The Sun.
London, England, 1855-04-21 00:00:00

THE SUN. LONDON, SATURDAY EVENING, APRIL 21, 1855

PERI 'A 'OA A ENT.

• ' (' ~T,r.ition of Paris charge.) me • h, in with
e of the },resent members, al- 1-etfal and
yl to this celebration, in essre.,s and
p e officially not only the deep ano keoeru esteem' but
also the more and snore friendly feelings of our city to
yours. (Cheers) That address which lam here request-
ing the liberty of reading, at first according to our
original French writing, and afterwards from an
English translation, presents, as a special character,
that it .has been signed by all the members of the Mu-
micipal Council, because every one wished to give a
positive testimony of this peculiar approbation to it.
(Cheers.) The .Prefect then read the Address, both in
French and English, and afterwards presented it to his
lordship.
" The Prefect of the Seine and the Members of the Municipal
Commission of the city of Paris, to the Lord Mayor, Alder-
men, and Commons of the eity of London, in Common
Council assembled.
. "My Lord and Gentlemen,—The august- Sovereigns of
England and of France are cementing by personal marks of
friendship the intimate alliance of our two nations, and the
city of Paris readily and earnestly seizes this memorable op-
portunity of addressing to the city of London the particular
testimony of her cordial sympathies.
" In the interest of civilisation the close alliance of the two
countries cannot be manifested too frequently, nor can it as-
sume forms too varied. Whilst it is displayed in the Councils
of Europe by the identity of their- respective will and actions,
on the seas by the solidarity of their national colours, on the
fields of battle by a community in dangers and in glory, it is
right that it should be found real in the affectionate relations
of their Princes, in the fraternal communications of their
cities, and even in the habitual intercourse of their popula-
tions.
" The city of Paris preserves a deep remembrance of the
visit with which the Loid Mayor, aldermen, and members of
the Common Council honoured them, after the London General
Exhibition. The city of Paris is equally grateful for the
friendly invitation which, at this approaching period of the
Paris General Exhibition you, my Lord Mayor and gentle-
men, have made to the magistrates who represent the French
capital.
" Those periodical competitions, during which learned men,
manufacturers, and artists compare their discoveries, their
productions, their works, and draw without ceasing new in-
struction and new emulation, have not only for effect the
blending together of that enlightenment which radiates from
the two principal intellectual centres—England and France ;
they powerfully contribute, moreover, to establish between
the two nations a conjunction of ideas, a conformity of views,
and traditions of concord, which secure for the future the
tranquillity of the world and the welfare of mankind. -
" On the eve of the great national solemnity now in pre-
paration, it is, therefore, my lords and gentlemen, a cause of
intense satisfaction' for the City of Paris to be able to pro-
claim aga n, by a public manifestation, the bonds of the high
esteem and of the faithful affection which unite her to the
City of London.
(Signed) " DELANSLE, President and First
President of thelmperial Court of
Paris.
" G. ,TIIMANT, Secretary.
" Coun'cillors of the Imperial Com t of Paris—Eugene
Lanry, Fouche, Le Pellesier, F. Devinck, Palouse, Herman
E. J. Thayer, A. Thierny, De Riberolles, Legendre, Le
Dagre, Chaix d'Est Ange, Casinie Noel, Perier,
Vice-presi-
dent ; Segalas, Benjeau, Comte de Bretenil, E. de Royer, E.
norms; Vice-Secretaire ; Victor Foucher, Peupin, Ambroise
Firmin Didst, Pewurt Boissel, Ancien Depute de la Seine;
A. Chevalier, Moreaux de la Seihe ; Comte d'Argout,
Bayvet, sillaud, Eckame, J. Boulatignier, Dumas.
(Signed) Baron G. E. HAUSSMANN, Prefect of the Seine.
" Hotel de Ville, Paris, 14th April, 1855.
MUNICIPAL COMMISSION OF PARIS.
Delangle, President, Senator and First President of the Im-
perial Court of Paris.
Thibaut (Germain), Secretary, deputy and merchant.
Moreau (Ernest), Vice-Secretary, attorney-at-law in the
Tribunal of First Instance.
Cte. d'Argout, ex-Minister, Senator, Governor of the Bank
of France.
Bayvet, Censor of the Bank of France.
Billaut, Syndic of the Brokers.
Boisset, ex-deputy.
Bonjeau, ex-Minister, Senator.
Cte, de Bretenil, Senator.
