The Press. — London, England, 1854-05-13 00:00:00

436 transaction a felony. It is no less than stealing a man's money. If such an act of Parliament were passed the good effected would be incalculable, and the parties would be at the bar at the Old Bailey." The suggestion thus hastily thrown out has been as hastily adopted. On Tuesday last a bill, intended to embody Mr. Baron ALDERSON'S views, was intro- duced by Mr. DIGRY SEYMOUR, a member of the bar. These cases are so well known, and they all bear such a generic resemblance, that a cursory descrip tion of the trial in which Baron ALDERSON expressed this strong opinion will suffice. A young gentleman, only twenty-two years of age, having accepted bills to an unknown number and amount, but to the extent, at least, of 5,0001., resisted the payment of one for 1001. on the ground that he had never received any value or consideration for it. Without reference to this case in particular, but on a general view of the question, we venture to express an humble doubt whether it would be wise to embody in an act of Parliament the suggestion which the Learned Judge threw out in a moment of natural indignation. Deserving of punishment as these bill-swindlers are, the law could not be confined to them : itmust be general, and applicable to all ques tions of account relating to bills of exchange in which a breach of trust is charged. In the commercial world we can easily conceive complicated transactions in which it might be doubt-. ful whether a breach of trust has or has not been committed. At present the question would be inves tigated before a civil tribunal, where both parties would be on equal terms, and the truth would be ascertained with as much exactitude as the fallibility of human intellect will permit ; but who would venture to resist a demand, felt to be unjust, if the penalty in case of failure was to be a conviction for felony? No one knows better than Mr. Baron ALDERSON how possible it is for disinterested witnesses intending to speak the truth to contradict each other when describing fact; not very complicated ; and would the Learned Judge calmly propose to invest a young gentleman who has been engaged in a long series of bill trans actions, who has kept no accounts, and who has every temptation to make himself appear a "victim," with the power of threatening a person who makes a pecuniary demand upon him with a conviction for felony ? But, even if the suggestion of the Learned Judge were adopted, nothing would be easier than to evade it. The usury laws, so far as personal security is concerned, no longer exist; therefore, if only six pence is given for a bill, "that ridiculously small sum " legally constitutes sufficient " consideration " to entitle the holder to recover. Besides, the existing law is strong enough to check these frauds if it is only acted on. By the statute 7 and 8 George IV., c. 29, a. 49, it is provided that whenever a valuable security is entrusted to an agent, accompanied by directions in writing as to the manner in which it is to be applied, then, if the agent commits a breach of trust and converts the security into money for his own use, he will be guilty of a criminal offence, and, if the prosecutor is vindictive and active in due time, "the parties would be at the bar of the Old Bailey." But, unless the directions are defined with a cer• tainty which can only be secured by writing, a possible conviction for felony would be a dangerous weapon to place in the hands of a merchant trembling on the verge of bankruptcy, the broken-down roue, or a spendthrift boy whose intellect is enfeebled by debauchery, and whose conscience is seared by early association with cheats and blacklegs, the scum of the human race. THE reduction that has taken place in the Irish military establishment in consequence of the war amounts to about 9,000 men ; of these, the 9th, 14th, 17th, 39th, and 89th Infantry Regiments, have gone to Gibraltar and Malta to supply the place of the 30th, 41st, 44th, 47th, 49th, and 55th Regiments, ordered to join the Eastern expedition. .Two regi ments, the 33rd and 50th, have gone direct to the seat of war, and depots of 200 men each have gone to strengthen their respective corps to the war es tablishment. One infantry regiment, the 40th, has come over to England, and three cavalry regiments, the 4th and sth Dragoon Guards, and the 11th Hussars, are proceeding to the East. The present force consists of five regiments of cavalry, the Ist, 2nd. 3rd, and 7th Dragoon Guards, and the 10th Lancers ; six regiments of infantry, the 21st and 63rd, ordered on "special service ; " the 27th and 90th, under orders for India, the 12th about to em bark for Van Diemen's Land, and the 91st, which is the only battalion not under orders for foreign service. There are, besides, 27 regimental deficits, making altogether, exclusive of artillery, a force of 14,700 men. A RAGGED SCHOOL was opened a few days since in Southampton. The building cost about 1,2001., nearly the whole of which has been subscribed. A schoolmaster, at a salary of 801. a year, has been ap pointed. A ragged church has been opened also in the same town. THE PRESS. Vrocubings in V arliamtni. THE NEW BUDGET. The promised financial statement, which was to exhibit the actual state of the