Lord GRENVILLE said a few words, with particular reference to what had been advanced respecting the financial state of the country. He declined at present entering into any discussion on the subject, but professed his readiness to canvass it at length, when it was regularly brought under discussion. Whatever the period of peace might be, and in his opinion it might be of very short duration, he trusted that the revenue of the country would be raised to a degree fully adequate to meet the expenditure; and that no speculations would be formed on views of the surplus of the revenue above the expenditure, which might ultimately be found erroneous and delusive. His Lordship placed this part of the subject in a very striking light; but concluded with again declining any minute discussion, till the subject came regularly before the House. The state of the finances of the country was one of the deepest interest; and he felt no ordinary degree of anxiety, that a subject so intimately connected with the salvation of the country, should be fully and fairly understood,

of nine millions. He intimated that he should | sequence of the restriction, it will not be intake an opportunity of bringing this part of creased by the continuance of it until a more the subject under consideration on a future favourable period; but, on the contrary, the day, when he hoped to be able to convince disgrace of the whole measure may be avoidtheir Lordships that this prospect, so far from ed; at least, we have the satisfaction of being exaggerated, fell short of what there knowing that no real mischief or inconvenience was reason to anticipate. Having insisted a has arisen from it. Notwithstanding all that great deal at large on these topics, his Lord- had been asserted, he insisted that paper ship concluded by voting for the second read- money had not been depreciated, nor has ing of the bill. coin borne a premium in this kingdom, which he conceived to be the true criterion by which we should judge of the matter; for, when paper money is not depreciated, we know there is not too great an emission of that kind of currency; and he was disposed to consider a judicious increased issue of it as very advantageous, inasmuch as it enabled us better to carry on the great commercial transactions of this country; and if the event has helped to prove that immense quantities of gold coin in circulation are not absolutely necessary, this measure which we now regret, may in some degree become serviceable, by preventing hereafter, unfounded apprehension and alarm on such a subject. Scotland has improved in every shape, with scarce any coin, and has been greatly benefited by a plentiful issue of paper money; and we find that great quantities of coin or bullion give little public credit to France or Spain; and consequently it may be inferred that coin has little to do with public credit: and, in truth, the necessity of having immense quantities of gold and silver in an unproductive state, in those two countries, arose from the want of public credit. Holland, when she flourished most, depended almost entirely on her bank; and countries truly commercial, such as England and Holland, could not have carried on their extensive trade by any other means. A very great proportion of the wealth of England would be in an unproductive state if it were necessary to have a coin currency for all its commercial transactions; and without a plen tiful issue of paper currency, we could carry on but a very small part of our present trade. He said, he scarcely comprehended the sugges tion, that the unfavourable exchange against this country took place in consequence of the Bank restriction. It did not take place immediately on the adoption of that measure: even since that time, during a certain period, there has been a great influx of gold, and the exchange has latterly become much more favourable during the existence of the restriction. He observed, it was perfectly easy to account for the unfavourable exchange, by the great remittances to the continent; and, more especially, in return for the immense importation of grain, the value of which, if estimated according to the price at the British market, would amount to upwards of twentyfour millions in little more than two years; or, on an average of ten years, we have im ported, of foreign corn, which we might have raised at home, to the value of at least four

Lord SHEFFIELD said, he had not heard any argument which, in his opinion, could justify the risk of abandoning the Bank restriction at a crisis such as the present; nor had he heard any well-founded suggestion that mischief or inconvenience could arise from the continuance of it at this time. He conceived that neither the expediency of the original measure, nor the state of the finances of the country, were the question before their Lordships. The difficulty and delicacy of removing the restriction were foreseen at the time of imposing it; and as the difficulty, in consequence of the present very precarious state of Europe, is still greater than was expected, it cannot be thought prudent to hazard the relinquishment of the restriction just now, without some obvious necessity, or perhaps, till there is an influx of specie or bullion into this country, an event not improbable, which might enable us to remove the restriction with safety. Commercial intercourse in general is greatly deranged: we can draw no conclusions from any experience hitherto had; for there is no analogy between the present state of things, and that of former times. We all regret that the necessity of restriction ever arose; but even admitting .some discredit may have taken place in con

The question was then put, and the bill expected from one of his Majesty's Ministers. read a second time.

