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have suffered immensely by her outrageous conduct, and nothing could give so much security as the reinstatement of the ancient family, in the person
of the brother of the last reigning sovereign, whose virtues and forbearance had so great a hand in bringing him to the scaffold.
The pride of the French nation ought not to be wounded by this; on the contrary, being already wounded by the errors into which it has been led by designing men, it ought to consider such a step as a reparation of error that is highly honourable: it will be so looked upon by all nations, and it is an event which more than any other is likely to lead to a safe and solid balance of power amongst European nations,
STEPHEN R. LUSHINGTON, ESQ.M.P.
SECRETARY TO THE TREASURY:
The family of Lushington is not numerous, but they are all men of superior intellect and acquirements*.
Mr. Lushington has, for some time, been the chairman of the committees in the House of Commons, an office of very considerable labour, and
* Mr. Williain Lushington, who was formerly an alderman, and one of the members for the city, is one of the best informed men in the mercantile world; to which he adds the soundest sense, and a degree of general knowledge that is very rarely to be found. Sir Stephen Lushington was long a leading director at the India-house, and assisted with great zeal and ability in conducting the great concerns of that immense establishment, under very difficult circumstances. He devoted nearly the whole of his time and attention to India affairs, till the latest period of his life. VOL. 2.
which requires both abilities and attention; and he is now removed to the treasury, where he is joint secretary with Mr. Arbuthnot. He is now in a place where his talents will be still more useful, for there much depends on the discretion of those who are in that office.
Mr. Rose and Mr. Long, without prodigality, filled that place better than their immediate successors; but the office is very laborious, and requires almost constant attention, as well as honour, prudence, and sagacity.
In every respect Mr. Lushington appears to be well adapted for the situation; and if
should come, (a safe and honourable peace), he will have the advantage of filling it at a time when the disagreeable part of the business will be over.
The standing revenue of the country is now so great, and the progress of the sinking fund so rapid, that if we are once again in a situation to go on without new loans, the abundance of money
in this country will be such as las no example.
Above twenty millions a-year of the debt wilt be reimbursed, and employment must be found for that twenty millions somewhere. In addition to the annual accumulation of capital, which is equal to as much more, that is in all about forty millions.
Before the American war, the sinking fund then established paid off rather more than a million annually, and then there was a difficulty of getting three and a half per cent. interest, on good security!
Meetings were held to propose petitioning the minister not to let the sinking fund increase further, but the war came, and rendered that step unnecessary. What then will be the case when even our annual loans have not been able to absorb the accumulating capital?
Those who consider this as a ruined nation, and supported by paper, will no doubt laugh at what we say; but let those gloomy minded persons explain, why during the American war, all enterprise was at an end, for want of money; and why it is, that, during the present contest, more expensive and of longer duration, buildings, canals, wet docks, and enterprises of every sort, have gone on faster than ever they did in the time of peace? This phenomenon is more unaccountable than that to which we have been looking forward; and it is certain, that if we have a solid and durable peace, money will be
in such abundance, that it will be very difficult to find means of employment for it.
The present sinking fund, if allowed to proceed, would, in less than twenty years pay off all the national debt: but that would be a great evil; and we shall want another wise man, equal to Mr. Pitt, to find how the torrent of prosperity may
be conducted so as not to injure the nation*.
It is a matter of satisfaction to see such a man as Mr. Lushington made secretary to the treasury at such a time.
* Capital flies from a nation when there is too mucb: it did so froin Holland; and if we do not take care, British capital will emigrate to North America. The improvement of waste lands, making inclosures in favourable situations from the sea, and encouraging industry in Ireland, are the only employments, on the great scale, that remain for additional capital,