be supplied by a loan to that extent, some presages of final ruin could not fail to be excited. But it was to be taken into consideration, that there was a sinking fund of nearly the same amount, by which as much being paid as was borrowed, the nation was not deeper in debt at the end of the year than at the beginning. This fund was accumulated, partly from the original million set apart by Mr Pitt, partly from taxes regularly imposed to the amount of one per cent upon every loan, to be, with the interest, unalterably appropriated to the discharge of the sum borrowed. This system of borrowing with one hand, and paying with the other, has been the subject of derision to the economists of the present day. For our selves, we cannot help admiring the resolution of Mr Pitt, in keeping the sinking fund as a thing sacred and separate, in good and evil, in war and peace. To have paid nothing, and borrowed less, would have been arithmetically the same; but it would not have been the same in its moral effect, or, we suspect, in its practical result. It had at least the effect of raising a large portion of the war supplies within the year, and brought with it all the advantages of that sys tem. We question much if the whole, which, from 1793 to 1818, has been paid off by the sinking-fund, would not, without it, have formed an addition to the mass of debt, which would have been in danger of crushing the nation altogether. This fifteen millions of sinking fund was then a grand sheet-anchor to our finances, which, without them, would have been in a state truly deplorable. It is very true, that a nation, which has gathered over its head six hundred millions of debt, cannot be considered as in a satisfactory state, while no movements are made towards its diminution. On this head, however, the nation has

The

but too good a cause to plead. straits and distress in which it has been involved, make it only astonishing that it should yield upwards of fifty millions a-year to defray the expence of its establishments and the interest of its debt. It is absolutely out of the nation's power to do more. The discharge of the capital is, not desirably, but inevitably, deferred to a happier era, which, it is hoped, time may bring in its train. The only facility which peace has hitherto afforded to this important object, consists in the overflow of the natural capital, and consequent reduction of interest. There is not a very distant prospect that government may be able to lower the interest on that part of the national debt which pays five, and even four, per cent: and as this operation would reduce the price at which the stock could be bought up, it would amount to a virtual reduction of the capital of the debt. An attempt to put the funds in a state to take advantage of this position of affairs, gave rise to the leading financial measure of the present year. It consisted in the raising part of the three per cents to three and a half per cent, in consideration of a proportionate sum paid in by the holders. Hopes are held out, that in consequence of certain arrangements, the holders of the higher stocks may be induced to allow them to be transferred into this state, when they must otherwise have gone into the four per cents. What grounds there may be for this expectation we cannot very positively say; but there is one advantage which seems very likely to arise from the measure. Should peace continue, money lodged on the high security of the public funds will probably at last fall to three per cent, when the three and a half per cents may be reduced to that rate; thereby cutting off a seventh part of the

whole amount of the stock. The details of this plan will be found in the Chancellor of the Exchequer's speech at the opening of the budget.

On the 4th February, Sir George Warrender moved the navy estimates. He said, there was this year a small increase in the supply for this branch of the public service. The committee of finance had foreseen the possibility of such an increase. The addition was 1000 sailors and 1000 marines. The whole amount of men now was 20,000 sailors and marines. The cause of this small increase was the necessity of keeping up an establishment at St Helena, and the state of South America. The rate of pay was somewhat higher in peace than war, because the proportion of able seamen to landmen was greater in time of peace, in order that the fleet might be more speedily put on a good footing, in case of emergency. The charge of ordnance was somewhat increased. A ship which, in time of war, had a compliment of 480 men, in peace had but 300, although the number of guns remained the same. The charge for ordnance was there fore increased in the proportion of from four to seven shillings per man per month. He then moved, 1. "That 20,000 men be employed for the seaservice for 13 months, from the 1st of January, 1818, including 6000 royal marines. 2. That 611,000l. be granted for wages of the said 20,000 men, at the rate of 21. 7s. per man per month. 3. That 520,000l. be granted for victuals for the said 20,000 men, at the rate of 21. per man per month. 4. That 559,000l. be granted for the wear and tear of the ships in which the said 20,000 men are to serve, at the rate of 21. 3s. per man per month. 5. That 91,000l. be granted for ordnance for sea-service, on board the ships in which the said 20,000 men are to serve, at the

rate of 7s. per man per month.”. These motions were agreed to.

