The Sun. — London, England, 1854-05-09 00:00:00

THE SUN, LONDON, TUESDAY EVENING, MAY 9, 185 4. which are provided for take place. It is a boon withheld from him, and not one of the actual enjoyments of which he is deprived. Indeed it is rather improving his position -(hear, and a laugh)-because you will agree with me it is the foreign duty which at present regulates the price, and not the British duty. The foreign duty upon all sugars not equal to white clayed in quality is at present 13s. We propose that by an immediate resolution it shall be fixed at 125., without any regard to origin, incident upon all sugars alike, I mean to say upon all sugars of whatever country. We propose to antedate by the period of about eight weeks, the equalization of the sugar duties; and, in fact, - it will be my day to ask the committee for its formal assent, with a view to fiscal purposes, to this reso lution to-night; and, therefore, from to-morrow the in crease of duty will be in operation. The scale of duties, as it is proposed for all sugars, irrespective of origin, will be, then-if beneath brown clayed, lls. per cwt. ; if equal to brown, but not quite equal to white clayed, 12s. ; if equal to white clayed, and not equal to refined, 11s. ; if refined, 16s. the cwt. The corresponding rate upon mo lasses will be 4s. 6d. The gain which I anticipate, from the application of this scale to the sugar duties, not in volving an increase on the duties prevailing at the present moment, but involving an increase on what would be the daties after July in the present year of about ls. 6d. or 25.1 per cwt., will amount to 700,0001., to add to the 450,0001. from the increase upon spirits. Honourable gentlemen, will see, therefore, that I have taken for the income tax 3,280,0001., for spirits 450,0001., and for sugar duties 700,0001., making, iu all, 1,400,000/. The amount of the charge for which I stated it was necessary to provide was 6,850,000/. ; it will therefore be seen that we have a considerable step yet to make Sir, we propose to make that step by an augmentation of the duty on malt. (Hear, and a laugh.) Her Majesty's Go vernment are convinced that this, in combination with the increase of the spirit duties, with the moderate increase, if so it is to be called, or modification rather, of the sugar daties, is the fairest mode in which they can give effect to the principle upon which they propose to act-namely, that this war, although you may fairly come upon the wealthier classes with your first demands, yet being a war undertaken not for the benefit of any class in particular, but with a view ' to the national interest and the national honour-is one the expense of which ought to be fairly distributed between the different cle,sses of the country. (Hear.) We think that this is a duti which is recommended by the considera tion that it is an article of almost universal consumption, and is at present in competition with other articles, wine and spirits, which are far more highly taxed-not but that I hope they always will be more highly taxed, though at the present time they are taxed out of all proportion with malt. It is, too, an article upon which we feel.certain we can get pretty nearly all the revenue we expect, and upon which we can collect the duty without additional expense. (Hear, hear.) It is an article on which we shall be imposing no additional restraint of any kind, and it is an article which fairly appears to us to - combine-quite irrespective of the considerations of former times-all those features which ought, if we had any choice, to determine our choice. I cannot, however, altogether decline to refer to former times, though here I must remind the committee that the malt duty, as it now stands, is a very different thing from the malt duty of a former period, because it stood theuiu grace ful association with a beautiful sister-the beer duty, which was really equal to no less than a duty of 3 s. 9 d. a bushe l upon malt. In order to show you the effect of thebeor duty upon the malt duty, I will give you the two taxes as they stood together up to , the abolition of the beer duty. In 1801 the duty upon malt was ls. 4d. per bushel, but then the beer duty was Bs. a-barrel, which gave a duty ou malt of 4s. 4)d. ; in 1802 the malt duty rose to 2s. 5d., which, with a beer duty of N. sd. made a duty on malt of ss. ; in 1804 there was a further increase in the malt duty to 4s. rid., and the beer duty also rose to 10s., so that the effective duty on malt was Bs. 2d. per bushel. In 1816, after the peace (it was a war duty), the malt duty was reduced to 2s. 5d., but the beer duty continued at 10s. so that the effective duty on malt in 1816 w a s 6s. 2d. In 1819, in a time of peace (I have never proposed to fol low that precedent). it was raised to 3s. 7441., which, with the beer duty of 10s., became 7s. 4 jd. ; in 1822 it was again reduced to 2s. 7d., and, adding the beer duty, it was equivalent to 6s. 14. per bushel. In 1830 it remained at 2s. 7d., while the beer tax was taken'off, and at that it has stood \Vial the sole exception of the addition of the rate of 5 per cent. under the measure of 1810, which makes the present malt duty, a little more than 2s. 80., with some fraction. Tee proposal of the Government, then, is to raise the tax from what we will call 2s. 9d., in round numbers, to Is. which will leave it at a lower rate than it was before 1804 much lower than in 1802, and less than a half of what it was during the whole period of the fiercest struggle of the war from 1804 to 1816. Takin g the con sumption at 40,000,000 bushels, this would give 2 ,580,0001., from which I deduct 5 per cent., or 130,0001.-not, I be lieve, an unreasonable deduction-for diminished consump tion, and that gives me 2450,003. from the malt duty, which, added to the 4,440,0001. which I have already charged, makes a total of 6,850,0001., just the amount for which I proposed to ask. Sir, it will be now perceived, to sum this part of the case briefly up, that as the taxes granted in March were 3,307,0001., and the taxes now asked being 6,850,000 1 ., this gives the amount of taxes asked from you during the present year at 10,157,0001. But, if you set against this ail the proposals with respect to the remission of taxation which were enacted in 1,853, but which only came into effect in 1854, they amount to 1,471,03(11., and therefore the net, augmented burdens of the country will be 8,683,000 1 . If, again, you look to the distribution of these burdens, you will find that the in come tax gives you 6,517,0001. -that is, about two-thirds of the whole additional burden is raised by one single di rect tax on the wealthier class, and about one-third of th© whole is to be raised by indirect taxation, affecting the whole consuming people, and therefore all classes alike. We propose to ask for the income tax for the war ; we pro pose to ask for the malt duty also for the war; we pro pose to ask for the duty on spirits without any sort of limitation, because, in fact, it is an advance towards a per manent fiscal improvement. For the sugar duties we ask for the present time without fixing any point of time at which the present arrangement should cease, because it is a matter which, when it comes to he finally arranged, may require a great deal of consideration in detail, and, therefore, it is only proposed until that time arrives. Now, Sir, that is the provision which the Government proposes to make for the expenditure that is before them. But there is yet another point upon which it is absolutely necessary I should state the views of the Government to the com mitteee, and that is what grows out of the consideration that we are now arrived at a state of things in which it is impossible to form the same calculations with regard to the condition of the Exchequer, and the immediate supply of cash which we may usually and safely draw with re gard to other matters. In former times the expenses of the war did not gather very rapidly in the Exchequer, and there was a most rapid and consecutive accumulation of debt in every imaginable form totally irrespective of the funds. But now that great improvements have taken place in the system of accounts I hope we shall be able to pay our way and to avoid all long credit-so that from year to year it may be possible to state to the committee what is the actual condition of the public finances. (Cheers.) I think the committee will agree with me that on entering on the first year of war it will be bestto take a sufficient command of cash. We therefore ask you to 4ve us power, not only to raise, but to expend the sum of 2,100,0001. for extra ordinary purposes; but we do not think it right even to take that as a limit. To give us a command of cash, we propose to take now, if you will give them still larger powers for raising money in a case of need, subject, of coarse, to our responsibility and to the approval of Parlia ment as to what is to be done with it. I will now go a little out of the ordinary course of financial estimates, and will present to the committee a view of what I may call the interim provision which we propose to make ; for even although you give us, as I trust you will, the taxes for which we ask, yet those taxes cannot be realized wholly within the year. And there are other taxes which render it necessary to have a command of cash at a period like the present. For example, if I may refer to such a question, there is the money held in deposit in savings banks. Avery great change in the value of money may-without saying in consequence of a panic, but quite apart from a panic-a, great change in the value of money may cause the with drawal of deposits, which withdrawal of deposits would be a most expensive thing, and would have to be met by the sale of stock at a time when funds were low. Again, the state of trade might be another cause which would render it necessary to have a command of cash. Undoubtedly, nothing can be more satisfactory than the state of trade at present-, bat, at the same time, it would be presumptuous to assume that its elasticity and vigour are to continue altogether unimpaired. Some possible weakness in the revenue ought to be taken into consideration, as well as a rapid increase in the rate of expenditure. And, of course, the limited amount of the public balances at the present momeat is a further reason why you should exercise a strict, and even a jealous vigilance over this portion of the arrangements proposed by Government. The point which, however, I am now about to state is not the question of expenditure so much as that of creating the means which you may expend in case of need, with the approval of Par liament or upon the responsibility of Government, subject to the approval of Parliament. We ask for a permanent annual provision for taxation-I use the word "perma nent" with reference to the duration of war-a permanent or fixed provision of 6,850,0001. Bat outof that 6,850,0001. we cannot expect to receive in cash before the sth of April, 1855, more than something like the following sums :-In come-tax, 2 '0,0004; spirits, 400,0001.; sugar, 620,0001.; malt, 1,600,0001.; making in all 2,840,0001., which will be tho greatest amount, not of the taxes we are now asking for, but which we can expect to have actually at oar command before the sth of next April. Deducting that 2,840,0001. from the sum of 6,850,0001., it will explain that on the sth of April, 1855, we ought to expect to be in an arrear of no less than 4,010,0001. That 4,010,0001. is the sum which Government ought to have ample ample means of raising, and even, perhaps, something more. The proper means of raising it, according to the view of Government, is through the medium of temporary securities. These tempo rary securities might be in the usual form of Exchequer-bills, or they might be in the form of an instrument which was first mentioned, at least first mentioned to the house, with a practical view last year, and which, although the cir cumstance did not suit its introduction at the rate of in* tereat then proposed, was generally, I believe, considered a convenient and desirable form of public securities-I mean Exchequer-bonds. And here I must say there are two charges which appear to have been made against Go vernment, and against myself in particular, which are