The Sun.
London, England, 1856-05-20 00:00:00

LONDON, TUESDAY, MAY 20, 1856.

The Chancellor of the Exchequer last night
opened his Budget to the soi disant guardians of
the public purse. His statement occupied a con-
siderable time in delivery ; but it might have
been compressed into as many minutes as it oc-
cupied hours. He might have adopted the very
language of the " needy knife grinder," and ex-
claimed—

" Story ?—God bless you, I have none to tell !"
His brilliant performance consisted in leaving
matters exactly in statu quo, without making any
attempt at amelioration even of the most crying
grievances. It was, in fact, a Financial scheme
worthy of Sir CHARLES WOOD ; and as the Right
Honourable Gentleman was not troubled with a
surplus, he avoided the difficulty that so com-
pletely puzzled the quondam financier.
There was, however, no lack of confidence in
the accuracy of his calculations. Notwithstand-
ing the serious error of his last year's estimates,
amounting, according to his own showing, to no
less than 3,560,000/.; he only allowed a margin
of 127,0001., or less than 4 per cent., of the
amount of last year's errors, while he bound the
Government and the House to raise no further
sums by way of loan during the present year.
It would certainly have been a sounder policy
to have borrowed a larger sum, and thus ren-
dered the Treasury independent of any temporary
assistance from the Bank of England. Sir G.
CORNEWALL Lnwis, however, thought otherwise,
and if he is correct in every particular—if the
expenditure be kept within the reduced limits,
and that the various items of revenue be as pro-
ductive as he anticipates, he may contrive to
weather the storm. But the consequences of
any mistake in the complicated accounts must
necessarily be very serious ; and we confess that
ire cannot repose such unlimited reliance on.
the correctness of his estimate as to be enabled to
view the prospect with perfect equanimity.
Thseexpenditnre during the past year, it ap-
pears, ,was no less than 88,428,0001., the revenue
65, 705, 000/., leaving a deficiency of 22.723,000/. ,
exclusive of the Sardinian loan of 1,000,000/
.)
and of 213,000/. paid—without the assent or
knowledge of Parliament—for the redemption of
there-
hereditary pensions. The total deficiencywas,
fore, close on twenty-four mi11i0n5(23,936,000/.),
to meet which there was raised by loan, and the
issue of Exchequer bonds and bills, 26,478,000 i.
To account for the excess of 2,542,0001., the
Right Hon. Gentleman explains that there is
really an increased balance of 2, 631, 0001., the
balance of 109,000/• being ascribable to money'
received on account of funding. •
The additional expenditure attributable to the
War, Jncluding the enhanced estimates to the 31st
March, 1857, the Right Hon. Gentleman estimates
at 77;588,000/. Oar readers will reenembsr that
we calculated the amount at about 77,000,0001.
to 78,000,000/., subjecting the calculation to
three different tests, the accuracy whereof
will now, we trust, be appreciated. All the ex-
penses will not, however, have terminated next
March, and we must make up our minds to fur-
ther payments every year that ought to have been
lobited to the account of the original aggressor,
ho rendered these extraordinary charges indis-
isable. The' claim to an indemnity was, how•I
waived, and nearly 80,000,0001. thus
Ito the burdens of the tax-paying corn- 1
ty.

lough the current year is to be regard,ed.