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THREE:This was a serious position of affairs for the consideration of the new Whig Ministry. They were called on to declare, either that Ireland was part of the empire, and subject to the same laws, as regarded the empire, as Great Britain, or that it was distinctly a separate empire under the same king, just as Hanover was. The Ministry of Rockingham have been severely blamed by one political party, and highly lauded by another, for conceding the claims of Ireland on that head so readily; for they came to the conclusion to yield them fully. They were by no means blind to the[290] difficulties of the case, and to the evils that might arise from a decision either way. But the case with the present Ministry was one of simple necessity. England had committed the great error of refusing all concession to demanded rights in the case of America, and now lay apparently too exhausted by the fight to compel submission, with all Europe in arms against her. Ireland, aware of this, was in arms, and determined to profit by the crisis. Fox, therefore, on the 17th of May, announced the intention of Ministers at once to acknowledge the independence of Ireland by repealing the Act of the 6th of George I. Fox, in his speech, declared that it was far better to have the Irish willing subjects to the Crown than bitter enemies. The Bill repealing the 6th of George I. accordingly passed both Houses as a matter of course, and the effect upon Ireland was such, that in the first ebullition of the national joy the Irish House of Commons voted one hundred thousand pounds to raise twenty thousand seamen. The Irish Commons, moreover, offered to grant Grattan, for his patriotic and successful exertions in this cause, a similar sum, to purchase him an estate. Grattan��though a poor man, his income at that time scarcely exceeding five hundred pounds a year��disinterestedly refused such a sum, and was only with difficulty induced ultimately to accept half of it.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.