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

436

transaction a felony. It is no less than stealing a man's
money. If such an act of Parliament were passed the
good effected would be incalculable, and the parties would
be at the bar at the Old Bailey."
The suggestion thus hastily thrown out has been
as hastily adopted. On Tuesday last a bill, intended
to embody Mr. Baron ALDERSON'S views, was intro-
duced by Mr. DIGRY SEYMOUR, a member of the bar.
These cases are so well known, and they all bear
such a generic resemblance, that a cursory descrip
tion of the trial in which Baron ALDERSON expressed
this strong opinion will suffice.
A young gentleman, only twenty-two years of age,
having accepted bills to an unknown number and
amount, but to the extent, at least, of 5,0001., resisted
the payment of one for 1001. on the ground that he
had never received any value or consideration for it.
Without reference to this case in particular, but
on a general view of the question, we venture to
express an humble doubt whether it would be wise
to embody in an act of Parliament the suggestion
which the Learned Judge threw out in a moment of
natural indignation. Deserving of punishment as
these bill-swindlers are, the law could not be confined
to them : itmust be general, and applicable to all ques-
tions of account relating to bills of exchange in which
a breach of trust is charged.

In the commercial world we can easily conceive
complicated transactions in which it might be doubt-.
ful whether a breach of trust has or has not been
committed. At present the question would be inves-
tigated before a civil tribunal, where both parties would
be on equal terms, and the truth would be ascertained
with as much exactitude as the fallibility of human
intellect will permit ; but who would venture to resist
a demand, felt to be unjust, if the penalty in case of
failure was to be a conviction for felony? No one
knows better than Mr. Baron ALDERSON how possible
it is for disinterested witnesses intending to speak
the truth to contradict each other when describing
fact; not very complicated ; and would the Learned
Judge calmly propose to invest a young gentleman
who has been engaged in a long series of bill trans-
actions, who has kept no accounts, and who has
every temptation to make himself appear a "victim,"
with the power of threatening a person who makes a
pecuniary demand upon him with a conviction for
felony ?
But, even if the suggestion of the Learned Judge
were adopted, nothing would be easier than to evade
it. The usury laws, so far as personal security is
concerned, no longer exist; therefore, if only six-
pence is given for a bill, "that ridiculously small
sum " legally constitutes sufficient " consideration "
to entitle the holder to recover. Besides, the existing
law is strong enough to check these frauds if it is
only acted on. By the statute 7 and 8 George IV.,
c. 29, a. 49, it is provided that whenever a valuable
security is entrusted to an agent, accompanied by
directions in writing as to the manner in which it is
to be applied, then, if the agent commits a breach of
trust and converts the security into money for his
own use, he will be guilty of a criminal offence, and,
if the prosecutor is vindictive and active in due time,
"the parties would be at the bar of the Old Bailey."
But, unless the directions are defined with a cer•
tainty which can only be secured by writing, a
possible conviction for felony would be a dangerous
weapon to place in the hands of a merchant trembling
on the verge of bankruptcy, the broken-down roue, or
a spendthrift boy whose intellect is enfeebled by
debauchery, and whose conscience is seared by
early association with cheats and blacklegs, the
scum of the human race.

THE reduction that has taken place in the Irish
military establishment in consequence of the war
amounts to about 9,000 men ; of these, the 9th, 14th,
17th, 39th, and 89th Infantry Regiments, have gone
to Gibraltar and Malta to supply the place of the
30th, 41st, 44th, 47th, 49th, and 55th Regiments,
ordered to join the Eastern expedition. .Two regi-
ments, the 33rd and 50th, have gone direct to the
seat of war, and depots of 200 men each have gone
to strengthen their respective corps to the war es-
tablishment. One infantry regiment, the 40th, has
come over to England, and three cavalry regiments,
the 4th and sth Dragoon Guards, and the 11th
Hussars, are proceeding to the East. The present
force consists of five regiments of cavalry, the Ist,
2nd. 3rd, and 7th Dragoon Guards, and the 10th
Lancers ; six regiments of infantry, the 21st and
63rd, ordered on "special service ; " the 27th and
90th, under orders for India, the 12th about to em-
bark for Van Diemen's Land, and the 91st, which is
the only battalion not under orders for foreign
service. There are, besides, 27 regimental deficits,
making altogether, exclusive of artillery, a force of
14,700 men.

A RAGGED SCHOOL was opened a few days since in
Southampton. The building cost about 1,2001.,
nearly the whole of which has been subscribed. A
schoolmaster, at a salary of 801. a year, has been ap
pointed. A ragged church has been opened also in
the same town.

