BOOK XV. therefore, is most deeply interested in the support of the state, may contribute very little towards that support, provided he is a man of small expenditure.

CHAP. V.

1815.

By having recourse to those taxes, Mr. Pitt was enabled to make more advantageous loans

than he otherwise would have done; to have recourse to them less frequently, and to keep up the stocks.

The income-tax, being found very productive at five per cent., the rate at which it was first laid, and being a tax levied at comparatively little expense, was raised first to six and half, and afterwards to ten per cent.

Thus there are two distinct branches of our re

venue, one consisting of the permanent taxes, and the other of the war or temporary taxes: the total produce of them both, during the last year of the war, was upwards of 78,000,000: of this enormous sum about 8,000,000 was expended in defraying the expense of collection; leaving 68,000,000 to be paid net into the exchequer. This, of course, consisted partly of the produce of the permanent, and partly of the produce of the war-taxes; and as the produce of each is kept quite distinct, the produce of the former was ascertained to be in round numbers about 44,000,000, and of the latter about 24,000,000; of this 24,000,000, the incometax alone produced about 14,000,000.

We shall now proceed to the national debt, the interest of which amounted to about 44,000,000. The national debt began in the time of King William; at first, loans were had recourse to in anticipation of the produce of taxes, which were imposed for a certain number of years; but the produce being frequently insufficient for paying the principal and interest of these loans, within the period for which the taxes were imposed, it became necessary to prolong the original term: by this means a debt was incurred, the total amount of which, at the end of the year 1716, amounted to upwards of 48,000,000. This was afterwards This was afterwards reduced, by the operation of a sinking-fund, to about 37,000,000; and, in the year 1737, the interest of the public debt was reduced from five to four per cent. Soon afterwards encroachments were made on the sinking-fund, so that the whole sum paid of, from its establishment in 1716 to 1739, was only about 8,000,000; at this latter period, the total amount of the national debt was upwards of 47,000,000. The war which then began, increased it to upwards of 78,000,000; but, in the -year 1749, government were enabled, by a rise in the funds, to reduce the interest on upwards of 57,000,000 of the debt from four to three and a half per cent. and afterwards to three per cent.; this increased the activity and power of the sink ing-fund, which must have operated to great advantage had it not been diverted from its proper and usual purpose. The total amount of the debt

at the commencement of the war in 1756, was upwards of 74,000,000; at the end of the war. in the year 1763, it had risen to upwards of 136,000,000, exclusive of the unfunded debt, After the peace in 1763, the income of the sink. ing-fund increased considerably; during the twelve years of peace, ending in the year 1775 there were discharged about 10,500,000 of the public debt. During the American war the debt was greatly increased: the loans at first were small, only 2 or 2,500,000; but, in 1782, the loan was 13,500,000: the total debt incurred by the American war amounted to upwardsof 115,000,000, and the interest on it to upwards of 5,000,000 per annum: the total amount of the national debt, funded and unfunded, was, on the 5th of January, 1786, upwards of 286,000,000, and the interest payable on it upwards of 9,000,000. A new sinking-fund was now established, the policy of which we shall afterwards examine; by the ope ration of it, the total amount of the national debt in 1792 was reduced to about 238,000,000; the annual interest, and the allowance for the manage ment of which, amounted to upwards of 9,000,000. The total amount of the loans raised during the first revolutionary war amounted to upwards of 200,000,000, by which a debt was created of up. wards of 300,000,000; the second revolutionary war was equally expensive, so that at its termi nation, in the year 1815, the total funded and unfunded debt amounted to upwards of 1,000,000,000.

Such is a brief sketch of the rise, progress, and present amount of the national debt; and, certainly, nothing in this extraordinary nation is so extraordinary as the amount of this debt. Long before it had reached one quarter of its present amount, it was confidently predicted, by some of the most acute men that this or any other country ever produced, that it had nearly reached its li mits, and that a national bankruptcy was at hand. These predictions were falsified by the event; but when the expenses of the revolutionary wars were seen, and the trade of this country was exposed to the evils of those wars, it was repeated, with redoubled confidence, that those predictions must necessarily soon be verified.

We shall now advert to the sinking-fund, con fining our remarks to that which was established by Mr. Pitt.

