have a clear annual furplus of a million, unincumbered with any demands upon the national income. Although this fum fhould be funded, and ways and means found to answer the intereft of it, it would not occafion any great burden upon the People; but the state of this country is at present so very flourishing, that I am happy to say that it will not be necef fary to burden the People with any taxes upon this account, but certain extraordinary refources are to be found within ourfelves that will abundantly answer what is here required.

The Committee firft make mention of lotteries; which are a refource indeed that Government can have recourfe to, but which is in itfelf fo encouraging to a fpirit of gambling, that it is doubtful whether it ought to be adopted. The spirit of gambling is indeed fo deeply rooted, that I am afraid it is of little confequence whether a lottery be withholden or not, and it is always a refource equal to 140,000l.; however as it is not refolved by Government whether there fhall be one this year, I fhall not put it to account.

The next head they mention is that of army favings, and this bears the appearance of being very confiderable: and indeed a very confiderable fum under this description had been paid into the Exchequer; this confifted chiefly of money that had been appropriated to different fervices and which had not been expended. This had been very confiderable in the peace following the war before the laft; and from the extent of the immenfe grants during this war we might expect much more. Of these fums, together with the furplus of feveral funds, the amount of 450,000l. had already been paid into the Exchequer. There is befides this, immenfe fums in the hands of former paymnafters, which, it is to be expected, we fhall be able in a little time to come at. The mode hitherto of keeping the army accounts has been extremely open to abufe; and accordingly paymasters have taken every advantage to keep the public money in their hands. Notwithftanding this, it was to be hoped that as soon as the Commiffioners had time to call in the out-standing accounts, they will be enabled to collect a very great fum: this is juftified as far as they had gone; but the labour is extremely great, as they have to go through no less than one hundred and eighteen regiments of foot, and as many regiments of horse and dragoons whofe accounts for non-effective men had not been examined into for twenty years together.

One regiment they had gone through already had produced 22,000l. for the ufe of Government; and although I cannot be fo fanguine as to hope that every regiment will produce as much, yet I think I may ftate the total, including contracts and other articles of abufe, at the fum of 1,000,000l.

the

The next fource mentioned by the Committee, is a balance due from the Eaft-India Company for the fubfiftence of troops in India, and on account of victualling the navy. This amounted to 600,000l.; and there was a probability of its being paid in a very fhort time. The Committee alfo mentioned the unclaimed dividends in the funds, that a part of them might be applied confiftently with the fafety of the public creditors to the public ufe.

The crown lands are also a source of produce; but as it is not determined how to difpofe of them, I will not mention them in the account; and that perhaps it might be thought right to apply them to the relief of the American Loyalifts.

The great article upon which the Committee dwell, and apon which they founded their expectations of a permanent furplus, is the improvement of our revenue by proper regulations to difcourage fmuggling, and give room to the fair trader to reap thofe advantages which are due to his labours, and which must in every light add to the amount of the cuftoms: this, both by encouraging the legal merchant, and bringing thofe goods to a regular entry that would have been clandeftinely difpofed of. The regulations which had been already made in this respect, had not had room for their full operation, and yet they have occafioned a very great addition to the revenue of the nation, and might be expected ftill to increase, as this increafe is regular and progreffive, and not the fudden effect of the fuppreflion of our warlike operations. It is indeed not easy to be conceived, by thofe not converfant in those subjects, how numerous and how artful the frauds are which are daily put in practice in every subject of the national revenue. Óne article, that of wine, required immediate remedy; and I flatter myfelf with very great fuins indeed from this branch. The confumption of wine in this country is not diminished, and yet it does not appear that the average of last year compared with the year 1746, is equal to it in produce of revenue, fo far that it finks below it no less than 240,000l. Without laying a burden upon the country, there are many regulations to be made in the article of fpirits that will increate the revenue from that branch of trade. The article of tobacco is another object that attention must be paid to: and I have no doubt that from the regulations that will be propofed in thefe articles, at leaft 300,000l annually may be produced. In another fellion of Parliament 1 intend alfo to bring about a confideration of the customs, which will undoubtedly add greatly to the produce of the revenue: we fhall not, however, enter upon this at prefent: I have ftated enough to the Houfe. And those who compare our annual fums to our annual expenditare, may here fee fums equal to apply to the deficiencies

without

without any new demands, or any new burdens upon the People.

I have stated what these deficiencies may be, as matters of uncertainty; but if it be about 3,000,000l. the whole may be provided for without any new burdens of any fort. Why, it may be faid, do I not fund this? For this good reafon; that I fhall not, in all probability, have occafion to raise it even if it were funded now there could be little hazard of its being made good.

