DEBATES ON THE SUPPLIES.
Lord North had soon another contest to sustain. On the 7th of March he brought forward his annual statement of the supplies and resources for the current service. The sum demanded for the year was £22,458,337, twelve of which, he stated it would be necessary to raise by a loan. The terms were unusually high. A contract had been entered into with the subscribers to grant £150 stock at three per cent., and twenty-five at four per cent, for every £100 in money, being £9,000,000 more than the sum paid into the exchequer. To defray the interest of this loan new taxes would be required to the amount of £660,000 annually; that is £60,000 more than the legal interest of five per cent., exclusive of which, as the subscription to the loan bore a premium of ten per cent., the further sum of £1,200,000 appeared to be lost to the nation. Mr. Fox reprobated this bargain, as the most corrupt in its origin, the most shameful in its progress, and the most injurious in its consequences that ever came under the notice of the house. The profits of the loan were estimated by him at about £1,000,000, and this sum, he said, was entirely at the disposal, and in the hands of the minister, to be granted in douceurs to the members of that house, either as compensations for the expenses of their late elections, or as bribes for future services. Fox also strongly objected to a proposed lottery, which was a part of the loan scheme, as a means of raising money for the public service. Taught by experience—for Fox was at this time reduced to a miserable state of embarrassment and dependence, from his love of the gambling table—he delivered an impressive harangue on the vice of gambling, and declared that lotteries were the most pernicious of all species of gaming inasmuch as they immediately affected the morals, habits, and circumstances of the lower orders of society. Lord North defended both the loan and the lottery, and asserted that the £12,000,000 could not have been obtained upon easier conditions. Fox had moved that the clause respecting the lottery should be omitted; but this was rejected by one hundred and sixty-nine against one hundred and eleven, and the minister’s measures were all passed. The matter, however, did not end here. Opposition to the loan bill was renewed under a variety of forms while passing through the lower house; and when carried to the Lords, it encountered the severe censure of the Marquess of Buckingham, and others of his party. Eight peers entered a protest against the bill on the journals. Subsequently the subject was revived in the commons, by a motion of Sir George Saville for the appointment of a committee to inquire into the circumstances of the loan. Sir George argued, that though the bargain had been ratified, it was yet not too late to pass a vote of censure, or even of impeachment, on the minister who had thus grossly and daringly sacrificed the interests of the public. A vehement debate followed this motion; but it was lost by a majority of two hundred and nine against one hundred and sixty-three.