Memoirs of the Reign of King George the Second, Volume 2 (of 3)Walpole, Horace
History
Memoirs of the Reign of King George the Second, Volume 2 (of 3)
Walpole, Horace
Great Britain -- History -- George II, 1727-1760
That on bricks was postponed,
and at last dropped, on finding how prejudicial it would be and
unpopular. It was changed for one on ale-houses.
FOOTNOTES:
[52] Sir H. Erskine.
[53] Yet the Jews were but a seventh part so great fools as the
Quakers.
[54] He had been met by Governor Lyttelton, who was taken in the
Blandford by the French.
[55] Lord Egmont.
[56] See vol. i. p. 422.
CHAPTER VI.
Tax on Plate debated in the Commons--Tranquillity restored
in Ireland--Hessian and Hanoverian Troops taken into our
pay--Private Bill for a new Road from the Metropolis--The
French attack Minorca--Vote of Credit--Debates on the Prussian
Treaty--Speeches of Pitt and Murray--Militia Bill in the
Lords--Troops raised by Individuals--Violation of Public
Faith--The Prince of Wales attains his Majority--History of Lord
Bute--Scheme of taking the Prince from his Mother.
March 3rd.--On the report from the Committee for the tax on plate,
it was a day of total ignorance: Fox, Hume Campbell, and Pitt all
showed how little they understood the subject. The shrewdness of
the first, the assertions of the second, the diction of the latter,
were ridiculously employed on a topic that required only common
sense, and a little knowledge of business. Legge alone shone: he
entered, beyond his usual brevity, into a detail of the nature of
coin, exchange, gold, silver, premiums, and the mistaken or real
advantages of those manufactures. He observed, that plate was not
luxury, but a national way of hoarding; that this tax was to cease
where luxury began; for the greatest Lords were not to pay beyond
2000 ounces. That it would all go abroad, unless the proportions of
gold and silver were regulated. That Mr. Locke’s first treatise on
that subject had been written to serve a purpose: he had afterwards
understood the matter better. That while we overvalued gold in
proportion to silver, the French were taking the contrary extreme,
in order to draw silver into their country, and to encourage the
manufacture of plate, which proved a beneficial article of their
trade, and of which we were discharging ourselves. Of all dead
stock, plate was the most valuable. Louis the Fourteenth and
Charles the First had made great use of the resource of plate.
When employed, it comes out with its whole value about it. The
reputation of a stock of it has its weight. Would you in the outset
of a war produce your last stake? Would you, while increasing your
paper substance by borrowing on the Sinking Fund, diminish your
real treasure? Many other taxes would produce above 30,000_l._
Public-domain text, read in full here on John Shaqi.
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