The Sun.
London, England, 1854-03-22 00:00:00

of demand tends to depress prices ; and that depression
acting on purchasers, deters all parties from operating.
These remarks apply alike to wool, yarn, and pieces.
HUDDERSFIELD, March 21.—There has been a very
quiet market to-day. It has been thinly attended by
merchants, and the purchases have been light. The
general feeling throughout the market is that of flatness.

LLOYD'S SHIPPING.- (THIS DAY.)

LONDON, March 22.—Wind this day at Noon, N.E. ;
moderate breeze, and cloudy weather.
SOUTHAMPTON, March 22.—Arrived—Trent (s), from
the West Indies.
SUNDERLAND, March 21.—Wind, N.E. Arrived—
Devon, from Rolterdam ; Fraw, Amsterdam.
DOVER, March 21.—Wind, N.B. Arrived—New Great
Britain, from London, for Montreal.
PORTSMOUTH, March ff.—Wind, N.E. to E.N.E. Ar-
rived—Sumatra from Demerara; Catherine. Nysted ;
Comet, Sunderland, for Venice, with bowsprit sprung,
jibboom, cutwater, and head rails carried away, having
been in collision, at the entrance of the Gull Stream, with
the Royal George, from Hartlepool, for Ramsgate.
MILFORD, March 20.—Sailed—Nautilus, for Melbourne ;
Speedy, Corfu ; Turcea, Malta •, Helianthus, Naples.
DARTMOUTH, March 21.—Wind, E. Sailed—Dromo,
for Malta.
FALMOUTH, March 21.—Wind, E., strong breeze. Ar-
rived—Gezina, from Groningen, for Truro ; Nympha,
Pernambuco ; Levant, Palermo.
PLYMOUTH, March 21.—Wind, E.N.E. Arrived—Su-
sannah, Payti, for Hamburgh ; Harebell, Callao, for Ber-
wick ; Marco Polo, Monte Video, for Cherbourg ; Fortuna,
Santa Martha; British Queen, Salonica ; Brant, Malta,
for Newcastle.

LIVERPOOL, March 21.--The Atlantic (a), from Liver-
pool to New. York, which was on shore, March 8, on the
mud at Sandy Hook, got off same day, and arrived at
New York, without damage.

(BY ELECTRIC TELEGRA.PEI.)
LIVERPOOL, Wednesday, 10.30 a.m.
Wind, N.N.W. ; fresh breeze, and fine
Arrived—Charles Ward, from New Orleans.
Off Port—Otter, from Bremerhaven ; Albion, Constan-
tinople.

QUEENSTOWN, March 20.

Wind, E.N.E.
Arrived—Roe, from Benin, for Liverpool ; Jenny Jones,
Valparaiso, for Liverpool.
Put in—Crown, from Liverpool, for Jamaica ; Louisa
Munroe, Liverpool, for Bay of Fundy.

(BY SUBMARINE AND EUROPEAN TELEGRAPH.)
GRAVESEND, Wednesday, 10.16 a.m.
Wind, E.N.E. ; tide, half ebb • fresh and fine.
Arrived—Sophia, from Halmseadt ; Hannibal, Randers ;
Concordia, Stettin ; Lowina, Emden ; Maria, Copenhagen ;
Everhardus, Bremen; Droningen, Mollerup ; G-ustava,
Helsinborg.
Sailed—Alar (s), for Dunkirk ; G. B. Lamar, New
York ; Amaulipas (s), Liverpool ; Euphros2ne, Cape of
Good Hope ; Seine (s), Boulogne.
DLIT+, Wednesday, 9.45 a.m.

Wind, NE. ; fresh and fine.
Passed—Partisan, from Shields, for Constantinople ;
Maria, Sunderland, for Carthagena ; Beverley, do., for
Malta ; Pyrenees, transport, No. 1, from London, for
Malta.

IMPERIAL PARLIAMENT.