Chats d'Est Ange, advocate.
The Prefect and the other members of the deputation then
left the court, amid the most enthusiastic cheering. They
were s'iortly afterwards introduced, when
The RECORDER read the following reply to their ad-
dress :
" To the Prefect of the Seine, the President, and Members of
the Municipal Commission of Paris.
" Monsieur le Prefect and Gent emen,—We, the Lord
Mayor A:dermen, and Co mo s of the City of London, in
Common Council assembled, receive with deep gratitude an
lively satisfactien ti e address of sympathy -and f iendslip
from our brethren of the municipality of Paris, wet we
accept it as a pledge of amity and mutual esteem between
these great cities.
" While we' have celebrated with exultation the meeting of
the i lustrions sovereigns of France and Great Britain upon
our soii, and have recorded with pride the visit of the chosen
Emperor of the French people to our ancient jurisdiction, we
heartily unite in the belief that the interchange of masks of
confidence and affection between the people of the two coun-
tries and the public 1 odies representing them, is not less
important or less essential to a lasting alliance than the per-
sonal intercourse of princes ; nor can they be reiterated too
often, or repeated in too many forms. We trust that these
demonstrations of cordiality between our nations will convince
alike our common enemies and our common allies how indis-
soluble is the union of our interests and feelings.
!" If, Monsieur le Prefet, the City of Paris has retained the
remembrance of the visit, it was the happiness of many of us
to make to your beautiful and classic city on the occasion of
the Great Exhibition of London, by your courteous invita-
tion, those who witnessed the noble hospita ity of the Hotel
de Ville, and shared the reception there given us by th)
authorities and inhabitants of Paris, call never forget the
splendour of the one or the warmth and generosity of the
other.
" We unite in regarding such recurring assemblage of
friendly nations to do homage to genius and foster skill and
industry, whether in the arts and sciences learned, or is manu-
factures, or in the cultivation of natural products, as the best
safeguards, under Providence, for the future peace of the
world, for the expansion and enlightenment of the heart and
mind of man, and the religious and general advancement of
the human race. We look forward, therefore, to the Uni-
ver al Exhibition' of Paris as another epoch in the groat rn-rch
of time and civilisation; and in the emulous contest for
national superiority in the arts of peace, we do not doubt
that the varied and exquisite creatio s of the fertile, skilful,
and refined spirit of the French people, will again be pre emi-
t() .t amongst us.
" While our armies and our navies are contending side by
side and rallying to. victory in the cause of justice and of
right, under the blended colours of our national flags, it is
with heartfelt gratification and pride that the citizens of Lon-
don seize this opportunity of doing honour to the representa-
tives of the capital of France. Thus hand in hand we shall
exhibit to the attentive eyes of all nations, and to future ge-
nerations of ourcountrymen, a fresh proof of the deep and
affectionate attaclum sat uniting the hearts of the people, aud
identifying the unbounded resources of the French and Eng-
lish empires.
(Signed) c'MERRY/MI:IER, Town Clerk."
The Prefect and the deputation then bowed, and took
their leave of the Court, amid enthusiastic cheering.
Prefecthee erpgerP vinyiel roeoagfflettvi:efee Seine and the
Deputy HARRISON—My Lord
permittinglitwasytont
isamci
nosueurrtteo, Iw
moven n
Corporation, which has
jgLui
st been
youreh
eea
nxtour
copyao sdrst.il
to
ohn
oi
ttfp:
tet
hht
Munici-
pality of Paris, be engrossed, signed by the town clerk,
emblazoned, and forwarded to Pans as soon as it can be
finished." (Hear, hear.) •
Mr. FARBER-4 have the honour to second the proposi-
tion of my friend, and I have no doubt that this Court
will unanimously agree to it.
The RECORDER put the motion, whichwas carried unani-
mously, with acclamation.
Mr. W. JONES moved—" That the address,
ourtand."
whi the re-
ply to it, be entered upon the journals of thech was carried
C
Sir P. LAURIE seconded the motion,
unanimously.
The Court' then adjourned.

HOUSE OF LORDS—(YES'TERDAY•)
The LORD CHANCELLOR took his seat on the wool-
sack at five o'clock.
The Earl of HA.REINGTON presented Several peti-
tions, some praying for the closing of public houses on
Sundays, and others prayingfor the introduction of the
Maine Liquor Law-into this country.
