The Sun.
London, England, 1856-12-25 00:00:00

ONE Y MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, Two O'CLOCK

This day being observed as a strict holiday in
the City, the Stock Exchange, the Bank of Eng-
land, the Custom-house, as usual, are closed.

BRITISH FUNDS.—CLOSING PEJOES, DLO. 24.
(.From the Officio Lid.)

ftriqltisew
Bank Stock
:,er Vent. Reduced Alienate:,
K. 3.7 3 per Cent. Annuities
inein .CIDII9
Ditto, under £lOOO.
Cbasols lor Ac,ount
3zonequer Bills, lid,
£lOOO,
lto
Ditto Bonds, 1853, 3i per Cent.. 984
Ditto, 1359
FOREIGN FUNDS
Grenada New Active, 2i per Cent.
Peruvian Bon:1s 4i per Ceut
Ditto Account
Portuguese Bonds, 5 per Cent., Con. 1841
Ditto 1853, 3 per Cent
73*rdiniao Bon as, 5 per Cent.
Ditto Account
Sp.,niEh ;:okcts, 3 per Cent ,
Ditto Pew Deferred, 3 per Cent.
Ditto Account 244
rurkieh Bonds, 6 per cent
Ditto Account 95 1
Ditto Guaranteed, 4 per Cent.
Ditto Account
Yes,eznela Bonds, 41 per Cent
Ditto Account
.“-remit. on the above ,avab'e
Dutch Exchange, 2i per Con;., 12 Guilders
Ditto 4 per Cent. Certificates 971.
THREE O'CLOCK

2p
931 i i 4

.. 36/ 6

se

Cnnsol3 '(money)
Ditto• Account (January S) ,

INCOME-T.A X MBE riN OS.

CLIELTENEIANT.
On Tuesday bight a meeting, convened by requisition to
the nigh Bailiff, was held at the Town-hall, Cheltenham
• '°lto take into consideration the oppressive and inquisitorial
'operation of the income tax, and to memorialise her Ma-
.Jesty's Government against its continuance in its present
form." The chair was taken by Captain Berkeley, M.P.
who, In opening the proceedings, expressed a hope that tho
aPea'sers would confine themselves to the matters before the
loeatinz, and not diverge into other political questions.
Fie then briefly referred to the history of the tax, spoke Of
AS increase in the time of war, and expressed his opinion
that as we were now at peace it was no longer required.
Ali. Tent then moved a resolution, affirming that the pre-
- tent tax of ls. 4d. in the pound is "enormous in amount,
and from the manner in which it is assessed is in many in-
stances inquisitorial, unjust, unequally and offensively
levied," and that its continuance beyond the sth of Apiil
next would be "a violation of faith and ofproimises made
at tb'e time of its enactment b 3 her Majesty's Govern-
bter' t." The resolution was seconded by Mr. Hale and
quarried unanimously. Mr. W. H. Gwinnett, solicitor,
'Moved the second resolution, " That the mode of assess-
anent of the income tax is repugnant to the feelings of
'every Englishman, calculated to admit of extortion on
the one hand and extreme evasion on the other; that
-the war being ended it ought not to be continued;
and pledging the meeting to use every legitimate means
for procuring it immediate modification and ultimate abro-
gation." Mr. W. S. Davis seconded the motion, which
Was carried. The Rev. Mr. Humphreys, head master of
the Cheltenham Grammar School, moved the third resolu-
-111)b, affirming that the meeting did not object to a " fair
end equitably apportioned tax upon realised property."
air. Humphreys, who said he had written a work on
taxation, which had received the direct sanction of the
Pnlverunnent, maintained that the fairest direct tax was a
tax on realised property, not a tax on precarious income,
and ttiat if an income tax be rendered absolutely necessary
"3" ta%e nature of things the graduated or sliding scale
be applied to it. It should be graduated in proper-
ton to the means of those who have to pay it. M. H.
lofian, bookseller, seconded the motion, expressing him-
thvourable rather to indirect than to direct taxation.
The resolution was carried, and a petition to Parliament
agreed upon. Mr. Harper, newspaper proprietor,
'then moved a resolution, condemning the mode in which
the local commissioners had exercised their powers, and
alsclaring that they ought to be elected by the ratepayers
of the district for which they acted. This was seconded
by Mr. Cape, and carried ; and a vote of thanks to the
Chairman closed the proceedings.

THE CIRCULAMG MEDIUM".