of a most gratuitous, and I will even go further and say, of a most foolish character. It has been stated that, aft er having pledged ourselves on the 6th of March to ask for uo loan, we gave notice on the2lst of April that we intended to have a loan. No doubt that would have been a serious delinquency on the part of Government if there happened so be a word of truth in it; but in that slight and im portant element, excellent so far as the point is concerned, the truth is totally wanting. (Laughter and cheers.) We never pledged ourselves on the 6th of March that there should be a loan, and there was no loan on the 21st of April. (Laughter.) What was said on the 6th of March was this : -I stated, by the instruction of my colleagues, that it was impossible to give any pledge or to tie ourselves to any abstract declaration, that we felt strongly it was the duty and policy of the country to make a great effort from its own resources, but I never attempted to bind our discretion or the discretion of Parliament with reference to a loan. (Hear, hear.) What appeared on the 21st of April was no loan at all, but a provision for the temporary raising of money. If those who have spoken of it as a loan had had the patience to wait and wave the discussion of the plan until it was before Parliament, they would have known the intention was to take power, in case the money was found to be more than was needed, to employ it in the redemption, as far as might be convenient, of cer tain public securities. This is a totally different opera tion from a loan ; and the mere question would be, con sidering the rate of interest or the amount of Exchequer bills, what would be the reostconvenientform of making a temporary interim provision for the publio necessities? Although the operation contemplated was to the extent of 6 ,000,000/. of money, the sending in of Exchequer-bills, as well as Exchequer-bonds, was invited in the various no cliaructer of and therefore, from that ciroum stance, the the operation is e ntirely distinguished from that of a w. loan. The proposal with respect to Exchequer bonds that tenders should be invited to the amount of 2.000 48' j°°°l * tOr bomb that were to be liquidated at par I have altered the mode of issuing deficiency bills. I have Zone 'so 'by endeavouring to place it upon precisely the same principle which is applied to the issue of money for the 'public service. There are two questions—one of po licy, whether it is right that you should have in your cof fers at the end of each quarter a seem sufficient to armet the whole charge that is coming due, or wheth you should trust for a portion of it. to, the incoming revenue. 'That is a great question of policy. .I do not judge it now. On the present occasion, the question we have to consider is simply this, whether, supposing you have not got in 'your coffers a sum sufficient to meet all the charges at the / be ginning of the quarter, you shall, upon the first day of each quarter, create an unnecessary debt, in order to create a needless credit to the abstract amount of those charges, totally independent, not only of the improbabi lity, but of the impossibility, of their having to be met at the commencement of the quarter. Now I believe that the public has a scale of transactions so largethat it is able to close its accounts in a way that with a more limited business could not be thought of for a moment. What are deficiency bills? They are bills issued in amounts of 60,0001. each to the Bank, to be held by the Bank, and Ton may issue any amount of them you please-5,000,0001. in five weeks, if you like. If, however, you issue at the beginning of each quarter deficiency bills to the full mount of the Consolidated Fund charges that are coming due, you must have more than you will require, because those charges are never all made at the beginning of the quarter, and to the extent of your surplus deficiency bills - you will have created an unnecessary loan, upon which the public must pay interest from the first. Common sense, ,common reason, and common practice are all against such a system. (Hear.) I now speak of what has been done with reference to the April dividends. With reference to t he July dividends, that is a question which we at the Treasury _ s do not think a very serious one—whether the law 'present form, under the Loan Act , combined w i th in he the Deficiency Act — whether the la w re q uires us to ad here to the very mischievous, expensive, and m ore than expensive, creating the delusive practice of making a large issue and an immense credit. lam abo ut to take the opinion o f the law officers of the Crown on that point. Unless their opi nion is favourable, I shall not thi nk m y self justified in in troducing that re formation, after having agreed to take their opinion ; but my course will be to come to this house and ask you to place the matter on a reasonable footing. (Hear.) As to the April dividends, the act cf 1844 did not require that practice to be followed ; and after consulting the legal advisers of the Crown, we had no doubt as to the law of the case, so far as regards those dividends. Though this matter is one of great importance, I am aware of the dryness of it. (Hear-) I will not enter furth er i n t o it. I am greatly indebted to the committee for the patience with which you have heard me, although there is much more to say upon the subject ; and if I do not say it, I must only beg the committee to consider it is from uo dis position on my part to reserve anything ; but the clock ad monishes me that I have occupied a considerable time already, and there is much yet that is before me. (Cheers.) Assisted by the patience and indulgence of the committee, I have now gone through those charges of mismanagement with respect to the unfunded debt, of reckless disregard of the warnings bothof fact and of intelligent persons with respect to the scheme for the conversion of the debt, and of simile mystical operation for the purpose of blinding the public with respect to the mode of charging the deficiency bills ; and I venture to hope I have so far explained those matters, and my conduct with respect to them, that Inlay proceed at once, without prejudice or discredit. in their opinion, to explain the views which the Government enter tain with regard to the measures demanded by the exigen cies of the public service. (Loud cheers.) The committee will be kied enouh to revert to the words with which I opened my addre ss. As they will recollect, I referred to what took place on the 6th of March, and the temporary provision then made for the purpose of meeting the ex penses that had been incurred by - the Government in send ing an expedition to the Best. I will not, sir, at this period, travel again over the grounds which I then occu pied; but I will take that day as my starting point, and proceed to explain our further views and proposals, only reminding you of these facts; that there was au excess on the 6th of 'J7 arch on the estimates of 4,307,0001. ' • that in that 4,307, 1 )0 01 . was included a 81 1 111 of 1,250,00 01. taken for extraordinary expenses of the war ; that the ordinary revenue of the country was unequal, by a sum of 2,810,0001. to meet the charges incurred by the estimates, and the sum estimated for extraordinaries ; whereas, if there had been no increase in the estimates we should have had, in lieu of that deficiency of 2,810,0001., a surplus of 1,636,0001. The Government asked, and the house agreed to grant, half a year's double income tax, which was estimated to produce 3,307,000/. ; and having added that sum to the amount of revenue estimated, it showed a total revenue of 56,656,000 1 . against a total estimated expenditure of 56,139,0001., or a surplus of 467,0001. Since that time, sir, no estimates have been framed, and my colleagues as well as myself can assure the house that we have lost no time either in framing those estimates, in endeavouring to calculate the probable scale of the war expenditure, or of bringing those estimates, when framed, under the conside ration of the house. They have been submitted on the part of the naval department, the army, and the ordnance. For the navy, Government asks for an additional vote of 4,550,0001., for its own charges and the services it performs on behalf f the other great departments. The charge for the army is 300,0001. The charge for the ordnance is 640,0001. The militia I estimated at 500,0001. Since then it has been announced in this house that Government pro poses to take power, and to act on that power, of embody ing a portion of that militia, probably 15,000 men ; and the expense of that operation gives an additional sum of 500,0001. of militia expenditure for the year, or a million altogether, though adding only 500,0001. to the new or supplemental estimates. Putting together the items of , 4,550,000/. for the navy, 300,000/. for the army, 640,0001. for the ordnance, and 500,0001. for the militia, we find a total of 6,000,000/. to provide for. But, sir, in time of war, in propoetion to the increase of our known charges, we must also m :the provision for charges unknown ; and although 1,250,0001. was sufficient to take in the month of March, - when it was possible the expedition sent to the East might return to our shores without having drawn the sword—now it i e different. Blood has been shod ; operations have been performed ; and the only rational view is to presume we must make provision for war expenditure for the year. Therefore, besides all the services, which are estimated for in strict Parliamentary phrase, I put 856,0001. to that 1,250,0004 and the total is 2,100,0001., for which we shall probably ask for a vote of credit. The form of the vote is not yet determined upon, and it may be convenient to wait a little longer before determining it. I wish to be under stood to ask for not less than 2,100,0001., applicable to cir cumstances which may arise in the course of the war, at the discretion of the Government. I beg the committee to keep apart from the question we are now discussing an other question, and a very important question, namely, whether funds in cash ought not to be placed at the com mand of Parliament, over and above the sums I have named. That is altogether a distinct question, and one on which I shall presently touch. lam now speaking of the amount of votes we ask of Parliament, as at, present ad vised, and using the best information in our _power, and the result is, we ask the committee to make provision, which I hope will be adequate for the expenses of the year —a provision in addition to that already granted of 6,850,0001. The view taken by the Government, and the conviction at which they have arrived, are that this sum of 6,850,0001. ought to be provided by an addition to the taxa tion of the country. They have thought it their duty care fully to consider what were the items upon which an in crease of taxation might most justly and fairly be laid, and, in the first instance, the mind of every man who hears me will outrun the course of my observations with respect to one great, portion of those items. I may therefore do best, first of all, to state that we propose to execute that intention which we had formed contingently some time ago, namely, that in case of the necessity of further de mands for means to meet the expenditure of the war, we ought to look first to repeat on the income tax the opera tion which we have already applied to the first half-year's Layment. I see the right hon. gentleman the member for incolnshire smiles, and it is impossible to have a better omen of success than that very genial and cordial greeting. 