Lord LONDESBOROUGII presented a petition
from- the guardianS of the poor of the 13everlsy union,
in Yorkshire, praying for an extension of.powers to
guardians of the poor to enable them to afford out-door
relief.

MESSAGE FROM THE COMMONS.
Messengers from the Commons requested that their
.ordships would give permission for the examination of
Lord Monteagle before the select committee on the re-
moval of the poor.
The LORD CHANCELLOR replied that an answer
would be sent by a messenger of their own.
Lord CAMPBELL gave notice that be should on a
future occasion ask a question of the Commander-in-
Chief with reference to the rule of military discipline
which precluded soldiers from being present in an assize
town during the time of the sitting of the judges. He
saw no good reason why their presence on such
occasions should, be prohibited. He had been
frequently applied to when presiding at assizes for per-
mission to allow soldiers to appear in town during the
sitting of the court, and he had invariably given per-
mission, and even admitted them into court, and he
always found them amongst the best behaved of the
audience.
The LORD CHANCELLOR entirely concurred
in the observations of the noble and learned lord. When
he was on circuit on one occasion the military attended
the court, and a more orderly or attentive audience he
never witnessed.

THE CONVENTION WITH SARDINIA BILL.
Lord WODEHOUSE said, in the absence of the
noble earl the Secretary for Foreign Affairs, he begged
to move the second reading of this bill.
The bill was read a second time.
Their lordships then adjourned.

HOUSE OF 'COMMONS-YESTERDAY.
The house met at 4 o'clock
THIRD READINGS.
The following bills were read a third time and passed :
Bangor Markets and Public Institutions ; Belfast and.
County Down Railway ; Colchester Stour Valley, Sud-
bury, and Halstead Railway ; Grand Junction Water ;
Great Northern Railway (Increase of Capital) ; Lan-
caster Water and Gas ; South Wales Mineral Railway ;
Southwark and Vauxhall Water ; Vale of Neath Rail-
way ; Woolwich Equitable Gas.
The following bilis were ordered to be considered :
Jedburgh Railway ; Llynvi Valley 'and Bridgend Rail-
wayti ; Newcastle-under-Lyme Gas ; Oldham Gas and
Water.
The following bills were read a second time :—Eng-
land and Ireland Improved Communication ; Liverpool
Port ; New River Compiny and Trustees of the River
Lee ; Southampton Pavihg Trust Saint Pancras.

PETITIONS.
Petitions were presented—by Mr. MuNTz, from Bir-
mingham, praying that the Nuisance Bill may not be
allowed to pass, till a clause was introduced to prevent
any one carrying on a trade that was considered a nui-
sance to discontinue such trade, until it was proved to
be a nuisance ; by Mr. M. GIBSON, from the proprietor
of the Manchester Examiner, praying that the News-
paper Stamp Bill be passed ; also a petition from
46,000 inhabitants 'of Manchester, praying for the re-
peal of the Beer Bill •, by Mr. GLADSTONE, from Oxford,
in favour of No. 1 bill, relating to Stamp Duties.
FRENCH INDEMNITY FUND.
Mr. BOWYER asked the Secretary to the Treasury
whether the sum of 23,707/. 10s. 10d., which, by cer-
tain Ps rliamentary returns, was stated to have been paid
to Monsieur Ladebat, a French subject, out of the
" French Indemnity Fund
d," had ever, and whMajesty's
en, been
returned to that fund ; an, if so, whether her
Government had any obj ction to lay upon the table of
the house a return showing the application thereof ?
• Mr. WILSON said the sum alluded to was never re
paid.

FOREIGN HOPS.
Mr. FULLER asked the Chancellor of the Exchequer
whether his attention had been called to a great imposi-
tion now going on in packing foreign hops in English
pockets ; whether the Commissioners of the Inland Re-
venue had had their attention called to it ; and whether
any proceedings were to he taken against the parties who
had perpetrated this fraud ?
The CHANCELLOR of the EXCHEQUER replied,
the practice alluded to had not been carried to any
great extent, and the attention of the excise authorities
had been called to it. •
THE SIEGE OF SEBASTOPOL.
Mr. MUNTZ asked the Government if it was true,
as stated in the papers, that orders -had been given to
spare the town of Sebastopol ?
Lord PALMERSTON replied that no orders had
been given except to take the town of Sebastopol as
speedily as possible. (Laughter.)