HOUSE OF COMMONS—(YESTERDAY.)
WAYS AND MEANS.
On bringing up the report on ways and means,
Sir H. WILLOUGHBY rose to move an amendment,
as he had considerable doubt whether any case had been
made out for the imposition of an addition to the income
tax. The amendment he now proposed to bring before
the house was to move the omission in the resolution of
the words, "and that the whole amount of the said
additional duties shall be collected and paid with and
over and above the first moiety of the duties assessed or
charged by virtue of the said act, for the year aforesaid."
He urged that there was no apparent reason for this addi-
tion to the income tax shown by the right hon. gentleman
(the Chancellor of the Exchequer) when he made his
financial statement to the house. It was quite clear
this claim would not have been made on the income
tax-payers if there had not been some extraordinary pres-
sure to reduce the balances in the Exchequer. It was im-
possible the house could agree to such an addition to the
income tax without kno wing exactly what is the state
of our financial resources. Last year the right hon.
gentleman determined to deal with the 31 per Cents.,
and he believed the right hon. gentleman had to pay
4,500,0001. out of the balances to meet the deficiency
caused by that measure. The object of the amendment
which he (Sir H. Willoughby) proposed was, that the
additional income tax should not be levied in the first
half-year, but collected half-yearly with the old tax. He
contended that no financial pressure could arise from
spreading it over the whole year. Reverting to the
additional tax, he insisted upon the injustice of levying
it in one lump upon clerks, farmers, and persons receiving
small incomes, and especially upon the long annuitants.
The motion was seconded by Mr. FRENCH, who com-
plained of the harshness with which Ireland had been
treated in reference to this tax.
Mr. HANKEY reviewed the financial policy of the
Chancellor of the Exchequer last year, and censured as
injudicious and erroneous his operations upon both the
funded and unfunded debt. The result of his conver-
sions, he contended, had been that, although he had
paid off a considerable amount of the national debt, it
had been done at a serious loss to the country, by means
of balances in the Bank of England, which would have
been otherwise applicable, without loss, to a reduction
of the debt ; and he denied the expediency of his borow-
ing money of the Bank of England on deficiency bills.
In conclusion, he deprecated any tampering with the
currency, by increasing the issue of paper, in contraven-
tion of the policy of the act of 1844.
Mr W. WILLIAMS, in reply to Mr Hankey, justified
the Chancellor of the Exchequer for preferring the inte-
rests of the public to those of the Bank of England, and
considered that his measures had been right, though
unexpected events had deranged the money-market.
Mr. WILKINSON, without reference to political
derangement, questioned the policy of the conversion
measure, which had cost the country 700,000/. or
800,0001.
Mr. CAYLEY pointed out what ho regarded as the
probable mischievous effect of maintaining the restric-
tions of the act of 1844, upon our commercial transac-
tions, which must supply the fund out of which taxes
were to be paid. He could not support the amendment.
Mr. LAING hoped the Government would be very
cautious in touching the principle of the law of 1844,
which, in conjunction with the prudent action of the
B ink of England, had, on the whole, been sanctioned by
practical experience. The measure oilast session, though
abortive, was, in his opinion, founded upon sound prin-
ciples, and he hoped to see it repeated under more fa-
vourable circumstances. lie supported the original re-
solution.
Mr. MALINS inveighed against the continuation
and augmentation of a tax for the service of the war,
which the Whig party had held up to the detestation of
the country. The resources for the war could not be
found in direct taxation ; and he agreed with Mr. Cay-
ley, that the mos', formidable enemy we should encounter
would be the Bank Charter Act of 1844, the paralysing
effects of which he endeavoui ed to show were already
commencing. He suggested as an indispensable provi-
sion against a future commercial crisis, that the restric-
tions of that act should be removed, and if a drain of
gold beyond a certain amount take place, the Chancellor
of the Exchequer, the First Lord of the Treasury, and
the Bank of England should have a discretionary power
of doing that by law which was done without law in
1847.