carrying them into effect, recommends the cerned in proposing or supporting the arrange. situation of his R. H. to their attention at the ments which were then formed, were ani present moment. In the first part of this mated by the same sentiments of attachment message, his Majesty did not allude in the and regard, and I myself was one of those most remote degree to any proceedings for who heartily concurred in the establishment liquidation of the debts. In the conclusion of made for his R. H.: but those who were prind the address there was as little allusion to the cipally concerned in that arrangement, formed same subject, as his Majesty merely expresses it with reluctance and with regre. Eur in his regret at suggesting any measure which forming it they were guided by considerations might add to the burdens of his people; but paramount to all feelings of personal regard thinks this a proper moment to recommend an for his R. H., and a desire to see him in a establishment calculated to ensure the comfort situation which would have enabled him to and to uphold the dignity of so distinguished support an establishment equal to his illus a branch of his royal house. This was the trious rank. Sure I am, Sir, that there is simple and precise object of the message. not an individual who would not now rejoice, Those members of the House, therefore, who that the measures which Parliament, but from were prepared to say that no proposition re- considerations of justice and a sense of duty to lative to the present situation of his R. H., creditors, would then have directed to be emwhich in its effects will occasion an increase ployed in enabling his R. H. to maintain the of the public burdens, might now contend splendour and dignity which he ought to hold that the House should not entertain the mo- in the community, might now be directed to tion for going into the committee. Those their original purpose. Before I submit the on the other haud, who thought that the proposition with which I shall conclude, it motion was one which ought to be agreed to, will be material to refer to the propositions and he trusted a great majority of the House of 1795, respecting his R. H.'s future estawere of that opinion, would feel it their duty blishment; and this reference I shall endeato vote for the Speaker's leaving the chair; vour to make, occupying as little of your time and in the committee he flattered himself that as possible. It will readily be recollected, he should submit a proposition of that nature that in that year, a message was delivered which would not be liable to any serious from his Majesty, recommending an extenobjection, and would have the effect of giving sion of his R. H.'s establishment, adverting validity to his Majesty's most gracious mes- to incumbrances, which at that time existed, sage. In the present stage of the business it and stating the necessity of making some new was impossible to give any pledge relative arrangement, without, however, disclosing to the nature of the proposition to be sub- any particular system. My Rt. Hon. Friend mitted, and therefore he was at a loss to (Mr. Pitt), who then presided over his Ma account for the Hon. Member's opposition to jesty's councils, on that occasion brought the previous question. After the proposition forward a proposition, embracing the future was known, if it appeared to the Hon. Mem-establishment of his R. H. and comprehending ber one which ought not to be acceded to, the arrangements which his marriage had he had then a very simple method before rendered necessary. In the year 1740, he him, which was, by moving, that the Chair-stated, that the settled establishment of the man do quit the chair. He trusted, therefore, that the House would not suppose that he meant any disrespect to them or the Hon. Member when he thus pointed out what was obvious by the regular mode of proceeding.

The motion for the Speaker's leaving the chair was then put and agreed to. The House accordingly resolved into a committee.

The CHANCELLOR of the EXCHEQUER then rose, and addressed the committee to the following purport:-The propositon which I shall have the honour of submitting to the committee, I still flatter myself, is of that nature as to meet with acquiescence and approbation. It is impossible to doubt that there exists in the mind of every one present, a disposition to promote, as far as is consistent with their duty to their constituents, the comfort and the dignity of his R. H. the Prince of Wales. It is impossible to doubt that every individual wishes to see a suitable degree of splendour in the establishment of the Heir Apparent to the throne. Those who in 1795 were con

Heir Apparent was one hundred thousand pounds, exclusive of the revenues of the dutchy of Cornwall. Considering the very material changes which had taken place in every article of expenditure, an establishment of a hundred and twenty-five thousand pounds a year did not appear to him to be at all too great. This addition, indeed, many persons then thought excessive. One or two individuals indeed spoke of a smaller sum, and did not appear satisfied with the establishment enjoyed by the Heirs Apparent from the year 1740 up to that period. The proposition was, however, carried by a very large ma jority. After this previous point was settled, the subsequent part of the message came under consideration; and on this a far greater diversity of opinion prevailed. Some Gentlemen thought that no proposition for the payment of his R. H.'s debts should be enter. tained. Others contended, that other sources for effecting the payment ought to be resorted to; but the great object which my Rt. Hon. Friend had in view, was, to support the dig nity, but at all events to maintain the credit