In reply to Mr. H. BAILLIE:
Mr. MONSELL said the mortar fusees sent out to
Sebastopol were not in a satisfactory state at first, but
Col. Ward states that he has discovered a new mode of
cutting them, and they now answer well.
RELIGIOUS EQUALITY IN AUSTRALIA.
Mr. DUFFY rose to ask the Under Secretary for the
Colonies whether her Majesty:s Governmenthad directed
any departure to be made from the system of religious
equality which had hitherto been established in the co-
lonies of Australia, : And whether the Royal assent had
been withheld from a bill which passed the Legislative
Council of Victoria in November last, entitled "An act to
enable the, Bishops, Clergy, and Laity of the United
Church of England and Ireland, in Victoria, to provide
for the regulation of the affairs of the said Church ?"
The hon. member then proceeded to enter into a state-
went of the question when
Mr. GLADSTONE rose to order.
The SPEAKER said the hon. gentleman was clearly
out of order.
Mr. DUFFY then said he should content himself
with simply patine. the question new •
Mr. BALL said he was not aware that any such de-
parture ba I been made, and with regard to the bill
alluded to he had not yet seen it.
LORD DUNDONALD'S PLAN.

In reply to Captain SCoBELL, •
Lord PA.LXIERSTON said' that a plan had been
submitted to the Government for shortening the time of
attacks on fortresses ; professional men had given it as
their opinion that great difficulties lay in the way of
carrying nut that plan, but at present he could not enter
into the details.

. _
NAVAL AND MILITARY INTELLIGENCE,

The Cruiser, 17, screw corvette, Commander the Hon. G.
S. Douglas, and the Rosamond, 6, paddle sloop; Commander
Crofton, loft Spithead on Thursday evening for which Downs
of
,
en route for the Baltic. A party of riggers, a set
jury gear, are ordered to leave Portsmouth for Pembroke, to
rig and navigate the new 50-gun frigate Sutlej from that
port to Portsmouth, where she is to be fitted for commis-
sion.
The George Hurlbut emigrant ship, Captain Post, is expe-
ditiously refitting in Portsmouth, after her late accident in
collision with her Majesty's ship Duke of Wellington. A visit
to her by a Portsmouth correspondent proved that the
emigrants are most comfortably berthed, both on board the
ship, and also on board the hulk (her Majesty's ship
Dryad) lent- - them by the Government. The captain
is unremitting in his attentions to their comforts,
and all (their number extends to upwards of 360) ap-
peared quite happy, contented, and cheerful The shi A
cpourt of
's-state
and condition between decks was very healthy.
inquiry has been held by' a board of naval officers (Lord
George Paulet, president), to investigate the circumstances of
the collision. The dicision fully exonerates the Duke of
Wellington's officers and Captain Post from all blame in the
misfortune.
We learn by intelligence from Plymouth that the Ven-
geance, 84, Captain Lord Edward Russell, arrived in
Plymouth Sound yesterday afternoon from the Black Sea.
She left Malta February 17, and Gibraltar March 30. All
her marina, under the command of Captain Aslett, are left
in the Crimea,. whence she has brought 300 men of the Naval
Brigade, belonging to the Trafalgar, Arethusa, and other ships
which have returned. Tho Vengeance changed colours with
the screw steam-ship Greatßritain, full of troops, under steam
only, and apparently all well, on Sunday, the 15th inst in
48.5 N., and long. 5.55 W.
The steam block-ship Cornwallis, 60, Captain Wellesley,
was taken out of the basin dock at Plymouth on Thursday,
and she is now in the Sound.
The hired transport No. 63 was towed from Plymouth
Sound into 'Hamoaze on Thursday, and placed alongside the
jetty, to embark troops and horses for the Crimea.
Letters have been re cived at Plymouth, dated from the
frigate President, 5 w..i ch arrived from Valparaiso at Callao,
all well, on the 6th of March.

THE BUDGET.
