The Sun.
London, England, 1851-04-04 00:00:00

SUMMARY.

The House having resolved itself into a Committee
of Ways and Means.
The CHANCELLOR of the EXCHEQUER rose to explain
the alterations which he proposed to make in the
Budget. Several weeks had elapsed since he had pro-
posed the resolution to which he was about to call the
attention of the House, and time had been afforded
for the consideration of his propositions, and they had
also heard the propositions of the Noble Lord the leader
of the great party opposite, who proposed to reduce the
income-tax, and to re-impoe an import duty on corn. His
own proposition was to continue the course on which
they bad entered, of reducing import duties and
taxes on industry, and those two great prin-
ciples were before the country, and the country
was to choose. He had been most anxious for an op-
portunity of explaining and vindicating his opinions,
which had been misapprehended. He admitted that his
proposal had not been received with satisfaction. He
was not surprised that Gentlemen connected with the
agricultural interest should have been dissatisfied with
but with regard to other parties he was surprised that
the reception which those propc•sals had met with from
them ; but it was a matter of less surprise than regret.
There had been an expectation of a larger surplus, and
gentlemen were sorry to find their expectations dis-
appointed.—(Hear, hear.) He had never sanctioned
such sanguine expectations, and therefore he saw not how
proposing an honest Budget to the House, he could have
satisfied such expectations. He could not have met a
tithe of the demands for reduction made upon him.

They were bound in this financial measure to look
beyond the present year, and to resist the first
attempt at entering on a wrong course. The first ob-
jection made to his Budget was, that he proposed to de-
vote some portion of the surplus to the liquidation of the
National Debt. Lord MELBOURNE'S Government had
been displaced for incurring an annual deficiency
which led to a loan of 5,000,0001. In 1846 a
surplus occurred, and in 1847 and 1848 the revenue
was less by 2,000,000/. than in the former year,
and yet there was no deficiency of ordinary revenue;
and in 1848 he proposed that we should pay further
taxes to defray the expenditure, but the House would
not consent to it. In such an empire as ours unforeseen
occurrences would happen, which would render expen-
diture suddenly necessary, and that they ought always
to retain a surplus in hand. Why, within a week atter
he had made his last statement, a new Kafir war had
broken out, and within the last week a demand had been
made by the East India Company for 400,0001., un-
liquidated balance relating to the Chinese expedi-
tion. If we were always to borrow and never to pay,
but to devote the whole surplus to the reduction of
taxation, how was the credit of the country to be main-
tained? However fallacious might be the principle of
the sinking fund, the existence of that fund main-
tained the public credit, and now the surplus stood
in the place of the sinking fund, and therefore
must be maintained. Considering the sentiments which
had on former occasions been expressed by the Hon.
Member for Montrose, he was surprised at his opposi-
tion to this proposal. He felt moat seriously on this
point. He protested against the delusion that any failure
in payment of the dividends would injure only the rich.
Five-sixths of the persons receiving dividends re•
ceived an amount not exceeding 501. per annum, and
the sole dependence of these persons was upon the
maintenance of the public faith. Those persons were
widows, orphans, and artizsns, who ought to be the es-
pecial objects of their solicitude. The results
of recent legislation had been to improve the condition
of the masses of the country, to make the community
at large the better able to bear the burden of taxation.
and the pressure of taxation upon them was less than it
was ten years ago. He spoke warmly upon this brench
of the subject because he felt warmly, and he challenged
th,)i,, who N:',2:3 RV,',C 10 0:1' lEsiCOPCilr.bn trtith
to stand boldly forward, and he called upon mein whu
agreed with him to do their duty, and withstand
the propagation of opinions so dishonest.—(Hear.)