The Sun.
London, England, 1852-05-01 00:00:00

SPIRIT of the PUBLIC JOURNALS.

THE FINANCIAL STATEMENT.
TIMES.— Mr. Disraeli has added a new chapter to the
history of parties, and a new glory to the British Constitu-
tion. He may almost be said to have enlarged the idea of
human capability. Never was there seen to such advantage
as last night that almost peculiar custom of this country, by
which rival factions periodically change places; by which
enterprise and disaffection occasionally undergo the ordeal
of office, and power in its turn is humbled in opposition.
The scourge of Peel and the opponent of Wood made a
speech which either of them might have been proud of, and
which in its very manner, as well as its substance, showed
how thoroughly the speaker had studied his antagonists.
pillory,
offending devil no sheet and
We have long said that the only way to extinguish Pro-
tection was to put it on the Treasury bench, where it would
be obliged to master the facts of the question and commit
itself to a definite policy. That was the process we saw last
night,wax!t wax-tapers,
sn, no stoolno
w hoifp repentance,ever
expelled n
from any frail nature so thoroughly as the proud but
arduous task which, devolved last night on the
t
Protectionist chief. The office made the man. He had evi-
dently resolved to " speak truth and shame the devil," and
delivered so clear and effective an eulogy of our financial
policy during the last ten years that Sir Charles Wood had
nothing to add when his turn came. It is true that the
cheers were from the Opposition benches, while Mr.
Disraeli's own friends had evidently not yet learnt the part
of triumphant converts which they were expected to play.
That signified little in a House the rule of which is that the
orator addresses his foes, not his friends, and has no choice
but to turn his back on his party. All sides, however—
from the most applauding opponent to the most silent sup-
porter—must have admired the appearance, as it were, of a
new Chancellor among them. It is now evident that this
wonderful being need neither be dropped from the clouds,
nor connected with a Russell or Grey, nor trained by a whole
life of office. It may be produced ex nihilo, or manufac-
tured to order at six weeks' notice. No conjuror ever pro-
duced such a surprise from his hat or his cornucopia. We
saw with our own eyes the last rag of Protection
put into a red box, and when the lid was opened,
a perfect Chancellor of the Exchequer appeared, who imme-
diately opened his mouth and made a first-rate financial
statement. As to the substance of the budget it is very soon
told, for it was to do nothing. Mr. Disraeli proposes to con-
tinue the income-tax for another year, leaving everything
else alone for the present. But besides that this is the best,
and really the only practicable course, yet never was
" nothing" better done. Mr. Disraeli gave to his nothing
a substance, a spirit, and an originality that are often missed
is the most elaborate and gratuitous propositions. Probably
nine-tenths of the House, and all the more sensible of them,
knew that the only course was to continue the present pro-
visional arrangements, leaving to the new Parliament the
difficult task of amending and perpetuating the income-tax
if it pleased. But those nine-tenths must have left the
House much more thoroughly convinced on that point
than before. If it is the business of poets and indeed
of all other writers proprie communia dicere, Mr
Disraeli certainly made this year's income-tax his
owe, though only a repetition of last year's. Instead
of the brute sense that we must
have the income-
tax for another year, like the sure presentiment of a beating
that even a dog might feel under certain circumstances, we
have now rational satisfaction on this point. The celebrated
formula of" three courses" was brought to boar on the ques-
tion. There are three possible methods of filling
deficiency under which we are suffering by the lapse of the
income-tax.
income-tax. First, new duties on customs •
,secondly, new ex-
cise duties; thirdly, new direct taxes. Of these the two first
were disposed of by relating the history of the
war
waged
against them during the last ten erY
years.
