d be obtained. There
seemed, too, much reason to believe that, without some new measure to
check the rapid accumulation of debt, we could no longer trust to the
stability of that funding system by which the nation had been enabled
to support the expense of all the different wars in which we have
engaged in the course of the present century. In order to continue our
exertions with vigour, it became necessary that a new and solid system
of finance should be established, such as could not be rendered
effectual but by the general and decided concurrence of public
opinion. Such a concurrence in the strong and vigorous measures
necessary for the purpose could not then be expected but from
satisfying the country, by the strongest and most decided proofs, that
peace on terms in any degree admissible was unattainable.

Under this impression we thought it our duty to attempt negotiation,
not from the sanguine hope, even at that time, that its result could
afford us complete security, but from the persuasion that the danger
arising from peace under such circumstances was less than that of
continuing the war with precarious and inadequate means. The result
of those negotiations proved that the enemy would be satisfied with
nothing less than the sacrifice of the honour and independence of the
country. From this conviction a spirit and enthusiasm was excited in
the nation, which produced the efforts to which we are indebted for
the subsequent change in our situation. Having witnessed that happy
change, having observed the increasing prosperity and security of
the country from that period, seeing how much more satisfactory our
prospects now are than any which we could then have derived from the
successful result of negotiation, I have not scrupled to declare, that
I consider the rupture of the negotiation, on the part of the enemy,
as a fortunate circumstance for the country. But because these are my
sentiments at this time, after reviewing what has since passed, does
it follow that we were, at that time, insincere in endeavouring to
obtain peace? The learned gentleman, indeed, assumes that we were;
and he even makes a concession, of which I desire not to claim the
benefit; he is willing to admit that, on our principles, and our view
of the subject, insincerity would have been justifiable. I know, Sir,
no plea that would justify those who are entrusted with the conduct
of public affairs, in holding out to Parliament and to the nation