'The income tax, as it stood under the law of 1853, was esti mated to yield 6,275,0001. The resolution adopted by this committee in March, 1854, added to it 3,307,0001., making a total of 9,582;000/. The second half-yearly payment of income tax, which we propose to add to the first, will not amount precisely to the same sum, because the first half year includes a somewhat greater amount of arrears ; but we estimate it at 3,250,000/. to be added to the 9,582,0001., raising the total produce of the income tax for the year 1834-55 to very nearly the sum of 13,000,0001. —that is to say, to 12,832,0001. We propose, then, to double the in come tax ; and I have described thus far the fulfilment of our intentions, /Inch the mind of almost every man had probably anticipated would be the plan of the Government. But her Majesty's ,Government are of opinion that it is their duty, having now entered into a war, to place the finances of the country for that war-- so far as it is at their command to do it—on a firm ani stable footing, by an adherence to former precedent ; and although, so long as we had the slightest hope, the faintest imagination, that the expenditure would be temporary, we adopted the con stitutional principle of limiting our demands both to the smallest sum and the shortest time, when we come to make provision for war, s e think it our duty to ask you to en able us to make that provision as it has been made in for mer times, when our forefathers were called on to struggle for ob j ect; of national duty, national character, and na tional interests, and to pay augmented taxes which were to subsist during the period of that war. We therefore shall ask the committee to grant the augmentation of the income tax now proposed—that is, the augmentation from 7d. to ltd. for the period of the war. (Hear, hear.) It is not necessary sion on th a t su to w request the committee 'to come to a deci pct. According to precedent, in the reso lution, we crease have only to declare the principle of the in ,and thelimit of ti at 11 be made th rubsequent introducti on of bill. a , li ct i tu the bill, therefore, e mi refore e , 'we shall employ th terms nearly corresponding with the terms employed o n former o er occasions. The effect of these at h will be to place disposal to be app rove d by Tessi of the Government, for the rate of is. 2d. for the peril of the income tax at taining the distinction o f of the war—of course re the five-PeunT rate. which will only be raised to 10d. on 1 also propose 1001. to 1501. a year. (Hear,P persons We from in conformity, as far as we are ab le , to preserve that con • formity, with the intimation of aw year, that in the event—of which God grant the realisation— in the event of en dingt eo h rn e e op t e a r x ati on of the the termination of the war, P income tax of 1853, the augmented f a iling back on the precise terms of the income s hall . cease, jaded in the measure of last year. (Et„,..) tar as ad xnittee will see that this much is obvious —that, the total rovision to be made by means of new taxes, actor so ap plying the surplus of . 1,660,0001., which remained over from will equal about ten millions, and I have the former year, ;stated to the committee our in about' 'the income ave tax, which brings us to this point—that we prop ose to make provision from that source for about two-thirds of the obvious ques entire expenditure • and then another most ob • tion arises as to fur/her lehvivese. beef! gear. That carefully isaqu e t . tion which, of course, we mcoentasidmerso consider. There are those .w ho etehiintkoaorc the i in to co a highly that they are willing ably greater percentage than w e p w ro i p th o o se u s t to a percentage of 10 per cent., saeyniefriornginaotnanteehe income tax Sir, for question of other augmentation s s of the Government, aware of the v al ue o ta f x th es e . f 1 as an instrument the purposes of war, and having shown themselves, I think, not indisposed to avail themselves o for fulfilling that purpose, yet are not inclined to push the doctrine of the expediency of the income tax to so extreme a point. (Loud cheers.) We do not think it is just in principle that the class or classes whose incomes range from 1001. to 150/. a year and upwards should bear the whole expenditure of the war entered into for national purposes. The income tax may fall very lightly on a gentleman of great wealth, and it sloes fall lightly upon them. But we cannot go into the general question of a graduated income al ,ax. e same disposition to keep the finances of the coun 7,zstry_ we can keep it apart, from every dangerous u ti~ , question which forbad ns last year from %. e visionary and mischievous scheme of at .,e denneeen eee natt ~ e 0 a ortion-a tax to the value of different into , - .2 1. Atc ,,,olited—that sam e principle forbids the attempt •".v . 4pcirtidvy ta e of tax to all the different and varying ofillateMamounts;e as is partially d one t o th ese and th a timintag(and looking to the bearing o n men withlool. gaciti Pi \ a-year, and men with 1501. a-year, and men with 2001. &- year, and men with 3001. a-year—upon many of those per sons with wives and families to support, and the character and position of educated and refined men to sustain —we cannot deny the severity of the burdens brought duty on th t e h m at , and that it is inconsistent with a sense of public they should be exclusive bearers of those burdens. (Hear.) Neither are there any other direct taxes which the Go vernment are prepared at the present moment to augment (Loud cheers.) So far as the assessed taxes are concerned is obvious that we should entirely risk . —if you call those direct taxes, whichisthveernyedwousbytaftl-oift p h , : 3 .3: c a a b u l e s e , the assessed taxes, which the committeeofwliallstrecollectifwwaes entirely re-constructed by the measure t year, th in e oni tax en e t s ; wwehreiletninteahmapteyrea with we i r t e a d t u ne the d g p r e r e a s t e l y n we brought within its sweep persons and objects previously exempt. We invited thoihs_persons to fix their establish ments between Octob er, 1853, and April, 1854, according to the taxes levied in 1854-55. It would be as if we had drawn them into a trap, and as I said before,;would endanger the continuance of the measure if we increased the assessed taxes under present circumstances. (Cheers.) Neither are there any other direct taxes which we propose to in crease. There are several indirect taxes to which I will advert ; but in briefly stating the consideration of the Go vernment, I will first take those on which we do not pro pose any change. Now, in the first place, there is one subject which prima fade may be said to be obvious, and which forces itself on the consideration of a minister of finance, driven to his wit's end for means of enlarging the resources of the country, and that is the alteration of the rate of postage ; because an alteration of the rate of post age was attended by this consideration. Thelwhole increase realised would give a net increase, while the expenditure would probably be even diminished. But, sir, the Govern ment are not prepared to propose such an alteration. They think that scheme has been admirably successful. (Hear.) It has contributed, in a degree which hardly any one could be sanguine enough to anticipate, to the comforts of the people. It is a great civilising and humanising agent. Its moral advantages are not less striking than its economical recommendations, and I am bound to say in a fiscal view it has answered every expectation that could be rationally formed of it—(cheers)—for while in the year 1840 the net proceeds of the postage revenue were 447,0001., in 1847 they had risen to 845,0001., and in 1853 they had risen to 1,104,0001. It may be recollected that in the year of the Great Exhibition, the sudden addition to the postage of the country was so enormous that a re-action in the revenue was expected in the next year ; but any one who books over the annual lists can scarcely detect which was the year of the Great Exhibition, so rapid and so steadyhas been the growth of receipts under this most desirable and most advantageous system. The doubling of postage, unless applied to the districts, would not bring in more than 600,0001. ; and if extended to the districts, would not be more than 750,0001.; and, even under present circumstances, the Government are decidedly of opinion that it would not be wise to effect any change in respect to postage, except such changes as would tend to extend and augment the accommodation which it afforded. (Hear.) They have lately succeeded in making ono arrangement which, indeed, renders any interference with the law at this moment peculiarly un seasonable. A most valuable public servant, a man of un impeached honour, of great assiduity, and of excellent abilities, was secretary to the Post-office at the time this change was adopted. He has continued secretary until the present time, and he retires from office into another post in the public service with the full confidence and approba tion of all under whom he has served. Bat, without dis paragement to any one, it will be obvious to the committee that there is a groat advantage in placing the development of the postage under the immediate care and superinten dence of the g entleman who has the happiness of t hinkin g that he stand s recorded before the world, and his name will be handed down to posterity, as the author of that system. (Cheers.) Mr. Rowland. Hill has within the last few weeks assumed the office of secretary to the Post office, and if we have seen that system extend and multi ply its benefits with gnat rapidity heretofore, yet from the parental fondness and great ability of that gentleman, we are justified in anticipating for the future a still more rapid increase of income. (Cheers.) Much has been said out of doors on the subject of reimposing the taxes remitted last year. I do not know that it is necessary for me to refer to that subject ; but if I do refer to it, I need not detain the committee by discussing it. Government does not intend to propose their reimposition. (Loud cheers.) It is dan gerous to indulge in abstract or even general declarations ; but we entertain the hope that nothing but the last extre mity will ever induce the representatives of the people of , this country to replace anew the fetters of Excise restric , tion in cases where they have been once removed. ("leer, hear.) The emancipation of trade we are persuaded will produce national benefits far outweighing the loss of revenue, and we do not propose to interfere with the opera tion of measures which we are persuaded are so beneficial fur the country. (Cheers.) Another case which I like wise refer to—because it was dealt with last year, and be cause it touches the objections of Excise—is the case of the tea duty. We cannot, on the whole, think it corn patilde with our duty to charge at the present moment the scale of duties proposed ou tea by the measure of last year. (Hear.) The committee will recollect the heavy. duty payable on tea was not lowered by a single stroke, but by a succession of falls, until it arrived at the level of a shilling. To alter a duty like that is interfering, not with a particular rate, but with a complex process, and we ought especially to bear in mind the bearing of the tea duty in England on China. It is not like an article grown for all the markets in the world. The tea of China is grown for England. I do not say that it goes nowhere else. A considerable quantity goes to the United States, a small portion to the Continent, but from one-half to a third of all the tea exported from China is grown for and exported to this market. (Hear.) The object of the mea sure of last year was to encourage measures which will lead to an increase of the available quantity. Those mea sures necessarily extended over a series of years. Were we to interfere for the sake of supplying wants, which I trust may yet possibly be shortlived—wero we to interfere su withthem, pply f tea, sd. whishouldch it t runw. would ae take risk m of an c y lo l in ou g g d T a e m ar a s ge to au re d_ throwing back improvement, with respect to the increase re place. (Cheers.) Another subject may recur to your minds, and that is the tobacco duty. With regard to the • tobacco duty, it is impossible for us wisely to propose any change. The tobacco duty is a wonderful achievement. We raise five millions upon an article with a rate of duty of somethin g like 1,200 per cent., and that revenue is progressive ly improving from year to year. (Cheers.) That is a wonderful state of things, and I think it one of those cases to which to apply the doctrine of let well alone. (Hear.) Were we to tamper with it, I do not think we should get a very large sum. We might break down the revenue altogether, and enable the smuggler to have the upper hand. The moral disadvantages of smuggling are disadvantages not unworthy of consideration ; and, lastly, if one moment could be more unfortunate than another for the augmentation of the tobacco duty, this is the pre cise moment, when the First Lord of the Admiralty tells us he has been obliged to withdraw the best of the Coast Guard for the service of the Crown in the navy. (Hear.) These are the principal subjects which have passed under the review of the Government, but with respect to which they have come to a negative conclusion, and by the whispers and buzz around me I can readily perceive the committee do not take quite so much interest in the negative conclusion as in the positive conclusion. (Hear, and cheers.) Very well, sir. I now come to the positive conclusions. We have stated it is necessary to go to the consumer, and, going to the consumer, to endeavour to do that in a form which shall least interfere with trade, least interfere with the innocent enjoyments of the people, least interfere with consumption—which, in effect, shall cause the smallest deduction from the comforts and advantages enjoyed by the people as compared with the amount of re venue to be realised for the purpose of the State. (Hear.) On the 6th of March I adverted to the effect of the mea sures of last year for the increase of taxation, and so far from receding I evinced a disposition to extend one still further, and that was the augmentation of the duty on spirits in Scotland and Ireland. In Scotland that augmen tation of duty was eminently agreeable. It was received by the whole country, I may say, with the same genial smile with which the hon. member for Lincoln should greet my announcement of the double income tax. (Cheers.) Thera is no fear in Scotland as regards the smuggler, and I beg the committee to recollect that the ultimate equali sation of the spirit duties, which may involve some re duction in England, and likewise some increase in Scot land, is a great object of fiscal policy, irrespective of the immediate needs of the Exchequer. That being so, we propose to repeat the increase of ls. a g allon, and in place of 4s. Bd., as the duty now stands, it will stand, if the committee approve the plan of the Government, at ss. Bd. per gallon. (Hear.) With respect to Ireland, the suc cess of the measure last year was most complete. There there was apprehension of smuggling; but, so far from calling smuggliag into existence, or giving increased ac tivity to smuggling, by the augmentation of duty, that augmentation of duty did not throw back the consump tion—did not prevent the increase of consumption. The increased duty was Bd. a gallon, and I estimated the amount of increased revenue at 198,0001., whereas it actu ally yielded 213,000/. (Cheers.) We propose to apply the same modicum of increase of Bd. per gallon this year as last, to the duty on spirits in Ireland. Allow ing for the reduction of consumption, 250,000 gallons in Ireland, and in Scotland 380,000 gallons, the result of these measures will be a gain of 450,000/. to the Exchequer. (Cheers.) In the statement of the 6th March, I adverted to a subject—a very knotty and vexed one—which for a long series of years has been among the standing problems of Chancellors of the Exchequer and Secretaries of the Treasury—namely, that which relates to the question of refining sugar in bond. It is a matter very full of difficul ties, and I gave a promise in the month of March that after Easter the intentions of the Government on that subject should be announced. The committee are aware of the grievance. It is unnecessary to dwell upon it in detail. It is a grievance which arises from equal duty and equal drawback on many qualities of sugar, which are very une qual iu their yield of refined sugar, and which, when the drawback is received, are subject to very different fiscal conditions. It is absolutely necessary to make some ar rangement. We might ask Parliament to enact that all refining of sugar shall be in bond. But we are reluctant to make a proposal, which will imply restriction and pre vent the expansion of industry and enterprise, by the ap plication of fetters objectionable in character. It would create, in fact, a new sort of excise. Another project is to allow nothing but open refining. But here we do not escape the difficulty with regard to refining for export, and we should likewise be withdrawing a privilege long ago granted and enjoyed under the existing law. There is an other plan, allowing parties at their own option either to refine in bond or to refine a duty paid article. The objec tion to that is, that it would cause very considerable loss to the revenue. Upon the whole, therefore, the Govern ment have been brought to the conclusion, that the best plan for them to adopt was a plan of qualification of not ios e , sugars,a. the introduction, that is to say, with reference to s i p ' p s_ i eg i e :r to s , foreign the e igodistinction The of su g arqualities w h i e a h - h i i s c h of a a t q presentuslitquality 'l ir:tide under br o wnt h quality o r t pe subject ys u i t . s o . a & d l . 1: duty and,of if Of the quality while it it pays 13s. 4d. per cwt. ; but of brown olaye, it pays 12s. when under the quality clayed, H s . if antler er s. if under the quality of white of refined. Up on ther s n t is i d , and 17s. 4d. if of the quality of July nex t th e dui) , is to be altered, and, as th e la spective of origin, being n wnow stands, all sugars, irre after the sth of July 114:t equ al l to white clayed, would per cwt. The grievance of tlejeeceiner would then come t to a duty of 10 s. fully into consideration, and we there is much in that griev ance , aelett committee it ought to be nanaittee will see ound to sa Y t h a t m et by some attempt at relief. Th e that the readjustment of the sugar duties w the Government , and at th e same time it was s fch-ced u p on i f o r us to make a sacrifice in the r e venue. But irossible to lower the sug ar duties u p on a certain cla ss , tha t migh t were lead to a loss in the revenue, and we should be a g ain n to raise the d uties. In point of fact, in seine way or oth ere the duty must be raised, and there is another considera tion which has induced the Government to make the pro an article on which we can ask posa—that this is _ l to . fo r an increase most favourab e - I the Treasur without addin to the price pa id by the consumer. me y an the price a c tually paid by the consumer at the present time, not the price he would have to pay, wapposiug that the alterations in the year 1858, for 2,000,000 1 . to be liquidated in the year 1859, and for 2,000,000/. to be liquidated in the year 1860. Now, of these bonds only a limited portion was to be taken. On the 2d of May, when the tenders were sent in, it appeared that the sum of 1,370,0001. was the whole amount for which tenders was given. There was no quarrel or question at all as to the rate of interest, because the sealed price fixed for the first class of bonds at 981. 155., and out of the whole amount of tenders sent in four fifths, or 1,113,0001., was either at the sealed price, or within a very-.small fraction of it. But tenders were not sent in. The list has been kept open since that time, and at present I believe, though I cannot state it with perfect minute ness, the state of the case is, that bonds A have been taken except a very small amount, and no appreciation has been taken upon bonds C and D. At present the position of the matter is this, that a trifle below 2,000,0001. upon bonds A only has been tendered for. It may fairly be asked, what is the cause of these Exchequer-bonds not having been taken ? It was not that they were at a rate of interest that was too low, because the capitalists of the country are certainly accustomed to lend money at low rates of interest ; but the cause of the failure is a cause that may be mentioned without the slightest scruple, without the slightest doubt, and without the smallest re proach to anybody. The practice obtaining in former wars has been, not to make any effort to meet even the first charges from the annual resources of the country, but it has been to borrow largely on stocks, and the fortunes made on those stocks have been so gigantic that the open ing of a war is not less distinguished for the opportunities it affords to contractors than for theopportunities it affords to heroes. I should certainly be surprised if we were not anxious to avoid the policy o f Mr. Pitt in 1793, and adhere rather to the wiser policy he attempted to pursue at a later period—a policy which would not lead to the creation of enormous amounts of stock, entailing upon posterity many millions, many tens of millions—ay, some hundreds of millions of debt—ever to be liquidated in hard money, but which originally figured as mere ciphers of stock. That that policy is not to be pus sued cannot be expected to be a popular announcement ; and of course, so long as the policy might rest on the mere will of the Chancellor of the Exchequer and the First Lord of the Treasury, it is not to be expected that the power would be despised. But in my opinion, it does not rest with the executive Govern ment what is the policy to be pursued. It rests rather with this house. The Government ask this house, what is its view ? and when this house, by its intelligible vote upon the proposals of Government, has indicated its opi nion on the policy to be pursued, and the house has taken and made its choice between the two courses—the one to raise loans at once, the other to make a reasonable effort first of all from the annual resources of the country, when the house by its intelligible vote has declared its view upon that subject, it would no longer be the Chancellor of the Exchequer or his proposal, but what the house proposes, that should take effect. The proposal we now make is in 'conformity with our proposal as to taxes. It is to this effect—to give us interim funds, and to give us a command of cash which would afford.us that margin in the expendi ture which we ought to have. We propose to confirm the contracts entered into with respect to bonds A, and to issue, at the discretion of the Lords of the Treasury, a second series of bonds for another 2,000,0001. either now or at a future day. We also propose to take power to issue 2,000,0001. of Exchequer-bills, and as many more Exchequer-bills as shall not be taken off the 4,000,0301. bonds. At first sight this would appear to give us a command of 6,000,000/, of money. It does not, how ever, give us quite so much, because a sum amount ing to some hundred thousand pounds-500,0001., to my certain knowledge--of the tenders sent in, has been an exchange of Exchequer-bills, and is uot, therefore, an effec tive addition to cash. The effective addition to cash is 5,500,0001., and that may be made applicable to Cervices approved by Parliament or to the liquidation of public securities. Perhaps it may be agreeable to the committee that I should hero state to them, in a few words, what is not a financial estimate nor a tax estimate, but a cash esti mate—an estimate of the cash which will be at command between April the sth, 1854, and April the sth, 1855. I will first of all take the charges we have to make. The expenditure for which you provided on the 6th of March, was 56,189.000/. ; the new estimates amount to 6,000,0001. and there will be a sum of 850,0001., in addition to the vote of credit, making a total estimated demand for cash of 63,039,0001. Th e revenue estimated on the 6th of March, for 18M-55, was 53,349,(00/., and the income tax then granted of 3,307,0001., raises Ato 56,656,300/. You then voted 1,750,0001. Exchequer Bills (of which 1,250,0001. are already issued), raising the revenue to 58,406,0001. Out of the new taxes you are now asked to vote, we expect to get, before the sth of April,lBss, 2,840,000 1 •, and the Exchequer Bonds and Exchequer Bills now asked for amount to 5,500,00 1 1. Adding these two items, which amount to 8,340,0001., to the sum of 53,406,000 1 ., you have a total provision of 66,746,0001., x with a probable amount to charge of 63,039,0001. The margin taken, therefore, will amount to 3,707,0001., or, to be secure, say, 3,500,0001. I need not state that what I am now speaking of is entirely distinct from surplus income. lam asking for the means of creating cash to be available for necessary purposes that may be