0 a.m. on 5th December, when the subscription list
was opened at the Bank, the lobby of the hall and even the approaches
were crowded with eager patriots, who fought their way towards the
books. Those in the rear called to more fortunate friends in the front
to inscribe their names. Within an hour and twenty minutes the amount
which could then be allotted was made good, and hundreds retired
disappointed. Similar scenes ensued on the two following days, the whole
sum of L18,000,000 being subscribed in less than fifteen and a half
hours.[448]

It was under these encouraging conditions that on 7th December 1796 Pitt
made his Budget Statement, which included the proposal of further
advances of L3,000,000 to our Allies. As a set-off to this, he pointed
to the yield of the taxes and the Imports and Exports for the quarter as
affording gratifying proof of the strength of the country. But, he
added, "this flourishing state of our affairs ought not to lessen our
moderation or abate our desire for peace." Those who blame him for
continuing to pay L200,000 into the Sinking Fund, while he had to borrow
large sums at a ruinous rate of interest, should remember that he
believed this costly device to be only temporary in view of his efforts
for peace.

The usually dull details of finance are at this point enlivened by the
ingenious suggestions poured in upon Pitt for opening up new sources of
revenue. The aim of financiers then being to press on the taxpayer at
all points with the imperceptible impartiality of air, the hints as to
the taxation of neighbours and rivals are of refreshing variety. Among
the less obvious are duties on barges, pawnbrokers' takings, toys,
theatre and concert tickets, buttons, corks, glass bottles, umbrellas,
sheriffs and under-sheriffs, county commissioners and attorneys who keep
clerks. On behalf of the last suggestion an anonymous writer points out
that it would enhance the dignity of the legal profession. Another
correspondent suggests a similar impost on physicians, surgeons, and
chemists, ranging from ten guineas in London to three guineas in the
provinces, in order to discourage the entry of illiterates. He also
urges the need of stopping the increase of luxury and amusements by
taxing hot-houses, horses and carriages let out on Sundays, organs,
pianos, and all musical instruments, as well as the owners thereof, on
the ground that this step will lessen the alarming growth of
bankruptcies and divorce