Another operation related to what was called "The Dead Weight Annuity." The amount of military and naval pensions and civil supernumeraries was about five millions annually. Accordingly Mr. Vansittart brought forward an amended scheme for relieving the immediate pressure of this dead weight by extending it over a longer term of years than the natural lives of the annuitants. For this purpose an annuity of two million eight hundred thousand pounds was appropriated out of the existing revenue for forty-five years, invested in trustees for the discharge of the then payments, which for that year were estimated at four million nine hundred thousand pounds, subject to a yearly diminution by deaths. It was computed that, according to the ordinary duration of human life, the annuities for the lives of the then holders would be equal to the annuity of two million eight hundred thousand pounds for forty-five years. The trustees were therefore empowered to sell from time to time such portions of this annuity as would provide the funds required for the payment of the dead weight, according to a computation made of the amount which would probably be due in each year. The Bank of England became the contractor for a portion of the annuity. There was no novelty of principle in the project; it was only the old one of anticipating distant resources by throwing the burden of the existing generation on the next. It had the further disadvantage of incurring a useless expense for management; whereas the Sinking Fund, amounting at the time to about five millions, might have been applied to existing exigencies, and a real saving effected.

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[121]Such was Massena's situation, so early as the commencement of Novemberhaving to maintain his army in a country reduced to a foodless desert by the art of his masterly antagonist, and, instead of being able to drive the British before him, finding them menacing him on all sides, so that he dispatched General Foy to make his way with a strong escort to Ciudad Rodrigo, and thence to proceed with all speed to Paris, to explain to the Emperor the real state of affairs. The state was that the whole of Portugal, except the very ground on which Massena was encamped, was in possession of the British and the Portuguese. There was no possibility of approaching Lisbon without forcing these lines at Torres Vedras, and that, if done at all, must be at the cost of as large an army as he possessed altogether. All the rest of PortugalOporto, Coimbra, Abrantesand all the forts except Almeida were in the hands of the enemy. As to the destitution of Massena's army, we have the description from his own statements in letters to Napoleon, which were intercepted. From this information, Lord Wellington wrote in his dispatches: "It is impossible to describe the pecuniary and other distresses of the French army in the Peninsula. All the troops are months in arrears of pay; they are, in general, very badly clothed; they want horses, carriages, and equipments of every description; their troops subsist solely upon plunder; they receive no money, or scarcely any, from France, and they realise but little from their pecuniary contributions from Spain. Indeed, I have lately discovered that the expense of the pay and the hospitals alone of the French army in the Peninsula amounts to more than the sum stated in the financial expos as the whole expense of the entire French army."

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      FORE:George II. was born in 1683, and was, consequently, in his forty-fourth year when he ascended the throne. In 1705 he married the Princess Caroline Wilhelmina of Anspach, who was born in the year before himself, by whom he had now four childrenFrederick Prince of Wales, born in 1707, William Duke of Cumberland, born in 1721, and two daughters. 1 offer applied
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    THREE:The career of Lord Ellenborough as Governor-General of India was one of the most remarkable in its annals. He went out for the purpose of inaugurating a policy of peace, conciliation, and non-intervention. His course from that day was one of constant aggression and war. The conquests of Scinde and Gwalior were planned and prepared for deliberately and in good time; and when the Governments to be subdued were goaded into hostilities, he was ready to pounce upon them with overwhelming force. His friends defended this policy on the ground that, though it was aggressive it was self-defensive; to guard against a possible, but very remote contingencyan invasion of the Sikhs to drive the British out of India. The Governor-General, however, had become entirely too warlike; and since he had smelt powder and tasted blood at Gwalior, the Board of Control, who had already formally censured his Scinde policy, became so alarmed at his martial propensities that they determined on his immediate recall, and sent out Sir Henry Hardinge to rule in his stead.
    FORE:This noble independence was in bright contrast to that of Scottish juries. In this very autumn, fresh trials of accused seditionists had taken place at Edinburgh, in which the conduct of Government and the servility of the Scottish juries were equally reprehensible. One Robert Watt, a ruined tradesman of that city, was put upon his trial, on the 14th of August, charged with eighteen overt acts of high treasonin exciting many individuals to arm themselves, and to meet in convention to concoct plans for the overthrow of the Government. But it appeared on the trial that Watt had long been a Government spy, employed to instigate people to these courses, by direct orders from Mr. Secretary Dundas and the Lord Advocate of Scotland. Letters from these gentlemen containing these orders, and proofs of Watt being in the pay of Government for these purposes, were produced by Mr. Henry Erskine, the prisoner's counsel. It was shown unanswerably that he had been encouraged to have arms made and distributed, and to tempt soldiers in Edinburgh. He had been thus employed to mislead and ensnare unsuspecting persons from August, 1792, to October, 1793more than twelve months; and it was shown that after this the Government had abandoned him, and that he had then joined the Reformers in earnest. Notwithstanding this display of the infamous conduct of the Government, Watt was condemned to be hanged, drawn, and quartered.
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    [253][See larger version]On the 20th of August the Appropriation Bill and other measures of routine having been carried through with great triumph by the Ministry, the king prorogued the Parliament, which did not meet again till the 25th of January following. Fox came into the new Parliament in a very remarkable and anomalous position. In the election for Westminster, the candidates had been, besides himself, Admiral Lord Hood and Sir Cecil Wray. The election was of the most violent kind, distinguished by drunkenness, riot, and gross abuses. It continued from April the 1st to[309] the 16th of May, and the numbers on the poll-books, at its termination, stood as follows:For Lord Hood, 6,694; for Fox, 6,233; for Sir Cecil Wray, 5,598. The Prince of Wales had shown himself one of the most ardent partisans of Fox, all the more, no doubt, because Fox was detested by the king. The prince had displayed from his carriage the "Fox favour and laurel," and, at the conclusion of the poll, had given a grand fte at Carlton House to more than six hundred Foxites, all wearing "blue and buff." The Duchess of Devonshire and other lady politicians also gave Fox substantial help. But Fox was not allowed to triumph so easily. The Tory candidate, Sir Cecil Wray, as was well understood, instigated and supported by the Government, demanded a scrutiny; and Corbett, the high bailiff, in the circumstances, could make no return of representatives for Westminster. As a scrutiny in so populous a district, and with the impediments which Government and its secret service money could throw in the way, might drag on for a long period, and thus, as Government intended, keep Fox out of Parliament, he got himself, for the time, returned for a small Scottish borough, to the no small amusement of his enemies.The Bute Ministry was now in power, and determined on reversing the policy of Pittpolicy which had added so magnificently to the territory[172] and glory of the country. Bute had now to seek powerful connections to enable him to carry on. The commonplace man seeks to make up for his feebleness by associating with him, not men of merit, but men of aristocratic connection. For this reason he conferred the Privy Seal on the Duke of Bedford, and the Seal of Secretary on the Earl of Egremont. To break the force of popular indignation for the loss of Pitt from the helmfor the people knew who was the great man and successful minister well enoughthe king was advised to confer some distinguished mark of favour on Pitt. He was offered the government of Canada as a sinecure, with five thousand pounds a year. Pitt was not the man to undertake a highly responsible office without discharging the duties, and he was next offered the Chancellorship of the Duchy of Lancaster; but he preferred a simple pension of three thousand pounds a-year, and that a title should be conferred on his wife. By this arrangement he was left in the House of Commons, and in a position to continue his exertions for the country. Both these suggestions were complied with.
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