Britain, in the meanwhile, was altogether barren of events which might deserve a place in a general history. Commerce and manufacture flourished again, to such a degree of increase as had never been known in the island; but this advantage was attended with an irresistible tide of luxury and excess, which flowed through all degrees of the people, breaking down all the mounds of civil polity, and opening a way for license and immorality. The highways were infested with rapine and assassination; the cities teemed with the brutal votaries of lewdness, intemperance, and profligacy. The whole land was overspread with a succession of tumult, riot, and insurrection, excited in different parts of the kingdom by the erection of new turnpikes, which the legislature judged necessary for the convenience of inland carriage. In order to quell these disturbances, recourse was had to the military power; several individuals were slain, and some were executed as examples.
SESSION OPENED.
In the month of November the session of parliament was opened with a speech from the throne, in which his majesty expressed a particular pleasure in meeting them at a time when the perfect re-establishment of a general peace had restored to his people the blessings of quiet and tranquillity. He said, the good effects of these already appeared in the flourishing condition of national commerce, and in the rise of public credit, which were the foundations of strength and prosperity to these kingdoms. He declared, that, during the summer, he had used every opportunity of cementing and securing the peace; that it was his firm resolution to do everything in his power for the preservation of it, and religiously adhere to the engagements into which he had entered. Finally, he took notice of the good disposition he had found in the other contracting parties to the treaty of Aix-la-Chapelle to cherish the public tranquillity of Europe; and he earnestly recommended to the two houses the maintenance of a strong naval power, as the bulwark of national security.
When the motion was made for an address of thanks in the house of commons, the first paragraph of his majesty’s speech furnished the opposition with a handle to declaim against the late treaty. Sir John Hinde Cotton observed, that the peace could not be properly styled complete, as nothing had been stipulated with respect to the article of “No search;” alluding to the interruption our commerce had sustained from the Spaniards in the West Indies; a stipulation, without which both houses of parliament had formerly voted that there should be no peace with that kingdom.
1749
In the present conjuncture of affairs, such an objection savoured rather of party than of patriotism; and indeed sir John declared, that the remarks he made upon the occasion were rather in discharge of the duty he owed to his country, than in hope of seeing his sentiments espoused by the majority. Some sharp altercation was used in the debate which arose on this subject; and many severe invectives were levelled at those who negotiated, as well as at those who approved and confirmed the treaty. But Mr. Pelham, who sustained the whole weight of the debate on the side of the administration, answered every objection with equal candour and ability; and if he failed in proving that the terms of peace were as favourable as could be expected, considering the unfortunate events of the war, and the situation of the contending powers; he at least demonstrated, that it would be the interest of the kingdom to acquiesce for the present in the treaty which had been concluded, and endeavour to remedy its imperfections by subsequent conventions, amicably opened among those powers between whom any cause of dispute remained. With respect to the vote of both houses, mentioned by sir John Hinde Cotton, he declared that he had never approved of that step, when it was first taken; or if he had, times and circumstances, which could not be foreseen, would have justified his deviating from it in the re-establishment of peace. He reminded them that a parliament of Great Britain had once voted “no peace while any part of the West Indies should remain in possession of the Spanish king;” yet a train of incidents, which they could not possibly foresee, afterwards rendered it expedient to adopt a peace without insisting upon the accomplishment of that condition. In a word, we must own, that, in the majority of debates excited in the course of this session, the ministry derived their triumphs from the force of reason, as well as from the weight of influence. We shall always, however, except the efforts that were made for reducing the number of land-forces to fifteen thousand, and maintaining a greater number of seamen than the ministry proposed. On these constitutional points the earl of Egmont, and the other chiefs of the opposition, expatiated with all the energy of eloquence; which however was frustrated by the power of superior numbers. Ten thousand seamen were voted for the service of the ensuing year, notwithstanding his majesty’s injunction to maintain a considerable navy; and the number of land-forces was continued at eighteen thousand eight hundred and fifty-seven. The sums granted for making good his majesty’s engagements with the electors of Bavaria and Mentz, and the duke of Brunswick Wolfenbuttle, amounted to fifty-three thousand two hundred and twenty-five pounds sterling. The services done by the colonies in North America, during the war, were gratified with the sum of one hundred and twenty-two thousand two hundred and forty-six pounds. The expense incurred by the new colony of Nova-Scotia exceeded seventy-six thousand pounds. A small sum was voted for the improvement of Georgia; and ten thousand pounds were granted towards the support of the British forts and settlements on the coast of Africa.. The sum total granted in this session arose to four millions one hundred and forty-one thousand six hundred and sixty-one pounds, nine shillings and eleven pence halfpenny, to be raised by the land-tax, at three shillings in the pound; the malt, and other duties, the surplus of divers impositions remaining in the bank and exchequer; one million by annuities at three per cent., charged on the sinking fund, until redeemed by parliament; and nine hundred thousand pounds out of the excess or overplus of monies denominated the sinking fund.
SCHEME FOR REDUCING THE INTEREST OF THE NATIONAL DEBT.
But the capital measure which distinguished this session of parliament was the reduction of the interest on the public funds; a scheme which was planned and executed by the minister, without any national disturbance or disquiet, to the astonishment of all Europe; the different nations of which could not comprehend how it would be possible for the government, at the close of a long expensive war, which had so considerably drained the country, and augmented the enormous burden of national debt, to find money for paying off such of the public creditors as might choose to receive the principal, rather than submit to a reduction of the interest. It was not very much for the honour of the opposition, that some of its leading members endeavoured to impede this great machine of civil economy, by taking opportunities of affirming in parliament, in opposition to his majesty’s speech, that the nation, far from being in a flourishing condition, was almost entirely exhausted; that commerce drooped and declined; that public credit stood tottering on the brink of ruin; and that all the treaties lately concluded among the different powers of Europe were, in effect, disadvantageous and prejudicial to the interests of Great Britain. In answer to these assertions, Mr. Pelham undertook to prove, from the register of exports and imports, that the commerce of the kingdom was more extensive at this than at any former period; and that the public credit was strong enough to admit of an experiment, which he would not presume to hazard, except upon a moral certainty of its being firmly rooted beyond the power of accident and faction to shake or overturn. He declared, that his design of reducing the interest upon the funds was the result of the love he bore his country, and an opinion that it was the duty of the servants of the crown to ease the burdens of the people. He said, he had conferred on this subject with persons of the most approved knowledge, and undoubted experience; and chose to promulgate the method proposed for alleviating the load of the national debt, that the public, in knowing the particulars of the scheme, might have time to consider them at leisure, and start such objections as should occur to their reflection, before it might be too late to adopt amendments. He observed, that nothing could more clearly demonstrate the vigour of public credit, and the augmentation of national commerce, than the price of stock, which had within three years risen to a very considerable increase; and the duties on imports, which in nine months had added one million to the sinking fund, notwithstanding a very extraordinary sum which had been paid as bounties for exported corn. He expressed great tenderness and regard for the interests of those who had advanced their money for the service of the government; declaring, that his aim was to contrive a fair, honest, and equitable method for lessening the national incumbrances, by lowering the interest, conformable to parliamentary faith, and agreeable to the rules of eternal justice. His plan was accordingly communicated, canvassed, and ap proved in the house of commons, and an act passed for reducing the interest of the funds which constitute the national debt. [321] [See note 2 Q, at the end of this Vol.] In pursuance of this act for the reduction of the interest, the greater part of the creditors complied with the terms proposed, and subscribed their respective annuities before the end of February; but the three great companies at first kept aloof, and refused to subscribe any part of their capital.