hereafter required. I have now stated the bulk of our proposals, and I want further to acquaint the commit tee with the order in which I propose to take them. I propose to ask the committee to do upon the present occa sion that which, without any prejudice to the vote or view of any individual member of this house, has been done on all former occasions—namely, to grant to us, with respect to the taxes upon consumption, the formal sanction of the resolution in committee, so as to enable us to raise the charge on goods and thereby prevent evasion of the duty. I have said that this has been done upon all former occa sions ; but I ought, with some reproach to myself, to ex empt the case of the Irish spirit duty in the budget of last year, for in the multitude of subjects with which I had to deal, I omitted to make the application, and a day's delay was the consequence. I don't think, under the circum stances, that any harm was done ; for, in point of fact, the revenue officers, anticipating that the usual course would be followed, had already proceeded to raise the charge upon the various commodities. (Laughter.) That, however, is a house I should not like to trust to on all occasions, and, as the question involved is a question of a good many hundred thousand pounds, I am sure the com mittee will approve of our taking the usual course of re questing a vote upon those portions of taxation which affect consumable articles. In that case it will be my duty to ask for an immediate vote—but without the slightest prejudice to the future discussion of the subject—upon the Excise duty on spirits, the Excise duty on malt, the Excise duty on sugar, the Customs' duty on sugar, and the Cus toms' duty on spirits, and likewise on Exchequer bonds so far as relates to the completion of contracts. With regard to practice, it has been the uniform practice for the house immediately to pronounce its opinion. What I have now stated is the plan of the Government ; but at the same time the Government are told that they are deeply censur able—and apparently, in the opinion of some, disqualified from proposing a plan on such a subject by misconduct im puted not so much to them, as to myself individually. The charges which have relation to myself are charges in regard to the management of the balances at the bankers', and in regard to the management of the cash credit ; and they do not connect themselves with the permanent admi nistration of finance. But we are also deeply charged as respects the permanent administration of finance, for we told that we have made a wanton sacrifice of great por tions of the public revenue, and have, in consequence, de prived the country of resources of which it ought to have been in possession at the commencement of the war, and this, too, when although Parliament was not aware that a war was about to take place, yet the Government must have been aware that it was inevitable. (" Hear, hear," from the Opposition benches.) Perhaps those cheers are an affirmation to the charge. At any rate, the charge has been made, though it has been certainly made in inconsis tent terms, and I am curious to see what kind of effort will be made to piece them together in the course of dis cussion. While the right hon. baronet the member for Droitwich (Sir J. Pakington) asserts in the strongest terms that the war could not have been avoided, his right hon. friend the member for Buckinghamshire (Mr. Disraeli) asserts that nothing would have been ?osier than to have avoided it, and that, in point of fact, if it had not been for one single man the Government could not have helped avoiding it. (Laughter and cheers.) With respect to the charge which has been brought against the Government, it amounts to neither more nor less than this—that we be lieved an European Sovereign would act in conformity with his pledges, and in conformity with his interests, and that he has placed himself in a position which we are equally at a loss to reconcile with his pledges or his in terests. (Cheers.) He has placed himself in a position where he sees the whole moral strength of Europe, are, , an d i n a f ew ( lays, nearly the whole physical stroigth of Euro arr ayed against him. It is not necessary for Ili 0 to en ter into the question of what GoverlThient might hand foreseen on the subject, but I do mean to teach upon the absurd measures c of last year ouharge bg thriernmett, that by the ndered the public revenue. Never was anything more grossly wide of the trilt ll. r h t t he a y g li a n in rre st, (Cheers.) Now, -what was the case when We cattle into office? Did we find the public revenue iii shell tt Stott that it 'was o pen to us to let it alone if Oii3 ill.Ahttdet : (Cheers.) What was the cenallon Of the income tax at that moment ? From mat to year it was the subject of discussion whethet Its should be continued or not. (Cheers from the Ministerial benches.) In the opinion of Mr. Pitt it was impracticable to reconstruct it so tax to =ire it sa tisfactory ; Sir Robert Peel found it impossible; and the opinion of the Chancellor of the Exchequer Mint Sir Robert Peel was , that it Was utterly Visionary to !attempt it. Indeed, the opinion obtained such cur rency, that the renewal of the income tax, upon the condition of reconstructing, or, as it was then called, " dif ferentiating" it, was fOund impossible. (Cheers.) Ntaa that true or not? How has the right hen. gentleraa n oppo site dealt with the subject ? The right hon. gentleman found it consistent with his duty to himself and to the country to offer to settle it Without having formed any plan upon it. He promised to do that which Mr. Pitt could not do, which Sir Robert Foal could not do, and which even he himself did net know how to do. (Laughter and cheers.) . He tola na be proposed to fix the rate flu Schedule A at 7c1. 1 On Schedule C at 7d., on Schedules D and Eat li/d n but when my right MIL Mend the First Lord of the Admiralty (Sir James (4raham) and the right lion- member for Portsmouth (Sir F. Baring) showed the intolerable absurdities the right bol . ritleman must corn. mit in redeeming that Ploar, the right hon. gentleman said he had not h&c' time to look at the schedules. (Laugh ter.) The Mehning of that was, that he had not had tithe to forth a plan, or to aseerain if that *ea lily t ticabld Which Pitt and Sir R. Peel round inipraetidame, but which the right hon. fienti ll enisik prOutigiba, nevertheless, to perform. (Continued intg . ter.) This was the great fact that confronted tl.4—the income tax was dead and gOttO when one financial statement was made > and, so far from a %mins, we had a deficiency_of 4,100,000 t. With regard to the income tax, the renewal of that tax Was A matter of form. It will well be remembered that the wish and intention of a large majority of the house was, that we should not renew the income tax except on Condition Of reconstructing it. We, from the Ve r y first day we entered office, set ourselves to the Most serious consideration of the subject; we tlbtained every aid in our power, we discussed it again and again we turned it over and over, placed it in every posssible light in which it could be placed before the house, and at length we (same to that conclusion to which Mr. Pitt and Sir Robert Peel had come—the conclusionwas that it was impossible to reconstruct the income-tax scsos to frame a measure:which Parliament might injustice, or even in decency, pass ; and I see now before me an hon. member who, having been of an opposite opinion, stated in this house, that after the examination the subject had received he could not settle finally in that opinion. But then we said we distinguished between the feelings which led to the desire for the recon struction of the income tax and the practicability of the particular form upon which that feeling was based ; we said, what you feel is this—that property pays too little and intelligence pays too much ' • we have inquired into the nature of the income tax, and we find we cannot redress you through tho income tax, but we will find and we found that other mode of redress in, the succession tax—(Minis terial cheers)—and yet when, re came to give that redress, to remove the unequal burden upon intelligence, and to put a little more upon property, instead of being rewarded for our pains, we incurred bitter opposition from the right hon. gentleman—no, I beg the right hon. gentleman's par don for the wer4—we bleared not the bitter opposition, but we incurred the stout and strenuous opposition of the ; sible to keep it down altogether, even by these aids. Sub- ' therefore, appeal to the authority of the Chancellor of the right hon. gentleman. For the last month a great deal has sequently, in 1803, the revenue got up to 38,600,000/., Exchequer. He kuew of no authority by which the Chan been said about the financesof 1853, and any one who knew , and in 1805, the last year of Mr. Pitt's life, the revenue of cellor of the Exchequer could raise a loan without coming nothing of the proceedings of Parliament in 1853, or listened , this country amounted to no less than 50,900,000/. a to th athouse. He agreed with the right hon. gentleman (Mr. only to the statements of those hon. gentlemen, might sup- further increase of 12,300,000/. with a view to the exns Disraeli), that it would be better not to go into discussion pace we were passing in discussion the whole of that time of the war. In 1806 the Marquis of Lansdowne vas Chan now, for he thought a better mode of raising money might nothing kut minor stock. They forget the 40 divisions and ocher of the Exchequer, the full income tax was put on be suggested than that which had been adopted —namely, the 20 or 30 nights during which we w ere p ersuading the and raised the revenue from 50,900,000/. in 1805. to a loan raised without the knowle d g e or authorit y of Par house to effect great financial reforms opposed by the right 59,300,0001. in 1807, being an increase of 8,400,000 1 . From liaanent. C. WOOD — (Hear.) The universal practice was for a Chan hon. gentleman upon the opposite sid e. (Hear, hear.) We 1806 to 1816 the revenue was never below 60,000,001.,5ir were persuading the house to reform the income tax, to and for some time past it has been no less than 70,000,000/. cellor of the Exchequer to make a loan, and then to come convert it .from that state of weakness, from that Such was the idea that England, Ireland, and Scotland to Parliament for its sanction. The practice was an inva state of discredit, from that state of danger to the entertained as to the efforts they ought to make from their riable one, and therefore in perfect conformity with the public into which it had fallen, into a powerful engine of own resources for the purpose of meeting the expenditure precedents of former times. When I held the post of Chan finance, and to place it again in that position in which stance they thought should be necessary. One s ingle in- caller of the Exchequer, I raised a small loan in 1847 that alone it ought to be if we should have it at all—in a condi- of this has been shown by Mr. M'Culloch, who way. It is the usual custom for the First Lord of the tion to be available for the purposes of war as well place f points out the fact that the whole real accumulation of Treasury to enter into arraneement with parties for a loan peaca—(cheers)—and by your aid we were enabled to p our debt has been owing to the arrears of the early part of su bject to the approval of farliaments. (Hear, hear). It it in that position, and so to deal with it that it might the war-1806. This is most important—that b e tween w as quite wrone to say that it was neee9sary the sanction prove competent to bear the pressure of the amplification 1806 and the year 1816, such were the noble and wonderful of Parliament should first be given to a Lon. now proposed. We were enabled, by your aid, tu pass the efforts of the country to do its duty that the sum raised The CHANCELLOR of the EXCHISQLTER—the ques succession duty—a measure most difficult in its details, al- was amply sufficient to put the expenditure of the civil tion was one as to sanctioning a contract ot: the part of though most moderate in its provisions—a measure formed government of the country and the whele outlay required Government ; with regard to the practice, he present undoubtedly