The house having resolved itself into a committee 01
ways and means,
The CHANCELLOR of the EXCEIEQUER rose to make
his general financial statement for the year. The right
hon. gentleman said— I feel that some apology or explana-
tion is due to the house for the postponement of the finan-
cial statement which I have to make on the part of her Ma-
jesty's Government to the present moment. It was the wish
of the Government that the statement should be as com-
plete as it was in their power to make it, and as satisfac -
tory to the house. as it was possible to be; but they are
,
apprehensive that if made shortly after the formation of a
new Administration, and immediately after the appoint-
ment of a new Chancellor of the Exchequer, such a state-
ment would have been less satisfactory to the house than if
delayed for a longer time. They also felt that there would
be an advantage in waiting till the financial year had ex-
pired, which would have enabled them to lay the annual
accounts before the country in a more perfect form. At the
same time the Conferences at Vienna having lately com-
menced, her Majesty's Government thought that it would
be more seemly to delay a little for the commencement of
these Conferences, and that thus they would be better able
to form a judgment upon what would be the course taken
by the great Pc;wers, and that this would be better than
to proceed with a statement of our annual expenditure
and estimates, founded on supplies already voted, and
which assumed a continuance of the war. (Hear.) Her
Majesty's Government, under these circumstances, thought
it would be better to extend the time for making this
statement, as;well out of due respect to the public interest,
as out of the respect due to the house. (Hear.) In making
the statement which it is tow my duty to perform, I feel
that I have need of the indulgence of the house. I will try
einby a
referrings to the esti-
mates possible, to the ex.
mates made, for the revenue and expenses of the year
tento of mye in p
to simplify the statement I shall have to lay before them
as much as I am able, and I will endeavour to render it as
ul)
letiotwseelr. I
itself, satisfactoryandwillbg
which has just elapsed, by my right hon. friend my pre-
decessor in office, the member for the University of Or-
ford. The estimate he made for the revenue of the year,
which expired on the 31st of March last, was as follows :
The produce of the existing taxes he took at 53,349,000/.
and the produce of the new taxes which he proposed for
the ensuing year be estimated at 10,157,600/. ; and the new
taxes be received within the year he calculated at 6,147,0001.
So he estimated the proce
du of the taxation within the
year at 59,496,00 N. Now, I must certainly congratulate
the right hon. gentleman on having exercised, in this in-
stance, a species of financial second sight, for whereas his
est imated produce of the year was 59,496,0001., the amount
actually received was 59,496,1511. (Hear, hear.) Gentle-
MILITARY. men will see that in that very large amount there was no
between the estimated
On Thursday morning 27 men and double the number of greater difference _0 a imated sum and the sum
horses belonging to the 11th Hussars left Exeterfor Plymouth received than 1541. I,
th ( • u cheers.) •In the ways and
to embark for the Crimea on board the Kent and Childers means of last year, e right hon. 'gentleman took a power
steam transports,which have arrived &Mat port. During the to issue 1,750,( 00 . xchequer-bille, which
were real-
past few days five men belonging to the 11th have deserted, iced ; and he also estimated 6,000,0001 Each
• Exchequer-bills,
and one belonging to 15th Hussars, bode of which regiments which produced 5,375,5 M., making the unfunded debt
are stationed at Exeter. The detachment, of the 11th is ac- 7,125 5131 Therefore, the taxation of the year b '
companied by Captain Foster. 59,496, 1541., and the unfunded debt 7,125 I
,5131., the tote
The 13th Regiment of Light Infantry, stationed at Gibral- revenue of the year was 66,601,667/. The
expenditure of
tar ; the 51st Royal ditto, quartered in Manchester ; let bat- last year having been 65,642,96•2/., there was thus l ft
lion 71st Highland ditto, at Corfu ; and the 72d ditto, at excess of receipts over expenditure of 9-8 70- e all
0 , a/. I have
Malta, are under orders to proceed to the Crimea, and draughts already stated that the excess .of receipts over expenditure
from the depots of the following regiments at the seat of war
'tens
produced by the issue of certain securities.
re-
will embark early in the ensuing month to join the service venue for taxation having been during last year The
59,496,1541.
companies, viz. ;-Ist Royal Regiment, from Winchester (Ist and the expenditure 65,642,0001.f0110ws that it there was
battalion) ; 2d battalion ditto will proceed from Cephalonia to f an actual deficit of revenue to the amount of 6,145,8461.