By the act passed in 1786, for establishing the new sinking-fund, the annual sum of 1,000,000 was placed in the hands of commissioners, who are, the speaker of the house of commons, the chancellor of the exchequer, the master of the rolls, the accountant-general of the court of chan cery, and the governor and deputy-governor of the bank of England for the time being respec tively. This million was to be issued in four equal quarterly payments, and to be applied either

7

in paying off such redeemable annuities as shall be at or above par, in such manner as may be directed by future acts of parliament, or in the purchase of annuities below par at the market price. The dividends on the sums redeemed or purchased, with the annuities for lives or terms of years that fall in or expire, and the sums which may be saved by any reduction of interest, were to be added to the fund, which, according to the original act, was to continue thus increasing till it amounted to 4,000,000 per annum; which it was then computed would be about the year 1812, when upwards of 56,000,000 of stock would be redeemed. From this time the dividends on such capital as should in future be paid off or purchased by the commissioners, with such annuities as might afterwards fall in, were to be at the disposal of parliament.

"The commissioners were directed by the act to make their purchases in equal portions, as nearly as may be, on every day, (Saturdays and Mondays excepted) on which the same shall be transferable.' They were empowered to subscribe towards any public loan to be raised by act of parliament, upon perpetual annuities, subject to redemption at par; and an account of the sums issued to them, and of tire stock purchased to the 1st of February in every year, was directed to be annually laid before parliament on or before the 15th of February. The purchases at first were all made in the 3 per cents., probably with the view of redeeming the 5 per cents. if the state of the public funds should render such a measure practicable, or of inducing the proprietors to agree to a reduction of the interest at the time when they would, become redeemable.

"On the 17th of February, 1792, the minister proposed, for the purpose of accelerating the operation of the fund, that the sum of 400,000l. should be issued in addition to the annual million; and stated that, in consequence of this and future intended additions, it might be expected that 25,000,000 of s per cents. would be paid off by the year 1800: and that in the year 1808 the fund would have arisen to 4,000,000 per annum, being the sum to which it was restricted by the original act. The accumulation, however, was not to cease till the interest of the capital discharged, and the amount of expired annuities, should, together with the annual million only, and exclusive of the proposed additions, amount to 4,000,000. But the most important improvement was a provision, that, whenever in future any sums shall be raised by loans, on perpetual redeemable annuities, a sum equal to one per cent. on the stock created by such loans should be issued out of the produce of the consolidated-fund quarterly, to be placed to the account of the commissioners; and if the loan, or any part, is raised by annuities, for a longer term than forty-five years, or for lives, a

СНАР. У.

1815.

computation is to be made of what will be, at the BOOK XV. end of forty-five years, the actual value of such part of the annuities as may be then outstanding, and the sum to be placed to the account of the commissioners is to be equal to one per cent, on this computed future value. By this means the immediate progress of the fund was accelerated, and future loans were put into a regular course of redemption.

"This appropriation of one per cent. was to form a distinct fund; and a separate account was directed to be kept of the progress of each fund, by which it appeared, that on the 1st of February, 1802, the original fund had increased to 2,534,1877. 1s. 9d, and the new fund to 3,275,1437. 2s. 3d. It was now deemed expedient to unite the two funds, and to apply the whole amount indiscriminately to the reduction of the total debt. With this view, the former injudicious limitation of a fund established professedly on the principle of compoundinterest was done away; the usual annual grant of 200,0001. per annum was made a permanent charge upon the consolidated-fund; and the whole amount of the sinking-fund was directed to be regularly applied to the purchase or redemption of stock, so as that the whole of the several redeemable public annuities, now charged upon the public funds of Great Britain, shall be paid off within forty-five years from the respective periods of the creation of such respective charges and public annuities."

In the year 1814, the chancellor of the exchequer thought it safe and proper to make use of part of the sinking-fund'; and this he did, without infringing the terms, or counteracting the views on which it was established by Mr. Pitt;. for by this time it had paid off an amount of debt equal to that which existed at the period of its establishment.