of the Heir Apparent. He therefore pro- | thousand five hundred for the revenues of posed, that sixty thousand pounds, together the dutchy of Cornwall; making in all five with the revenues of the dutchy of Cornwall, hundred and ninety-two thousand pounds. should be appropriated as a fund for the When I state this, I beg the committee always extinction of the debt, with the interest which to bear in mind that this is a sum not received had accumulated or might accumulate, in the by his R. H. from the public, but arising progress of the plan of extinction. The effect out of revenues managed by the wisdom of of this proposition was, that in twelve years the commissioners. Now, on the other hand, the debt should be extinguished. No direct let me direct the attention of the committee proposition was made; but a general wish to the progress which has been made in the was expressed, that, if possible, arrangements extinction of the debt. Of sums actually might be made to effect the payment in a paid, and of debentures which have been shorter period. While the discussion was still issued, and are now in the hands of the creundecided, while there continued the greatest ditors, the amount is about seven hundred contest of conflicting opinions, the House and ninety-nine thousand six hundred and were released from the embarrassments in fifty pounds. (The Rt. Hon. Member made which they were placed, by a gracious com- some minute calculations, through which we munication from his R. H. expressive of his do not consider it necessary to follow him.) readiness to accede to any arrangement which The sums now to be received out of the the House might form for the better regu- Exchequer, and the revenues of the dutchy of lation of his establishment, and expressive of Cornwall, which will be left free on the 5th his anxious desire to have amp.e provision for of April next, amount to two hundred and discharging his incumbrances. (The message thirteen thousand two hundred and fifty was here read on the motion of the Rt. Hon. pounds. Now this being the general stateGent.) On receiving this communication, ment of the situation of his R. H.'s affairs, which so materially relieved the difficulties every member in the committee will be able under which they laboured, the House imme- to form an idea of the grounds of his Majesty's diately proceeded to give instructions to the most gracious message. His Majesty being committee appointed to prepare the bills, for apprized of the progress actually made in the making suitable provision to carry into effect payment of the debt of his R. H. and being the plan for the liquidation of his R. H.'s satisfied that provision has been made for its debts. It was the almost general opinion of ultimate extinction within the period prethe House, that the establishment of the P. scribed, has judged his R. H.'s situation no of W. was by much too scanty; but the unimportant subject of your attention: and great object in view in the first instance, was certain I am, that the more the subject is the satisfaction of justice. It was to accomconsidered, the more will the expediency plish this object solely, that the resumption of giving it the most serious attention of the splendour and dignity suitable to his be apparent. Let Gentlemen recollect, that R. H.'s distinguished station, was for a time suspended, and that commissioners were ap- his R. H. in a state of comparative humilia no less than eight years have been passed by pointed to the management of his affairs. Now, I shall ask those who have witnessed tion, or at least in a state where he was nethe effects of the operation of this bill, who cessarily secluded from many of the scenes have duly considered the situation to which and pursuits in which he felt the most powerits provisions have for eight years subjected ful interest to engage. Let them reflect how his R. H. whether they can possibly have great a sacrifice he has endured, even without made up their minds to his continuing for four an attempt to murmur at the arrangements years longer subject to a degree of obscurity and retirement so little suitable to the feelings and the habits of the heir of a great empire It will be necessary that I should shortly state the amount of the debt of his R. H. at the time the commissioners were appointed, that I should specify the sums which they have received, and that I should inform the House of the progress they have made in the extinction of the debt. At the time of the appointment of the commissioners, the debt was six hundred and twenty thousand pounds, exclusive of the interest, which had then accumulated, and the interest which might afterwards accumulate in the progress of the reduction. From the 10th of October 1794, up to the 5th of January in the present year, the sum received from the Exchequer has been four hundred and ninety-five thousand pounds, and in the same period ninety-seven

which imperious necessity required. In 1795 the arrangements formed were founded in wisdom, and their beneficial effects have been fully experienced. They arose, however, in a very considerable degree, from the circumstances in which the country was then placed. A vote in favour of those arrangements did not bind those who gave it, that no alteration should be sanctioned till the whole twelve years were expired. No Member gave a pledge at that period for the vote he might give on the proposition which I am about to submit to the committee. The purport of this proposition is, that from the 5th of January 1803, the establishment of his R. H. shall stand on the same footing that it stood in 1795; or, in other words, that it should be a hundred and twenty-five thousand pounds a year, exclusive of the revenues of the dutchy of Cornwall. I do not wish for any change