the Crimea, and be augmented by a detachment from Athlone; by my right
The entire amount of the new taxes imposed
3d Buffs, from Newry ; 7th Royal_Fusiliers, from Winchester; hon. friend last year was not received, and there remains
21st Royal North British Fusiliers, from Birr ; 23d Royal were i uncollected of the taxes which
Welsh ditto, from Winchester; 68th Durham Light Infantry, i
but which have not been collected imposed last year,
from Ferrnoy ; 71st Highland ditto (2d battalion), from Chat- Ist of April last, according to the best esn the
year ending thetimate, a sum of
ham) and 91th Perthshire Light Infantry fawn Dublin. The 5,020,0001. Adding that sum to the
following regiments will proceed to the seat of war on theiris '516,0001. The whole
the taxation of leek year, the sum revenue produced from
reliefs arriving from England :-31st Foot, from Corfu ; 48th revenue estimated fur the
year, with the new taxes includ-
ditto, from Cephalonia ; 66th and 92d ditto from Gibraltar. ing the portion uncollected, was
Reinforcements for the Ist and 2d battalions of the Rifle Bri- and assuming that the estimated to be 63,506,0001.,
, uncollected portion should produce
gade will embark at Portsmouth, and it is expected that the what it is now estimated it willvenue made produce, there will be on
newly levied 3d battalions of the 60th Royal Rifle Regiment the estimate of re
right hen. friend a
and the Rifle Brigade will be so far disciplined as to embark gain of 1 010 000/. (Rear, hear.)
• . ! On the estimates now
early in June. before ns of the revenue of the last including""l"
year,

'e••ted taxes, there is ebeve one million- over :.he sum esti-
teri. This result has taken place, though, in cense-
once of the alteration in the quarters of the year, the
present year contaias five days less than the estimate was
made for ; and, as the receipts would amount to about one
million a week, the difference of the five days is not unim-
portant. I now call attention to this result, as showing
that, notwithstanding the burdens which unhappily it, has
been necessary- to impose upon_ the people, and notwith-
standing the disturbance of trade and industry and manu-
factures which a state of war must necessarily produce,
the revenue that_haa been received, and -that will, on a, safe
estirneteebe received, including the new taxes imposed in
the last year, exceeds the estimated amount by more than
a million. (Hear, hear.) .1 shall-now proceed to estimate
the expenditure for the ensuing year. (Hear, hear.) The
expenditure for the financial year, ending on the let of
April, 1854, that is to say, the last year of peace, which
included a small military expense for the Kafir war,
amounted to 51,198,0001., and the expenditure for the last
year is 65,692,962 i. I shall now; with the permission of
the committee, state the estimate of the expenditure for
the present year, judging by a mode that with tolerable
closeness approaches to the truth, inasmuch as all our
military estimates have been voted, and some progress has
been made in voting the miscellaneous estimates. The first
item is the charge for the funded and unfunded debt,
amounting to 27,974,0001., in which a saving has been pro-
duced this year in consequence of the reduction of the
Three-and-a-Quarter to Three per Cent. at the end of 1854.
The other charges on the consolidated fund, which have
been now somewhat reduced in consequence of the nume-
rous transfers made from the consolidated fund last session,
amount to 1,750,0001. The- charge for the army which
has been already voted amounts to 16,214,477/. ; the charge
for the navy, which has been also voted amounts to
16,653,0421., and the charge for the- Ordnance amounts to
7,808,000/. ; and I propose to take a vote of credit in aid
of military service for the year amounting to 3,000,0001.
(Hear, hear.) The charge for civil services amounts to
6,500,000/e which makes a total for supply service of
50,175,5611. I further" nclude an estimate for two instal-
ments of the Sardinian loan, one of which is now in pro-
gress of payment, and another my become due before the
end of the year. That produces a total of expenses of
80,889,5611. (Hear, hear.) I beg leave to state that the
charge for the funded debt I have stated includes the addi-
tional expense for interest of the loan which has been con-
tracted this day, and which now awaits the approbation of
Parliament. (Hear.) The committee will probably think
that the sum of nearly eighty-one millions,' which I have
just stated, may be excessive compared with the propable
wants of the ensuing year. I fear that any such anticipa-
tion will be very sanguine when we advert to the fact that
during the last quarter, consisting of the months of Janu-
ary, February, and March, of this year, the sum actually
expended and disbursed by the Exchequer amounted to
19,474,0001. This great expenditure, as the committee
will naturally conceive, has been owing almost exclusively
to the, additional expenses of the war. Perhaps you would
wish to know, and I shall therefore state, the expenses of
the present year as compared with the expenses of the last
year of peace and of the previous year. The total amount
voted for the army, navy, and ordnance, constituting the
-military expenditure for the year 1853-1854, was 16,487,000/.
