In order to meet the national expenses, or rather that some approach towards meeting them might seem to be made, a tax of £3,000,000 was imposed. The first consequence of this has been a _defalcation_ in the revenue at the rate of £3,600,000 a-year. Were the country in the most tranquil and prosperous state, the minister, in such a condition of affairs, must reduce the interest of the national debt, or add to it; a process which would only insure the greater ultimate reduction of the interest. But the people are nearly in a state of insurrection, and the least unpopular noblemen perceive the necessity of conducting a spirit, which it is no longer possible to oppose. For submitting to this necessity--which, be assured, the haughty aristocrats unwillingly did--Lord Fitzwilliam has been degraded from his situation of Lord Lieutenant. An additional army of 11,500 men has received orders to be organised. Everything is preparing for a bloody struggle, in which, if the ministers succeed, they will assuredly diminish the interest of the national debt, for no combination of the heaviest tyranny can raise the taxes for its payment. If the people conquer, the public creditor will equally suffer; for it is monstrous to imagine that they will submit to the perpetual inheritance of a double aristocracy. They will perhaps find some crown and church lands, and appropriate the tithes to make a kind of compensation to the public creditor. They will confiscate the estates of their political enemies. But all this will not pay a tenth part of their debt. The existing government, atrocious as it is, is the surest party to which a public creditor may attach himself. He may reason that _it may last my time_, though in the event the ruin is more complete than in the case of a popular revolution. I know you too well to believe you capable of arguing in this manner; I only reason on how things stand. Your income may be reduced from £210 to £150, and then £100, and then by the issue of immense quantities of paper to save the immediate cause of one of the conflicting parties, to any value however small; or the source of it may be cut off at once. The ministers had, I doubt not, long since determined to establish an arbitrary government; and if they had not determined so, they have now entangled themselves in that consequence of their instinct as rulers, and if they recede they must perish. They are, however, not receding, and we are on the eve of great actions.