establishment; which,
even if destroyed by war, will leave the country in possession of all
its ordinary revenue. This L900,000 I am desirous to leave as a security
against those contingencies to which war is liable." The sum borrowed
was L4,500,000, and the terms were that for every seventy-two pounds
advanced, the lender should be entitled to one hundred pound stock,
bearing interest at three per cent. Pitt said that he expected to have
made better terms for the loan, but he had not received two offers
for it. Among other resources, the sum of L675,000 was to be raised by
lottery, which was warmly opposed, but which, after a debate wherein
several regulations were laid down to diminish the practice of
insurance, received the consent of the house.

THE TRAITOROUS CORRESPONDENCE BILL.

As it was expedient, after a declaration of war, to prevent all
correspondence between British subjects and the French, Sir John
Scott, the attorney-general, brought in a bill called the "Traitorous
Correspondence Bill," by which it was declared high-treason to supply
the existing government of France with, military stores; to purchase
lands of inheritance in France; to invest money in the French funds; to
underwrite insurances upon ships and goods bound from France to any part
of the world; and to go from this country to France without a license
under the privy-seal; it likewise prohibited the return of British
subjects from that country to England without giving security. This bill
was opposed as inconsistent with the treason laws of Edward III., and
several of its obnoxious clauses were modified in the course of its
progress. It received several alterations, also, in the lords, which
were finally agreed to by the commons, and the bill passed into a law.

PREPARATIONS FOR WAR.

A royal message was presented to parliament on the 6th of March, stating
that his majesty had engaged a body of his electoral troops in the
service of Great Britain to assist his allies, the States-general; and
that he had directed an estimate of the charge to be laid before the
house of commons. A few days after M. le Brun, minister of foreign
affairs in France, addressed a letter to Lord Grenville, stating that
the French republic was desirous to terminate all differences with Great
Britain, and requesting a passport for a person vested with full powers
for that purpose. He named M. Maret as the proposed plenipotentiary
of France; but the presen