In the early part of the year, the internal tranquillity of England had undergone some disturbance, though in the larger portion of the empire not to a degree materially affecting the public peace. The re-introduction into parliament of a bill to prohibit the importation of corn, except when it had reached a price considered by the great body of consumers as exorbitant, re-kindled the animosity of the inferior classes against the legislature; and the metropolis was, for some days, in a state of tumult and outrage which excited serious apprehensions in the government, and caused strong measures to be resorted to for quell. ing the popular commotion. This was with little difficulty effected, after several obnoxious individuals had been sufferers from the usual mischiefs of riotous mobs, directed against windows and furniture. In some parts of the country, violences of a similar kind were perpetrated, though in á less degree.

war.

WHEN the French government had clearly ascertained that the allied powers had really determined on war, and that the British parliament had voted large subsidies, they made the most vigorous preparations for meeting the approaching storm. Till the decision of the British parliament was known, it seems that they had some reason for believing that, notwithstanding the mighty preparations of the allies, war would not take place. Whether this was their opinion or not, it is certain that they endeavoured to instil it into the minds of the French people; and the French press, during the months of April and May, teemed with accounts from different parts of Europe, for the purpose of shewing that the allies were at variance in their views, and that public opinion was against a war with France. At the same time, the French papers, in several articles which they inserted, no doubt according to orders, endeavoured to convince the French with what dread the allied powers viewed the talents and power of the emperor, in the event of Of the plans and dispositions of the allies they gave the following account. "Hitherto the cabinets have formed no other plan than that of holding themselves on the defensive, and the idea generally prevails, that to attack France would be to repeat the faults of 1793, to give to the war that national character the force of which is terrible. This opinion is so fixed, that the enemies of France rely much on the enterprising character of Napoleon, and hope that he will be the first to attack. This they wish for, because then the national feeling would be weakened, and would be transposed to the Germans, who would overwhelm the French with their mass. No man of sense can venture to advise the invasion of France. The people do not wish for war. It is certain that Lord Wellington has been requested to draw up a plan of campaign, and that his grace has replied he had none to give, that he did not sufficiently know the spirit which reigned in France. But that, as a general principle, and still more from late events, the soldiers commanded by the emperor could only be attacked by forces double their number. Suclt are, in the most exact truth, the position of affairs, and the disposition of mind of both parties."

In a few days a similar article appeared. "It was decided," says this article," in a council, on the 4th and 5th of April, at Vienna, to prosecute the war upon a systematic plan-not to assume the offensive till all the troops be in line-to make sieges in order that a double and triple line of fortresses may not be left in their rear. Not to give battle to the emperor except with double the number of troops of every armé. The Duke of Wellington has a plan of his own for all the allies, and for all the operations in general, even for Italy, but he will not disclose it until all the allies are ready to commence hostilities. The allies distrust the Swiss-they dread the French army; but fear still more that the nation will take a part in the war. There is great dissensions amongst the Prussians, Austrians, and Bavarians, at Mentz." Continuing the same system, as the danger drew nearer and increased, they endeavoured to lessen its strength. "The allies will not be ready to take the field before the end of July. It is not thought that, excluding Italy, they can have more than 350,000 effective men. The poverty and disorder of the finances become more manifest every day in Austria. Wherever the Austrians and Prussians meet they quarrel. The Poles evinced much discontent. The officers of the troops belonging to the former Rhenish confede ration openly declare, that the humiliation of France would be the absolute ruin of the inde pendence of their countries. much divided at Berlin. It was considered unjust and impolitic to attack France. It was cosidered absurd, that Austria should complete the ruin of her finances, by a war contrary to her interests. The interest for the young Prince (Napoleon) was daily increasing at Vienna That young prince is remarkable for a precocity of understanding. He is very impatient to return to France, and says, every day, shall we g soon?' This august infant is endowed with indescribable intelligence."