THE PRESS.

Vrocubings in V arliamtni.

THE NEW BUDGET.

The promised financial statement, which was to
exhibit the actual state of the public revenues and
develop the Ministerial schemes for finding ways
and means to carry on the war, was made on Mon-
day by the CHANCELLOR of the EXCHEQUER. On the
oth of March, he remarked, the house had listened
to a previous budget speech, and had then arranged
the balance-sheet for the current year upon a pro-
visional basis. The expenditure arising from the
preparations for war was then provided for by a du-
plication of the income tax for half a year; but the
country was at the same time informed that if hos-
tilities actually broke out an augmented revenue
would have to be raised. That augmentation he now
proceeded to define and justify. His statements re-
lative to the principal subject, however, Mr. Glad-
stone prefaced by a minute vindication of his policy
from various criticisms that had been pronounced
upon it, remarking that the actuality of war ought
to be no obstacle to the removal from office of a rash
or incompetent minister. Alluding in turn to the re
duction last year of the interest on Exchequer Bills,
the conversion of stocks, the reduction of the public
balances, the arrangement with the Bank of England,
and the issue of deficiency bills, he contended that
in many instances the results had not been disad-
vantageous to the public, and even in those of most
unfortunate issue the measures had been justifiable
and prudent at the time they were passed, however
inconvenient their consequences might have proved,
owing to unexpected changes in the commercial and
political state of the country :

" He disclaimed any idea of sheltering the Government
policy behind the plea that this was a time of war, when
such matters could not be discussed, and he demanded
that Parliament should look into the subject, and either
condemn or approve what he had done. Alluding to the
attacks that had been made as to his treatment of the
funded debt in the conversion scheme, he referred to the
language used at the time by Mr. Disraeli and other ob-
jectors, and urged that none of their objections had proved
valid, and the only one which had proved so was not taken,
except by himself—namely, that the necessity of paying
off non•assentient holders of South Sea Stock would ne-
cessitates considerable withdrawal of the national balances,
and this had been affected in a larger degree than was con-
venient in war time. But it was easy to condemn after
results, and now various gentlemen persuaded themselves
that they had all along disapproved of the operation in
question. This was the way what historical students
called mythical history arose. But he admitted his regret
that the transaction had taken place, though he did not
allow that it had occasioned pecuniary loss. He next ap-
plied himself to the current misapprehension regarding
the transactions between the Government and the Bank,
and showed that the compact of 1844 had not been violated
in letter or spirit by any demands of the Government upon
the Bank ; that trade had undergone no detriment in con-
sequence thereof ; and that, though it had been supposed
that Government had required at a low rate of interest
what was actually matter of favour, such was not the case.
He denied that he was an habitual borrower, as he had
been called, having borrowed but once, under extraordinary
circumstances, and to an amount averaging only 900,000/.,
which he had for a period of between four and five weeks;
and while he spoke that debt was entirely extinct. He re-
ferred all these widely-spread delusions to the fictitious
way in which the accounts were kept, and which effectually
blinded the public. He had himself altered the mode in
which deficiency bills were issued, and had endeavoured to
apply to them the principle adopted in reference to other
advances for public purposes ; and he hoped, under the
advice of the law officers of the Crown, to effect a further
reform."

Reverting to the main question, the Chancellor of the
Exchequer reminded the house that on the 6th of
March, when the first financial statement was made,
the public revenue for the ensuing year had been
estimated at 50,656,0001., including 3,307,0001. to be
raised from the increase in the income tax, and
leaving a surplus beyond the then computed ex-
penditure amounting to about 407,000/. Since that
date votes had passed enhancing the charges on
account of the navy by 4,550,0001., of the army by
300,0001., of the ordnance by 050,0001., and of the
militia by 500,0001. This gave an aggregrate of about
six millions as the supplemental estimate of charge
for known and calculable purposes. In addition he
intended to ask for 850,0001. on account of unknown
and incidental expenses, such as inevitably sprung up
during the progress of an extensive war, and the total
amount for which they had now to provide was thus
brought to 6,850,0001. All these new duties were to
be essentially war taxes, and to terminate on the res-
toration of peace. The first source from which he
proposed to draw supplies was, as the house n o
doubt anticipated, the income tax. He should repeat
and prolong the operation already performed on that
impost, doubling its amount throughout, but not, as
heretofore, for a limited period, but so as to make the
duplication coextensive with the war. From this
source he expected to derive an increase of income
amounting to 3,250,0001. Observing that this impost
would then produce 12,832,0001. per annum, and that