in the wise arrangements for the liquidation | It is on public grounds that I have brought it of the debts which were then formed. I wish forward, and on the same ground it would for all the arrangements to suffer no inter- have received my support if it had fallen to ruption. I am desirous of the continuance the lot of any other to have introduced it, of the same checks on any improper appro- While I speak of supporting the splendour of priation of the sums received for this purpose. his R. H.'s establishment, I wish the idea Į The nature of my proposition is simply to attach to this to be understood in a manner ove-That it is the opinion of this com considerably different from those which are mittee, that his Majesty be empowered to vulgarly entertained. The splendour of which issue, annually, to his R. H. the Prince of I speak is not so much the exhibition of exter Wales, a certain sum or certain sums not nal show, as the possession of the means of exceeding sixty thousand pounds, computing commanding influence and ensuring respect from the 5th day of Jan. 1803, to the 8th I wish him to have the means of acting as a day of July 1806. Now, when it is con- munificent patron of improvement, a prosidered that upwards of eighty years ago a tector of literary merit, an encourager of hundred thousand pounds was assigned for those plans of national amelioration, in which the establishment of the Heir Apparent; when the present, above all former ages, is proit is known that sixty years ago the Heir ductive. I wish him to be in a situation to Apparent by the munificence and wisdom of receive those a tentions which all are eager to Parliament-for, I say that in this they dis- pay him, in a style agreeable to the loftiness covered at once their munificence and their of his sentiments and the refinement of his wisdom-enjoyed a clear revenue of a hundred feelings. I am anxious to see him forming thousand pounds, independent of the revenues with the nobility and gentry of the kingdom of Cornwall, and with no family establish- that connexion which ought to exist between ment to support; when it is recollected that the Heir Apparent and the most distinguished in 1795, a hundred and thirty-eight thousand of those who will hereafter form the most ilpounds was not reckoned more than adequate lustrious branch of his subjects. On these to the suitable support of the splendour and grounds I conclude with submitting to the dignity of the present Heir Apparent; when, committee the proposition which I have. I say, all the circumstances are taken into thought it my duty at some length to explain. consideration, let me ask of the candour of every one who now hears me, whether he does not consider the proposition which I have submitted to the committee, moderate to a degree; that if it suggested any objection, would only give rise to an objection that it was not adequate to the end in view? It will not, I believe, be denied by any one, that within the last eight years there has been an extraordinary change in the value of money, and the means of decent subsistence. It is needless for me to enlarge on the importance of preserving in the situation of individuals Holding a prominent place in the community, that degree of dignity which commands respect without being inconsistent with the principles of well-regulated economy. The SOLICITOR GENERAL rose to say In the establishment of the Royal Family, few words on a subject of such importance this systein ought to be p particularly observed, and interest to every one animated with the and, perhaps at the present moment, taking principles of loyalty and love to his country an extensive view of the subject, it will be The Rt. Hon. Gent. said, that he had not now found that this establishment is, in proportion the honour to be in the service of his R. H to their necessary expenditure, arithmetically the Prince of Wales, yet he enjoyed an hosmall. When I contend for an ample esta- nour which he trusted he should never forfeit, blishment for the Heir Apparent, I do it on and that was the honour of still retaining his the general principles I have now avowed. R. H.'s confidence. It became his duty, thereThe idea of compromise alluded to by an fore, on the present occasion, to explain to Hon. Gent, who objected to our going into the committee the sentiments of his R. H. the committee, I cannot too explicitly dis- both with respect to the most gracious mes claim. I wish to say explicitly and unre- sage of his Majesty, and the motion just now servedly, that, if I had never heard a single founded on it by his Rt. Hon. Friend. He word of petition of right, or of the opinion had it therefore in command from his R. H that was likely to be given on it from what to declare his earnest desire to testify in the ever quarter that opinion may come, I would strongest terms the warmth of his gratitude to have felt it my duty to support a proposition the Sovereign for the interest which his Maof the nature now submitted to the committee.jesty had at all times taken in his welfare-da VOL. III.

Before the motion was put, some conver sation took place across the table betwixt Mr. Fox and the Rt. Hon. Gent. respecting the revenues of Cornwall, as forming a branch of revenue beyond the sixty thousand pounds to be now voted. It was stated distinctly that they were to form a part of the revenue of his. R. H. in addition to this sum.

Mr. HARRISON wished to know what was the amount of the debts of his R. H. not hitherto discharged?

The Rt. Hon. Gent. in reply, stated it to be somewhat more than two hundred and twenty five thousand pounds.

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