House Of Commons.

Mr . Fox rose , and said , that after the length at which he had on a former occasion discussed the subject , his wish at present was only to point out the enormity of this scheme of finance , and to impress the minds of his hearers with a sense of the crisis , to which we must needs be approximating , when the funding system is extended in so ruinous a way . The bargain was even worse than it had at first appeared . He thought he had taken an extreme case , when he had stated the interest on a certain class of Navy Bills at 103 per cent . —Upon further examination he found it amounted to no less than 135 I . gs . —[ Here Mr ,

Fox entered into a minute calculation to justify his assertion . ] The Chancellor of the Exchequer , continued he , deplores the state of the country ; but more than his commiseration is wanting to extenuate the guilt of granting these enormous premiums , and plunging the nation into distresses the most helpless , and conjunctures the most threatening it ever experienced . After a var ely of other observations , Mr . Fox adverted to the Minister ' s want of consistency in his financial operations . Two years ago , said he , when five millions of Exchequer Bills were issued to save the credit of our merchants , a floating capital was created to support

the circulating medium . Now , the only way to support the circulating medium is to fund the floating capital . ; Mr . Pitt asserted , that there were several errors in the statement of Mr . Fox , and that the present measure was advantageous to lite public . He then adverted to the declaration that Navy Bills had never borne so great a discount ; and maintained , that nine months after the last peace . Mr . Fox being in office , Navy Bills , for four millions , were issued , and bore a discount of 21 . } per cent . After following Mr . Fox through a long and laborious calculation , and attributing va- »

rious errors to that Honourable Gentleman , he concluded an able speech , by recommending his plan to the adoption of the Committee—a plan , he- was bold to say , that would meet with the less disapprobation the more it should be discussed , and that was calculated to be highly beneficial to the country . A fewwords more ' passed between ' the above gentlemen , and Mr . Milbanke also made

some brief observations ; after which the Committee divided on the first resolution , —Ayes , 2 S 3—Noes , 40 . The other resolutions then passed . ¦ The Order of the Day was read for the recommitment of the Bills for raising 60 , 000 Supplementary Miiitia . On the question , that the'l & peaker do leave the Chair being put , Mr . Ci ' mven rose to oppose it , because he thought it highly necessary , that the grounds of a measure of such infinite importance should be previously laid before the House by Ministers , who , in his opinion , had spread a groundless alarm .

If they would g ive him proofs that an Invasion was seriously intended , he would join heart and hand in repelling it ; but it would be inconsistent with his duly to his constituents , were he to consent to a public expence of little less than three millions , upon the bare word of men , who had so often deceived the country . In the Hon . Gentleman , who brought in the Bill , he could place no confidence . He had shewn himself unable to conduct the war ; all his efforts had been attended with defeat and disgrace ; he had accumulated unheard of burthens upon the nation ; had nailed up the mouths of two thirds of the people ; and built barracks in

everv corner of the kingdom . For these and other reasons , which he gave at considerable length , he should require mere satisfactory information as to the truth of the alarm of Invasion , or else he should oppose the Speaker ' s leaving the Chair . The Chancellor of the Exchequer called upon the House to fulfill the pledge they had unanimously given to his Majesty on the first day of the Session ; and pointed out the impropriety of detailing proof in such a case . For bis oven part he actually kneiv from sources of intelligence of the hi g hest credibility , thai such a measure VJOS

in contemplation : befell the mest urgent conviction of it ; and if any thing had been wanting to confirm it , every day brought fresh proofs of the fact . He repeated , that though it was not safe nor practicable to disclose particular sources- of information , he was convinced , not a moment ought to be lost ; and that he doubted not but the House would immediately adopt the Bills , and fulfil the pledge they had g iven ou the first day of the Session . TlO JU JiEGl ' J , AIU , Y CONTINUED , J