The unpopularity
of the direct taxes was illustrated by
the repeal of the win-
dow duty last year ; and the only form of direct tax, the re-
newal of which would be tolerated for even
income-tax, to which we are brought
bythisone year, is the
ex-
haustion. The proposal was s simple
and method of o
.vious that had
it been announced, or even intimate earlier. in the speech,
I we cannot answer for the effect on the interest of the re•
mainder, but Mr. Disraeli's own literary practice in an-
other sphere has taught him to reserve his climax. So
till the very last moment, till the hand was almost on
seven o'clock, it was not perfectly • ---y certain but that heemporary
would conclude—as a morning cont
in-
formed its readers that he would conclude—" with a motion
that the surplus revenue shall be appropriated to ways and
means." He did conclude with precisely- - the same resolution
as Sir Charles Wood last year, and though the speaking
went on, the House of Commons
carried by acclamation the income tax, then and there
ax, with all its oppres-
sions and inequalities, for another
evidently applied himself to his taakYear. Mr. Disraeli had
with the determination
to do it thoroughly; and we show
the pains and self.denial it must haved not be doing justice to
mit that he has done his work well. His cost if we did not ad-
and state of our revenue, of the temper His review of the sources
the difficulties of the financier, of the taxpayer and
position and prospects, and of
thef our present financial
set-
tled before the permanent renewal questions to be
is so perspicuous and agreeable, that of the income-tax,
mend it to such of our younger a that we can com-
desire, with a moderate expenditurend our fairer readers as
get up the finances of this country. of trouble and time, to
The figures are enough
and not too many. The Right Hon.
ry
G
command, but judiciously tbrebore entleman had more at
with a load too great for the memo encumber his speech
hearers. We are bound to add theft or attention of his
there an exception of no great at, importancew ith only here and
agree in his views, as much as weadmire, we cannot but
the manner in
which he expressed them. Perhaps
insisted toe much on the large exemptions
should say that he
and limited
range of the inhabited house duty
at which we purchased the re* al a proof of the cost
in fact the mission of the win-
dow duty, when two duties—that repealed
and that substituted—have much the
tions
and much the same range. Nothso, can
b besame asterextehmaPn Mr .
Disraeli's remarks on the dangerous tendency of continually
remitting an indirect taxation which falls upon all, and Y
sup-
plying its place with a direct taxation which is only toler-
able because it is made to fallon a few. But itremains to
be seen whether in fact it is practicable to keep indirect
taxation in a country which is always requiri uP
facilities
and new outlets for its industry; and _, . nef new
of direct taxes being substituted, it i's4eth ,ielirl fehet event
practicable
them on any except the wefalthier, more responsible, levy
"come-at-able" class o persons.
more This i$ indeed, the
great financial problem of tie! age ; and if AL.. t
, Disraeli, with
the assistance of the Committee! now satin,.
taxation as 5 upstairs, can
sueceed in making direct fair, as universal, as
palatable, and as productive indirectabove the
taxes, he will have
solved a problem evidently
genius of either Pitt,
Peel, or Wood.
HERALD.—No one will from this time
er thepraise deny to the
Chancellor of the Excheqn . of candour. If to
political opponent be a virtu'
do justice to a l of th' e, theme has the
House. f Commons seen a disp ay
t. is virtue m strik-
ing than it has witnessed for some time or i
3 likely soon to
witness again. To his predeceSsore_Fl office, last night, in
Mr. Israeli ee
the development of his budget' he) a 8 unusually
paned Sir om Sir
complimentary ; the p ,
__,, in . Charles Wood
wanted when in office, he has touuu a
11 his successor. He
may congratulate himself that so we -timed a compliment
has been paid him, not merely by an °PPebent, but by one
of great acuteness and ability ; not.only
on the spur
of the moment, when hasty excitement,
like an after-
dinner speech, gives a deeper admiring afternguage which
cooler blood is apt to condemn, but some weeks of
h tht A
study and reflection. After much
has au. calculation,
the Chancellor of the Exchequer resolved that it is
wiser to let well alone. For the present, at all events,
be will conduct the finances of the country on the same
principles as his predecessors, wisely preferring to
than,
endure inconveniences for a time by
meddling
with the present arrangements, on so short a warning and
with so little time, introduce confusion, when he only de..
signed a remedy for existing evils. or, by inefficient changes,
create mischief, when his sole intention was amelioration.
If any disappointment be felt, as perhaps always will be
felt where expectations have been excited, a little reflection
will convince the country that no other course was open to
the Government, as certainly none ether was warranted by
prudence. Mr. Disraeli has at once boldly and frankly
avowed his incapacity to re-adjust taxation until he shall
have had more experience and more time to master the
bearings of the present system.: No man can within the
space of six weeks devise means for the adjustment of diffi-
culties, nor can any means be inaugurated without interfer-
ing with the commercial arrangements of the country. No
genius can play with surplus and deficiency as rhe-
torical figures. In the present state of the
nation. it would be most unwise to kindle a
fire by a new scheme of taxation, or jeopardise
the present returns of the , revenue h
-Y -any new
propositions which might furni§li. gleans for excitement, and