upon the principle of abating the extreme by the war in this great and glorious year and the interest course is strictly analogous to previous proceed;ngs. By claims upon all sides, but, at the same time, a measure the of the debt in the same condition as the debt stood before the First Lord of the Treasury a contract has been entered passing of which Ido not hesitate to say, while it adds 1793 ; but the accumulation which came between 1793 into and it is brought to Parliament to adopt or reject it. enormously to the stability and permanency of your and 1806 they were never able to overtake—so much of the Parliament are free to reject the contract if they think fit, finances, adds no less to your political stability. (Hear.) accumulation was still going on. (Cheers.) That was the but the invariable practi ce allows sucs soap duties was abolished, the reformation of the stamp that posterity the idea they had of their duty to their country main in suspense, but they come to a vote at once when duties, admirably begun by my right hon. friend many and p. Now, in those days when the Duke of the question is before them. The only deviation from the, years before, was continued, the assessed taxes were recoil- Wellington was covering the British name with fresh usual practice is this, chequ that, er whereas it was the to make the con tr p a a c r t ct known ice for structed and reduced from complexity and anotnally and glory , —in t hose da y s y our fathers thought they injustice to a system. By your aid and your generous con- fighting for the advantage of posterity ; and yet for the first time when they laid the matter before Perlis fidence, and equally to the approval of the community at you see the efforts they made to meet those mont, I circulated the resolution in the course of the day, large, these things were done, and now, when we have expenses. I ask you, are you worthy descendants of and hon. members have had time to consider it fully before come to a time of war, it is said the conversion of minor those who did these great acts ? If 80, you can honour the 'they vote upon it. The practice of Parliament ought not, stocks, forsooth, was the employment of 1853 ;s a d more, man who came forward to the latest day of his life to im- I think, to be lightly altered. The house may discuss the these measures of last year are referred to as the bandon- prove the financial position of the country ? What is our question, and may censure the minister if they think fit, meat of income. No, sir, he who abandons the income of case thee are now enjoying the fruits of 40 years' peace, b u t the practice has always been to adopt or reject the eon the country is the man who promises to carry into effect and reduction of our burdens to a marvellous extent. tract at once. impracticable measures, without ever c o nsidering the ways whato w come to make these demands upon you to show Mr. HUME—What he understood to be the practice and means by which such measures are to be carried out. you are, and to try what metal you are made of. was that the Chancellor of the Exchequer made a contract, (Cheers.) On the contrary, we say we induced you, and We don't ask you—God forbid that !—to enter into dd not receive money till allowed to do so by P.a.rlia you readily followed us in our earnest efforts to effect any engagement to bind yourselves by any abstract re- ment. In this case money had been received, and his ph the changes, and you left the finance of the country in a solution, but I ask you to take the steps put before you jections was that the house had never till now heard that condition—on the eve of war, at the very threshold of a and give us the means of carrying on a just and neces- any payment had been made. The former practice was by great struggle—so satisfactory, that the surplus on the sorry war, which has been f o rced on us, by adding to the tender, and when a person was accepted, the fact was an revenue of the year, after all these improvident operations, the taxation of the country a sum of 10,000,0001., and we nounced in the presence of the parties. He understood amounted to no less than 3,500,000/. (Cheers.) Well, sir, say that it is not an unreasonable effort to make. We no such course had been adopted in the present instance. that was the conduct of the Government; and, now, what have laid our policy before you, and defended our- Parties knew nothing as to the tender—the public knew other matters are there for me to show? Shall we be told selves against the charges and the imputations thrown out, nothine about the tender. He was sure no instance had that the burdens and charges you have agreed to lay upon and we say it is not unreasonable for you to go to 1798. occurred where money was taken without first coming to the country are burdens and charges which ought to be met Can you not do now what Mr. Pitt aud the Englishmen of that house since he had been in Parliament. Whenever by a loan ? Surely, if I may venture to speculate upon the that day did then, when the population of the country established rules were departed from they were sure to go conduct of the committee, I think, on the whole, it will be was n wh e nlf so great as in the present day ? Their wrong. felt that if wo are to proceed by a general adjustment and ports not one-quarter of the imports of the present The CHANCELLOR of the EXCHEQUER moved the distribution of the taxes recommended, painful as the day ; their exports and their trade were not one-third of first resolution. operation may be, that general adjustment is not an unfair . the exports ot the present day, for where they had an ex- Mr. HUME wished to know what the tender was? one. We have called upon the wealthy and the compare.- port of 33,0a0 0001. you have now an export of 98,000,0 1 0/. Mr. DISRAELI—The precedent quoted did not apply tively wealthy to pay two-thirds; we have divided the Such is the indomitable vigour, and such the wonderful to this case. In 1847 no deposit was made until the sane other third between the entire community, and we have elasticity of our trade that, even under the disadvantage tion of Parliament to the loan had been given. (Hear.) chosen those articles upon which taxation would appear to of a bad harvest and under the pressure of war, the im- Sir a deposit at ct. revenue to be raised. (Ministerial cheers.) I don't think are increasing, and the very last within l on the table Mr. DISRAELI had noticed the point, but his main on the detail of these taxes it will be Possible to induce within 48 hours show that within the last three objection did not rest upon it. There was no identity or the committee to entertain much doubt; but there may months of the year there. is 250,0031. increase in your analogy in raising money by loan and the case before theme be those who think with those gentlemen associated with exports. This is your position, and these are the circums By this resolution the right hon. gentleman not only raised what is called the moneyocracy out of the house. Gentle. stances under which we wish to appeal to you in the hope a loan, but he fixed a day for its repayment. The right men in the house will perform their duty to the people that you will consider that appeal just and reasonable. We hon. gentleman came forward and proposed taxes for the and the Government by considering the public policy; still leave it in your hands with confidence, believing that the purpose of repayment; therefore, if the house was called there are those who will talk of the inconvenience of a tax, Parliament and the people of this country will, without upon to sanction the resolution at that moment, the whole or of its unpopularity, raising a cry which has always been hesitation, pursue that course which their duty may de- scheme must be gone into. The principle of raising money raised with respect to questions betwe e n this and that tax, mend. (The right hon. gentleman resumed his seat, after by loan and fixing a day for repayment was an extremely and objections that can be raised agaist all taxes, and I Navin;spoken for three hours and a half, amid the cheers daneerous one, and he thought the house ought not to do not doubt there are gentlemen here as well as elsewhere of tho ' house.) sanction it. Therefore ho must say he should feel it to who will say—" Abandon altogether these financiering The resolutions, in conformity with the right hon. glen- be his duty to prevent ' the house from coming to a vote notions, and let us fall back upon the comfortable expedi- tleinan's speech, were then read by the Chairman. by proposing some amendment which would virtually ask ent of a loan." I bog the committee will recollect that if Mr. DISRAELI said that ho could not consent to the the house to suspend the resolution until they had the there is any one man in this country who beyond every passing of the resolution without a more distinct arrange- whole scheme before them. other, except perhaps a capitalist—if them is an y one ma n ment than any that had apparently been made for the dis- The CHANCELLOR of the EXCHEQUER—As to the in the country who as regards his feelings of personal com - cussion of the general question They had had to-night a question of any deviation from former practices, there was fort, and who beyond every other has an interest in recom- very large proposition made by the Minister, involving to a a difficulty in ascertaining what the former practice was. mending recourse to a loan, it is the individual who has the considerable extent the annual taxation of the country, Strange as it might seem there was no record precedent honour of filling the high and important office of Chancellor and indeed, of taxation, of more than an annual charac- for the guidance of Government—memory was depended of the Exchequer. (Hear.) That office is an office which any ter. They had also a plan of what had been called interim upon for the details, which were to be collected as best ' man may be thankful to hold at a time when his occu- finance, which, in his opinion, required to be carefully they could. No doubt his right hon. friend was right in patiou is to deal with those timely resources which wise le - c onsidered. In ever y instance in which a great scheme of saying that the usual practice was to open tenders in the , gislation has given to bill?, and to distribute what may well taxation had been brought forward, a fair opportunity presence of the parties themselves. On the present occa- L be called the bounty of the Legislature, because it results had alwa y s been given. or the country to consider it. It s ion the tenders were to be as low as 1,000/ , and on ac from the wisdom of Parliament, among the various classes was most unreasonable, after the statement from the Chan- count of the number of tenders it would e . been incon , of the community in the remission of charges; but that cellor of the Exchequer of several hours, that the House venient to have all the parties present. The terms of he , happy course is woefully changed when there comes on a of Conie - els should be called on to give any decision either contract sent out to the world were according to usage ; period of war. It is not only a losing office, but a misera- one way or the other on the measures submitted to them. the only change was that instead of the tenders being • bits and wretched office to be constantly engaged in invent- He wished, therefore, that the Government would fix a opened in the presence of the governor and deputy-gover ing the means of carrying on war, and of drawing fresh day for taking the scheme into consideraaion. nor of the Bank of England and the party, they were taxes from the pockets of the people ; every good motive, The CHANCELLOR o f th e EXCHEQUER said that opened in the presence of the Bank authorities only, and and every bad motive combatted only by the desire of the the un iform course a lways had been to press at once any the result was made known to the parties who tendered approval of honourable men, and by conscientious recti- resolution relating to the duty on articles of consumption. the following morning. There was no dispo sition on his tude—every motive of ease, of comfort , and of certaint y , That had always been the case with one exception last part to take the control of these matters out of