The Sun.
London, England, 1852-11-16 00:00:00

ha
ve to s' ,ake their future existence as a Ministry.
Pa blie if nirnalists should avail themselves of the
°PP (aim city to indicate the general feeling on the
que. ;blot L, that must for many years, if not perma-
nent Iy, ap-peal forcibly to their own pockets and
these. of th.eir children.
It has lar.)en assumed, most unfairly, by the ad-
voca es of
the existing system, that it would be
c'ndt,
not impossible, to levy the Income-tax
on a'llY 0 ther basis than that of a uniform per cen-
whe up( m each person's receipts, no: matter from
what soli arce derived, and that, therefore, for fiscal
PlirPOSel 3, revenue arising from mental or bodily
n
lah
--nr, or from the fluctuating and precarious
Profits of trade, must be placed on exactly the
aline f< )undation as if it was obtained from accu-
illnla to d and realized property of the best descrip-
tion, from the ground rents of a well-circum-
Itanc ed estate, or the dividends on the public
lfan4l l• This, in other words, is, that because we
cane' )t. introduce a perfectly equitable principle,
ca ase we cannot exactly discriminate between
the value of professional or trade incomes of the
tau' Le class, both must be assessed at the very
hil ;hest . possible rate, that one man must be
charged four times, and another eight times, as
ch as he ought to be required to pay. This
44' acuity may be completely removed by giving
1110 the assessment on Income, properly so called,
at al charging nothing but property, according to
it a capitalized value. But if, despite of the nu-
serous advantages attendant on such a course,
Daoine of which we have recently pointed out, our
- lawgivers are resolved still to retain their hold on
the earnings of industry, with all its demo..
ralizing results, and notwithstanding the serious
losses occasioned by the system of exemptions
-thereby rendered necessary, some attempt
;at least might be made, at an approxima-
tion, sufficient to satisfy those who have
hitherto been so heavily victimized, and who, so
long as any portion of indirect taxation is re-
tained, must contribute more than their fair pro-
portion to the national exigencies. Such an
oximation might easily be made which would
nft much nearer approach to perfect fairness than
the Income-tax in its present form, or any
deBcription of customs or excise duties.
The principle of taxation generally recognized
Is, that it is just and expedient to charge every
In'n upon what he may reasonably calculate on
ventinuilig to spend. This will, we believe, be
admitted even by the advocates of the present
sYstera, who contend that "the balance of in-
vestments should not be distributed ; that every
14841_ should pay on what he could expend in a
Bi.ngle year without diminishing thereby the
amount of his capital." Now, we shall simply
viaj•llire whether ,a tax levied on the capitalized
fio'ne of each person's property would not exactly
fil these conditions. The object should be that
nen Person should have an equal power of ex-
penditure, and that the balance should remain the
same When obliged to yield to the common lot
and surrender his possessions to a successor or
mileeel3B°Da• It is palpably unjust to take as much
tr
eln the holder of a terminable annuity, which will
.„„expire in some five or six years, and a considerable
eurtion whereof must be allocated to replace the origi-
nal capital, as from the owner of a permanent or im-
proving ving charge, such as the 3 per Cents., or lands
dit in au improving neighbourhood; and if so,
is
aatio,
still more inequitable to charge, in a similar
precarious income arising from personal
elerticus, and, which a failure of health, or a
Change;,.,,,, of fashion may, at any moment, greatly
'lace, or altogether take away.
