I am considerably within the truth when I state, that since the peace the interest of the public debt has been decreased by an amount more than sufficient to pay the interest of 100,000,000 l. of stock; and your Lordships will therefore see that some surplus of revenue, in order to lead to a diminution of the public debt, is highly desirable. I think it is a principle of the financial policy of this country that there should be such a surplus, and that it should be so applied. Besides, much of the revenue of this country depends on the seasons, and almost all on consumption; and the amount of consumption depends upon taste and fashion; and the change of taste and fashion, and other circumstances over which no man can have control, and which are liable to variations, may tend to a variation in the amount of the revenue, which nothing can provide against except a surplus revenue. It is on this principle that the government to which I had the honour to belong proceeded.
We should not think that an individual provided for his expenses who should leave a part of them to be paid within a future period, neither can we think all the expenditure of the country is provided for, leaving a part to be paid for in the next year. The sum expended for the service of the year is the sum to be paid, whether within the year or at any other period, for this sum provision ought to be made within the year, or debt is incurred. It is a new principle introduced into the financial system of this country; it is a principle which at any other time than the present, would never have been listened to, much less tolerated by parliament for a moment.
October 17, 1831.
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King Leopold must be independent of Foreign Powers.
I entertain the highest respect for Prince Leopold, and I trust that that Prince will take upon himself the character of an independent sovereign, and I know that that illustrious person possesses all the talents and disposition calculated to form a great and excellent sovereign; but I must say, that in order to be so, he must be not only independent of this country, and of the Germanic states, but above all he must be independent of France.
January 26, 1832.
The Grey policy tends to War, Foreign and Domestic.
I say that the foreign policy of his Majesty's ministers is more likely to produce war abroad than any other system; and in the same manner their domestic policy is of all others, the best calculated to produce war at home.
January 26, 1832.