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THREE:

THREE:The year 1759 is one of the most glorious in our annals. Pitt, by his own spirit, and by selecting brave and able men, had infused such ardour into our service, that our officers no longer seemed the same men. Still, France, stung by the reverses and insults which we had heaped on her, but especially by our ravages of her coast, contemplated a retaliatory descent on ours. Gunboats were accumulated at Le Havre and other ports, and fleets were kept ready at Toulon and Brest, as well as a squadron at Dunkirk, under Admiral Thurot, a brave seaman. The king sent a message to the Commons, demanding the calling out of the militia; and[132] the twenty-four thousand French prisoners who had been left in great destitution by their own Government on our hands, were marched into the interior of the country. In July Admiral Rodney anchored in the roads of Le Havre, bombarded the town, set it on fire in several places, and destroyed many of the gunboats. In August the Toulon fleet, commanded by Admiral De la Clue, on its way to operate against our coast, was pursued by Boscawen, who had recently returned from America, and overtaken off Lagos, in Algarve. De la Clue was mortally wounded, and his ship��reckoned the finest in the French navy��and three others were taken, whilst a fifth was run aground and burnt. At the same time the blockades of Dunkirk and Brest were vigorously kept up.

THREE:Sandy regretted his ruse presently, because he heard a boat and realized that he could not see who occupied it: furthermore, while his position would enable him to be hidden and to go along if Jeff took off, he would be helpless in case of an accident to the craft."I see him, I see him all the same," he protested, with tears and evident conviction.

THREE:On the 21st of March a Committee which had been appointed early in the Session to inquire into the public income and expenditure, and to suggest what might in future be calculated on as the clear revenue, presented its report through Mr. Grenville, their chairman. On the 29th, Pitt, in a Committee of the whole House, entered upon the subject, and detailed the particulars of a plan to diminish progressively and steadily the further debt. It appeared from the report of the select Committee that there was, at present, a clear surplus revenue of nine hundred thousand pounds sterling, and that this surplus could, without any great additional burthen to the public, be made a million per annum. This he declared to be an unexpected state of financial vigour after so long and unfortunate a war. The plan which he proposed was to pay two hundred and fifty thousand pounds quarterly into the hands of Commissioners appointed for the purpose to purchase stock to that amount, which was under par, or to pay stock above par, and thus cancel so much debt. In addition to this, the annuities for lives, or for limited terms, would gradually cancel another portion. All dividends arising from such purchases were to be similarly applied. Pitt calculated that by this process, and by the compound interest on the savings to the revenue by it, in twenty-eight years no less than four millions sterling per annum of surplus revenue would be similarly applied, or employed for the exigencies of the State. By this halcyon process he contemplated the eventual extinction of that enormous debt, to pay the mere interest of which every nerve had been stretched, and every resource nearly exhausted. In a delightful state of self-gratulation, Pitt declared that he was happy to say that all this was readily accomplishable; that we had nothing to fear, except one thing��the possibility of any Minister in need violating this fund. Had the original Sinking Fund, he said, been kept sacred, we should have had now very little debt. To prevent the recurrence of this fatal facility of Ministers laying their hands on this Fund, he proposed to place it in the hands of Commissioners, and he declared that "no Minister could ever have the confidence to come down to that House and desire the repeal of so beneficial a law, which tended so directly to relieve the people from their burthens." He added that he felt that he had by this measure "raised a firm column, upon which he was proud to flatter himself that his name might be inscribed." He said not a word about the name of Dr. Price being inscribed there, to whom the whole merit of the scheme belonged; he never once mentioned his name at all. On his own part, Dr. Price complained not of this, but that he had submitted three schemes to Pitt, and that he had chosen the worst.