the hands sprit) , forward in his mind, to induce a Chancellor of the session, the result of a blunder of his own. If that course of Parliament. Government were r e s p onsible for what Exchequer to become the first man to recommend a loan. were not taken the entire duty would be lost. That rule they tendered to the house, and the house were not bound (Hear, hear.) What was it that conferred upon Pitt the bad always been acted on, but with the understanding by what Ministers (lid. Parties tendered on their own ' title of the Heaven-born Minister ? Was not that name that every member remained unpleclgecl to the proposal risk, and as it had always been the practice for the house invented a little further east? It may not be difficult before them. He spoke in the presence of several mem t o give judgment of such contracts on the moment, he was to trace it, and my honourable friend's historical researches hers of great experience on this point, and they could cor- convinced the house would not deviate from a salutary might identify its origin I always understood that rect him if he was wrong. practice. name came from the city of London, and came from the Mr. DISRAELI thought that the right hon. gentle- Mr. T. BARING did not think the right hon. gentleman city of London at the time when Pitt embarked this coun- man had evaded the question. There might not be any would be damaged by teking the sense of the house on the try in the miserable policy of meeting the first expendi- doubt as to the rule in such cases, and he should not have question ;on the contrary, the discussion would very much turd of a revolutionary war by loan, loan, loan. (Cheers i isen if the hon. gentleman had acemnpanied his request facilitate the conclusion. The right hon. gentleman had. This is so important that, notwithstanding the demand by fixine a day for the discussion of the subject. referred to France, the Government of which had raised. which I have already made upon your time, I must ask The thIANCELLOR o f the EXCHEQUER said that money by public snbscription ; but it must be recollected you—and it is the last request which I shall make to-night his noble friend would fix a day for the discussion. that the principle was first sanctioned by legislative autho -to go back with me f or a littl e t o th e p er i o d o f that Lord J. RUSSELL said that he would fix that day week rity, nod then submitted to the wiltic ; but in , this case revolutionary war. On a former occasion I referred to (Monday next) for the discussion. the right hon. gentlemen submitt it to the public, and then the dicta of political economists, and I referred to the Mr. DISRAELI said, that of course the resolutions came to Parliament for its sanction. In the first instance, moral considerations which seemed to recommend and ran- would be printed. the experiment was successful, in the last it was the re der expedient some efforts to meet the first expenses of the Lord J. RUSSELL answered in the affirmative. verse. He presumed the right hon. gentleman did not war hY means of taxes ; but there is something that i s Mr. T. BARING said that the proposal of the Chancellor mean to issue immediately more bonds than would cover stronger than mere moral speculations, or even the philo- of the Exchequer, to the effect that the equalisation of the the deposit, sophic calculations of experimentalists ; and that something s p irit duties should come into operation to-morrow (this The CHANCELLOR of the EXCHEQUER would, at a nring th e resolutions before the committee. is to be found in the warnings of history. In a ft er the records day), was incon sistent with the agreement which had been future day, which it has left to you, you will not make an attempt, at u p on a former occasion entered into—namely, that that Mr. HILIYITARD askedsped the this house to consider w was a formal votehat they which least for a reasonable time and within reasonable limits , to equalisation should not take place until the sth July. The were about. It was , ouse to anything, and that the house avoid a repetition of similar errors, you are not worthy of o p eration of the resolution of the right hon. gentleman did not pledge the in bound to accede to the terms which • the people you represent. (Cheers.) Here, Sir, is the would be that colonial sugars should pay to-morrow 11.5., were not, by the vote, i war budget of 1792. Mr. Pitt proposed having an excess whether it was British or foreign produce. The right hon. had been contracted for. But this was not a formal vote. pasik -d, the house would be concluded of charge over ways and means of 4,soo,ooA—that is, gentleman proposed to raise the duty upon colonial sugar He was satisfied, if it ouse to come to a decision on short a consideration of it ,e. short delay—say a week i taking the income of the country, and taking the charge ls., while he meant to reduce the duty on foreign sugar by by it ; and if so, were the Is • i connected with the first operations of the war. [Mr. Die- the same amount. He hoped the right hon. gentleman such an important matter on se' • raoli here made some observations across the table which would not persist in pressing that resolution. No one would be prejudiced by were inaudible in the ga llery.] I re fer to Mr. Pitt with The CHANCELLOR of the EXCHEQUER admitted —for the interest would be runnines on, and parties would • profound respect, but these are errors, and he had great that there was some force in the observations of the hon. take it from this data. If no one else came forward he errors. For myself, I feel entitled to look upon him with member. At the same time he must observe that in taking should take the sense of the house on the question of de veneration oretherwise, as I choose to consider, but I the course which he had proposed for the adoption of the ferring the resolution. • happen to have great veneration f or N I% Pitt, as I will house, he was oc te t s in strict accordance with precedent. Lord J. RUSSELL said the question was, whether the show the right hon. gentlem a n by an d by, and I hope he Mr. HUME enined some doubt whether the house house would depart from established precedent. What he . will then join me in imitating Mr. Pitt's policy; but I was not, in consequence of the act which had been passed proposed was, that the resolution shall be reported at half ,am speaking of M r , Pitt's errors a t th e co mmencement of to the effect that the equalisation of the duty upon sugar past four o'clock to-morrow (this day), and that the Chan . tho war in 1793. H e h ear d, no d ou bt, a ll th o se i t is was not to take place until July, precluded from effecting cellor of the Exchequer should afterwards introduce a bill, likeswe now hear in great abundance, such as, "Oh, it is any alteration in that duty until that time had arrived. which would be considered by the house on Monday, in all for the benefit o f p os t er ity, an d w hy s hould not poste- Mr. E. BALL was of opinion that the house ought to conjunction with the rest of the financial measures of the rity pay for it?" He made a charge of 4,500,0001., not by pause before any resolution which proposed a considerable • Government. attempting to fill his Exchequer with the proceeds of increase in the malt tax should be adopted. The right hon. Mr. DISRAELI thought that proposal a reasonable one, taxes, but by sending into the city and asking for a loan gentleman, in bringing forward that resolution, was acting and he was prepared to assent to it. of 6,000,0001. Well, he very easily accomplished his most unkindly towards the agricultural classes ; and if he The resolution was then agreed to pro forma, and the desire. There was no unpopularity; quite the contrar y . (Mr. Ball) were at all supported by the house, he should house resumed . Great skill—much praise, great effect, everybody well resist the proposition of the right hon. gentleman. The Militia Bill and the Exchequer Bills (16,024,1001.) satisfied. Admirable financier ! (Loud cheers.) Why, I The CHANCELLOR of the EXCHEQUER thought Bill, as amended, were severally considered. must be as blind as a mole not to see that my personal the best mode of meeting the views of hon. members oppo- The report of supply was brought up and agreed to. interest would lie, and the interest of Government would site with respect to the equalisation of the duties upon The County Court Extension Act Amendment Bill and have lain in my efforts by this means to get the wheel out sugar would be to move an addition of 15 per cent. to the the Boundary Survey (Ireland) Bill were read each a third of the rut ; but to get the wheel into the rut is a process present duty, to be raised upon both foreign and colonial time and passed. of much greater simplicity. He proposed a loan of sugar until July. The resolution before the house might In reply to a question from Colonel BLAIR, 6,000,0001. to be added to the sinking fund at an interest then be brought into operation. Lord J. RUSSELL said he proposed to make the further of 4 per cent., amounting to 240,0001. ; and, in order to Mr. HUME had some doubt whether the house, if it consideration of the Scotch Education Bill the first order meet that, he imposed new taxes to the amount of 287,000/• were to assent to that course, would not be guilty of a of the day for Friday next. CROWN FORESTS. That was the first year of his calculation with re s p ect to breach of faith. the war, and for the first year you may perhaps say it was Mr. VANCE believed that if the right hon. gentlemanDRUMMOND moved for a select committee to of no great moment. mr. Pitt thought he would get that the Chancellor of the Exchequer were to raise the duty inquire into the present management and condition of the loan at 4 per cent., but he did not get the 4,500,000/. for upon Irish spirits beyond its be-thersent amount, illicit distil- Crown forests in England, with a view of ascertaining the less than 4/. 3s. 4d. What was the second step in 1794 ? lation must to a great extent He then borrowed 11,000,0001., and paid 4/. 10s. 9d. per Mr. BENTINCK wished to say a few words in support it would be for the public interest that some of the smaller cent. ;in 1795 he borrowed 18,000,000 e, and paid 41. 15s. of the view which had been taken by wi s h ho n. friend the forests s hould be sold as being unfit for the growth of Bd. per cent. ; in 1796 he borrowed 25,500,0001., at 41. 13s. member for Cambridge (Mr. E. Ball), with reference to the timber for her Majesty's navy. sd. ;in 1797 he borrowed .32,50),001., at 5/ 14s. 10d. per proposal of the Chancellor of the Exchequer in relation to Mr. HU that iME f -hose s lands wepr his apreosold, val of they w the m ould realise otion. He cent. Only observe the e ffect of the policy that was the malt tax. A more unjust, or a more monstrous prop b elieo-believed Heaven-born. I n 1798 h e borrowed 17,000,0001., at 61. 45. sition never had, in his opinion, been made to the house , a sum sufficient to meet all the expenses of the Crown. 