The Express.
London, England, 1867-04-05 00:00:00

THE - EXPRESS, FRIDAY EVENING, APRIL 5, 1867.

B.
i &dr.

determining that the true basis of their national
power is to husband and save their resources
in ordinary times, and to develop them without stint.
No far from acceding to the doctnnes of my hon. friend
(Sir G. Bowyer) I cherish the hope that this magnificent
example set by the American people will have its effect
not only in this country but in Europe, and will shame
the indium on the continent out of that suicidal policy by
which they have not only treated their resources by creating
standing armies for idle parade, but what is worse, have
created a serious and positive danger, as being a ready
means of conflict. (Hear, hear.) lain rare the prevailing
sentiment of the house will be to convey to the American
people, to the authorities there, and to the able and
enlightened Minister of Finance (Mr. M'Cnlloch), our
hearty congratulations and our best wishes that he may
long continue to apply. the same vigorous and prudent hand
in thus wisely adnninstering the resources of Ins country.
(Hear, hear.) The true policy, which if it be good in
America is good here and elsewhere, is to act with energy
and decision in the reduction of the national debt. My
hon. friend (Sir G. Bowyer) says what is this small reduc-
tion of 24 millions from a debt of over 800,000,0001. ? My
answer is that it is something, and if we prepare for that
reduction this year, we may do something next year or the
year after. and thus in time make a considerable reduction
of our national debt. I cordially agree with the right hon.
gentleman in the proposition which he has made, and I
confess that if he had allowed this opportunity to pass
without doing something towards the reduction of our
debt it would have amounted to a dereliction of duty. I
think the right hon. gentleman dmierves credit for having
resisted the attempts which may have been made upon
him to apply this surplus in the reduction of taxation, and
which might have gained for him some popularity, but
which would not have resulted to so great an extent for
the benefit of the publio. (Hear, hear.,

The discussion was continued by Mr. READ, who
thought the Chancellor of the Exchequer ought to
have taken off one-fifth of the malt tax ; by Colonel
BARTTELOT, who stated his intention to move for
a committee on the malt tax • Mr. J. Moose, who
expressed his belief that if a reduction of the malt
duty had been proposed sufficient liberal members
would have voted for it to have carried it ; Sir F.
CROSSLEY, who suggested the creation of termin-
able annuities for 100 years ; Mr. Fswearr, who
thought they ought to reduce the debt by the
simple process of paying off a portion at a time ;
and by several other members in further criticism
of the Chancellor's propositions. Eventually the
formal resolutions for the continuance of the tea
duties and the income tax were agreed to.
On the order for the second reading of the
Tenants Improvement (Ireland) Bill, Mr. Ossositz
and several Irish members objected to p •
with it then, which ended in this, and the Lan
Improvement and Leasing (Ireland) Bill being
postponed till the 29th.
The Bankruptcy Bill, and the Bankruptcy Acts
Repeal Bill, were read a second time.
The Canadian Loan Bill passed through com-
mittee.

The Judgment Debtors Dill was read a second
time.

The house then went into committee on the
Court of Chancery (Ireland) Bill, in which some
progress was made ; and the other business having
been disposed of the house adjourned at 20 minutes
to 1 o'clock.