The Sun.
London, England, 1848-08-30 00:00:00

wing glut

LONDON, WEDNESDAY, AUGUST 30, 1848.

The House of Commons last night assented to the
demand of the Chancellor of the Exchequer for a
new loan of 2,000,000/. sterling, and nearly 70,0001.
per annum has thus been permanently added to the
public burdens at the fag end of the session, when
more than five-sixths of the popular ,representatives
had retired from their senatorial duties to a more
congenial and purer atmosphere than that to which
they have been exposed since last November.
Even under the most favourable circum-
stances such an increase to our enormous debt
would be highly objectionable—it is peculiarly so
at the present moment, when the utmost exertions
are necessary to foster the reviving confidence of the
nation, and stimulate the industrial resources of the
country to the utmost degree. The Right Hon,
Bart. the Member for Tamworth, last week ridiculed
the attempt of the Right Honourable Gentleman
the i%4ember for Stamford to obtain a pledge
from the House that it would, early in the ensuing
session, take into its serious consideration the ,
reports of the Committees of both Houses of Par-
liament appointed to inquire into the causes of
the commercial distress, which he was pleased
to term "drawing a bill at six months' date, to be
redeemed next session, when the House had not ful-
filled its engagements during the present year." In
what terms should he have spoken of this attempt to
meet existing deficiencies by the creation of a new
incumbrance ? We draw a bill upon our posterity,
mortgaging the labour of our children in order to
escape a present difficulty. Should a private indivi-
dual have recourse to such a desperate expedient—
paying the interest of a former debt by contracting a
new one—it would require no very great degree
of foresight to prophecy his speedy and irretrievable
ruin. The result in the case of a nation is no less
certain. If in time of peace we do not keep our
expenditure strictly within our income, how can we
be prepared for the extraordinary demands that must
be made in the event of the tranquillity of Europe
being disturbed, and the nation again involved in
hostilities ?
Sir CHARLES WOOD has attempted to show that
this new loan was rendered necessary by the refusal
of the House and the country to submit to the in.
creased taxation which he had proposed for a limited
P• eriod We have already pointed out that this re-
fusal was owing to the unjust and inequitable cha-
racter of the tax he desired to impose, to its unsound
principle and unequal operation. Had he consented
to modify that tax so as to apportion it more
equally upon those by whom it was to be paid,
there would have been no objection to provide all
that the wants and exigencies of the country
might require, and there would have been no desire
to reduce the national establishments to a lower con-
dition than was consistent with the honour, the dig-
nity, and the safety of the British nation. He, however,
was inflexible, and refused to make the slightest con-
cession to the reasonable wishes of the nation, and the
necessity for the present loan may fairly be ascribed
to the determined obstinacy which he manifested upon
that occasion.

We are quite disposed to give the fullest credit to
the Ministry for the retrenchments that were then
effected, and for the judicious economy so tardily
resorted to, by which savings were effected to the
amount of 828,0001. in the estimates previously
submitted to Parliament. Such reductions afforded a
reasonable hope that when the new system was fully
carried out, and all superfluous and useless expendi-
ture cut off, the nation would be fully able, not only
to meet its accruing liabilities without any additional

taxation, but even to satisfy the existing deficiency
by the surplus income of future years. Under such

circumstances the course adopted in 1842 and 1843,
might have been followed but for the impediment
created by the Bank Charter Act of 1844, of which
the Right Hon. Baronet is so sincere an admirer.
The deficiency was then provided for by the issue
of deficiency bills, and a few seasons of
comparative prosperity liquidated the entire ba-
lance, and freed the nation from the entire charge.
Now, however, the restrictions imposed by that in-
iquitous measure render it impossible for the Go-
vernment to obtain temporary accommodation from
the Bank of England, and they are consequently
compelled to provide for a temporary deficiency by a
Permanent addition to the public burdens. This is
another illustration of the blessings conferred upon
the country by that brilliant specimen of legislative
-wisdom, which must be repealed before we can hope
for any permanent prosperity. The financial condition
a
of the country must be thoroughly investigated
our income
and expenditure revised
—a better
system of taxation introucaedde,q
adequate
de
atobotvhee wantsall,afford and
cur-
rency must be concededil
exigencies of the nation, and sufficient to
means of profitable employment to all who are able
and willing to work. Let this be done in the
ensuing session, and we shall be relieved
from suffer-
ings such as these through which we have passed,