FORE: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 thingthe 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.The trial of the chief prisoner lasted nine days. The jury brought in a verdict of guilty, but unanimously and strongly prayed that his life might be spared. It was generally understood that this recommendation would be acted upon, especially as the insurgents had killed none of the Queen's subjects, and their leader had done all in his power to dissuade them from the perpetration of crime. McManus and Meagher were next tried, and also found guilty, with a similar recommendation to mercy. When they were asked why sentence of death should not be passed upon them, Smith O'Brien answered that he was perfectly satisfied with the consciousness of having performed his duty to his country, and that he had done only what, in his opinion, it was the duty of every Irishman to have done. This no doubt would have been very noble language if there had been a certainty or even a likelihood that the sentence of death would be executed, but as no one expected it, there was perhaps a touch of the melodramatic in the tone of defiance adopted by the prisoners. The Government acted towards them with the greatest forbearance and humanity. They brought a writ of error before the House of Lords on account of objections to the jury panel; but the sentence of the court was confirmed. The sentence of death was commuted to transportation for life; but they protested against this and insisted on their legal right to be either hanged or set free, in consequence of which an Act was passed quickly through Parliament to remove all doubt about the right of the Crown to commute the sentence. The convicts were sent to Van Diemen's Land, where they were allowed to go about freely, on their parole. Meagher and McManus ultimately escaped to America, and Smith O'Brien after some years obtained a free pardon, and was permitted to return home to his family, but without feeling the least gratitude to the Government, or losing the conviction that he had only done his duty to his country. Mr. (afterwards Sir) Gavan Duffy was tried for high treason in Dublin, in February, 1849, but the jury disagreed. He was again tried in April following, when the same thing occurred, and Mr. Duffy gave security to appear again, if required, himself in 1,000.
