The Sun.
London, England, 1862-05-15 00:00:00

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THE SUN, LONDON, THURSDAY EVENING, MAY 15, 1862.

SPORTING IN7ELLIG.EIVC.E.

rite jumped away with a strong lead, made all the running,
and won easily by a length and a-half; a head between the
second and third ; Everlastini fourth.
Biennial Produce Stakes of 10 sovs each, with 50 added, for
3-yr-olds ; colts, Bst 91b; fillies, Bst 51b. Second t 3 save

TILE INCOME 7AX.

MIESTER RACES.—WEDXESDAY.
The town was in a commotion from on early hour, each
succeeding train bringing its hundreds to witness the gay
scene which has annually delighted them for years. The
betting-room was crowded, and the quaint old " rows"
filled with sight- seers, while each avenue to the racecourse
was literally crammed with the moving multitudes. There
seemed not one man less at the tryst than we have been in
the habit of seeing ; all was life, animation, and gaiety.
The balconies of the Grand Stand were filled with ladies,
the enclosure and the paddock were equally full of the
ruder sex.

(From the Times,)
"It is never too late to mend," says Mr. Hubbard.
Use, he says, is not yet second nature with the in-
come tax. It is not yet the leopard which cannot
change its spots, or the Ethiopian who cannot bleach
his skin. It is quite cheering to find gentlemen of
this hopeful, jovial temperament, still treating the
income tax as a sapling. Mr. Hubbard would take
it up, transplant it, lop it and top it, make it quite
another tree, and then expect to live 50 years more
to see what it will grow into. None of our youngsters
have such enterprise and courage. Many men no
longer young hardly remember the time when there
was not an income tax, and they associate it with
the assessed taxes, with poor rates and way rates.
They will never get up heart to resist or modify a
tax which seems inseparable from this our civilised
state, which affords the most splendid demonstra-
tion of England's wealth and probity, and is the
brightest ingot in the Chancellor of the Exchequer's
coffer. Consult them, and they will hardly wish to
amend the tax at the risk of hurting its efficiency.
With them it is the palladium of England's finance. It
is the arm that strikes and heals, that fills merchant-
men with corn and coats men-of-war with iron ;
that opens ports or blockades them; that makes all
the world accessible except our own shores, and
enables the Chancellor of the Exchequer to declare
a surplus whenever he pleases, to laugh at a thou-
sand scruples, to play with huge balances, to sleep
on the eye of a budget, and make a pleasant philo-
sophy do the duty of har,cijacts. 1312.speetaele-is
so seductive -that ili atihis ument the Federal AIM=

his stake. Castle pole, onceround and in. 9 subs.
Mr. Saxon's Paresseuse , (Midgley) 1
Mr. Barber's Hare (31b) ...... (Snowden) 2
Betting.-11 to 10 on Paregeuse, who waited upon the
non-favourite to the distance, then came away and won
cleverly by two lengths.

7IIE NJVY.

~--~ -

Before going to the course, the scene in the Subscription
room was one of bustle and anxiety ; the favourites had
changed places since yesterday, and Fairwater became un-
mistakeably the leader. Caractacus was very firm in the
market, but Silkstone declined, and Zodiac had lost his
great popularity of Monday. The Vest colt, who after-
wards ran second, was utterly friendless; but the French
threee-yr-old and Stamped() retained their positions to the
last. At length the town was quitted for the course, under
a cloudy sky and signs of rain, which held off, neverthe-
less, during the day, Two minor events had to be decided,