On the 16th March, the House having resolved itself into a committee of supply, Sir George Warrender, after some previous observations, remarked, "Some observations had escaped gentlemen, which seemed to indicate an opinion, that that important branch of British power, the navy, had been neglected by the government. Though this had appeared to be the opinion of some honourable members, from what had incidentally escaped them when other matters were in debate, he could not believe that such an idea was seriously entertained. The navy was felt by govern ment to be the bulwark of the nation

the great source of its glory-and every thing had been attended to that promised to give it strength and efficiency.-Pensions had been given of late years, not merely to disabled seamen, but to those who might one day be called upon to serve their country again. There were at present no less than 35,000 pensioners belonging to Greenwich Hospital, a great number of whom were able to serve again if there should be found occasion to call upon them. The arrangements which had been made were such, that an expedition could now be fitted out sooner than at any former period. He might be allowed to remind the House how rapidly, in one recent instance, an expedition had been got ready for sea. The expedition with which it was prepared was as unexampled as was its efficiency when complete. To this the distinguished officer who commanded it (Lord Exmouth) had borne his testimony, and the brilliant manner in which the service on which it was sent had been accomplished, was well calculated to remove every doubt. Looking at these things-at what was done for

and what had so lately been done

by the navy, it must be seen that the fear that the navy had not been properly attended to-had not been kept in a proper state of efficiency, was vain. A state of peace did not afford those opportunities for brilliant enterprize and daring achievement which necessarily grew out of a state of war; but there were undertakings, even in times of peace, in which the courage, skill, and persevering spirit of enterprize which distinguished the British sailor, might be most usefully displayed. An expedition, the object of which was very important to the world, was now about to leave our shores. It had ever been the boast of this country, that in war it defended the weak against the strong; and in peace it had always been foremost to make those arduous exertions to extend the limits of geographical knowledge which her great naval means afforded her peculiar opportunities of attempting with success. At present, in various parts of the world, active and intelligent officers were making surveys of coasts hitherto unexplored, or but very imperfectly known. The expedition now about to be dispatched to the arctic regions, would attempt to solve a problem most interesting to maritime science. To services of this sort, he trusted British sailors would long be directed: but, if circumstances should again plunge us in a war, that powerful arm of defence, our navy, would again be put forth with a degree of strength and rapidity that had never been equalled in the history of the country." The honourable baronet concluded with moving, "That a sum not exceeding 2,480,680l. 17s. 3d. be granted to his Majesty, for defraying the ordinary establishment of the navy for the year 1818."

Sir M. W. Ridley, following up his motion of last year, moved the suppression of two Lords of the Admi

ralty, and the consequent saving of 2000l. a-year. This gave rise to a vote, in which the original motion was carried, by 85 against 58.

When the report of the committee was brought up on the 17th March, Mr Forbes raised some discussion relative to hardships alleged to be sustained by officers of the navy. When they received pensions for wounds, those pensions were not granted on the same footing as to wounded officers of the army. He had lately seen many instances of officers of the navy receiving for the same wounds considerably less than officers of correspondent rank in the army. A postcaptain in the navy, who ranked with a colonel in the army, received only 250l. while the other received 3001. a-year. He wished also to allude to the case of pursers' clerks, some of whom, after eleven years' service, had been turned adrift without a sixpence. The whole of the persons in this. situation amounted to thirty. He complained also of the alteration which had been adopted in the case of pursers. All the ships had been taken from them, and they had been put on a very inadequate half-pay.

Mr Croker, in reply, insisted, that there was no room for any alteration in the treatment of the two services. It was true, a lieutenant-colonel had 6d. a-day more half-pay than a young post-captain of the same rank. But then the post-captains went on rising without interruption till they were equal to full colonels, whereas a lieutenant-colonel remained where he was. For instance, in 1814, there were 200 post-captains who ranked as lieutenant-colonels. At that time there were also 1100 lieutenant-colonels. There was not one of these post-captains who had not risen to a rank equal to that of full colonel; whereas there was not one of the 1100 lieutenant-colonels, who was not still

lieutenant-colonel. The honourable gentleman complained that all the ships had been taken from the pursers. But how many of them could have ships? Not above 400. There were 900 in all; and so to give ships to 400 of them, he would reduce the other 500 to actual starvation. Pursers were brought up generally to the pen and ink line, and, in port, not one of them would live on board their respective vessels; so that the pay, which was only about 70l. a-year, if they did not remain on board, would really be less than the present halfpay allowance. Not one of them would make the exchange.

