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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.The temper of Townshend was warm, though his nature was upright; and in this mood, a discussion taking place on foreign affairs at the house of Colonel Selwyn, the dispute became so heated that Walpole declared that he did not believe what Townshend was saying. The indignant Townshend seized Walpole by the collar, and they both grasped their swords. Mrs. Selwyn shrieked for assistance, and the incensed relatives were parted; but they never could be reconciled, and, after making another effort to obtain the dismissal of Newcastle, and to maintain his own position against the overbearing Walpole, Townshend resigned on the 16th of May. He retired to Reynham, and passed the remainder of his life in rural pursuits. One of the greatest benefits which he conferred on this country he conferred after his retirement��that of introducing the turnip from Germany.

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THREE:The French Chambers were summoned for the 28th of December, and the king opened them in person, reading a Speech which was vague, vapid, and disappointing. It contained one passage, however, which was sufficiently intelligible. It was a denunciation and a defiance of Reform. He said:��"In the midst of the agitation fomented by hostile and blind passions, one conviction sustains and animates me��it is that in the Constitutional monarchy, in the union of the great powers of the State, we possess the most assured means of surmounting all obstacles, and of satisfying the moral and material interests of our dear country." Next day a meeting of the Opposition deputies was held in Paris at the Caf�� Durand, in the Place de la Madeleine, when it was proposed that they should all send in their resignations. This would cause 102 elections, at which the conduct of the Government would be fully discussed at the hustings in different parts of the country. This was objected to by the majority, who were for holding a banquet in defiance of the Government. A committee was appointed to make the arrangements, and the announcement caused the greatest excitement. On the 21st of February, 1848, the Government issued a proclamation forbidding the banquet, which was to take place on the following day. The prohibition was obeyed; the banquet was not held. In the meantime, great numbers of people arrived in Paris from the country, and immense multitudes from all the faubourgs assembled at the Madeleine, in the Champs Elys��es, and at the Place de la Concorde, consisting for the most part of workmen and artisans. The people seemed violently agitated, as if prepared for the most desperate issues. The troops were under arms, however, and the king, who was in the gayest humour, laughed with his courtiers at the pretensions of Barrot and the reformers. The excitement, however, increased every moment. When the troops came near the crowd, they were received with hisses and assailed with stones. The Rue Royale, the Rue de Rivoli, and Rue St. Honor��, were cleared and occupied by cavalry, and the populace were driven into the back streets, where some barricades were constructed, and some occasional shots exchanged between the military and the insurgents. The principal struggles, however, were between the people and the Municipal Guard, which they abhorred. Wherever they met through the city, the conflict became fierce, sanguinary, and ruthless. But the National Guard had no such animosity against the people; on the contrary, they sympathised with them thoroughly, raised with them the cry of "Vive la R��forme," and refused to act against them. The king could not be got to believe this fact till the last moment.

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THREE:In five days he had snatched the most damaging victories. The Archduke Charles retreated in haste towards Bohemia, to secure himself in the defiles of its mountains; and Buonaparte employed the 23rd and 24th of April in reviewing his troops and distributing rewards. General Hiller, who, with the Archduke Louis, had been defeated at Landshut, had united himself to a considerable body of reserve, and placed himself on the way, as determined to defend the capital. He retreated upon Ebersberg, where the sole bridge over the Traun gave access to the place, the banks of the river being steep and rocky. He had thirty thousand men to defend this bridge, and trusted to detain the French there till the Archduke Charles should come up again with reinforcements, when they might jointly engage them. But Massena made a desperate onset on the bridge, and, after a very bloody encounter, carried it. Hiller then retreated to the Danube, which he crossed by the bridge of Mautern, and, destroying it after him, continued his march to join the Archduke Charles. This left the road open to Vienna, and Buonaparte steadily advanced upon it. The Archduke Charles, becoming aware of this circumstance, returned upon his track, hoping to reach Vienna before him, in which case he might have made a long defence. But Buonaparte was too nimble for him: he appeared before the walls of the city, and summoned it to surrender. The Archduke Maximilian kept the place with a garrison of fifteen thousand men, and he held out for three or four days. Buonaparte then commenced flinging bombs into the most thickly populated parts of the city, and warned the inhabitants of the horrors they must suffer from a siege. All the royal family had gone except Maximilian and the young archduchess, Maria Louisa, who was ill. This was notified to Buonaparte, and he ordered the palace to be exempted from the attack. This was the young lady destined very soon to supersede the Empress Josephine in the imperial honours of France. The city capitulated on the 12th of May, the French took possession of it, and Napoleon resumed his residence at the palace of Sch?nbrunn, on the outskirts.

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