confessedly inadequate against a danger of such a description.
It will be necessary here to say a few words on the subject on which gentlemen have been so fond of dwelling; I mean our former negotiations, and particularly that at Lisle in 1797. I am desirous of stating frankly and openly the true motives which induced me to concur in then recommending negotiation; and I will leave it to the House, and to the country, to judge whether our conduct at that time was inconsistent with the principles by which we are guided at present. That revolutionary policy which I have endeavoured to describe, that gigantic system of prodigality and bloodshed by which the efforts of France were supported, and which counts for nothing the lives and the property of a nation, had at that period driven us to exertions which had, in a great measure, exhausted the ordinary means of defraying our immense expenditure, and had led many of those who were the most convinced of the original justice and necessity of the war, and of the danger of Jacobin principles, to doubt the possibility of persisting in it till complete and adequate security could 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