from
-the
dbetiftra,
heir tisheabesxopeiunsteleys
taxes of the year—he is not only going to
atof ththeesavramre ti.w:nthe turl4-
-suing a system that is defraying the burdeguathrdatp-woast: posterity
reeesciegshsotrhaonN.
goeceotulersme
acme nealryneamisorezowsistratz-
s down as a principle, that w
ott
to that
us b ywhichfinance—that
p which
he
ley
must not burden our posterity—than his scheme fo'r makin:
sacrifices to defray the debts left by our predecessors. Sir,
no country can stand it. No country can pay off the na-
tional debt—no country can attempt at the same time to
reduce old encumbrances and to bear the cost of a war
entirely from its even resources. (Hear, hear.) It is
very doubtful, as I think twenty-four men out of every
twenty-five in the house will admit, whetherin a continued
struggle we can raise the supplies in one year that are
necessary for the expenses of that year. That I say is
very doubtful. It is possible that from an excess of pa-
triotism, from an exorbitant amount of resources, you may
do so. I, however, do not believe it. But it certainly is
possible. No man, however, can maintain for a moneent
that you can carry on a war and raise supplies for its ,ex-
pense at the same time that you are paying off ten railliosie
of debt. (Hear.) That is the position which the Chancel-
lor of the Exchequer has placed us in. The right hon.
gentleman is welkin," two systems exactly contrary to each
other. He is coming forward animated by what is a sound
principle for this country—that we should, if we embark
In a war, not entail the cost of that war -upon posterity.
But, while be is asking us to make these unheard-of uteri-
liees—while he is appealing to us to accomplish this unpre-
cedented act of patriotism, of virtue, of philanthropy—
he is absolutely calling upon us to diminish the debt which
our predecessors left us. Turn it and twist it as you like,
it is the most monstrous, the most impossible system of
finance that ever was carried on. It has been an immense
effort for Ministers, to reduce the debt. Whenever there
has been a surplus, you have had a thousand applicants.
It has been the popular opinion that you should diminish
taxation and not the debt. You have been obliged to pass
special laws to insure the reduction of the debt.. \Yon
have had special and stringent laws to effect that purpofse.
But the Chancellor of the Exchequer comes forward anti
proposed in this house. (Hear, heals)
says :—" I will combine, with my new system of financb the
loan.you h(a
hereciy otfo
features of both systems. Pil absolutely not burden pos-
terity,l.
ll
left us." Now, in what can this system end? It will end.
in one of the largest loans that a minister of finance ever
and I'll d.ofray the charges which our predecessors
The right hon. gen-
tleman said the other day that I wanted him to propose a
h"eparivithdee.aanlcehlalovre in
reply, and I dare say we shall hear him by and by. • (Laugh-
tese
ter.) We are asked here to increase the taxation of the
country to an enormous extent from particular circum-
elfittthlee
Exchequermore
stances, and the very form in which the question is brought
before us must necessarily limit our consideration very
much, and here is an hon. gentleman who cries " Disside."
I do not think it necessary for us to divide just yet. (15a3411"
ter.) My object was to call the attention of the house to
the state of the balances, and I say the question of the
balances must be met. It is in vain for the Chancellor of
the Exchequer to say that I proposed that he should raise
a loan. If the right hon. gentlemanihad raised a loan in
January, he could have raised it with greater advantage
than he is able to raise it now. If he attempts to raise it
now, he will raise it at a greater advantage than ho can
expect to do in July. He may put the question off for era
months more, and he will then raise it at a still greater ad-
vantage. It is evident that the right hon. gentleman has
been, in a time of peace and prosperity, or of fancied peace
and prosperity, tampering with the resources of the coun-
try ; ho must incur the cost of his conduct, and he must put
himself in a sound position. You may rely upon it, that as
certainly as I am now speaking here, he will be forced to
raise a loan. There is no taxation—and he has tried it pretty
strongly—that can extricate him from the position in which
he has been placed. Well, it is a wise thing that a financier
should so manage when you are left with a balance of
9,000,0001., that he should at a moment of exigency be
forced to raise a loan? I wish to impress upon the house
the very great importance of this point. (Hear.) There is
one point more, connected with the subject, upon which
must touch. (Cries of adjourn.) If the house wishes to
