ons per annum, to be applied, if necessary, to the exigencies of
the state. His entire conviction was, indeed, that this new sinking-fund
would rapidly reduce and eventually discharge the whole of our enormous
national debt! The commissioners he proposed under this act, were the
speaker of the house of commons, the chancellor of the exchequer, the
master of the rolls, the governor and deputy-governor of the bank of
England, and the accountant-general in chancery. The speech which Pitt
uttered upon this occasion was so convincing to the house, that all but
a few members ventured to enter the fairy car with him, and those who
dissented from his views were looked upon as little better than madmen.
Among those who dissented were Burke, Fox, Sheridan, and Sir Grey
Cooper, who endeavoured to show that the premier's hopes were visionary.
Sheridan, indeed, asserted that there neither was nor could be any
surplus, and he said, that the only means which suggested themselves
to him were a loan of a million every year. "The right honourable
gentleman," he wittily remarked, "might say with the person in the
comedy, 'If you wont lend me the money, how can I pay you?'" In
conclusion, Sheridan moved a long string of objections, which were
all negatived without a division; but on the day for reconsidering the
report of the committee on the bill, an amendment, as moved by Fox, was
adopted, to the effect, "that whenever a new loan should hereafter be
made, the commissioners should be empowered to accept the loan, or such
proportion of it as should be equal to the cash in their hands; the
interest and douceur annexed to which should be applied to the purposes
of the sinking-fund." Pitt declared this amendment to be an auspicious
omen of the ultimate success of the plan; and that its propriety and
necessity were so obvious as to overcome the spirit, and prejudice of
party, and to create an unanimity in persons, who, more from accident
than inclination, were so frequently of different-opinions. With Fox's
amendment the bill passed both houses without a dissentient voice, and
on the 26th of May his majesty gave his assent to it in person.

In pursuit of his great plan of financial reform, Pitt next turned his
attention to the frauds committed on the revenue, in the article of
wine. At this time large quantities of wine were smuggled into the
country, and a spurious liquor was made and sold at home under that
name. To prevent these evils, on th