Mr Money having strongly urged the claim which the distinguished services of the navy gave them to the gratitude of their country, Mr Huskisson observed, that those gallant deeds were not heard of for the first time, nor could the House and country be charged as unmindful of duly rewarding them. The officers of the navy possessed extensive opportunities of prize money, which rarely occurred in the other service. On the late triumph at Algiers, to which the honourable gentleman had alluded, the sum of 100,000l. had been distributed among those who had been engaged in that service, besides the honours and distinctions conferred upon those who had signalized themselves by their conduct and valour. It had been said, that the late war had been barren in prizes; but he believed he was warranted in saying, that no war in the annals of this country had been more productive. The capture of Banda alone had afforded to many the opportunity of acquiring the means of independence, comfort, and wealth. Whatever difference there was in the remuneration for wounds was in favour of the navy. There, pensions were given for wounds which were not equivalent to loss of limb; while

in the army, unless the wounds received were fully equal to loss of limb, it generally happened that no pensions whatever were given. It often happened in the navy, that a man received 250l. for wounds, for which in the army nothing would have been given. After a little farther conversation, the resolutions were agreed to.

The army estimates excited considerably greater discussion. They were brought before the House on the 2d March, by Lord Palmerston, who referred to the following statement in the report of the finance committee, as giving the details of the estimated expence in 1818.

litary establishment was no less than 418,000l. Upon the score of numbers, the diminution of the army in the present year, compared with the last, would at home amount to 1995 effective men; while throughout the empire, including that in France, it would exceed 20,000, so that he would take the total reduction in round numbers at 22,000 men. In point of fact, however, it was right to state that the reduction of our force in Ireland was not so great as it appeared; for as it was impossible to equalize the effective force of regiments with nominal strength, the force in that country within the last year did not amount to the number actually voted. The amount of the land forces for the present year was stated at 25,000 for England, Guernsey, and Jersey; 20,000 for Ireland; 33,000 for our old and new colonies; 17,3€0 for the territories of the East India Company, exclusive of recruiting troops and companies; and 20,126 for our contingent in France. Without going through any very minute details, the land forces might be stated at a reduction of 74,000l. There was a saving of 16,557, in the public departments. There was an increase of 11,2651. in the article of medicines, and of 101,6247. in those of Chelsea and Kilmainham hospitals; but these arose from accidental and temporary causes. A reduction might be expected in the amount of pensions, casualties, &c. which for the last four years had been on an average upwards of 180,000l. annually. The noble Lord concluded by moving, "That a number of land forces, not exceeding 113,640 men (including the forces stationed in France) and also 4200 proposed to be disbanded-in 1818, but exclusive of the men belonging to the regiments now employed in the territorial possessions of the East India Company, or ordered from thence

to Great Britain, commissioned and non-commissioned officers included, be maintained for the service of the United Kingdom of Great Britain and Ireland, from 25th December 1817 to 24th December 1818."

Mr Calcraft expressed his conviction that a greater diminution than that now stated, might advantageously take place. He could not, for instance, see the necessity of 25,936 men for the peace establishment of Great Britain, and 20,058 for that of Ireland. Was there any thing in the internal condition of England, which called for a larger peace establishment than we had in 1792, and that, which amounted only to 15,000 men, was the largest peace establishment this country had ever previously known? He would also take leave to inquire of the Secretary of the Irish government, what were the circumstances which called for 20,000 men in Ireland, which was, in fact, little less than double the usual peace establishment in that country; for, from his own knowledge, Ireland, although by no means in a state of prosperity, was thoroughly tranquil. He did not mean to press the subject at present, on account of the thin attendance; but when the report was brought up, he was determined to move for a reduction to the extent of 8 or 9000 men.

Lard Palmerston in explanation observed, that the 26,000 men, taken in the estimates, could not be considered as wholly applicable to the home service; a portion must be applied to the relief of the foreign garrisons. These garrisons consisted of a force of 33,000 men. Nobody would pretend to say, that the regiments thus stationed should be exposed to perpetual banishment. It would be neither humane nor constitutional. Some period must, therefore, be assigned for the return home of these regiments. Ten years were consider