I may now proceed to lay apart the million: but before I enter upon that part of the difcuffion which relates to the particular mode of applying this annual fum, it will be proper to confider the effect it will have.

If this million, to be fo applied, is laid out, with its growing intereft, it will amount to a very great fum in a period that is not very long in the life of an individual, and but an hour in the exiftence of a great nation: and this will diminifh the debt of this country fo much as to prevent the exigencies of war from raifing it to the enormous height it has hitherto done. In the period of twenty-eight years the fum of a million, annually improved, would amount to four millions per annum.

But care must be taken that this fund be not broken in upon this has hitherto been the bane of this country; for if the original finking had been properly preferved, it is easy to be proved that our debts at this moment would not have been very burdenfome: this has hitherto been, in vain, endeavoured to be prevented by acts of Parliament: the Minifter has uniformly, when it fuited his convenience, gotten hold of this fum, which ought to have been regarded as most sacred. What then is the way of preventing this? The plan I mean to propofe is this: that this fum be vefted in certain Commiffioners, to be by them applied quarterly to buy up stock; by this means, no fum fo great will ever lie ready to be feized upon on any occafion; and the fund will go on without interruption. Long, and long has this country ftruggled under its heavy load, without any profpect of being relieved: but it may now look forward to an object upon which the existence of this country depends: it is, therefore, proper it should be fortified as much as poffible againft alienation. By this manner of paying 250,000l. quarterly into the hands of Commiffioners, it would make it impoffible to take it by ftealth; and the advantage would be too well felt ever to fuffer a public act for that purpofe. A Minifter could not have the confidence to come to this House and defire the repeal of fo beneficial a law, which tended fo directly to relieve the People from their burdens.

The

The perfons who fhould be appointed to this commiffion Thould be of rank and diftinction, to fecure them from fufpicion, and to give, as far as character could go, a belief of their discharging it with faithfulness.

In the first place, I think it tight that the refpectable commoner, whoever he fhall be, who fills the chair of this House, fhould be placed at the head of it. Parliament, in inftituting a commiffion of fo much importance towards the fupport of national credit and profperity, could not more folemnly, nor more pointedly promulgate its high fenfe of the duty by which that commiffion is bound, than by appointing the first member of this Houfe to be at the head of it. I think alfo, without afcribing any thing to myself, that the perfon who holds an office fo intimately connected with finance as the Chancellor of the Exchequer, ought to have a place in this commiffion. There is another perfon, who, from his high rank, as well as from his virtues and reputation, I think ought to have a fhare in this bufinefs, and he is alfo, at prefent, a member of this Houfe: this is, the Mafter of the Rolls. The Governor and the Deputy Governor of the Bank of England I think ought alfo to be of the number. Alfo the Accountant General of the High Court of Chancery, who, by virtue of his office was already employed in the money of all fuitors and wards in the funds; and increafing, by that means, the capital, by the accumulation of compound interefts.

Such as these perfons I fhall propofe to be appointed to this truit, when the bill comes before the Committee. There might be fome difficulty in determining how to regulate the conduct of the Commiffioners in the purchase of flock: but that might, perhaps, be left to their own difcretion. But although it might be proper to leave the manner of doing this to their own prudence, it would not be fo proper, by any means, to leave to them the regulation of the time when they were to purchase: this, I think, ought to be on every transfer day in the quarter, at regular periods, and in equal

fums.

I am very far from afcribing any merit to myself in fuggefting this fcheme. But, I cannot but think myself very happy in having a talk to perform fo very different from any of my predeceffors. And that inftead of expending the money of the Public, I fhould have the great good fortune to be led to fet about to diminish our burdens. This plan which I have now the honour to bring forward, has long been the wish and the hope of all men; and I am uncommonly happy to flatter myfelf that my name may be infcribed on that firm column now about to be raised to national faith and national profperity. VOL. XX,

D

I shall

I fhall not detain the House much longer, because, I am perfuaded that they must be already tired of the tedious detail upon which I was under the neceffity of entering.

The time when the operation of this fund is to begin, I think fhould be upon the 5th of July. At that time let 250,000l. be paid into the hands of the Commiffioners for this purpose; and after that, continued quarterly: this will make 750,000l. to be expended during the three quarters.

I fhall now mention upon what I found the expectations of having a furplus this year, of 750,000l. after paying the current expences of the year: by which there will appear a furplus over and above the ftipulated annual one of foms hundred thousand pounds.