The Press.
London, England, 1857-01-03 00:00:00

FINANCE.

THE Revenue Returns this week disclose the
fact that, principally owing to the increased
taxation imposed during the war, the income
of the country is now about twenty millions
more than it was before the war broke out. Of
these twenty millions the increase in the
income tax realises nearly ten millions. Is
there now anything in the circumstances of
the time, or in the condition of our finances,
which can justify the continuance of this extra-
orlinary burden ?
Whether it will be prudent to reduce our
expenditure to that point which prevailed
before the war occurred, when, with a revenue
of about fifty millions, extensive reductions of
taxation were proposed, and it was arranged
that the income tax should be abolished
altogether, is fair subject for discussion. But
there can be no pretence for delaying to settle
our establishments upon the scale that it is
desirable should be maintained in future.
There is nothing in the state of our relations
with Lurope, with America, or even with the
countries bordering our Asiatic possessions,
that can justify extraordinary votes; or, if
there be, it is proper that the extent of such
extraordinary expenses should be known, and
distinct votes taken for them. Our army and
navy must always be on such a footing that we
shall not be wholly unprepared for a dispute
with a Chinese Commissioner, or for a squabble
with some semi barbarous State in Asia con-
cerning a Mrs. Hashem. Let us take advantage
of %dime when our revenue has been swollen far
beyond its ordinary proportions to look fairly
at our financial condition, to place our mili-
tary and naval services on a thoroughly efficient
but not extravagant system, and to determine
the amount of revenue we shall require in
future, and in what manner it shall be
raised.

The income tax has proved a great resource.
The country has shown that so long as the
necessities of war demand unusual taxation,
so long will this burden be cheerfully borne.
But not longer. As at the close of the last
war, meetings are now held to protest against
a continuance of this tux. or, at least, against
a continuance of the war portion of it
There was profound wisdom in the obser-
vation of the Duke of WELLINGTON to Sir JOHN
MALCOLM, that when the day of European con•

SATURDAY,

flict arrived, Russia, in spite of her million of
soldiers—or rather in consequence of her
million of soldiers—would be found less pre-
pared for war than Powers which maintained
much smaller establishments. The wealth of
a people is in times of necessity the wealth
of the State, and justly so. Hence nothing
can be more impolitic than to press un-
necessarily on the resources of a na-
tion, or to maintaiu larger establishments
than arc demanded by the exigencies
of the state. May it not now be prac-
ticable to arrange for the total abolition of the
income tax—an impost which always must
press unfairly, which must be inquisitorial in
its operation, and which must in some shape
be abstracted from the labours of industry ?
With the entire abolition of this tax our reve-
nue would still be larger than has ever pre-
viously been thought necessary to be raised in
a time of peace. We merely throw out the
suggestion. One thing is certain, the people
will never refuse to subunit to any burdens
which necessity may demand ; and it seems,
therefore, both harsh and impolitic to call on
them to make sacrifices—and the income tax
is seldom paid without a sacrifice— when no
necessity requires it.