service of the country. Even in
these cases, those who have made such propositions have thought it their
duty to provide a surplus over revenue, in order to meet the unforeseen
casualties in the amount of revenue, which every man knows must occur
in so large a revenue as this country has the happiness to boast of.
This principle of having a surplus revenue over the expenditure, has
been considered advantageous with a view to the diminution of the
national debt. I am aware that this is a part of the subject on which a
difference of opinion exists. I am aware that many great authorities are
of opinion that no surplus is necessary for the express purpose of
reducing the national debt, and I perfectly agree with them that it is
not desirable that a surplus should be created by borrowing, and thus
creating new liabilities for the purpose of getting rid of the old. But
I cannot look to what has taken place of late years, even in my own
time, when I filled the situation of first Lord of his Majesty's
Treasury,--cannot look to what took place then without seeing the
advantage of having an overplus of income over expenditure, such as
would tend to the gradual diminution of the public debt.

I am considerably within the truth when I state, that since the peace
the interest of the public debt has been decreased by an amount more
than sufficient to pay the interest of 100,000,000 l. of stock; and your
Lordships will therefore see that some surplus of revenue, in order to
lead to a diminution of the public debt, is highly desirable. I think it
is a principle of the financial policy of this country that there should
be such a surplus, and that it should be so applied. Besides, much of
the revenue of this country depends on the seasons, and almost all on
consumption; and the amount of consumption depends upon taste and
fashion; and the change of taste and fashion, and other circumstances
over which no man can have control, and which are liable to variations,
may tend to a variation in the amount of the revenue, which nothing can
provide against except a surplus revenue. It is on this principle that
the government to which I had the honour to belong proceeded.

We should not think that an individual provided for his expenses who
should leave a part of them to be paid within a future period, neither
can we think all the expenditure of the country is provided for, leaving
a part to be paid for in the next year. The sum expended for the