ONE: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.
TWO:In the south-east of Spain the motley army of British and Sicilians had done sufficient to keep the attention of Suchet engaged, so that he could not quit that post to follow and assist Soult against the main British army. Lord Wellington had instructed Sir George Murray to embark his troops at Alicante, and, sailing to Tarragona, endeavour to make himself master of it; if he found the French too strong in that quarter to enable him to effect his purpose, he was to re-embark, return to Valencia, and then attack the French lines on the Xucar before Suchet could make the long march which would be necessary to support them. Murray had had his army weakened by the withdrawal of two thousand troops by Lord William Bentinck, very unnecessarily, to Sicily; but he undertook these man?uvres, and might have succeeded in capturing Tarragona, but, alarmed at a rumour of Suchet and General Mathieu having combined their forces, and being in march against him, he abandoned the place panic-stricken, and, in spite of the indignant remonstrances of Admiral Hallowell, embarked his troops in the utmost precipitation. Lord William Bentinck arrived on the 17th of June, immediately after the embarkation, but not in time to save nineteen pieces of artillery, which Murray had abandoned in the trenches. Lord Bentinck battered down Fort Balaguer, and then sailed away to Alicante, leaving the Spanish general exposed to the enemy, but he saved himself by escaping into the mountains. For this conduct, Sir George Murray on his return to England was tried by court-martial, and gently reprimanded, but nothing more.