The similar expenses for the last year amounted 30,121,0001.,
and the sum estimated for the corresponding expenditure
of this year amounts to 43,615,0001. I shall further state
the progress of the expenditure within the six last quar-
ters. In the quarter ending January, 1854, the expenses
for the supply service, which i icludes the expenses of the
civil service, amounted to 4,650,0001. ; in the quarter end-
ing April, 18et, they amounted to 5,640,0001. ; in the
quarter ending July, 1354, they amounted to 7,445,000/. ;
iu the quarter ending the 10th of .October last they
amounted to 8,500,000/. ; in the quarter ending the sth of
January last they amounted to 8,600,000/. ; and in the
quarter ending the 31st of March last they amounted to
11,661,000/. (Hear, hear.) I shall now proceed to state
the estimated income of the next year, upon which we
way rely to meet the estimated expenditure which I have
laid before the committee. It is estimated that the Cus-
toms for the present year will produce 20,500,0001.. in
which sum is included that portion of the tea duty which
would have been abandoned if the act passed this year had
not been passed. The amount which it is estimated will
be received from the Excise amounts to 17,071,000/. ;
stamps, 6,815,0001., exclusive of 480,0001. stamp duty upon
newspapers • laud and assessed taxes, 2,920,0001. •, property
tax, 13,535,0001. ; Post-office, 1,150,0001., to which I add
288,0001. for newspapers; Crown lands, 260,000/. ; miscel-
laneous, 800,0001.—total, 63,339,0001. (Hear.) The esti-
mated expenditure, as I have already stated, amounts to
80,899,965/. ; and further I include in.the estimate for the
expenditure for this year a sum of 1,000,0001. for ways and
means bills issued in the last year, and redeemable this
year ; and-owing by the Commissioners of the National
Debt in consequence of the sales of stock belonging to the
savings banks, and which we replace out of revenue. I
further propose to take, in order to guard against those
contingencies which may not unreasonably be expected, a
margin of 4,440,0001. The vote of credit will be imme-
diately applicable to the military service; but, in addition
to the vote of credit that is so applicable, I propose to leave
as unappropriated margin of surplus revenue for that
amount. This will make a total estimated expenditurefor
next Year of 86,339,00 e/. I have already stated that the esti-
mated revenue arising from the existing taxes amounts to
63,339,0001., and we have therefore to provide in the ser-
vice of the ensuing year for a deficit amounting to the diffe-
rence between 86,339,6001. and .63,339,000/.—namely, for a
deficit of 23,000,0001. The question now arises for the
consideration of the house, how this deficiency is to be sup-
plied, and it will be my duty to submit to your considera-
tion the ways and means by which we propose that the de-
ficiency shall be met. It has been stated at different times
that the entire expenditure for the war should be defrayed
by taxes levied within the year. And it is said that it is
not safe to entrust the. Government with the power of effect-
ing a loan, or of borrowing money and mortgaging the re-
venues of posterity for the purpose of defraying the extra-
ordinary expenses of war. I shall not enter into a long reca-
pitulation of the opinions expressed on that subject, but
shall take the liberty of reading a single passage from the
celebrated essay of Mr. Hume on public credit, in which
he states his opinion upon that subject ;—" It is very
tempting to a Minister to employ such an expedient, as it
enables him to make a great feature during his adminis-
tration, without overburdening the people with taxes, or
exciting any immediate clamours against himself. The
practice, therefore, of contracting debt will almost infallibly
be abused by every Gov ernment. It would scarcely be
more imprudent to give a prodigal son a credit in every
bankeir's shop in London than to empower a statesman to
draw bills in this manner upon posterity." This is a plain
statement of the doctrine that it is not expedient, under
any circumstances, to attempt to defray the extraordinary
expenses of a war by a loan, or by any other means except
by taxes levied within the year. (Hear.) But the expe-
rience of this country and of other countries, at all times
shows the impossibility of realising this attractive theory.
It is impossible, with a large expenditure for military pur-
poses immediately to be met, to raise by taxation the sum
necessary for defraying the whole additional charge within
the year. (Hear, hear.) And even if it were found by
experience to be practicable, the encroachment upon the
savings of the industrious classes, which would be caused
by excessive taxation, would be a greater evil than the
abstraction of capital by means of a loan and its ex-
penditure. I apprehend that nothing can be more
certain than the effect of excessive taxation iu making
inroads into the savings of the industrious classes. (Hear,
We can see that to a certain extent in the diminution of
useful projects of various sorts that has already begun to
take place in this country, and which exhibits itself in the
diminution of the private business of this house. That is
well known by the diminution that has taken plate in the
number of bills for new projects of different kinds which has
been brought before the private bills committee, and by
the fact that many projects which had already received the
sanction of the house, have been suspended during the past
year, because the calls upon the shareholders have not
been paid up. (Hear.) Taxes which cripple trade and de-
range industry, or interfere with the ordinary distribution
of capital are more detrimental to the country than loans.
