Account for Pitt's success in restoring National fortunes in the years 1783 - 1793.
Pitt had restored a majority of national fortunes during 1783 and 1793. When Pitt came into power he faced a mountain of problems, these varied from the national debt to smuggling. .
The national debt in 1783 was £243 million, before the American wars the debt was £160 million, quite clearly the national debt had increased greatly due to the American wars. Smuggling was a large scale problem; it was eating away at national income. After the loss of the American colonies the country was experiencing a lack of confidence, economically and militarily. As a consequence of the American wars trade between other countries was greatly disrupted. There was also a large problem with Government "Waste-.
Pitt wanted to bring economic stability to the country he does this by introducing various new measures and policies. .
When Pitt came into power, in an attempt to pay off the large debt that the country had inherited, he decided to enforce the sinking fund. The sinking fund was in essence created to pay off the national debt, every year the government paid a certain amount into the fund and the interest from this fund would go forward to pay off the national debt. This idea was not Pitt's as he had copied the ideas of Richard Price neither was this new, it had been attempted before but with minimal success as often the fund was raided to finance wars and such. Pitt passed a bill through parliament which forced the government to pay a certain amount into the fund each year. Pitt setup a committee to watch over the sinking fund to make sure everything was running smoothly. Although the sinking fund was used to pay off the national debt it also had another use, it exclaimed to the lenders of the time that the government could be trusted and that any money lent to the government would be paid back, this restored the lenders trust in the government.