Opinions were

French

About a fortnight before this, a French pape in speaking of the Emperor of Russia, observed. "The Emperor Alexander appears very war He declares, on all occasions, that he wished no thing of the French, that he despised the Bourbons, that they were a degenerate race, but that

he would never consent to the Emperor Napoleon's reigning over France, that his honor was engaged in it. It is said, that while thus talking in company, Madame Bagrathion, who was known for her enmity to Napoleon during his greatness, but who has since changed and become one of his panegyrics, availing herself of the right which she arrogates to herself of saying every thing in company, replied to Alexander, But, sire, if you consider this as an affair of honor with Napoleon, why don't you send him a challenge? Judging from his character, I doubt not but he would accept of it, and then you would have no occasion again to send against France armies of 100,000 men, 10,000 Cossacks, and trains of artillery.' The Princess Esterhazy, and many other ladies present, applauded this. Sensible people at Vieuna treat it as ridiculous to march so many armed men, when it is declared that one man only was the object. It is also told of Lord Stewart, that hearing it disputed whether Napoleon had a right to violate the treaty of the 11th of April, he said, Since they talked of rights, Napoleon had them ali on his side; that no engagement had been kept towards him or his family, that he had repeatedly made this remark but to no purpose, and that, in point of justice, the matter was balanced. Men of generous souls throughout Germany are disgusted with the declaration of the 13th of March. The Austrian court is very gloomy. The Poles were in the most lively indignation. The Archduke Charles refused to take a command, and it is confirmed that he said, the danger is not on the side of Paris, but of Petersburgh. By marching against Napoleon we should march against all France. I will not meddie with this war, I see nothing in it but disasters."" But whether the allies were in earnest or not, the French government prepared for the worst. Every town in France, from Paris to the frontiers, of any consequence, was fortified. The capital itself and the country was covered with fortifications or covering with them." All the fortresses on the northern frontiers," said the Moniteur, "from Dunkirk to Charlemont, are armed and provisioned. The sluices are prepared and will be opened to inundate the country, on the first hostile movement that takes place. Some works have been constructed in the forest of Mormole. Measures have been taking to make entrenchments in the different passes of the forest of Argone. All the fortresses in Lorraine are ready. Some entrenchments have been constructed in the five passes of the Vosges. The fortresses in Alsace are armed. Orders have been given to defend the passes of the Jura, and all the frontiers of the Alps. They are preparing the fortresses of the Somme, which are in the third line. In the interior, Guise, La Fere, Vitry, Soissons, Chateau, Thierry, and Laugres, are arming and fortifying.

1815.

Orders have been given to construct works upon BOOK XV. the heights of Montmartre and Menil Montant, and arm them with 300 pieces of cannon. His CHAP. VI. majesty has also ordered that Lyons shall be put in a state of defence; a tête-du pont will be formed at Brotteaux, and the draw-bridge of La Guillotierre is re-establishing. The ground between the Saone and the Rhone will be fortified; some redoubts are preparing to be constructed in front of this ground. A redoubt will be constructed on the heights of Pierre en Sise, to support a work which defends the town on the right bank. The heights commanding the quarter of St. Jean, on the bank of the Saone, will be defended with several redoubts; eighty pieces of cannon, with the necessary ammunition, are proceeding towards Lyons. Sisteron, and Pont St. Esprit, will be placed in a state of defence. The works around Paris have been laid out with skill. All that part of Paris, from the heights of Montmartre to those of Belleville and Charonne, and thence to Vincennes, will be secured against attack. The canal which receives the waters of the Ourcq, and conveys them to St. Denys, will render the left unassailable; the fort constructed halfway between the barrier of the Throne and Vincennes, by taking advantage of the old walls, will place the right in equilibrium with the centre and the left. The artillery at Vincennes is ready."

At length, finding the general councils of Europe were decided and unanimous, the French government changed their mode of attack; and proclaiming war as inevitable, they endeavoured to stir up and bring into full play all the fiercest passions, prejudices, hatred, and vanity, of the whole French population. They described the resolute intentions of the allies to be to inflict every possible enormity and cruelty upon the French nation, particularly the military part of it. According to them these were doomed to endless captivity or death; and the people, after their property being laid waste, to the most servile chains and bondage." The Prussians," said they, "shew great resentment towards the French; and are disposed to do all possible mischief to France, should the war commence. The Austrian and Bavarian officers speak of nothing but burning, plundering, and other severe treatment to France. Such language has already been held at Vienna. On the 3d and 4th of April, it was agreed by the allies at Vienna, that all the French prisoners of war should be sent to the extremity of Russia, aud neither be restored nor exchanged. Those who choose to serve will be sent to the army of Caucasus, others may form colonies, and those who refuse to do any thing are to be sold for slaves. The other allied powers are to treat the prisoners they make with all the severity and. contempt due to the conduct of a nation which

CHAP. VI. 1815.

