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WILLIAM, EARL OF SHELBURNE
CH. VII
"Another commission was instituted of two singularly capable men to enquire into the Mint,[1] and the general state of every part of the coinage with a view to regulate the same in a manner which might facilitate commerce and the communications with other countries, who produced a very capital reform on this subject.
"Enquiry was made into the abuses of the Post, and the foundation laid of the plan which has since taken place on the Bath Road, besides other improvements tending to increase the revenue, and improve the service and facilitate the means of communication.
"A most pernicious custom prevailed for a number of years, as unconstitutional as it was inconvenient, in regard to the service of the Navy. Under the pretence of it being impossible to foresee and consequently make an estimate of the expenses of the year, so that they might be voted like the other services, it became customary to exceed without scruple the grants of Parliament for this service, and supply the want of money by granting bills for the several articles they purchased. Every person selling hemp, iron, or any other article had three calculations to make: 1st, the price of the commodity, 2nd, the interest of money, 3rd, the time of payment which was always uncertain. Add to this that these bills became immediately a public stock, and necessarily a still greater source for gambling, intrigue and speculation than even the other funds. All this was traced to the bottom. Different statements were prepared of it, to show the frightful price which was sooner or later paid by Government for every article, and the pernicious consequences of it, in order to abolish for ever so slovenly a resource.[2]