and active industry, it can never be totally extinguished. In the season of the severest calamity and distress, its operations will still counteract and diminish their effects. In the first returning interval of prosperity, it will be active to repair them. look to a period like the present, of continued tranquillity, the difficulty will be to imagine limits to its operation. None can be found, while there exists at home any one object of skill or industry short of its utmost possible perfection; one spot of ground in the country capable of higher cultivation and improvement; or while there remains abroad any new market that can be explored, or any existing market that can be extended. From the intercourse of commerce, it will in some measure participate in the growth of other nations, in all the possible varieties of their situations. The rude wants of countries emerging from barbarism, and the artificial and increasing demands of luxury and refinement, will equally open new sources of treasure, and new fields of exertion, in every state of society, and in the remotest quarters of the globe. It is this principle which, I believe, according to the uniform result of history and experience, maintains on the whole, in spite of the vicissitudes of fortune, and the disasters of empires, a continued course of successive improvement in the general order of the world.

Such are the circumstances which appear to me to have contributed most immediately to our present prosperity. But these again are connected with others yet more important.

They are obviously and necessarily connected with the duration of peace, the continuance of which, on a secure and permanent footing, must ever be the first object of the foreign policy of this country. They are connected still more with its internal tranquillity and with the natural effects of a free but well regulated government.

What is it which has produced, in the last hundred years, so rapid an advance, beyond what can be traced in any other period of our history? What

but that, during that time, under the mild and just government of the illustrious princes of the family now on the throne, a general calm has prevailed through the country, beyond what was ever before experienced; and we have also enjoyed, in greater purity and perfection, the benefit of those original principles of our constitution, which were ascertained and established by the memorable events that closed the century preceding? This is the great and governing cause, the operation of which has given scope to all the other circumstances which I have enumerated.

It is this union of liberty with law, which, by raising a barrier equally firm against the encroachments of power, and the violence of popular commotion, affords to property its just security, produces the exertion of genius and labour, the extent and solidity of credit, the circulation and increase of capital; which forms and upholds the national character, and sets in motion all the springs which actuate the great mass of the community through all its various descriptions.

The laborious industry of those useful and extensive classes (who will, I trust, be in a peculiar de gree this day the object of the consideration of the house) the peasantry and yeomanry of the country; the skill and ingenuity of the artificer; the experiments and improvements of the wealthy proprietor of land; the bold speculations and successful adventures of the opulent merchant and enterprising manufacturer; these are all to be traced to the same source, and all derive from hence both their encouragement and their reward. On this point, therefore, let us principally fix our attention, let us preserve this first and most essential object, and every other is in our power! Let us remember, that the love of the constitution, though it acts as a sort of natural instinct in the hearts of Englishmen, is strengthened by reason and reflection, and every day confirmed by experience; that it is a constitution which we do not merely admire, from traditional reverence, which we do not flatter



rom prejudice or habit, but which we cherishand value because we know that it practically secures the tranquillity and welfare both of individuals and of the publick, and provides, beyond any other frame of government which has ever existed, for the real and useful ends which form at once the only true foundation and only rational object of all political societies.

I have now nearly closed all the considerations which I think it necessary to offer to the committee. I have endeavoured to give a distinct view of the surplus arising on the comparison of the permanent income (computed on the average which I have stated) with what may be expected to be the permanent expenditure in time of peace, and I have also stated the comparison of the supply, and of the ways and means of this particular year. I have pointed out the leading and principal articles of revenue in which the augmentation has taken place, and the corresponding increase in the trade and manufactures of the country; and finally, I have attempted to trace these effects to their causes, and to explain the principles which appear to account for the striking and favourable change in our general situation. From the result of the whole, I trust I am entitled to conclude, that the scene which we are now contemplating is not the transient effect of accident, not the short-lived prosperity of a day, but the genuine and natural result of regular and permanent causes. The season of our severe trial is at an end, and we are at length relieved, not only from the dejection and gloom which, a few years since, hung over the country, but from the doubt and uncertainty which, even for a considerable time after our prospect had begun to brighten, still mingled with the hopes and expectations of the publick. We may yet indeed be subject to those fluctuations which abound in the affairs of a great nation, and which it is impossible to calculate or foresee; but as far as there can be any reliance on human speculations, we have the best ground, from the experience of the past, to look with satisfaction to the present, and with confidence to the future. "Nunc

demum redit animus, cùm non spem modo ac votum securitas publica, sed ipsius voti fiduciam et robur assumpserit." This is a state not of hope only, but of attainment; not barely the encouraging prospect of future advantage, but the solid and immediate benefit of present and actual possession.

On this situation and this prospect, fortunate beyond our most sanguine expectations, let me congratulate you, and the house, and my country! And before I conclude, let me express my earnest wish, my anxious and fervent prayer, that now in this period of our success, for the sake of the present age and of posterity, there may be no intermission in that vigilant attention of parliament to every object connected with the revenue, the resources, and the credit of the state, which has carried us through all our difficulties, and led to this rapid and wonderful improvement;-that, still keeping pace with the exertions of the legislature, the genius and spirit, the loyalty and publick virtue of a great and free people, may long deserve, and under the favour of Providence, may ensure the continuance of this unexampled prosperity; and that Great Britain may thus remain for ages in the possession of these distinguished advantages, under the protection and safeguard of that constitution, to which (as we have been truly told from the throne) they are principally to be ascribed, and which is indeed the great source, and the best security of all that can be dear, and valuable to a nation!

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