The Express.
London, England, 1855-02-21 00:00:00

DESPATCH FROM LORD RAGLAN.

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(PAM LAST 111011 T'S GLUM.)

War Department Feb. 20, 186 E.

Lord Panmure has thii day: received • despatch
and its enclosure', of which the:following are copies,
addressed to his Grace the Duke of Newcastle, by
Field-Marshal the Lord Raglan, G.C.8.:
Before Sebastopol, Feb. 6, 1866.

My Lord Duke,—l mentioned to your Grace on
Saturday that the weather had broken. The frost
was very severe on that night, and the thermometer
down at 13, and the wind was very high and
piercingly cold.
Sunday was rather milder, and yesterday was
Ape, Today the glass has fallen, and there is every
I appearing of rain.
I am happy to state that the medical officers eon.
eider that the general conditi.7.l of the men has im-
proved, although apixtently there is nu diminution
in the number of the sick.

The enemy
ys of waggonsecomynyhoumadeno han
movementeofn observedimotan oet:
bat ,
go into Sebastopol laden either with ammunition or
provisions.
1 enclose the casualties to the 4th inst.
LieuteColonel Collingwood Dithon, of the Royal
Artillery, an excellent officer, whom I have before
had occasion to bring to your notice, was slightly

wounded on the 4th instant, when making a recon-
naissance in company with some French officers.
I have, &c., RAGLAN.
His Grace the Duke of Newcastle, &c. &c.

RETURN OF CASUALTIES FROM lAN. 16 TO FEB. 4. M.
INCLUSIVE.
- • •

Royal Artillery-1 °Seer, wounded.
Reildatent of Foot-9 rank and fle. wounded.
7th Regiment-1 rank and film wounded.
30th Foot-1 rank and ale, killed.
41th Regiment 1 rank and alts,
49th negiment-1 rank and film, wounded.
67th Regiment-1 rank and Ala, wounded.
2nd battalion Rids Brigade -1 ee went, wounded.
Total-1 rank and RN silted; 1 officer, 1 sergeant, 3 rank and ayk
wounded.
RETURN OP OFFICELS WOUNDED FROM THE gas TO Om
FEBRUARY, 1653.
toned C. Dickson, Royal Artillery, eligttly.
NOMINAL RETURN OF NON.COMMISSIONED OFFICERS AND
PRIVAIEd KILLED. FROM 2inr JANUARY 10 4rn FRB.
}WARY, 1663; INCLUSIVE,
Private Thomism Greenfield, 1479, 44th Regiment of Foot.
LANs-Corporal Charles Douglas, 3 Ala, :oth Regiment of Foot.

Captain and

NOMINAL RETURN OP NON-COMMISSIONED OFFICERS AND
PRIVATES WOUNDED FRO cl THE fern JANUARY TO 412
FEBRUARY, 1333, INCLUS.VL
Pri.ate Thomas Kelly, Ink 7th It, giment of Foot, severely.
recreant George Woke, 125 J, 2nd Battalion Me Brigade, effetely.
Private Owen Morris" 3197, On h Regiment of Foot, slightly.
Private John !clonally. 1.883, 97th Regiment of Foot, slightly.
Private Bryan ilk, 3170, Ist Royal Regiment, severely.
Private Petor Ye °weeny, Mt, Ist Royal liegintent, severely.

A LOAN FOR THE WAR EXPENDITURE.

IT has been plain sailing, in the House of
Commons, with the Army and Navy Estimate,
Some discusaions have been raised in committee, but
rather with a view to ventilate principles than to
object to specific items. The tone of the House has
been, " Tell us what the vigorous prosecution of the
1 war is likely to cost, and you shall have the money;
only go to work with a will"
There will be no quarrel between the House of
Commons and the Government about the amount of
money to be raised for the war expenditure of the year.
But it will be different when the question as to the
means of raising it comes on. At least it will be so.
if Mr: GLADSTONE adheres to his purpose of raising
the whole of the money required for the year's
expenditure within the year by additions to the
taxes.