9(1. per cent., and, s u c h were t he evil sources to which he He should not, upon that occasion, go into the details of He (Mr. Hume) hoped, therefore, the hon. gentleman went, that for that 17,030,000/. alone he added 34,00:),0001, the question. He could not, however, refrain from allud- would proceed with his motion for a committee. to the capital of the national debt, and for the operations ing to the observations which had fallen from the right The motion was agreed to. of those six years, unsuccessful and inefficient for the pur- hon. gentleman with respect to clan justice of the proposi- MANNING AND PAYING THE . NAVY. pose of war, he added, in hard money, 108,500,0001., and, tion which provided that all ses of the community Sir J. GRAHAM moved for leave to bring in a bill for in point of fact, he added nearly 200,000,000 1 . to the capi- should bear their fair share of the expenses of a war fad of the country. (Hear, hear.) My wish is to lay it which had been undertaken for the benefit of the country the encouragement of seamen, and the more effectual manning of cor Majesty's navy during the present war. open before you, and it is for you to decide whether yen at large. It was scarcely consistent, in his opinion, with will adopt similar minelplee. I said that I had veneration the spirit of those observations that one class, and that a Also a bill for facilitating the payment of her Majesty's foe Mr. Pitt's nleasilre4, stud I Will now; show you what he class which had not been particularly favoured by legisla- navy, and the payment and distribution of prize, bounty, did when he became sensible of his Offdld, o ne saw ruin tion of late years, should be called upon to pay 2,450,000/. salvage, and other moneys, to and amongst the officers and growing on the country; he saw the absorption Of ite re- out of 6,800,0001. of taxation. crews of her Majesty's ships and vessels of war, and for the sontens i and he detail - ratted to make a gallant effort to rns Mr. W. WILLIAMS gave notice that he should move, better regulation of the accounts relating thereto. The trievo himself. In 1797 he blade Ni. first effort. He pro- either as an amendment or as a resolution in committee, first bill was a prize bill, similar to all former prize bills, with the exception that it made the scale more favourable posed to raise 7,9C19 POOL by assessed Wes. That plan the following proposition :—" That the duty upon suttee- to the common sailors. It would, of course, end with the broke doetri -other pl i aais, it s e erns i brents doyen oCeneionally sleet to real property shall be paid six months, instead of besides those of the present Clay—tiiFit tier/ b'ro'ke doss'o, 004 four years and a half, after tho succession, as provided by war. The second was proposed to be of a permanent cha ho only got 4,000,0001. N o t daunted by 'rat Nib:ties he ea:Me the act of last session ; that the same amount of property ratter. forward and proposed to raise 10,000,0001., and keen that , tax shall be paid upon succession to real property as is now After a few . words from Mr. Deedes, Sir J. Pechell, tinie foreeard his whole course was one series of continued paid rfpon personal property ; likewise, that a duty shall Mr. Otway, Sir G. Tyler, and Captain &obeli, , iont donSittlsive efrorts to redo - e'er himself, to extricate his be inseposed upon corporate and ecclesiastical property i n Leave was given to bring in the bills. country from the f r ightful co ns equence§ Of the former lax- the same pr , oportiou as that which is now levied upon all NEWSPAPER STAMPS. itvn and previde for the recurrence of similar sireum- other descnptions of property." If that resolution were Sir J. V. SHELLEY moved for a retu of the titles, Saticee. Ae to the fink:Sint Of this income ; Lbeileve I adopted, it was his opinion that the Chancellor of the Ex names, and addresses of publishers ; and off he weight, should not be stating it too highly if llf ef6 to eay that; as chequer would be placed in possession of a sum of 3,000,000/. and dates of registration, of all registered newspapers, far as our national debt stands at this momeiit, riot less St erlin g within the next three months. whereof a portion was published without stamps. than 250,000,0001. has been added to it for which the fie. Mr, CRAUFURD was understood to object to the pro- Mr. HAYTER said there was no means of making the tion never received a single penny—that was the offering liceisel measure of the spirit duties in Scotland. returns asked for by the hon. member, "Sacrificed to capital and thrown in as bonuses and in resolution, relating Mr. BRIGHT said all that was wanted was whatever . The CHAIRMAN then put the first . . . ducernents t o s ub s c r ibe to these loans. 250,000,000/, of to the inure of the duty upon spirits, which was agreed information the department possessed. Mr. HA Y TER could assure the hon. gentleman there capital I don't believe is an extravagant estimate of the to. loss conseq u e nt u p on th e enormous e rrors which had boon The next resolestion, r elating to the increase upon the Vifts no objection to give as much information as possible ; but if this return were to be made it should be quite con committed. That was the opening of the sinking fund ; malt tax, having been Put, they were continually buying tip etock at 3, or 4, or 5 per . h H ew E e N ve L r E li Y mi s t a e i d d , t it ha c t ou if la t n h o e t r h e e tur een n ie w et e u r red e b , a m sed ear os Mr. SPOONER said 12e hoped that in agreeing to_th . e jectural. . cent., and creating it at a higher rate at the same time; it resolution they would not he.sliupposehddtioturbee giving their their da tl a r , was like a seton in the human body a perpetual drain on assent to the principle that L-0 expe After a few words from Mr. CRAUFURD, the resources of the country in addition to the other sad ehould be raised within the year. circumstances of the time. ' But as I said before, the The tesolution was then agreed to. effort of Mr. Pitt WAS one that ' ought to be placed upon re For the motion 36 deed; he saw the error of the practice rushing increase o of on the ft er spirit duty in Ireland. . The COALRMA. N . then put the resolution relating to the Against 52-16 The resolution was agreed to. The house adjourned at a quarter to 12 o'clock. filed, inducement to a loan • he saw and lamented the effeete of that want of moral Courage, not in himself alone,QoYEer 11-- A Th s to e the - The CHANCELLOR of the EXCHE but in the country—fo r u n doubtedly he represented th come tax resolutions,. of course, will stand . public sentiments of the cou ntry in what he did. It was resolutions in reference to the Exchequer Bonds, I hope 1 fe e d rer of the nation, and, Godknow . s, the nation su in-f.. the house will sanction the completion of what Government te for it. (Hear, hear.) ' But Mr. Pitt proposed an have contracted for. I propose to take the first resolution come tax. He said : relative to the Exchequer Bonds, the mode of making them - "Gentlemen will reco ll ec t th a t in the debates upon the a charge on the Consolidated Fund, and the payment of subject of the assessed t axes lastsession t wo fundamental i n terest an them . The 3d, 6th, 7th, and Bth resolutions, I principles were establi s h e d as th e ru s e by w hich w e should be shall postpone. The other resolutions I submit to the guided in providi n g f or the su ppliesl for rho service of the house, as it is the uniform practice of the house to give an year, These w e r e fi rs t t o reduce total amount to be at immediate judgment on money contracts, when entered present raised by a loan; and next, as farit was not into by the minister. Mr. DISRAELI—If the resolution is proposed it will reducible, to reduce it to such a limit' tha as no more loans eherild be rais e d th an a t emporar y tax should defray within a lead to a very long discussion. The merits of the right liniited thine" hon. gentleman's scheme are involved in it, and it might be inconvenient to propose it now. I hope the right hon. And therefore Mr. Pitt, a fter six years of war , an d in the gentleman w ill defer the resolution until the general dis: midst of the exhaustion which it produced, proposed to add. cussion. no less than about 40 per cent. to the revenu e of the coun- L ord J. RUSSELL—It was im p ortant for the public try% With a view, if he could, of putting a stop to the credit that contracts of this sort, when laid before the further addition of ' a ll permanent burdens upon thouun e h o use, should be sanctioned, or otherwise, at once. try ) he raised a surplus in the year; a nd, if he p rse- Mr. DISRAELI—If the resolution is passed without atienliing i it was to be exhausted, as he thought, svithin a reference to the general scheme, I shall feel it my duty to limited number of years. That was a great and g . allan . t take some further step. The resolution may not be in proposal ; and I hope the right hon. gentleman will join conformity with the prs . ent . jeractice but as this resolution me in the tribute of respect with regard to that most im is connected with taxation portant measure end that he is prepared to act with us sent, to ask the house 1 requires to ask it to pass the resolution is and support a similar policy. The King's speech of 1799 argument... At pre referred to that policy, and hisaddressing to sanction the raising of a loan by a process which I think is based upon false principles. The objection of the noble the House of Commons !---" Majesty spill, , lord that to postpone the resolution will injure public " Gentlemen of the niatisie of Commons, —The unusual credit, Ido not think of very great importance. No one sacrifices which you have made lit the present moment, can suppose any injury to the public credit can arise from behalf of my subjects, are wisely calcOlated to meet effectually that course. It might as well be argued that injury to the the exigencies of this great crisis. They have at t e same by establish- public would arise if we did not at once vote all the taxes time gi •en additional security to public credit, required for the supply of her Majesty. I e ll the think in g a system of finance beneficial alike to yourse!vcs and to there is much strength in such an argument. If Govern bur- posterity ; and the cheerfulness with which these henvy dens are supported evince at once the good sense, the lo,,vaitY, to a long discussion and an adjourned debate. I hope, , menu insists on passing the resolution it will, I fear, lead and the public spirit of the people." That was the pi opesal of Mr. Pitt in 1798, at once to eate proansa, sod nee press the r th,srof ,r ', +hat. the - ilt hon,,.,,glilttlioontirn win re.incm WI: his the sum of 10,000,000/. towards meeting the expenses of the war. In 1798 the the revenue was 23,100,000 1 .; inl79Sit was 1 Bank this day. Mr. GLYN—The deposit, 100,0001., *as paid into the . 25,6 ° ,0001 ; but the excess continued to show it was not pos7 ' Xr. HUME was not aware of the custom, and would, . 1 PARLIAMENTARY DIVISION. HOUSE OF COMMONS—MAT 8. NEWSPAPERS. Motion made, and question put, " That there be laid before this house a return of the titles, names, addresses of pub lishers, weight, and dates of registration of all registered ne wspapers, whereof a portion is published without stamps." The house d Ayes 36, Noes 52. AYES-35. Anderson, Sir J. Hadfield, G. Richardson, J. Bankes, lit Hon G. Hall, Sir IL Scholefleld, W. Bell. J. Bastle, Alex. Scobell , Capt. O. Biggs, W. Hastie, Archd. Stuart, Lord D. Blake, M. J. Henley, J. Taylor, Lt.-C01..T. Bright, J. Joilifle, Sir W. Tomline, G. Cecil, Lord R. Kershaw, J. Warner, E. Cobden, R. Laslett, W. Williams, W. Cowan, C. M`Cano, J. Crossley, G . March, Earl of Duncan, G. Murrough, J. Forster, Sir G. Pechell. Sir G. Goderich, Viscount. Phillimore, J. G. Goodman. Sir G. Pilkington, J. NOES-52. A Maley, C. Freestun, Col. W. Atherton, W. Gardner, R. Bass, T. (leach, C. Bentinck, G. George, J. Blair, Col. J. 11. Graham, Sir J. Bonham-Carter, S. Gregson, S. Branston, T. W. Herbert, S. Butt, (4. 13 ervey, Lord A. Cardwell, E. Hughes, W. Joliter, R. P. Ingham, R. Colville, C. B. Lowe, R. ) ,e 1.,5, Iv. Luce, T. Dunne, Col. Mactrtney, G. Esinende, J. Montgomery, H. Feilden , M . . Naas, Lord Filmer, Sir E. O'Brien, P. A Fitzgerald, W. P aget, Lord TELLERS. Shelley, Sir J. Craufurd, E. U. J. Palmer, Round. Palmerston, ITI.S Peel, F. Philipps. J. Pigott, F. Rice, E. Scott, F. IStarlie, Le G. Strutt E. Talbot, C. vance, J. Wieknam, W Wirs , )n, J TELLERS. liayterZW. ]Berkeley, G. lam. Will be perfom uaradori, and Aic Zollo wed bv a P riet , s—Stall s , !!.; and Private .OX-office open Reared. Privet( Leek, 63, New 13. Will be pert:), Vandenh Miss Lo liAtter which, t eh 4 a — "*SQUA I _arraetOrers Ilr by 3,1 r.feathertone"' • 't., -,owe t i > > 1 ItOYAL p i Under I w ill be Derf M.e4sr kurr s ' L ay. a les'",., by Lto'e,."• C. •eq. Kear APer 151leh aleadov ?rept ietor, : 141e8Wsire be Perfor smith ; +Wag W ( t oll ow Met ers ed by T Miss Mess ,7 1 3 Mary I li6s•e'Lie: which, INTN, E ' Ai U W ill be p erfor , _ ere o , rBeb abfoctli:l ee ed s sY 4°4 1, rY, Robson, Je rx ( i ) „ e 'net "aKgs str Sole Lessee Mr W ill be Perfo The Zr:Lu T r t ft er whiph . uPe will PP Tr/E Taitti .Nll3, 53 B 113. • _ ASTLErs Less ul lll be preset NelZ:M 4 odYli The Lee). cookeorse or tl du - wed by dig Atiu Er vAtrtlle. Man, IltiTlolszeotn.clude 1411 T ROPE jtoz.. o p,, west. op 7, HIGI 413 DAY -- %Xt olutow_ %."....---..____.!............ 61 , 44 —low, 55 —this 1 , talf an ‘i; va an rain ou y l t latinder to-i TIN LOIs 17nde TII of P 4 Pr