public revenues and develop the Ministerial schemes for finding ways and means to carry on the war, was made on Mon day by the CHANCELLOR of the EXCHEQUER. On the oth of March, he remarked, the house had listened to a previous budget speech, and had then arranged the balance-sheet for the current year upon a pro visional basis. The expenditure arising from the preparations for war was then provided for by a du plication of the income tax for half a year; but the country was at the same time informed that if hos tilities actually broke out an augmented revenue would have to be raised. That augmentation he now proceeded to define and justify. His statements re lative to the principal subject, however, Mr. Glad stone prefaced by a minute vindication of his policy from various criticisms that had been pronounced upon it, remarking that the actuality of war ought to be no obstacle to the removal from office of a rash or incompetent minister. Alluding in turn to the re duction last year of the interest on Exchequer Bills, the conversion of stocks, the reduction of the public balances, the arrangement with the Bank of England, and the issue of deficiency bills, he contended that in many instances the results had not been disad vantageous to the public, and even in those of most unfortunate issue the measures had been justifiable and prudent at the time they were passed, however inconvenient their consequences might have proved, owing to unexpected changes in the commercial and political state of the country : " He disclaimed any idea of sheltering the Government policy behind the plea that this was a time of war, when such matters could not be discussed, and he demanded that Parliament should look into the subject, and either condemn or approve what he had done. Alluding to the attacks that had been made as to his treatment of the funded debt in the conversion scheme, he referred to the language used at the time by Mr. Disraeli and other ob jectors, and urged that none of their objections had proved valid, and the only one which had proved so was not taken, except by himself—namely, that the necessity of paying off non•assentient holders of South Sea Stock would ne cessitates considerable withdrawal of the national balances, and this had been affected in a larger degree than was con venient in war time. But it was easy to condemn after results, and now various gentlemen persuaded themselves that they had all along disapproved of the operation in question. This was the way what historical students called mythical history arose. But he admitted his regret that the transaction had taken place, though he did not allow that it had occasioned pecuniary loss. He next ap plied himself to the current misapprehension regarding the transactions between the Government and the Bank, and showed that the compact of 1844 had not been violated in letter or spirit by any demands of the Government upon the Bank ; that trade had undergone no detriment in con sequence thereof ; and that, though it had been supposed that Government had required at a low rate of interest what was actually matter of favour, such was not the case. He denied that he was an habitual borrower, as he had been called, having borrowed but once, under extraordinary circumstances, and to an amount averaging only 900,000/., which he had for a period of between four and five weeks; and while he spoke that debt was entirely extinct. He re ferred all these widely-spread delusions to the fictitious way in which the accounts were kept, and which effectually blinded the public. He had himself altered the mode in which deficiency bills were issued, and had endeavoured to apply to them the principle adopted in reference to other advances for public purposes ; and he hoped, under the advice of the law officers of the Crown, to effect a further reform." Reverting to the main question, the Chancellor of the Exchequer reminded the house that on the 6th of March, when the first financial statement was made, the public revenue for the ensuing year had been estimated at 50,656,0001., including 3,307,0001. to be raised from the increase in the income tax, and leaving a surplus beyond the then computed ex penditure amounting to about 407,000/. Since that date votes had passed enhancing the charges on account of the navy by 4,550,0001., of the army by 300,0001., of the ordnance by 050,0001., and of the militia by 500,0001. This gave an aggregrate of about six millions as the supplemental estimate of charge for known and calculable purposes. In addition he intended to ask for 850,0001. on account of unknown and incidental expenses, such as inevitably sprung up during the progress of an extensive war, and the total amount for which they had now to provide was thus brought to 6,850,0001. All these new duties were to be essentially war taxes, and to terminate on the res toration of peace. The first source from which he proposed to draw supplies was, as the house n o doubt anticipated, the income tax. He should repeat and prolong the operation already performed on that impost, doubling its amount throughout, but not, as heretofore, for a limited period, but so as to make the duplication coextensive with the war. From this source he expected to derive an increase of income amounting to 