~" Ala, but," say the solemn wiseacres, who
'laic they can prove black white, or convince
t4.erB°lla against the evidence of their senses, "Oh,
b' if, from all incomes alike, you deduct an
the
rate of sevenpence in the pound, as is now
the case, the remainder will, as is obvious, be in
L.?_saine ratio as the original incomes, and so the
4 'nee of investment will not be disturbed. But,
if_ from those who only get 3 per cent. for their
Toney We take
sevenpence in the pound, and
from those who get 7 or 8 per cent. only, three-
Pence or fourpence, it seems apparent that the
balance will be disturbed, and capital will be
brought into those investments which are most
lightly taxed, until profits are diminished, and so
the
balance reatorad,"--and from thence they
a rrive at the conclusion, that "it is altogether
munaterial to professional men, whether, when a
is laid on income, they pay their full share,
or obtain a total exemption." If this, indeed, be
true, why not let these professional men, or
Wuers of property paying high rates of interest,
lodge for themselves. Why continue a system so
IldlY complained of if it be truly a matter of
-1 Perfect indifference, so very immaterial as it
"441.3 stated to be ? The fallacy is, however, too
PalPable, the assertion too startling, to be for a
u°llleiat sanctioned. It is perfectly clear that, if the
come which one man can obtain be greater than
that..i Which another derives from property of equal
it can only be because the income, in one case,
be of a less durable nature than in the other, or
tiBea.,_ use it cannot be obtained without a degree of
ef or inconvenience to which the latter is not
r,,,Pesed• What does it matter what may be the
th-sent income, whether the revenue derived from
ile saute capital be large or small, since each per-
vati,:,llaY invest his capital in the manner most
--'torily to himself, and he should not be
'v omitted to do so in any way by which he could
ade his
• Let just responsibility to the nation.
Lus, for instance, assume that two brothers
eh been left by their father fortunes of 5,0091.
' „___ It is clear that they should contribute
iilB-13.a113- to the maintenance of the national estab-
pertl4y.lll,ts and the protection of liberty and pro-
'° one puts 4,900/., in the 3 per Cents.
reining
obtath• 1001., lying idle at his bankers, thus
Purchases a permanent income of 1471. The other
whi long annuities, to expire in 1860,
B..ivec a the present price of 6 11-16th, would
eight eir him ill round terms, 7501. per annum for
z:el-1 Years. The first would pay nothing what-
der to the national exchequer, or, if it was
edv
ucted in this instance, he would obtain a re-
ura iltheAnther would be charged 21. 19s. 6d. per
doilin** Or, sliPt;cde'that.tlaete was no exemp-
, and that the first were charged 0n.150/. per
th„ "-".4 41. 7s. 6d. a year. It is palpable that if
h: raciwner of the long annuities be a prudent man,
eilat set aside a large portion of his income to
Place the capital that would otherwise be
kellated in eight years. Nearly four-fifths of
48 income is applied to this purpose—while his
brother can expend the whole of his income
Vithout impairing his condition, the difference of
tklation between the two, viz., 211. 17s. 6d.,
bus V. 7s. 6d.—or, 171. 10s. is, to all intents
at:nd Purposes, a tax 'on ',capital, which these par-
so strongly object to. And that capital will
7 re-taxed in its new form at the end of the eight
;eat% and indeed partially so during the interval,
;114.srauch as the savings of each year will be in-
ested, the income increased, and with -it the
fixation, as the term approaches its conclusion.
ti The above will sufficiently show the absurdi-
Alr of the would-be economists on this point. Eet
IPisaAELI then disregard their theories. Let
oplthlegislate boldly according to the palbable merits
all e:t heatse'
and he will receive the approbation of
ded. men, the cordial thanks and
gratitude in
oinf the community, and ac •
eve a per-
manent place hi
in the hearts of his countrymen.

Mr, The House of Commons fulfilled, last night, as
tOISRAELI justly termed it, " a sorrowful,
ttle
but
Ite a noble duty," and never was that right lion.
more eloquent, and never was the
t,Ouseinan
of Commons more unanimous, than when
Auey, in common with the rest of his countrymen,
ilLendered their farewell tribute of admiring
°lnage to WELLINGTON. In that House of Com-
-411)°'18, of which he had once been himself a mem-
her----" It is our pride," said the Leader of that
°,llBe, last night, " that he was one of our-
t'le-wesit is our glory that Sir ARTHUR WEL--
.t.isi!tl( once sat upon these benches :" in
heta had
a House of Commons, at the bar of which
temore than once received the " thanks of
ateful Senate for accumulated ,triumphs ;' --in
4,t. house, last night, it
emotion was decreed, on the
4on of
Mr. DISRAELI, seconded by Lord
°ll/sT M
"00111(1 RssELL, " that the Commons of England
do thank her MAJESTY for having given direc-
-45 for the public interment of the mortal re-