The Sun.
London, England, 1849-01-01 00:00:00

Now, this amount of 10,198,0001., and of some por-
tions
of the other taxes IN hleh I propose, to abolish,
stituto, when analyz-d, in reality, a property and in-
coma tax—the question is, can we arrange a satis'actory
scal:3 for permanent and for temporary incomes? I
have tried in vain to do so, and I have failed to arrange
any scale in any way which would work with any pos-
sible satisfaction to the public. Having also examined
carefully the scheme proposed last session by Mr. Hors-
man, I regret to say teat I consider it would have proved
utterly impracticable, and far more inquisitorial than the
present income-tax. The tax I have proposed is per-
haps net in every respect the most equitable; but as I
would extend it to all realised property, my own opinion
is that it would, with the relief I propose from abolishing
the window and other assessed taxes, and stamps on
fire insurances, not press more heavily on lands or
houses than the present income-tax.
I have alluded to the expenditure and revenue of Ire--
land. To unravel the condition of Ireland question is,
I confess, beyond my power. But if we are only to
hold that country by as great a military and police force
as that which would be necessary to hold any conquered
country, with a population of eight millions of inha-
bitants, it would, as far as the interests of England and
Scotland are concerned, be preferable to repeal the union
at once, withdraw the army, and leave Ireland to pay
for its own police and civil establishments. But this is a
remedy for Irish maladies which I cannot join in re-
commending. It would be, no doubt, a remedy
which would be attended with little less than anarchy
and civil war ; I hope that, instead of a repeal, equal
and impartial justice will be fully carried out in Ire-
land. I am confident that such has been the policy
of the four last Administrations—that is to say, the
Administrations of the Duke of Wellington, of Lords
Grey and Melbourne, of Sir Robert Peel, and
that it is the policy of the Government of Lord Juhn •
Russell. Let the members, landlords, and people of
Ireland do justice to themselves, and they will have no
reason to complain of the union with Great Britain. We
cannot, however, go on spending millions annually in
that country, over the amount levied by taxation in-Ire-
land. The Parliamentary returns are not very clear as
respects Irish expenditure. Nor can I enter now in de
tail upon this subject. I may briefly state, that when,
in 1817, the expenses of Great Britain and Ireland were
united, the funded debt of the latter amounted to about

13-1,000,0001., and the floating debt to about 6,00..0,000/
It was aJI spent or wasted in Ireland. I find that
about 130,000,0001. of this debt was funded in Great
Britain; and that since 1817, or for the last thirty
years, the expenditure on account of Ireland, in
Ireland, has exceeded the revenue collected there, to
from three to four millions per annum. Let it also
be taken into account that no property, no income
tax, no window, nor any assessed tax, no tax
upon bricks, &c., is levied in Ireland. Since the union,
in the reign of Qu'en Anne, of the Crowns of England
and Scotland, the same taxes have been levied i❑ both
countries. I have examined the revenue and expendi-
ture of Scotland since that period, and the result I find
to be, that, as nearly as possible, three-fourths of the
taxes levied in Scotland have been paid to the British
Treasury, and that ono fourth has been sufficient for
the whol-. civil, military, and other expenditure of Scot-
land.

With regard to colonial expenditure, I believe that, as
far as money is expended for colonial purposes by the
British Treasury, that expenditure may be, to a great
extent, diminished. With respect to the expenses of the
revenue and other departments, reforms appear to be
necessary, and will, I have reason to believe, be made.
The increased navigation and trade of these kingdoms
require a though reorganization of the Customs depart-
prtment. I gave notice of resolutions which would em-
brace the changes which I consider necessary; and, in
case the Government does not bring forward a good
plan, I will submit mine early in the session, in pur-
suance of the notice I have given. The Government has
appointed a commission of inquiry, which now sits at the
Custom-house in London. It is, I believe, already de-
ci fed that the Excise and Stamp offices shall be placed
under owe department.
I could enter into many further details regarding our
finances, expenditure, our national burdens, and our
national credit. But I hope I have stated enough to ex-
plain to you my opinions of any really efficient and prac-
tical financial adjustment.
Grievous as our taxation must continue to be, with
every economy, and, as I have shown, with every possible
diminution of expenditure, I must ever advocate the up-
holding, under every circumstance, the credit of the

country. The failure‘of that credit would inflict a penalty
upon every one of her Majesty's subjects far more
grievous than the payment even of our present heavy
taxation. In Great Britain it would be ruinous to those
who now employ others, and it would throw those em-
ployed out of work.