3,250,0001. Observing that this impost would then produce 12,832,0001. per annum, and that SATURDAY, two-thirds of the war expenditure—which he cal. culated for the year at ten millions—would be defrayed out of its extensions, Mr. Gladstone in. timated that here his demands upon the series of direct taxes would terminate ; for the re maining deficiency he should look to the consumer. As regarded the muster-roll of indirect taxes, he then declared that the Government did not propose to alter the system of postage, which had proved so prosperous and beneficial, nor did they intend to re. impose the taxes abolished or modified last year, nor would they touch the tea duties nor those on tobacco. Passing to the taxes on which an augmenta tion was to be proposed, the right hon. gentleman men tioned first the spirit duties in Scotland and Ireland. On the first he intended to levy an extra tax of one shilling a gallon, on the other an extra tax of eight. pence a gallon. These were expected to produce en additional revenue of 450,0001. Secondly, he intended to propose a readjustment of the sugar duties, making the amount equal upon all sugars,*espective of their origin, and fixing the tariff at 11s., 125., 14s. and 16s. per cwt. upon the various qualities of the article. This would give him an increase of about 700,0001. Thirdly, he proposed to increase the malt tax from 2s. 9d. to 4s. per bushel, from which he hoped to de rive 2,450,0001. This sum made up the gross total of required revenue, namely, 6,850,000/. As 3,307,0001. of additional taxation had already been sanctioned, while, on the other hand, reductions in volving an amount of 1,474,0001., which were en acted in 1853, did not take effect until the present year, the result would be to create a net augmenta tion of the public burdens of 8,683,0001., except the augmentation of the Scotch and Irish spirit duties, which it was proposed to make permanent. Having brought the revenue into equality with the expendi ture, the Chancellor of the Exchequer adverted to the prospective state of the public cash account. The expenses of the war were rapidly accumulating, the system of account-keeping was rendered much more prompt and accurate, and it was both just, and intended, to defray all charges, without allowing every department to be involved in the chaos of ar rears and debts which had in former wars occasioned so much embarrassment and cost. The demand, accordingly, must long precede the supply, especially as it was impossible to reckon upon a larger amount than about 2,840,0001. as realisable during the cur: rent financial year. To supply the immediate pres sure he proposed to issue interim bills, according to a scheme which he described at some length, whose chief features consisted in creating four millions of Exchequer Bonds and two millions of Exchequer Bills, with power to enlarge the latter to the amount that the applications for the bonds might happen to fall short. By such aid he calculated that the Gos vernmcnt could pay all charges, and leave themselves a margin of 3i millions of cash in the Exchequer . After concluding his arithmetical expos 4, Mr. Glad stone embarked upon a vindication of the general principles wherein the financial measures of the Government had been based during the past and present session. He then proceeded to condemn what he termed the " miserable policy " of the old loan system, which he illustrated by a copious cita tion of historical details relative to the administra• tion of Pitt, Fox, and other statesmen who had swayed the councils of the nation during the war of the Revolution. He added that Mr. Pitt himself, discovering his error, had made gallant efforts to re deem it. And, while the Duke of Wellington was covering the name of England with glory, our fathers were making noble struggles to bear the current ex penses of the war, and setting an example which the present generation he trusted would follow, and show themselves worthy of such sires. In our case the effort would be less exhausting, seeing how enor mously all the resources at our disposal had ex panded. The formal resolutions embodying the propositions of the Chancellor of the Exchequer having been put from the chair, Mr. DisitAzu demurred to proceeding so fast. He could not consent to vote a series of resolutions which had not been properly discussed. The CHANCELLOR of the EXCHEQUER explained that the step was according to precedent, indeed enjoined by necessity. If the revenue officers were not empowered, by a resolution of the house, to levy the duties according to the new scale, as soon as the plan obtained publicity vast quantities of the com modities in question would be hurried out of bond , and perhaps a whole year's produce of the tax would be lost to the revenue. Some further explanations resulted in the under standing that the vote to be then passed implied no pledge on any side. Monday fixed by Lord John Russell for discussing the whole question. next was afterwards The resolutions relating to the increased taxes on incomes, sugar, spirits, and malt were then passed. Upon the resolution for authorising the issue of the Exchequer Bonds some considerable discussion took place of a very miscellaneous character. Mr. Disraeli, Mr. Hume, the Chancellor of the Exohe- b&i . r