§ Mr. Johnstonemoved the order of the day for resuming the debate upon the subject of his Financial Propositions; which order being read, the hon. gent. observed, that the resolutions which he had to move upon this subject differed so little front the state of the public debt, as laid down by the noble chancellor of the exchequer, and agreed so closely with his statements in all the general results, that it was hardly worth troubling the house by going into a minute detail on 1193 the subject. There were, however, one or two points which called for observation. On the commencement of the present war, a hope had been pretty strongly stated on the other side of the house, by a right hon. gent., that the war might be carried on without any new increase of the public debt; and yet it now appeared, that, notwithstanding the ample increase of revenue which had been voted as war-taxes, and the new heavy burthens imposed upon the country, the public debt had been increased 70 millions within the last four years, although the product of the war-taxes, within that time, had exceeded their estimates by two millions. He did not wish to expatiate farther upon this subject now, in the absence of the right hon. gent. (Mr. Vansittart), who had held out to the house and to the country this flattering hope, which he (Mr. J.) foresaw at the time was not likely to be verified. Another subject for observation was, that, notwithstanding the productive success of the war taxes, and the very advantageous loans that had been made since the commencement of the present war, yet, comparing the four years of the present war with the last four years of the preceding, it would appear, that the loans made in both were very nearly equal; for in the former, the sum borrowed in four years was 69 millions, and in the latter, 67 millions, while the quantity of stock at market remained still pretty much the same —The hon. gent. then proceeded to move his resolutions, which will be found in p. 1126.
§ Lord H. Pettyfelt it unnecessary to say any thing on the subject of the general resolutions of the hon. gent., as they so nearly accorded with the statement he had himself made; and, with respect to the accumulation of the public debt, in consequence of the exceedings of the war expenses beyond what was originally conjectured, he had only to say, that it must have been impossible to state inure than mere conjecture, as to what might be the probable expenses of a war, in the outset of which the possible chances and events, and, consequently, the true expense at which it must he impossible for human foresight to calculate upon any scale of accuracy: added to this, however accurate such calculations might be, they must be founded upon the rate of things as they stood at the time; but, every one must know, that the extraordinary and unexpected rise upon every necessary of life, and almost every article of supply, since 1194 that time, and the total change of character the war had assumed, especially in the late fortunate campaign upon the continent, expenses had accrued to an extent which was equally impossible, in the outset, for human wisdom to foresee, or to avoid.
§ Dr. Laurencemade a few observations the same effect; and said, the objections of the hon. gent. would be best answered by the reply quoted in a classic author, upon a similar occasion, "that war was a devouring animal, and would be restrained by no prescribed regimen." —The first six resolutions were then agreed to, and the debate on the Resolution respecting the the Unfunded Debt was adjourned to Monday.