ONE: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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ONE:In Ireland the effervescence assumed the shape of resistance to commercial injustice. It was, indeed, impossible to condemn too strongly the injustice which that country had endured for ages, and in nothing more than in the flagrant restrictions heaped upon its commerce and manufactures in favour of English interests. The Irish now seized on the opportunity while America was waging war against the very same treatment to imitate the American policy. They formed associations in Dublin, Cork, Kilkenny, and other[259] places, for the non-importation of British goods which could be manufactured in Ireland, till England and Ireland were placed on an equal footing in all that related to manufactures and commerce. Ministers, who had turned a deaf ear for years, and almost for ages, to such complaints, were now alarmed, especially as there was a rumour of French invasion, which might be so materially aided by disaffection in Ireland. They therefore made a pecuniary grant to relieve the commercial distress in Ireland, and passed two Acts for the encouragement of the growth of tobacco and hemp, and the manufacture of linen in that island. These concessions, however, were not deemed sufficient, and the people formed themselves into Volunteer Associations, appointing their own officers, and defraying the cost of their own equipments. This was done under the plea of the danger of invasion; but Government knew very well that American agents had been very busy sowing discontent in Ireland, and they saw too much resemblance in these things to the proceedings on the other side of the Atlantic not to view them with alarm. The Marquis of Rockingham, who had been well instructed in the real grievances of Ireland by Burke, moved in the House of Lords, on the 11th of May, for the production of all papers necessary to enable the House to come to a full understanding of the trade of Ireland and of mercantile restrictions on it with a view to doing impartial justice to that kingdom. Lord Gower promised that these should be ready for production next Session.
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ONE:In concluding the remarkable events of this year, we must turn to India, and witness the termination of the career of Tippoo Sahib. This prince, for ever restless under the losses which he had suffered from the British, though nominally at peace with them, was seeking alliances to help him once more to contend with them. He sought to engage the Afghans in his favour, and to bring over the British ally, the Nizam of the Deccan. Failing in this, he made overtures to the French Republic through the Governor of the Isle of France. Buonaparte, as we have said, had Tippoo in his mind when he proposed to march to India and conquer it, but only a few hundreds of French of the lowest caste reached Seringapatam from the Isle of France. Lord Mornington, afterwards the Marquis of Wellesley, determined to anticipate the plans of Tippoo, and dispatched General Harris with twenty-four thousand men into Mysore, at the same time ordering another force of seven thousand, under General Stuart, from Bombay, to co-operate with him. To these also was added a strong reinforcement of British troops in the pay of the Nizam, and some regiments of sepoys, commanded by English officers. The united forces of Harris and the Nizam came into conflict with Tippoo's army on the 22nd of March, 1799, when within two days' march of Seringapatam. In this action, Colonel Wellesley, afterwards the Duke of Wellington, greatly distinguished himself, and the success of the action was ascribed to his regiment, the 34th. On the 5th of April General Harris invested Seringapatam, and on the 14th General Stuart arrived with the Bombay army. Tippoo soon made very humble overtures for peace, but the British, having no faith in him, continued the siege, and the city was carried by storm on the 4th of May, and Tippoo himself was found amongst the slain. Two of his sons fell into the hands of the victors; his territories were divided between the British and the Nizam. The former retained Seringapatam and the island on which it is situated, and the whole of his territory on the Malabar coast, with Coimbra, and all the rest of his possessions stretching to the Company's territories west and east, thus completing their dominion from sea to sea. The Nizam received equally valuable regions in the interior, and a province was bestowed on the descendant of the Hindoo rajah who had been dispossessed of it by Hyder Ali, Tippoo's father. Thus was the British empire of India freed from its most formidable enemy, and thus was it enabled, soon afterwards, to send an armament up the Red Sea to assist in driving the French from Egypt.
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