OBSERVATIONS ON M R. PITT'S PLAN. $ 1. WHE HEN a Minifter (however laudable his intentions may be) is attempting to carry a Scheme into execution which is highly injurious to the Public, and which, in its confequences, may prove ruinous to the Nation, it is the duty of an honeft and independent Citizen to deliver his opinion freely upon the subject. MR. PITT'S PLAN. § 2. The Plan to which I allude, as it appears by the Bill which is now before the House of Commons, and which (having already paffed the Committee) has been printed with the Amendments, is fimply as follows, viz. It is proposed by that Bill, that, at the end of every quarter of a year, ending the fifth day of January, the fifth day of April, the fifth day of July, and the tenth day of October in every year, there fhall be iffued or fet apart, at his Majefty's Receipt of Exchequer, out of the furpluffes, exceffes, and overplus monies compofing the Sinking Fund, a fum of two hundred and fifty thousand pounds; and if there fhall not be fufficient money for that purpose in any particular quarter, the Bill provides for the making good fuch deficiency in the following manner; namely, the deficiency of one quarter is to be made good out of the faid furpluffes, exceffes, and overplus monies of the next quarter, and fo forth to the end of the year; and, at the end of the year (ending the fifth day of January), the amount of such deficiency or deficiencies is proposed to be made good out of the aids or fupplies which fhall be, or which fhall have been, granted by Parliament for the service of the then current year. § 3. The monies fet apart in the manner above mentioned are directed by the Bill to be forthwith issued and paid to the Governor and Company of the Bank of England, and to be by them placed in their books to the account of fix Commiffioners appointed by the Bill; which Commiffioners are to be the Speaker of the House of Commons, the Chancellor of his Majesty's Exchequer, the Master of the Rolls, the Accomptant General of the Court of Chancery, and the Governor and Deputy Governor of the Bank of England for the time being; and these Commiffioners are directed by the Bill to apply the faid four fums of two hundred and fifty thousand pounds each (making together the fum of one million) towards the Reduction of the National Debt, and to no other purpose. And these Commiffioners are also directed to apply hereafter to the fame purpose all the public annuities for long terms of years, or for lives that may fall in; and likewise all dividends now payable on the principal or capital ftock of fuch public annuities as fhall at any time bereafter have been redeemed or paid off by the faid Commiffioners. § 4. N. B. For the fake of brevity and of perfpicuity, I fhall hereafter call the said sum of one million annual furplus, together with its increase (by the falling in of the faid annuities, and by the faving of interest upon stock redeemed) the FREE REVENUE. 5. The faid Commiffioners are directed by the Bill to lay out the faid Free Revenue each year, in the purchase of fuch redeemable public annuities as THEY shall "deem it expedient" to redeem. ap 6. If the faid Commiffioners fhall" deem it expedient" to purchase redeemable public annuities which fhall be at or above par, the fum to be plied to fuch redemption is to be equally diftributed on every hundred pounds of of fuch capital stock, and public notice of the intention of the faid Commiffioners to redeem such stock is to be given in the London Gazette fome weeks before. $.7. But if the faid Commiffioners shall "deem it expedient", to apply the monies to the purchase of redeemable public annuities which shall be below par, then the Free Revenue which fhall have been placed at the Bank to the account of the faid Commiffioners, between certain days mentioned in the Bill, the faid Commiffioners are pofitively enjoined by the Bill to apply" to the purchase of "to "fuch annuities, in equal portions (as nearly as may be) on every day (Satur"days and Mondays excepted) on which the fame fhall be transferrable be"tween the first day of the calendar month which shall commence next after "the end of such quarter, and the first day of the Kalendar month which "fhall commence next after the end of the quarter next enfuing." § 8. The account of stock redeemed, &c. is to be laid each year before both Houses of Parliament. 9. The Free Revenue is never to be allowed to increase to more than to the sum of four millions in any one year, and all overplus monies (above the faid four millions) are to be disposed of as Parliament shall direct. § 10. The first quarterly fum of two hundred and fifty thousand pounds is to be fet apart at the end of the quarter of a year which will end on the 5th day of July, in this prefent year, 1786. The fourth quarterly fum of two hundred and fifty thousand pounds will, therefore, be fet apart on the fifth day of April in the year 1787, which faid fifth day of April 1787 I fhall, confequently, confider as the end of the first year of this Plan. Firft Objection to Mr. Pitt's Plan. § 11. The Commiffioners may, by means of the powers given them by this Bill, make large fortunes by gambling in the public funds. P. R 0 0 O F. We have seen above (§ 5.) that the Commiffioners are empowered by the Bill to lay out the Free Revenue each year in the purchase of such redeemable public annuities as THEY fhall "deem it expedient" to redeem. The Commiffioners will know, therefore, in their own minds, in which of the Public Funds they mean to lay out the Free Revenue (which Free Revenue is finally to increase to the annual sum of four millions). But, the public |