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ONE: 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.Mr. O'Connell rose to address the people in reply. It was manifest that he considered great exertion to be requisite in order to do away with the impression which his antagonist had produced. It was clear, to those who were acquainted with the workings of his physiognomy, that he was collecting all his might. Mr. O'Connell bore Mr. Fitzgerald no sort of personal aversion, but he determined, in this exigency, to have little mercy on his feelings, and to employ all the power of vituperation of which he was possessed against him. "This," remarks Mr. Sheil, "was absolutely necessary; for if more dexterous fencing had been resorted to by Mr. O'Connell, many might have gone away with the opinion that, after all, Mr. Fitzgerald had been thanklessly treated by the Catholic body. It was, therefore, disagreeably requisite to render him for the moment odious. Mr. O'Connell began by awakening the passions of the multitude in an attack on Mr. Fitzgerald's allies. Mr. Gore had lauded him highly. This Mr. Gore is of Cromwellian descent, and the people detest the memory of the Protector to this day. There is a tradition (I know not whether it has the least foundation) that the ancestor of this gentleman's family was a nailer by trade in the Puritan army. Mr. O'Connell, without any direct reference to the fact, used a set of metaphors, such as 'striking the nail on the head,' 'putting a nail into a coffin,' which at once recalled the associations which were attached to the name of Mr. Gore, and roars of laughter assailed that gentleman on every side. Mr. Gore has the character of being not only very opulent, but of bearing regard to his possessions proportionate to their extent. Nothing is so unpopular as prudence in Ireland; and Mr. O'Connell rallied Mr. Gore to such a point upon this head, and that of his supposed origin, that the latter completely sank under the attack. He next proceeded to Mr. Fitzgerald, and having thrown in a picture of the late Mr. Perceval, he turned round, and asked of the rival candidate with what face he could call himself their friend, when the first act of his political life was to enlist himself under the banners of 'the bloody Perceval'? This violent epithet was sent into the hearts of the people with a force of expression and a furious vehemence of will that created a great sensation amongst the crowd, and turned the tide against Mr. Fitzgerald."
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