VIOLENT DISPUTE CONCERNING THE NATIONAL DEBT.

All these sums, however, were not granted without question. The number of land-forces occasioned a debate; and the Hessian auxiliaries were not allowed without dispute and opposition. When they deliberated on the loan of the bank, Mr. Pulteney observed, that the shifting of funds was but perpetuating taxes, and putting off the evil day; that notwithstanding the great merit which some persons had built on the sinking fund, it appeared that the national debt had been increased since the setting up of that pompous project. Some warm altercation passed between him and sir Robert Walpole on this subject. The lord-mayor, aldermen, and common-council of London, presented a petition, setting forth, that the duties already laid upon coals and culm imported into London, affected the trade of that city only; that the inequality of the burden was a great discouragement to their manufactures, and a hardship upon all the trading inhabitants. The petition was rejected, and the tax imposed. The house having addressed the king for a particular and distinct account of the distribution of two hundred and fifty thousand pounds, charged to have been issued for securing the trade and navigation of the kingdom, and preserving and restoring the peace of Europe, he declined granting their request, but signified in general that part of the money had been issued and disbursed by his late majesty, and the remainder by himself, for carrying on the same necessary services, which required the greatest secrecy. Such a message in the reign of King William would have raised a dangerous flame in the house of commons.

1728

Mr. W. Pulteney inveighed against such a vague and general way of accounting for the public money, as tending to render parliaments altogether insignificant, to cover embezzlements, and to screen corrupt and rapacious ministers. The commons having taken into consideration the state of the national debt, examined the accounts, and interrogated the proper officers. A motion was made by a court member, that it appeared the monies already issued and applied towards discharging the national debts, together with a sum to be issued at Lady-day, amounted to six millions six hundred and forty-eight thousand seven hundred and sixty two pounds, five shillings and one penny one farthing. In vain did the leaders of the opposition expose the fallacious tendency of this motion. In vain did they demonstrate the fraudulent artifice used in drawing up the accounts; the motion was carried; and several resolutions were taken on the state of the national debts. In the particular account of these debts, upon which the house resolved to form a representation to his majesty, an article of three hundred thousand pounds relating to the duty upon wrought plate was totally omitted. This extraordinary omission being discovered, gave rise to a very warm debate, and to very severe reflection against those who superintended the public accounts. This error being rectified, a committee appointed for the purpose drew up the representation, containing a particular detail of the national debts discharged and incurred since the twenty-fifth day of December, in the year one thousand seven hundred and sixteen, with a state of the sinking fund and of the public credit. The draft being approved by the house, was presented to the king-, who received it graciously. He took this opportunity of saying, that the provision made for gradually discharging the national debts was now become so certain and considerable, that nothing but some unforeseen event could alter or diminish it; a circumstance that afforded the fairest prospect of seeing the old debts discharged without any necessity of incurring new incumbrances.

This answer, fraught with many other expressions of fatherly tenderness for his people, paved the way for a message to the house, demanding a vote of credit to fulfil certain engagements entered into, and concerted, with the advice and concurrence of the last parliament, for securing the trade and navigation of the kingdom, and for restoring and preserving the peace of Europe. Though a debate ensued upon this message, the majority resolved that an address should be presented to his majesty, declaring the duty and fidelity of the commons, their entire confidence in his royal care and goodness, and their readiness to enable his majesty to fulfil his engagements, A vote of credit passed accordingly. During this session, the peers were chiefly employed in examining copies of several treaties and alliances which the king submitted to their perusal; they likewise prepared a bill for amending the statute of limitation, which, however, did not pass into a law; they considered the state of the national debt, a subject fruitful of debates; they passed the mutiny bill, and those that were sent up from the commons touching the supplies; together with an act obliging ships arriving from infected places, to perform quarantine; and some others of a more private nature. These bills having received the royal assent, the king closed the session on the twenty-eighth day of May, when he thanked the commons for the effectual supplies they had raised, and, in particular, for having empowered him to borrow five hundred thousand pounds for the discharge of wages due to the seamen employed in the navy.