BOOK XV. arrogates to itself the right of choosing its government." Not content, however, with fabricating these things at Paris, as the work of foreign correspondents, on whose veracity they could rely, they boldly took a higher flight; and, by endeavouring to stain the character of him whose arms they dreaded, whose sword they were yet to feel, they tried to stimulate the rage of their adherents to madness against the British army and their allies. Forging a proclamation in the name of Wellington, they caused it to be published, with notes thereon, and to be circulated throughout France. In it they made him address the French nation in a manner which they supposed would wound their pride, and awaken their passions to a desire of resistance and revenge. In this document Lord Wellington was made to say, "I raise my voice in the name of your king and his allies, to recal you to the sentiments of submission and peace. Frenchmen! what do you expect by attaching yourselves to the fate of the violator of treaties? of a man without right and without power? Frenchmen! we cannot believe, we cannot suppose, that bis furious ambition can have influence sufficient, so far to seduce you, as to produce a belief in the success of his insane projects. † We know his forces, we are acquainted with his means. We do not deceive ourselves in declaring to you, that all his efforts will only serve to make him fall with more certainty into our hands. No, Frenchmen, I must repeat it, it is not on the nation we mean to make war, but on Bonaparte and his soldiers. Woe to them who shall join him! Woe to the rebel provinces! Do not imagine that Bonaparte can brave with impunity the sovereign authority of so many crowned heads; § or that offended Europe will consent to have in vain made enormous sacrifices for replacing the Bourbons on the throne of France, when the repose and the interests of nations require that they should be maintained thereon. But did not these circumstances exist, one rule more powerful would render it necessary to resume arins a second time-that of punishing the factious horde by

"My lord, you need not preach peace to us; on that point we are all converts. As to submission, we do not understand that language."

"Yes, my lord, we are sufficiently deceived, sufficiently misled, to think that we shall resist all Europe, if all Europe do not resist the most insane of projects."

"On his soldiers !-Think, my lord, on those words."

§ "The sovereign of Frenchmen does not recognise the authority of any crowned head."

"That is to say, that France should indemnify Europe for the enormous sacrifices made to subjugate us."

which the present troubles have been fomented, and which has dared to pronounce against the unanimous wish of all the European monarchies. Yes, Frenchmen, henceforth Europe, united and moved by the same interest, must form but one single power, and the sovereigns a supreme corporation, upon which will be raised the solid pedestal of the peace and happiness of nations. The allied sovereigns replaced Louis XVIII. on the throne of his ancestors, and proclaimed the reign of the family of Bourbon, until its extinction, over the French people. They now take up arms to restore and confirm that dynasty-to support the cause of kings, and to give an imposing example of sovereign authority to all nations. This they have sworn in the face of the universe. Within a few days, 1,200,000 men will pass your frontiers, and occupy your provinces.** I shall cause the provinces which submit to be respected, but I shall be under the necessity of punishing the rebel population."

The malignity of this odious fabrication was only equalled by its absurdity. It must give a mean idea of the intellect and energies of the nation, where only falsefood could stimulate them to defence; and the lowest opinion of the bead and the heart of that government which could degrade itself in using such expedients to consolidate or defend its power.

Events were now rapidly approaching to a crisis. The decision of the British legislature dissipated all those doubts and fears of any lukewarmness of any power on the Continent. The allied forces were arriving daily on the French frontiers on every side. But before we proceed to detail the military operations, we shall here endeavour to enumerate the strength of the French and allied armies; and, as distinctly as possible, state their positions and the objects which they had in view. St. Jean d'Angely, in his exposé, stated the total number of the French army to be 375,000 of every description. To this must be added the imperial-guard, which amounted, as a separate force, to 40,000 men. This made the French army 415,000 strong; but it is, however, probable, that a considerable number of these had not joined the armies on the frontiers.

The regular forces, however, at least those that were effective, were all disposable for the field, as the national-guards were appointed to garrison all the fortified towns and forts. The numbers

"That is to say, that the allied sovereigns have proclaimed themselves arbiters of the destinies of France. My lord, what would you say were similar language to be addressed to the people of Great Britain ?-Nay, what would you do?"

**This is not quite certain. This prediction savours a little of the Brussels Oracle."