The Sun.
London, England, 1852-12-03 00:00:00

THE BUDGET.

(From the Morning Herald.)

To-night the Chancellor of the Exchequer will deliver
his financial statement in the House of Commons. It is
impossible to over-rate the difficulties by which the right
hon. gentleman is met at every corner. Scarcely half the
financial year has been completed, and the probable amount
of revenue from the sth April last must be computed in
making any estimate for the coming year. Thus the esti-
mate for income must be a matter of conjecture—not of
calculation.
Under such circumstances, we must acknowledge (how-
ever we should like a bold and comprehensive budget) it
may not be improbable that the Chancellor of the Ex-
chequer may adopt a cautious course, pending the results
of the financial year, and that he may not attempt at pre-
sent, with reference to our fiscal and financial system,
more than would satisfy the immediate wants and wishes
of the people—indicating at the same time his future course
of policy with reference to demands and resources.
Such a course of policy would doubtless disappoint very
many amongst the masses ; but there are many also who
would applaud such a course of action. If any of the sug-
gestions, which we subjoin, should not be made by Mr.
Disraeli in his financial statement to-night, none of our
readers who desire a cautious budget will be disappointed ;
if the bold budget should be adopted, we have no doubt
that some of the paragraphs underneath will have relation
to the scheme of the right hon. gentleman.
There can be little doubt of this. The public (if the bold
plan shall be adopted) must expect a considerable increase
in some items of taxation, in order to supply the deficiency
created by the reduction of others ; but we have little
hesitation in stating that any such increase will be founded
on the principle of unrestricted competition—therefore
affecting the property, rather than the industry, of the
country.
With commendable prudence the Government has kept
inviolate the secret of the details of the forthcoming bud-
get. The principles upon which it will be framed can
scarcely be deemed a subject with which the press and the
public have not a right to deal ; indeed, it requires not
that the wand of a conjuror should point to them, or a
stretch of imagination to hazard a few conjectures as to
the mode in which those principles are likely to be carried
out in practice.
The declarations of Lord Derby and the leader of the
House of Commons have left no doubt that the principle
of free trade will be carried out faithfully and withou
shrinking.

Now, in order to accomplish this object we must neces-
sarily take into consideration means as well as ends, and
there must be an impartial dealing with every class of the
great community composing the British empire.
First, then, with regard to the claims which an impartial
system of free trade necessarily makes upon an honest Ad-
ministration, we have the acknowledged burdens under
which agriculture and the landed interests suffer ; and we
have the interests both of the owner and the occupier to
deal with. With regard to those interests combined, a re-
construction of our poor laws would afford a great relief
from the huge load with which landlords and tenants have
had to struggle, and an equalization of taxation in this
respect is one obvious way in which this relief could be af-
forded. To make the poor-law fund a charge upon the
national revenue would be one mode in which this could
be accomplished, and this would at once put an end to all
difficulties as to the law of settlement, &c. We, of course,
cannot say whether such an arrangement of the difficulty
will be proposed by the Chancellor of the Exchequer ; but
such an arrangement would not create an increased de-
mand upon the national purse. Yet it is very likely that
the consideration of this question may be for the present
postponed. If postponed, we have no doubt that ere the
great fact shall be accomplished, Mr. Disraeli will propose
other-means, developed in his speeches delivered to his
constituents and the country, for the relief of the agricul-
tural classes.
It is almost impossible that, in deference to public
opinion, some reconstruction of the income and property
tax will not be proposed in the budget of to-night ; and
any re-construction of it which would be popular or tend
to the carrying out of the principles of free trade must
involve a considerable loss of revenue. A tax upon
property realised or existing we cannot hold to be
an unjust impost ; but an equal tax upon incomes
which, uncertain in their character, cease with the
lives of those who earn them, is not a fair allotment
of burdens, which should be borne relatively to their means
by all who partake of the benefits afforded by our laws and
our constitution. However the Government may decide
on this, we have no doubt that the result will be satisfac-
tory to the public, although it may compel a reduction of
the national income from the sources whence it is at pre-
sent derived.
The general desire for the reduction of the tax upon tea
may be possibly recognised in the budget ; and if so, any
considerable reduction of the duty Would leave a large de-
ficiency in our national income.
If the demands of our Irish spirit-dealers be acceded to
another defficiency will be created ; and should the malt
tax be at all dealt with, that deficiency must be consider-
ably augmented.
With reference to the duty on hops there is no small dif-
ference of opinion. That a reduction or abolition of a tax,
conceived and carried out in the spirit of a gambler, is de-
sirable, we have no doubt; the question is whether the
financial scheme of the Government may leave them the

means for dealing with that portion of our income. We
can only hope that it may.

Now with regard to the " taxes upon knowledge," we
shall be content if the duty on advertisements be dealt with.
For ourselves we cannot help stating that we aro desirous
the penny stamp upon the newspaper should be continued.
The whole question, however—occupying, as it has done,
the attention of the public for a long period—is likely, wo
think, to demand the notice of the Chancellor of the Ex-
chequer.

The increase of the navy and army, which has been re-
solved on, will of course add to the estimates which must
be made for the ensuing year.
Then, with reference to our Excise duties, they are bur-
densome, inquisitorial, and expensive with reference to col-
lection. The more extensively they are dealt with by Mr.
Disraeli, the more popular will be his financial statement.
The report upon the wine trade is suggestive ; a reduc-
tion of the import duties on wine would be popular, if it
can be afforded.

Now, with reference to our colonies : we scarcely think
that the Chancellor of the Exchequer can reduce the duty
on sugar, or modify the differential tax upon that article,
but our dependencies in the West Indies would be largely
relieved were an extensive system of labour importation
Chinese coolies undertaken at
tohfethneathioeanlaitheyxtsde..wokinTrhis7
again, would cost money.
Should any—some or all of the items we have enume-
rated, be embraced in the Budget of Mr. Disraeli, there
must be a very extensive alteration, as well as re-construc-
tion, in our System of taxation.
H
which we have suggested. Some persons speak of a duty
on coal. then,Thi are the means to be found to meet the ends
s would, however, involve the objections
which we have offered to any increase of our Excise system.
Prospectively the decrease of the interest on the New
Time-and-a-Quarter per Cents. will afford a considerable
increase of the revenue, but an augmentation which is in-
considerable in reference to the reductions which must be
contemplated in a comprehensive financial scheme. The
extension of the income tax to Ireland—an act of justice
toig h England,ted— and one of which the Irish could not complain
if their burdens in reference to the poor laws, Sze. were
this would add considerably to the national
purse, but not sufficiently to meet the losses from the re-
duction of taxation, felt generally, which we have a right
to expect from Mr. Disraeli.
What reason, then, we ask, is there, in the present state
of the Money Market, why the interest on Consols should
not be reduced ? Here is a fund whereon to found a com-
prehensive budget—to enable a Chancellor of the Exche-
quer to deal with our whole fiscal and financial system sa-
tisfactorily, thoroughly, and equitably. The fundholder
has benefited more than any member of the community
from free trade ; and if the principle is to be carried out
honestly and faithfully, the fundholder has a right to pay
his portion of the tribute towards a national pledge to a
national policy. We know not whether this will form a
portion of the financial scheme of Mr. Disraeli ; but, unau-
thorised by an intimation, uninformed by a word from any
official quarter, we suggest that to obtain the due means
for a great object, the Chancellor of the Exchequer should
not object to deal with a fund which has been made by
free trade a debtor to the nation. Reduce the interest on
Consols, and—we stake our credit on it—not 500,0001.
would be required to pay off the recusants. What could
they do with their money if they had it in hard cash ?