SATURDAY,

two-thirds of the war expenditure—which he cal.
culated for the year at ten millions—would be
defrayed out of its extensions, Mr. Gladstone in.
timated that here his demands upon the series
of direct taxes would terminate ; for the re-
maining deficiency he should look to the consumer.
As regarded the muster-roll of indirect taxes, he then
declared that the Government did not propose to
alter the system of postage, which had proved so
prosperous and beneficial, nor did they intend to re.
impose the taxes abolished or modified last year,
nor would they touch the tea duties nor those on
tobacco. Passing to the taxes on which an augmenta-
tion was to be proposed, the right hon. gentleman men-
tioned first the spirit duties in Scotland and Ireland.
On the first he intended to levy an extra tax of one
shilling a gallon, on the other an extra tax of eight.
pence a gallon. These were expected to produce en
additional revenue of 450,0001. Secondly, he intended
to propose a readjustment of the sugar duties, making
the amount equal upon all sugars,*espective of their
origin, and fixing the tariff at 11s., 125., 14s. and 16s.
per cwt. upon the various qualities of the article.
This would give him an increase of about 700,0001.
Thirdly, he proposed to increase the malt tax from
2s. 9d. to 4s. per bushel, from which he hoped to de-
rive 2,450,0001. This sum made up the gross total
of required revenue, namely, 6,850,000/. As
3,307,0001. of additional taxation had already been
sanctioned, while, on the other hand, reductions in-
volving an amount of 1,474,0001., which were en-
acted in 1853, did not take effect until the present
year, the result would be to create a net augmenta-
tion of the public burdens of 8,683,0001., except the
augmentation of the Scotch and Irish spirit duties,
which it was proposed to make permanent. Having
brought the revenue into equality with the expendi-
ture, the Chancellor of the Exchequer adverted to
the prospective state of the public cash account.
The expenses of the war were rapidly accumulating,
the system of account-keeping was rendered much
more prompt and accurate, and it was both just, and
intended, to defray all charges, without allowing
every department to be involved in the chaos of ar-
rears and debts which had in former wars occasioned
so much embarrassment and cost. The demand,
accordingly, must long precede the supply, especially
as it was impossible to reckon upon a larger amount
than about 2,840,0001. as realisable during the cur:
rent financial year. To supply the immediate pres-
sure he proposed to issue interim bills, according to
a scheme which he described at some length, whose
chief features consisted in creating four millions of
Exchequer Bonds and two millions of Exchequer
Bills, with power to enlarge the latter to the amount
that the applications for the bonds might happen to
fall short. By such aid he calculated that the Gos
vernmcnt could pay all charges, and leave themselves a
margin of 3i millions of cash in the Exchequer .
After concluding his arithmetical expos 4, Mr. Glad-
stone embarked upon a vindication of the general
principles wherein the financial measures of the
Government had been based during the past and
present session. He then proceeded to condemn
what he termed the " miserable policy " of the old
loan system, which he illustrated by a copious cita-
tion of historical details relative to the administra•
tion of Pitt, Fox, and other statesmen who had
swayed the councils of the nation during the war of
the Revolution. He added that Mr. Pitt himself,
discovering his error, had made gallant efforts to re-
deem it. And, while the Duke of Wellington was
covering the name of England with glory, our fathers
were making noble struggles to bear the current ex-
penses of the war, and setting an example which the
present generation he trusted would follow, and show
themselves worthy of such sires. In our case the
effort would be less exhausting, seeing how enor-
mously all the resources at our disposal had ex-
panded.
The formal resolutions embodying the propositions
of the Chancellor of the Exchequer having been put
from the chair,
Mr. DisitAzu demurred to proceeding so fast. He
could not consent to vote a series of resolutions
which had not been properly discussed.
The CHANCELLOR of the EXCHEQUER explained
that the step was according to precedent, indeed
enjoined by necessity. If the revenue officers were
not empowered, by a resolution of the house, to levy
the duties according to the new scale, as soon as the
plan obtained publicity vast quantities of the com-
modities in question would be hurried out of bond ,
and perhaps a whole year's produce of the tax would
be lost to the revenue.
Some further explanations resulted in the under-
standing that the vote to be then passed implied no
pledge on any side. Monday
fixed by Lord John Russell for discussing the whole
question. next was afterwards
The resolutions relating to the increased taxes on
incomes, sugar, spirits, and malt were then passed.
Upon the resolution for authorising the issue of
the Exchequer Bonds some considerable discussion
took place of a very miscellaneous character. Mr.
Disraeli, Mr. Hume, the Chancellor of the Exohe-

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