In approaching this knotty question, let us enter a
protest against attempts to bias the public mind by ir-
relevant considerations. It may be true that there was
much jobbery anddishonesty atwork in the contracting
of many of the loans by which the national debt has
been swelled to its actual amount. That is an argu-
ment, not against loans honestly and prudently con-
tracted, but against spendthrift and fraudulent
borrowing. Again, we are warned not to proceed
rashly in a course of borrowing, because the debt
may be increased beyond what the resources of the
nation can bear. This argument, like the former,
tells not against the use, but the abuse of the loan
system.

The practical question really at issue may be pat

as follows :—The war in which we are engaged
renders an extra expenditure necessary. How can
the means of defraying this temporary increased
outlay be procured, regard being had to the prin-
ciples of justice in the first place, and to the recom-
mendations of prudence in the aeoond ?
It is alleged that the existing generation has no
right to tax future generations. But it is not so
easy to say when a generation begins and ends-
The more practical way of considering the ques-
tion is to view the nation as a great corporation
managing an estate for its own advantage. Tho
individuals who compose the corporation are continn.
ally changing; after the lapse of a number of years
they will be entirely changed ; bat there is no sudden
or definable transition, and the corporation remains
the same. The question, therefore, is not whether
one body of men may impose burdens on another;
but whether &corporation managing its own estate is
justified in contracting, occasionally, terminable debts
with a view to ensure a permanent advantage ? The
nation—the existing corporation—is of opinion that
a tangible and lasting benefit is to be obtained
by the vigorous and successful prosecution of
the present war. Its right, therefore, to incur
a debt which may be gradually extinguished,
In order to attain this lasting benefit, is
indisputable. The only question that remains is,
whether it will be more prudent to clear off the icon

year by year, as we go, or to spread the payment of
the war expenditure over a tract of future years
The main consideration for our guidance in easing
this problem is—what effect will the mode adopted,
. . .

of raising the increued revenue, have upon the indus-
trial operations of the country. It is to be desired that
the increased sum extracted from the pockets of the
people should derange trade—should hamper the pro-
ductive industry of the people—u little as possible.
Some disturbance there necessarily must be, but let es
try to reduce it to a minimum.
At this point, the opponents of the loan system
strike in with representations of the deleterious effect
that will be produced on our manufacturing industry
if Government comes into the market as a borrower.
The rate of interest, they say, will be raised; the
manufacturer will be obliged to restrict his opera-
tions; less will be produced, and employment will
be withdrawn from the working dames. To us the
fear implied in this assumption, of a sudden and mis-
chievous withdrawal of capital from manufacturers
in consequence of a Government loan, appears to be
exaggerated. Though the whole sum required by
Government will be raised at once, it will not
be expended at once. It will be deposited
with the Bank, and will be taken into
account by the Directors in fixing their rates of
accommodation. When expended, great part of it
will flow into the pockets of English manufacturers,
will be deposited with the banks, and will thus be
restored to the available floating capital of the
country. Bat there is another and more important
consideration to be kept in view. The manufactures
carried on by the employment of large capitals,
important though they be, do not constitute the
whole productive industry of the country, nor eve.

the greater part of it. They do not give employment
to nearly one-half of oar labouring population.
They are not to be kept exclusively in view,
if we would ascertain the safest mode of

raising the extra revenue required. By far the
greater part of the population which subsists upon
wages is employed by small capitalist., or by these
who hover between the capitalist and the labourer.
Now, though a Government loan, by limiting to
some extent the operations of our great factory'
owners, might inconvenience their workmen, a sud-
den increase of taxes—whether direct, like the
Income Tax, or indirect, like Customs or Excise
duties—would affect prejudicially a far greater num-
ber of our labourers, and cramp productive industry
far more extensively. The greater part of our taxa-
tion is paid by parties in the receipt of incomes from
6001. a year downwards. Any increase in the In-
come Tax, or in the duties on the necessaries of life,
would compel them to economise, by discharging a
part or the whole of the labourers they now employ.
The fears entertained of the effect of a government
leen on manufactures are exaggerated; and its in-
fifieme yould be felt locally. But the pressure
occasioned by an increase of taxation sufficient to
enable Government to deny the war expenditure
of the year out of the year's revenue would be felt
over the whole kingdom, and would penetrate into
every household. The manufacturers and their
weekmen would suffer as much from it as others.
This consideration appears conclusive in favour of

.

, Al

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