The line•of-battle ship Cinqueror, 91, 500 horse-
power, fitting at Sheernes, is to have the whole
of the hands withdrawn from her, as she is
to be no further proceeded with at present.
Orders have also been received at Chatham
directing that the Chesapealo, 51, 500-horse power,
is to have no more repairs elecuted upon her than
are absolutely necessary for indocking her.
We are requested to acknovledge the receipt, by
Rear-Admiral the Hon. G. Crey, Admiral Superin-
tendent of Portsmouth Dockyard, of the sum of
£267 6s 8d from numerous subscribers to the fund
for the relief of the widows aid children of the pilot
and four men who were drowned at Spithead by the
upsetting of their boat iii a freeze when returning
to the harbour, after pilotingher Majesty's steamer
Rhadamanthus to Spithead, on the 24th January
last. This sum has been lisiributed in the follow-
ing proportions, viz.:—to, AV. Imes, widow of the.
late Mr. Jones, jun., Queen's pilot; and three chil-
dren, £Bl 16s 8d ; to Mrs. Grant and two children,
£7l 16s 8d; to Mrs. Webb tied one child, £6l 16s
8d ; and to Mrs. Gardner, £5l 16s Bd.
The fleet of the iron mortar vessels built towards
the close of the Russian war, the whole of which
are now hauled up at the extremity of Chatham
dockard, where they are protected from the weather,
have been carefully surveyed, and a report of their
condition has been forwarded to the Admiralty.
Orders were yesterday received for each vessel to
be scraped and painted, in order to preserve it from
injury by rust. The work will, it is understood, be
performed by the convicts. The number of iron
mortar vessels at Chatham dockyard is about fifty,
in addition to which there is a large fleet of wooden
mortar ships laid up in Nantlett-creek, a short dis-
tance from the dockyard.

and then, at half-past three o'clock, the " Chester Cup"
was ushered in with 23 runners. The race is described
below, suffice it then to say that Wild Rose ran wonder-
fully well for two mile, Caractacus went about the same
distance, that the first three in the race were outsiders, and
the favourites nowhere. The winner was formerly in
Fobert's stable, but was bought after running at Doncaster.
He won the Brough Handicap this spring at Catterick-
bridge Races. The Queen's Plate ended in the defeat of
Sawcutter ; and the day's racing was over at six o'clock.
The _Helier Skelter Handicap of 5 sous each, with 30

ricans are building a fleet of Monitors on the faith
of the Income Tax. They have made out to their
own satisfaction that, while they are about the same
in number as ourselves, they are considerably richer,
and the product of their Income Tax will be so much
the greater. As yet they see only the bright side
of the tax. Here it is regarded with more respect
than love. Mr. Hubbard has not even that respect
for it which we feel for an old institution. He
keeps up his protest against its rough and ready
principles of assessment, as the Pole does against
the Russian.

But what is to be done ? This cherished hope of
amendment is like the old faculty that we once
felt conscious of and once wished to exercise, but
have now lost, not only in power, but even in will.
You once had an inkling of a higher philosophy, of
some happier frame ; and you once felt that nothing
was required to the enjoyment of the blissful
dream but a strong exercise of will. But dream
and will have now gone together, and you cannot
say that you care much about it. Schedule D is a
sad burden and a frightful anomaly ; so Peel
himself, so Gladstone, so every one once said ;
bat we have grown into it, as we have grown
into many things, The slim youth of twenty thinks
life must be intolerable with a weight of seventeen
stone, and a figure such as the justice carried " with
fat capon lined." Think of carrying before you
always, as a matter of course, a protuberance as
heavy and as prominent as a well-loaded dinner
tray. Wait a few years, and you will be as proud
of it as Falstaff was in a crowd of striplings.
You will no longer wish to be a whipping-post.
So some of us are becoming proud of the corpulent
injustice of Schedule D. No doubt Mr. Gladstone
in his imagination revels in licensed brigandage.
He roves in the spirit over ideal Garganos and St.
Angeles in a conical hat and feather, a jacket, a
girdle mounted with pistols, and a wide-muzzled
carbine, enjoying the terrors of anxious merchants,
sleek priests, and all the timid cattle that creep
from town to town. He won't throw back a doit.
They must pay for the costs of their own suits, if
they take the law, and pay him teeth-money over
all. " Lie on your face and hold your tongue," is
all the word of grace he has for them. If they
wont't say how much they have, he will soon find
it, and then it will be the worse for them. Yet
this is the Nero who once wept as he signed a death
warrant. It is the old Norman spirit still strong
in this country. The poor Saxon pleads the preca-
riousness of his tenure, the instability of fortune,
the vicissitudes of trade, the wear and tear of body
and soul, and the tenderness due to his little hand
or head craft. Is not the blood leaving his veins,
and the tide and blood leaving the whole system ?
Spare him awhile that he may husband what is
left for himself and those he loves. The Norman
listens to no such plea. He has a great state to
maintain. He has hundreds of barons, and castles,
and galleys, and engines of war,--bows and arrows,
shields and spears, and a vast host of retainers, all
to be kept up. They must be fed and armed. Then,
is there not the bond to Isaac of York that must
be met? So none of your puling. Out with your
money. We want it, and must have it. Give it
at once, and instantly, and talk about it after-
wards.

