, amounted to about fourteen
millions; nearly the half of which he proposed to fund at five per cent,
stock, and to make irredeemable for thirty years, or until twenty-five
millions of the existing funds should be extinguished. Beyond this,
there was in the market about seven millions in bills and debentures,
which bore an interest of four per cent. These bills, with the new fund
and the new loan, required an interest of nearly one million pounds
sterling; and Pitt undertook to find taxes which should produce that
sum. He proposed duties on hats, ribands, coals, gauzes, horses, linens
and calicoes, candles, bricks and tiles, paper, and hackney-coaches;
and he also proposed licences to dealers in exciseable articles, and
certificates to kill game. In commenting upon these taxes, the young
premier observed:--"It would be idle to suppose that all the taxes in
this long catalogue were unexceptionable; but the necessities of the
public leave us no option to deal otherwise than openly and fairly. The
wants of government are many; the finances of the country have been much
reduced; and it is proper to look our real situation manfully in the
face." Pitt could speak and act the more boldly because the necessities
of the government were not of his own creation; and his manliness,
together with the ability he displayed in his financial detail, gained
for him the applause even of his most determined opponents. Fox said,
with reference to his management of the unfunded debt, that "too much
praise could not be given him." The only tax, indeed, which met with
decided opposition, was that on coals, which was justly represented
as oppressive to the poor, and injurious to our manufactures. This
he relinquished, as he did also that on hops, which was to have been
included in the exciseable articles, introducing in their stead, taxes
on gold and silver plate, lead exported, race-horses, licences to sell
ale, and postage of letters. Pitt also introduced regulations regarding
the privilege of franking, which were calculated to increase the revenue
of the post-office. On the whole, the introduction of this budget,
though the nation was already exhausted by taxes, had the effect of
greatly increasing the youthful premier's popularity.

PITT'S INDIA BILL.

In the midst of this popularity, Pitt brought forward his celebrated
India Bill. This may be considered under three separate heads. 1. A new
establishment at home, with powers extendin