The practice of raising loans was resorted to by Mr. Pittand
his successors during the last war, as it hadbeen previously
resorted to by his predecessors. The practice was every
year to defray the increased charge upon the Exchequer,
partly by loan, and partly by additional taxes ; and there
is not a single year, or one exception, during the American
and French wars, in whiCh a loan was not granted. (Hear.)
Onr experience, which has been purchased at the expense
much 'hardship upon individuals, and much privation en-
dured by the public, must warn us against the attempt of
meeting any large temporary deficiency exclusively by
taxation. (Hear.) Her Mai esty's Government therefore de-
termined to take steps for negotiating a loan for a portion
of the deficiency of the year, and in so doing they felt that
they were fortified by extensive experience, and by the con-
stant example of their predecessors. Before I proceed with the
explanation of the details of the loan, for which her Ma-
jesty's Government have made a provisional contract, I
would take the liberty of asking the committee to listen to
a short statement of the progress of the national debt,
with a view of making them perfectly aware of the nature
of the proceeding in which the Government has now em-
barked. (Heart) At the beginning of the last century, in
the year 1702, the debt consisted of 10,000,000/. ; at the
beginning .of the reign of George 11. it had risen to
53,000,0001. It had been reduced during years of peace to
46,000,0001., and that was its amount at the beginning of
the French war in 1739. During that war it rose to
72,000,0001., at which amount it was in 1748. At the be-
ginning of the seven years' war in 1757 it amounted. to
76,000,0001., and at the end of the war and at the peace of
Paris in 1763 it amounted to 135,000,0001., at which sum
it remained np to the commencement of the American War
in 1776. In 1786, three years after the termination of the
American war, it stood at 259,000,0001., and in 1793. at
the commencement of the French war, it had risen to
269,000,0001. In 1830 it amounted to 491,000,0001., and
in the month of February, 1816, it had reached
816,000,0001. It had since undergone some reduction, and
on the sth of February last the funded debt amounted to
751,000,0001—the decrease since the peace having been
64,000,0001. The details which I have read to the house
show the continual tendency of a great national debt to
increase. They show that we bequeath to our succes-
sors, with the advantages of Government, religion, esta-
blished institutions, arts, and sciences, • a debt which is
almost a mortgage upon our latest posterity, and they show
also that the additions that take place during war are but
imperfectly removed by the slight reductions which have
been effected during a period of peace. (Hear, hear.) It
therefore becomes necessary, in consequence of the exist-
ence of the war in which the country is now engaged, to
resort to the practice of borrowing, and it is certainly in-
cumbent upon Parliament to take such means as are at its
disposal to prevent us from imposing a perpetual burden
upon our successors. (Hear, hear.) It is thought that the
creation of a perpetual debt is merely the one-sided expe-
dient of improvident snd rapacious Ministers, and that by
proper attention to finance, and to the mode of providing
for the extinction of the debt, this perpetual charge may
be prevented. (Heat, hear.) But it would be found, on
closer examination, that the mode of borrowing is forced
to a great extent upon the Government by the interests
and preferences of the lenders. It suits the lender to pur-
chase perpetual annuities, the capital of which he can al-
ways realise by going into the market, and at the satne,
time be is protected by its perpetuity from the dangers of
redemption, which so greatly influences the valueof public
clanger
stocks—those stocks which are least exposed to the (Ine
highesta
of being redeemed being those that command the
will take the
prices in the market. (Hear, hear.)
liberty of mentioning that au actuary of ottrleogfutelisetiionusuorf? the
,
offices, Mr. Newmarch, bus examined successfully shows
loans during the last war, and o
that those loans were obtained upon trz!un;ducslin
tageous to the public than ase pmpooraee d
Dior
predecessors, while thus creating
debt in successive years, were
entailed upon
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a plan thought to be of great -ingenuity was
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devised by Mr. Pitt, carried in 1786, and maintained in
A form or another during the whole of the late war.
There is no doubt that Mr. Pitt believed in the efficacy of
the sinking fund for the extinction of the debt, while it was