ft requires but little inquiry to prove that the calamity
of a stoppage of the payment of dividends, or interest of
the national debt, would break up every monetary and
commercial engagement in the United Kingdom; that the
rights of property, whether in lands or moveables, would
no longer be sacred; that Bank stock, India stock, and
all other stocks, together with private banks, and private
credit would all be involved in the general calamity of a
national bankruptcy.
The failure of a great commercial firm or banking
house always carries extensive misery within the limits
of its operations; and the breaking up of national credit
would reduce the whole populatio❑ of the country to
more irretrievable destitution than the failure of a bank
or mercantile establishment would subject those to,
whose means were all involved in the ruin of such bank
or concern.

If we examine the artificial circumstances upon which
the population of the United King.lom depend for their
means of living, it will then appear that f.•w families,
especially in London and other large towns, keep more
more ready money within their houses than the amount
necessary for a week's expenditure, and that there is
seldom more than provision for the day in any one
larder.

Money, or securities representing money, which are
received or owned in sums of any magnitude, arc at once
deposited in the Bank of England, or other banks or
places of security. When money is la quired by those
who own it, either to pay their current expenses or to
pay the wages of those they employ, the sums wanted
are drawn at the time required, and not before.
In the present state of the Public Funds, or rather
debt, these funds or debts are distributed over the United
Kingdom, the greater part in moderate amounts, and in
the bands of private individuals, who have their divi-
dends, when due, paid in to their respective bankers.
The Bank of England is not only the manager and
payer of those dividends, but the stability of every other
bank is, including savings banks, under the existing
system of securities, bil's, and dividends, involved in the
solvency of the Bank of England, and in the unerring
regular payment of the interest of the National Debt.
The ruin of public credit would, therefore, be followed
by the failure of private credit. Individual and national
confidence would fall at the same time.
The destitution and misery, especially in the large
towns, would be unparalleled in history.
Take London, for example, with a population of nearly
2,000,000 souls, in the calamitous event of a non-pay-
ment of the dividends at the Bank of England.
Every bank in London would, from necessity, stop
paying on the very day such an announcement was made.
The grlzier would not then trust the butcher, nor
the latter the families he supplied.
The farmer would not credit the corn-dealer or miller,
nor the latter the baker ; and the baker, grocer, butter-
man, milkman, greengrocer, fruiterer, and other dealers
would all cease to supply their usual customers. So on
with respect to all credits and trades.
The evil would extend to all employments ; whether
in manufactures, as wages could not be paid to those
employed, in our ships of war or merchant vessels, for
when wages ceased to be paid, our sailors would not
navigate them, and necessity would make them seek
employment elsewhere. The calamity would be pos-
sibly a general dismemberment of the empire, amidst
the anarchy and the general national degradation which
would be the certain consequence of not providing the
revenue necessary to meet the public expenditure.
Such a calamity must, under every circumstance of
pressure, public or private, be prevented.
A wise and just Government, and all honest men, will

we say so with confidence, unite in providing the means
to avert the calamity and anarchy which would follow a
breaking down, of the credit and faith of our common
country. Therefore, while I shall in every just way
exert my humble abilities in advocating economy in the
expenditure, and an equitable system of taxation, I mast
always continue my support to the maintenance of na-
tional credit. Having thus addressed you at great length
upon probably the most important question which will
be discussed during the approaching session, I beg leave
to assure you that _

I am your faithful servant,
JOHN MACGREGOR.
Athenmum Club, London, 28th December, 1843.

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