The Press.
London, England, 1858-04-17 00:00:00

THE PRESS, APRIL 17, 1858.

It was because they would not so act together,
that the late Premier was defeated and forced
to resign. If they have, since that time,
arrived at a better understanding, and if they
are prepared to vote in unison, let them in
some way mako this evident. So soon as Sir
ROBERT PEEL felt, in 1841, that he was sure of
300 supporters, be at once proposed a vote of
' want of confidence.' If Lord PALMERSTON
has the like belief and trust, let him take the
same straightforward course ; or else, let him
be peaceable himself; and let him inculcate
peaceable conduct on his followers."

The remarks of Mr. HORSMAN, a fortnight
since, must commend themselves to every
honourable mind. He observed, that " three
" courses were open to the Opposition. They
" might resolve to remove the present Govern.
" ment, if they could, from office ; or they
" might determine to give them a fair trial ;
" or, thirdly, without taking the direct course
" of open and earnest opposition, they might
" harass the Government by repeated but in-
" direct attacks. This third course he earnestly
" deprecated."
It is, however, this third course which some of
the Liberals, and some of the Liberal journals,
seem now anxious to take. The Government
has only been in existence about six weeks ;
yet its very first measure was to have been
attacked, with the declared object of defeating
and overthrowing the Ministry. And certain
Liberals, with the Times as their mouthpiece,
are very wroth, because Lord JOHN RUSSELL
has suggested a course which will obviate the
necessity of any party vote on the India Bill
These writers do not attempt to conceal their
chagrin at this disappointment. They care
little about either " India Bill No. 1" or
" India Bill No 2," but they hoped for an
opportunity of dealing a blow to the Ministry !
If this is to be the course taken by the friends
of the late Cabinet, it will be necessary to ask
the House, shortly, whether it approves or
disapproves of such a line of conduct. And
should the House show—which we by no
means expect—a willingness to lend itself to
such attempts, the question will indeed press
for a practical solution, " How is the Queen's
Government to be carried on? " If the
House felt aggrieved at the formation of the
present Ministry, it should have expressed
that feeling at the outset. Not having done
so, but having tacitly consented to that forma-
tion, it cannot now lend itself to any indirect
attacks, without laying itself open to deserved
censure. But we have no apprehension that
the House will take any such course. The
position is indeed a new one; but the minds
of public men will thereby be more and more
directed to discover, if possible, some prac-
tical answer to the Duke's question. And that
answer, we think, will not be, that having had,
already, eight changes of Ministry within five-
and-twenty years, it is expedient to quicken
the pace, and to arrange for the construction
of a new Cabinet, in future, at least once, if
not twice, in each half-year !

FINANCIAL PROSPECTS AND THE
BUDGET.

Jr Mr. DISRAELI gets successfully through the
ordeal of Monday next, and places before Par-
liament financial arrangements for the year
1858-9, well conceived and carefully digested,
which shall press as little upon the springs of
industry as can be expected in devices of
which the object is to create exceptional
revenue for the supply of a large deficiency,
he will do much towards obtaining for the
Government a strong hold upon the country.
We wish him success sincerely, for sincerely
and earnestly we know he has been labouring
to deserve it. It is no easy task which
he has before him, and the circumstances

which surround it are untoward. The excite•
ment of the great struggles in which year
after year we have been engaged is passing
away, and is beginning to give place to that
weariness which follows intense exertion.
There is little now in the aspect of affairs

either at home or abroad to give that exalta
tion to the spirit of the nation which makes it
feel lightly and carry buoyantly burdens
apparently too heavy to be borne ; and men
who twelve months ago threw their means
without thought of stint at the feet of the
CHANCELLOR of the Ensuing, now pause upon
each demand, and begin to look hardly and
closely at every items of an estimate. Nor is
this change of spirit under change of circum-
stances the only difficulty. There are other
difficulties in the way of a Finance Minister
short of revenue and hampered with expen
diture ; but ho cannot avoid material and
positive difficulties. The commercial com-
munity has not rallied from the effects of the
crisis in the same degree as the monetary
world. It has not exhibited a like elasticity,
but still remains depressed and fearful of
renewed movement. Money dealers have long
since unlocked their coffers, and brought back
into the market the capital which they had
hoarded when touched by panic ; but it is to
no purpose that they walk the Exchanges of
our great mercantile cities with their gold in
their hands, tendering its use at rates far
below the average. The men who would have
grasped convulsively at it at one time at
twelve or twenty per cent., draw back from it
now, though offered at two and a half. Enter-
prise is stagnant ; and we have manufacturers
wanting orders, and artizans wanting work.
Such is mentally and materially the state of
the country at this moment, in which Mr.
Disaszu has to provide for a deficiency of
something very like 6,000,0001. This defi-
ciency is the result partly of redemptions of
debt made obligatory upon the present year
by the Acts which created it, and of anticipated
diminution of revenue consequent upon a fall
of twopence in the pound in the income tax,
the scvenpenoe under the Act of last session
being leviable for one year only, and the duty
henceforth falling under the provisions of the
previous Act to fivepence. The obligations
for the redemption of debt consist of 2,000,0001.
on account of Exchequer Bonds, and 1,000,000/.
on account of sinking fund on war loans,

charged on Consolidated Fund, amounting to a
total of 3,500,0001. The loss on account of the
fall in the income-tax, which will result to the
income of 1858.9, may be taken at 1,000,0001.
This makes an aggregate sum of four millions
and a half for which the CHANCELLOR of the
EXCHEQUER has no provision in hand ; and
we may add to it, probably, without risk of
overstepping the mark, something like a
million for extraordinary expenditure. We
should have said more, were it not for tho
extreme pains which we observe the Govern-
ment are taking to be frugal wherever fru-
gality is not inconsistent with efficiency.

- -
Now, how is this state of things to be dealt
with? What mode of treatment will suit best the
present condition of the commercial and mone-
tary affairs of the country, and press with least
severity upon its resources? The step that
first naturally presents itself is the arrest of
the duty on Income from its fall of twopence.
That would wipe out a million of the antici-
pated deficiency, and, whatever may be our
feeling or our ability with regard to new taxa-
tion, we certainly can bear without sensible
inconvenience the continuation of the mode-
rate rate of aevenpence, which we have been
paying, if not cheerfully, at least without diffi-
culty, throughout all the pressure created by
war and monetary derangement.
Next comes the 8,600,000/. of existing debt
whiai the Acts of Parliament present for
redemption. Would the CHANCELLOR of the
EXCHEQUER do wisely to attempt to raise by
means of new taxes additional revenue

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