adjourn, hon. members will be able to go to evening parties
or to bed ; but I think they had much better remain here.
(Laughter.) The right hon. gentleman said the other night
that I held him responsible for raising the rate of interest
which was occasioned by an acknowledged war and a bad
harvest. That I deny. I do not blame the right hon.
gentleman for raising the rate of Exchequer bills. That
was inevitable. But he ought to have foreseen the circum-
stances whidi prevented him from lowering the rate. The
right hon. gentleman urges one point which I feel to be a
great fallacy. That fallacy may be found in the Book of
Fallacies, by Bentham ; and as the members of the Govern-
ment are the disciples of Bentham and of Grote, they will
be Able to correct me if Imake a mistake. The right hon.
gentleman says that it is very possible that he has made a
very great en•or, but that he is not to be blamed for it ;
and he vindicated himself by accusing the person who
charges him with the error with expressing an erroneous
opinion. Bentham has noticed, in his Book of Fallacies,
that you, when charged 'with misconduct, exonerate your-
selves by imputing an erroneous opinion to your adversary.
The right honourable gentleman says, "It is all very well
you charging me with making a mistake, but in December
you yourself, occupying a, responsible position, gave it as
your opinion that the rate of interest which was then
allowed, and which had mot been raised at the Bank,
would, on the whole, be maintained." The right hon.
gentleman thinks that is hits vindication. Now, consi•
dering that the right hon. gentleinan is not a. follower of
mine, I cannot see how any opinion of enine can be a vin-
dication of his conduct. (Laughter.) But a greater fallacy
than any fallacy mentioned by Bentham is the right hon.
gentleman's mistaking the whole difference between con-
duct and opinion. It is very true that in December I
gave it as my opinion that there were causes which had
occasioned, and which would, upon the whole, maintain
a low late of interest. Speaking generally on saoh .
a subject, I cannot...say that I see any great ground
for _changing my opinion. That opinion, although
I am responsible for it in the house, anti although
I did not give it after long thought, was not merely my
opinion, but the opinion of men who are second to none in
the country for experience 'in monetary affairs. But it
was an opinion, like that opinion which has been referred
to in the course of the debate, which was expressed by the
right lion. gentleman in April last, to the clerk in Bir-
mingham, about low prices. The right lion, gentleman
then entertained the opinion that low prices had been
created and would remain. X am more charitable to the
right hon. gentleman than ho is to me. I believe there is
some ground for saying that, generally speaking, low prices
will be maintained. But whether the right hon. gentle-
man was right in his view as to low prices, or lin my
view of a low rate of interest, these were two opinions—
they were mere opinions, right or wrong—they were-
opinions, and a public man who has to give an opinion
every night for six months will perhaps often be in error.
But I do not charge the right hon. gentleman with having
formed an erroneous oviniou. What I say of the right
hon, gentleman is tips—that his conduct has been inju-
dicious—that, having the best information at his command
—having before him all the circumstances which could
have influenced the opinion of a prudent man, and so in-
fluenced his conduct—l- care not what opinion he formed
—he went and conducted himself improvidently, and in a
manner detrimental to the public interests. (Hear, hear.)
Ido not care for his opinion. I have no doubt that many
of his opinions are worthy of attention, coming as they do
from a man of his abilities ; but, after all, opinion is
opinion, (and conduct -is a facts, and his conduct is what I
blame, because it was conduct in defiance of experience,
and conduct, therefore, which ought not to be approved
of by the House of Com Mons. (Hear, hear.) Sir, I have
ventured to snake these obserVations in vindication of the
statement which I previously offered to the house, and
which I challenge to be controverted. I know there is a.
retort to which lam open. I have heard it already during
the session, and for aught I know, the right honourable
gentleman may jump up and us* it again. He may, per-
haps, get tip and say, " Well, if that is your opinion, whey
do you not come forward boldly and propose a vote
f
want of confidence in her Majesty's Ministers :"' ( .es of
"hear, hear.") " Hear, hear," from gentlemen whose
practice in cheering ' well understand. I remember that
the noble lord opposite and others have called attention to
the retort that was made by the right hon. baronet the
