he should also he the last to wish that that acknowledgment should he withdrawn. War was soon after concluded with France, Spain, and Holland, but not without some considerable concessions of colonial territory on the part of Great Britain.
The conclusion of this war is memorable as a period of great suffering, arising from the exhaustion of the national resources, the depression of commerce, and the accident of a bad harvest. The principles of prosperity were, after all, found to be so firmly rooted in the country, that immediately after the first distresses had passed away, every department of the state resumed its wonted vigor, and during the ensuing ten years of peace, a great advance was made in national wealth.
In 1786, Mr. Pitt established his celebrated but fallacious scheme for redeeming the national debt, by what was called a Sinking Fund. The revenue was at this time above fifteen millions, being about one million more than was required for the public service. This excess he proposed to lay aside annually, to lie at compound interest; by which means he calculated that each million would be quadrupled at the end of twenty-eight years, and thus go a great way towards the object he had in view. To this scheme Mr. Fox added the infinitely more absurd amendment, that, when the government required to borrow more money, one million of every six so obtained should be laid aside for the same purpose. The scheme was so well received as to increase the popularity of the minister, and it was not till 1813 that its fallacy was proved.
In the same year commenced the parliamentary proceedings against Mr. Warren Hastings, for alleged cruelty and robbery exercised upon the natives of India during his governorship of that dependency of Great Britain. These proceedings were urged by Mr. Burke and other members of the Whig party, and excited so much public indignation against Mr. Hastings, that the ministry were obliged, though unwillingly, to lend their countenance to his trial, which took place before Parliament in the most solemn manner, and occupied in the aggregate one hundred and forty-nine days, extending over the space of several years. The proceedings resulted in the acquittal of Mr. Hastings.
The king and queen had in the meantime become the parents of a numerous family of sons and daughters. The eldest son, George, Prince of Wales, had now for several years been of age, and exempted from the control of his father. He had no sooner been set up in an establishment of his own, than he plunged into a career of prodigality, forming the most striking contrast with the chastened simplicity and decorum of the paternal abode. He also attached himself to the party of the Opposition, though rather apparently from a principle of contradiction to his father, than a sincere approbation of their political objects. The result was the complete alienation of the Prince of Wales from the affections of his majesty.
In November 1788, an aberration of intellect, resulting from an illness of some duration, was observed in the king, and it became necessary to provide some species of substitute for the exercise of the royal functions. To have invested the Prince of Wales with the regency, appeared the most obvious course; but this would have thrown out the ministry, as it was to be supposed that his royal highness would call the chiefs of his own party to his councils. Mr. Fox contended that the hereditary nature of
