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 yourselves the real difficulties with which you have to contend." There was no gainsaying the facts which, amidst an agitated and breathless silence, he proceeded to detail with dreadful clearness and brevity; and out of which the question instantly sprung into the minds of every one—are we not on the very verge of national insolvency? He proceeded to demonstrate that his predecessors had exhausted every device which their financial ingenuity could suggest, down to their last supposed master-stroke, the addition of 10 per cent to the assessed taxes—thus adding very nearly the last straw which was to break the camel's back—the last peculiarly cruel pressure on the lower orders.

"Shall we persevere," he continued, "in the system on which we have been acting for the last five years? Shall we, in time of peace, have recourse to the miserable expedient of continued loans? Shall we try issues of Exchequer bills? Shall we resort to Savings' banks?—in short, to any of those expedients which, call them by what name you please, are neither more nor less than a permanent addition to the public debt? We have a deficiency of nearly L. 5,000, 000 in the last two years: is there a prospect of reduced expenditure? Without entering into details, but looking at your extended empire, at the demands which are made for the protection of your commerce, and the general state of the world, and calling to mind the intelligence which has lately reached us," [from Affghanistan,] "can you anticipate for the year after the next, the possibility, consistent with the honour and safety of this country, of greatly reducing the public expenses? I am forced to say, I cannot calculate on that Is the deficiency I have mentioned a casual deficiency? Sir, it is not; it has existed for the last seven or eight years. At the close of 1838, the deficiency was L. 1,428, 000; of 1839, L. 430,000; of 1840, L. 1,457, 000; of 1841, L. 1,851, 000. I estimate that the deficiency of 1842 will be L. 2,334, 030; and that of 1843, L. 2,570, 000; making an aggregate deficiency, in six years, of L. 10,072, 000 With this proof that it is not with an occasional or casual deficiency that we have to deal, will you, I ask, have recourse to the miserable expedient of continued loans? It is impossible that I could be a party to a proceeding which, I should think, might perhaps have been justifiable at first, before you knew exactly the nature of your revenue and expenditure; but with these facts before me, I should think I were degrading the situation which I hold, if I could consent to such a paltry expedient as this. I can hardly think that Parliament will adopt a different view. I can hardly think that you, who inherit the debt contracted by your predecessors—when, having a revenue, they reduced the charges of the post-office, and inserted in the preamble of the bill a declaration that the reduction of the revenue should be made good by increased taxation—will now refuse to make it good. The effort having been made, but the effort having failed, that pledge is still unredeemed. I advised you not to give that pledge; but if you regard the pledges of your predecessors, it is for you now to redeem them I apprehend that, with almost universal acquiescence, I may abandon the idea of supplying the deficiency by the miserable desire of fresh loans, of an issue of Exchequer bills. Shall I, then, if I must resort to taxation, levy it upon the articles of consumption, which constitute, in truth, almost all the necessaries of life? I cannot consent to any proposal for increasing taxation on the great articles of consumption by the labouring classes of society." [Is it the friend or the enemy of the people, that is here speaking?] "I say, moreover, I can give you conclusive proofs that you have arrived at the limits of taxation on articles of consumption." Sir Robert Peel then proceeded, with calmness and dignity, to encounter the possible, if not even probable fatal unpopularity of proposing that which he succeeded in convincing Parliament was the only resource left a conscientious Minister—an.

"I will now state what is the measure which I propose, under a sense of public duty, and a deep conviction that it is necessary for the public interest; and impressed at the same