The following appointments were made yesterday
at the Admiralty :—Lieut. john B. Butler, to the
Galatea ; Lieut. Charles H. Murphy and Lieut. W.
E. Miller, to the Forte, additional for disposal.
The undermentioned gentlemen have been nomi-
nated to naval cadetships :—Richard Wm. White,
John Ferris, and William J. Moore:

NATIONAL DEBT OF 2.71 E NEW KM-

DOM OF ITALY.

A statement of the national debt and general
finances of the new kingdom of Italy at the com-
mencement of the present year, by Mr. Sackville
West, Secretary of Legation at Turin, has just been
published. In the early part of the first Session of
the Italian Parliament of 1861 a law was passed
providing for the unification of the public debts of
the different provinces, which were henceforth to
be inscribed in a great book, representing the
liabilities of the entire country. At the same time
the principle was abandoned of providing for a
gradual extinction by means of a sinking fund, the
Minister having rightly declared it to be a costly
fiction, a surplus revenue being the only means of
effecting any such object. The debts thrown upon
the State by the different Acts of union are of six
classes—namely, 1. those of Piedmont ; 2. Lom-
bardy ; 3. the .Emilia ; 4. Modena ; 5. Tuscany ;
and 6. Naples and Sicily. The Piedmontese debt
commenced in 1817, in consequence of indemnities
to be paid to France after the restoration of the
House of Savoy. For 11 years, during the reigns
of Victor Emmanuel I. and Carlo Felice, there does
not appear to have been any sensible augmentation
of the amount, and the period of loans commenced
only with the accession of Charles Albert, in 1834.
By the year 1847, just before the French Revolu-
tion and the insurrection at Milan, the total had
reached £5,400,000. In the three years 1849.50-
si, six loans were contracted, representing
£14,360,000. In 1856 there was another increase
of £5,200,000, and in 1859 another of £2,600,000.
Besides this £4,000,000 was paid to France by
the Treaty of Zurich on account of the portion
of the Austrian debt of 1854 and £2,400,000
indemnity for war expenses. There were also
other augmentations, and in this manner on the
Ist of January, 1860, the debt had reached an
aggregate of £41,800,000, and subsequently a
loan of £6,000,000, represented by £7,450,000 capi-
tal, has been added. On the other hand, there was
a reduction of £3,600,000 by the assumption of that
amount by France on the cession of Savoy and Nice.
The actual debt was thus brought to £46,400,000,
involving an annual charge for interehst
had
£2,300,000. The debt of Lombardy, w
been increased by the forced loan of £34,i0c00,000
made by Radetzky in 1848, seems to have74sotoo,oodoao,
at
the time of the Treaty of Villafranca a
t £7,400,000,
of which £1,600,000, on account of the old Monte di
Milano, has since been assignedto A(Puastrrmiaa., Tmhoeddeenbat,
of the provinces of the Emilia
and Romagna) was £1,680,000. That
of Tuscany
amounted to £x,360,000, including £2,280,000 con-
tracted after the fall of the late dynasty. Lastly
comes the debt of Naples and Sicily. During the
reign of the Bourbon dynasty scarcely any financial
statement of the public debt Was given, and the
absence of such documents, and the mystery -which
always enveloped all the Government transactions
of a financial nature, have rendered it extremely
difficult to obtain any precise information on the
subject. At the restoration of the House of Bour-
bon there 779 s a debt of £5,040,000 ; the expenses
of that restoration are calculated to have been
£3,600,000, and subsequently the continued occupa-
tion of the country by tiro Austrian army involved
a heavy burden. The events of 1848 and the sup-
pression of the Sicilian revolt caused additions of
more than £6,000,000, and the total liabilities at
length reached £22,000,000. The public debt of the
new kingdom of Italy is therefore as follows :
Piedmont £46,400,000 Naples and
Lombardy 5,800,000 I 5ici1y........L22,000,000
/Emilia 1,680,000
Tuscany
With regard to reTenui

Total.. . X 54,240,000
it appears that the ordi-