member for Morpeth (Sir G. Grey) in answer to the re-
marks of my right hon. friend near me, the member for
Droitwicli (Sir J. Pakington). I always listen to anything
which falls from the right hon. member for Morpeth with
attention, but I did not find that his retort contained that
profundity of thought or felicity of expression which jus-
tified the solemn tones of the noble lord, because I believe
the retort has already been made six times during the pre-
sent session, and probably not less than six hundred times
in this and other Parliaments. But, sir, there are good
reasons why we should offer criticism on the conduct of
the Ministry, or a branch of the Ministry, without being
answered as we were by the noble lord and the right boa-
baronet the Secretary for the Admiralty (Sir J. Graham)'
and and why we do not come forward to propose a da
v dtenoot do
confidence. There is a good reason why we shoul_ _
eon.
this. There is no necessity. for proposing a vote
sat n°
t is a use-
fidence in 'the present Administration. I think
It is quite unne-
less ceremony. (Cheers and laughter.)
of the house
cessary, in my mind, for me to waste the time)
They cheer
of Commons—(hear, hear, and ironical cheers
u.d therefore I
who do not think I am wasting your time, a
t
treat with all the courteous in-difference Par iamen will
liter.) I am now-
permiti that derisive cheer. (Lange .
swering the words of great men. Here 13
the. leader of the
house—here is the experienced
Minister, opposite to me,
the First Lord of the Admiralty
ant
are these valuable
and valiant allies who are at present unattached, but who
still have all the authority of ex-ministers, who have re-
peatedly, frequently, and systematically, daring a the pre-
sent session, endeavoured to stop all debate and discussion
by saying, " If you do not agree with our policy, and cri -
ticise our conduct, we call upon you. to propose a vote of
no confidence in us. (War.) I say it is most preposterous,
most unconstitutional, and most inconsistent with the simul•
taneous declaration of the same Ministers, that it is of the
greatest importance with respect to foreign nations that At
the present moment there should be a general expression of
unanimity in Pealiaiuent. (Hear.) But Ido not put it on
that plea. I say it is unnecessary for me to propose in this
house any vote of want of confidence in the present Go-
vernment, for this simple reason--that it is apparent, no-
torious, and proved to all, that they have no confidence in
each other. (Cheers and laughter,) Why, sir, let us look
for a moment, and only for a moment, to those transactions
which have led to this vote—this vote, that is to be passed
so idly that a few hours' discussion makes sense hon. gen
tlemen call out " divide," as if the peoPl° England
wanted the income tax to be converted into 10,000.00 C
sterling per annum without a word being said on the sub-
ject. Let us look a little at the conduct of our Ministers.
I shall treat the subject, whatever answer I may receive,
with fairness. I will not have recourse to any little. test.
I will try them by a great test. I will
fotry
rwar them not by
any of the petty points that are brought din party
open subjects which interest
struggles—l will try diemas Dr. Johnson
men in the streets—upon subjects which,
said, any twelve men 1 seize
wawa you
tat
he
Charing-
cross would take as tests. In deciding lie questinontshvera:
then the present Government confidenthave
hich'wel have at
selves, will take the greatest subject w
e vast of peace
the present moment—I will
take th
blquestion ace
lid
what possi e con en, can
or war. -What confidence,
who have involved us in that
we have in this Cabinet,
I-ch the country
sinw finds itself?
ex-
traordinary iassition iniav tt
man among the who can tell us
(Hear, bear.)
thteirsev;tr about ? is there a man among
what we are goi:g t
what is the object at this moment of
theist who can t us. 1
t quote a single person except
their councils ? I wil
theyuo
the noble lord who is not here,
Why, sir, e,.
themselves.()site to me—a Secretary of State
but who generally sits opp.
ni upon. this great subject of fo-
reignbe has 'declared his swim<
1 fth last f
lie told us at the each o esession o
politica
almost the only speec of' ability and spirit
Parliament, in
.that we '
which we have heard upon the subject, were going
towar, and what we were going to war for. He said, "We
are going' to war because we believe the independence
and integrity of Turkey are assailed, and because we
believe the interests of England to be involved in maintain•
ing the independence and integrity of Turkey. We loot
upon the independence and integrity of Turkey," said this
noble lord, " as facts, and our opinion is, that there is as
much Vitality pi life ill Turkey an is, dim ecautTies, out