Northern Times.
Liverpool, Merseyside, England, 1860-02-18 00:00:00

are that Parliament will never dare to sanction a
financial scheme, which is calculated to create so
many undeniable grievances in the country.

TILE BUDGET AND THE INCOME-TAX.

A pamphlet under the above title has come into our
'Lands, Which gives a thorough exposure of the Budget,
ae a most impolitic and injudicious measure. The double
income-tax, and the war duties on tea and sugar, are
imposed, it shews, for the purpose of enabling the
Chancellor of the Exchequer to make reductions of
duties on many articles which the people of this country
do not actually need_. certainly not as necessaries of life;
and while, this year, the income-tax is to be tenpence,
!ir ten millions sterling, next year, the writer contends,
It must be one shilling, or, for the whole twelve months,
twelve
millions,—" and what gradual increase of ens-
toms or excise," it is asked, " will ever fill such a
gigantic void."
The plea that Mr. Gladstone is following in the foot-
"Pa of Sir Robert Peel, and carrying out the prin-
tiples of the great budget of 1842, is shown to be utterly
fallacious, "The difference between the two budgets,"
it is observed, "is obvious. Peel's was brought forward
in a time of profound European peace, and was a mode-
'ate and prudent. measure. The deficit was within
bounds, the reductions of taxations were small, and the
whole was covered by a very simple increase of taxation,
Without any risk. Gladstone's is an exaggeration of
Peel's, and transcends all bounds of prudence ; starting
With an enormous deficit, adding to it by very large and
uncalled for reductions, and resorting to a heavier in-
tome-tax, and to temporary expedients. The risk is
very considerable, and the measure is brought forward
at a time of Continental danger, singularly unfitted for
great commercial changes." _
It is forcibly pointed out, that the engagements of
the treaty, not to prohibit the exportation of coal, and
to levy no duty upon it, can relate only to England, as
the French have no coal to export. "It secures to
Prance," we are reminded, " an uninterrupted supply of
coal, without any restrictive duties, up to the very
Moment of declaring war against us. Nothing could be
more unwise or • more dangerous to our interests.
England depends for her greatness on her coal.
All her manufactures and commerce are carried
on by it. It is the main cause of her com-
mercial superiority, the principal means of her
defence, and one great element of her maritime
supremacy. Its supply is limited, and its exhaustion
c=ould be the greatest possible calamity. Sir Robert
Peel felt this so strongly, that in his budget of 1812 he
imposed an export duty of four shillings per ton, justi-
fying it in these words I cannot conceive any more
legitimate object of duty than coal exported to foreign
Countries. I say that a tax levied on an article pro-
duced in this country—an element of manufactures—
necessary to manufactures—contributing by its export
to increase the competition with our manufactures—l
think that a tax on such an article is a perfectly legiti-
'Mate source of revenue.'

The objections to the Budget, in conclusion, are reca-
pitulated on the following grounds 1. It is too
ambitious and hazardous a scheme, brought forward at
an unsuitable time for great commercial changes, begin-
ning With a great deficit, adding to it by very large
reductions, providing for it by temporary expedients,
and running the risk, in case of any adverse occur-
rences, of bringing us into extreme embarrassment.
It makes concessions to France of an unfair and
dangerous nature, 'furnishing her with our coal and iron,
and taking off almost all our duties, while she retains
high import duties of 30 and 25 per cent., and her navi-
gation laws. 3. It renders inevitable the imposition
and permanent maintenance of an oppressive income-
tax.,,

Our readers will see from this brief notice of the
Paranm
'-et, that it is a very able and seasonable
-rod&
cou" ; and it would serve a great cause, no doubt,
at 3,1' means be taken to secure its extensive circulation
e present moment.

THE LATEST NEWS.

1.111 BRITISH AND IRISH MAGNETIC TELEGRAPH.'

FRANCE.

THE FRENCH FUNDS.
PARIS, Feb. 17.
12.20 P.M.—Rentes opened without alteration,
at 67f. 55c.
3.23 P.M.—The market remains inanimate, but
Prices are steady; Rentes 67f. 75c., being an ad-
vance of nearly 1- since yesterday.

Saturday, February 18, 1860.