--41.Z>.-

2593

perty worth 4161., say, the tail of a lease, the end of a life
interest, the remnant of professional capacity, the Long
Annuities, which expire in 1860, and a thousand other
brief and precarious incomes, you tax at the enormous
rate of 21. Bs. per cent. on their property value, while
your Consols, Exchequer Bills, and other, property in ab-
solute possession, upon which you may realise to-morrow
the full value of the perpetuity, you tax at the rate only
of sa. 4d. per cent.
Ch. of Ex. (submissively)—That is so, sir. •
Sp.—And you think this a neer approach to absolute
equality, do you? to assume, first, that a man's brain is so
much property, and bringing it to a money value, to tax
4001. of that value as though it were 4,0001. stock on land;
imposing upon one 48e. per cent, property tax, and upon
another ss: 1.1. percent. only. Agairf, you think it fair
to tax the Long Annuitant, whose income expires in 18.0,
and whose property sells now for 416'.., according to your
own calculation, at the rate of 4aa per cent., on the value,
while you impose on the owner of annuities expiring in
1680 (23 years hence) a tax at the rate of Bs. 11d. per cent.,
and on the owner of Consols, whose property will realise
to-day 3,7501., just ss. 4.1. par cent.
Oh. of Ex.—l fear the tax cannot be justified, on the
ground of equality.
Sp. (with dignity) —I should think not, indeed. Accept,
sir, and profit by this definition of your tax :—An Income
Tax, levied as at present, is a graduated Property Tax, the
gradation of taxation being so contrived as to fall with
crushing weight on the shoulders of industry, to the relief of
accumulated wealth. In addition to this definition, 1 fur-
nish you with a scale which I have prepared, to inform all
classas at what rates the tax falls upon them. (See Tables
1. and IL)
Ch. of Ex.—Pray do not publish ycur scale until I have
devised some tax as a substitute. Consider the difficulty
of my position, the maintenance of the credit of the State,
its honour at home and abroad, its dig--'
Sp. (impatiently)—Fudge ! How can the credit and ho-
nour of any country be maintained by injustice and op-
pression? " Righteousness (equity) exalteth a nation"—so
we read. Levy your taxes fairly, and the honour and
credit of thecountry will take care of themselves.
Ch. of Ex.—True, sir ; but I was about, when you inter-
rupted me, to remind you of the claims of the public cre-
ditor. Can you add to the obligations already conferred on
me, by suggesting a tax as a substitute for that which, I
suppose, I must relinquish ?
4.—Before doing so, I must inform you that we spirits
enjoy clearer views of these things than we did while look-
ing through mortal eyes, and we do not perceive any occa-
sion at all for providing a tax as a substitute. To me it is
quite apparent that a proper representation of the tax-pay-
ing people, due attention to the voting of supplies (which
is now a farce), together with the vet'y simple expedient of
the publication of a detailed statement of the national re-
ceipt and expenditure, would obviate any occasion for a
substituted taxation.
Ch. of Ex. (exhibiting extreme agitation)—Surely, sir,
you would not advocate so imprudent a measure as the
publication of the details of the expenditure of the several
departments?
Sp.-Indeed, Ido advocate it. You have required it
of the poor law unions, have you not?
Ch. of Ex.—Yes.
Sp.—And of the municipal corporations, the savings
banks, the prisona, the police, the county courts, the Court
of Chancery, Sec. '
Ch. of Ex,—Very true; but, consider the different na-
ture of their expenditure. You would not expose to the
impertinent curiosity of the public gaze the amount roe
ceived by this or that official, diselosing the "secrete of the
various departments ? It would be striking a blow at the
roots of oar political institutions.
Sp —I know it would, and shall take steps for prcmul-
gating my views on the subject.
Ch. of Er. (its extremity of his agitation forgetting the
spiritual nature of his visitant)—l pray you, good sir, do
nut act with precipitation iu this matter; I will speak to
Lord P—n ; a place at the Treasury Board could not be
more worthily occupied than by yourself. But atop—a
vacant Garter is at his disposal, and would doubtless be
ofiered for your acceptance.
Sp. (interrupting, with a hearty laugh)—A garter ! how
can a spirit's leg be invested with a garter?
Ch. of Ex. (awaking to a sense of his position)— True, I
forgot myself for a moment ; a dignity of that kind would
be somewhat out of place.
Sp.—Of course it would. Such things possess no value in
the spirit world ; from the order of the Seraphim of Swe
den down to the Garter of Gloat Britain, all such deoora
tions are alike worthless.
Ch. of Ex.—Assuming, however, that a tax by way of
substitute should be required, what tax do you recom-
mend ?