The Sun.
London, England, 1856-08-16 00:00:00

pensive locality. He nav tst maintain what is
called a good appearance, rand from the want of
ready money is compelle d to submit to higher
Prices. Should he have i ncurre d any debts while
winning his way to an independent position—a
matter of by no means rare occurrence—he is

charged the most extravagant rates for pecuniary
accommodation ; but no allowance or deduction
whatever is made, althoul ;h he may not have one-
lia!f of his nominal incom ne applicable to his own

use. Should he be free ft o•nn pecuniary embarrass-
ment, he will feel it an imperative duty to lay

something aside as a pr( )visiun for a future time,
when failing health, a, iva,nced years, or even a

change of fashion, may d•3prive him of the power
of earning a livelihood, •or when his family may
be deprived of the hu.sba.nd, father, and provider.

A. man of ordinary pz.udence will set aside a

Large portion of his receipts to satisfy these

claims.

On the other hand the fundholder may select his
own quarters in the cheapest district. He is not
bound to respect the opinions of the Mrs.
GRTINDYS of the neighbourhood, or to expend

money unnecessarily in order to show that his
practice is flouris'aing. Should he be involved
in any unexpected liability the sale of 1001. or

2001. Stock makes him all right, with only a
diminution of Si. or 6/. in his annual income,
and even the Income Tax is deducted therefrom

immediately. He has not to satisfy the tax ou
of what he only receives with one hand to pay
over with the other, nor is he bound to submit to
a serious deduction to provide for hie owu old
age or the wants of an orphan family. He pays
at the present rate 201. out of an income of 3001.,
applicable to present expenditure, while the
general practitioner pays a like sum out of
an income of little more than half the amount—
his total capital being the goodwill of his
business, which would probably not bring more
than a year's purchase. The one pays at the rate
of 45., the other 61. or 71. per cant. on his actual
capital, or about 33 times as large a contribution
in proportion to his actual resources.
When Mr. GLADSTONE persuaded Parliament
to renew the obnoxious tax, under the specious
pretext that there should be a gradual reduction,
mid ultimate extinction thereof, we pointed out
the fallacious nature of his promises. The im-
post is by far too productive and too easily levied
to be surrendered by any financial minister. Sir
G. C. Lewis will not consider himself in any de-
gree bound by the professions of his predecessor,
and even were he to recognise the claim
he might declare his inability to carry
out the object. "I cannot spare sixteen
millions" would be a sufficient answer to the
applicants ; and that answer they will assuredly
receive if they wait patiently for the anticipated
reduction in 1858, or extinction in 1860. As
we have repeatedly stated, the objections are not
to an income tax, but to the unfair and oppressive
manner in which it is levied. With an equitable
modification it would prove one of the most
valuable sources of revenue, and the people would
willingly submit to what they felt to be a just
and reasonable demand. At present many endea-
vour to evade what they feel to be little better
than legal plunder. It thus exercises a demoralis-
ing influence on the payers, a matter which every
statesman should strive to avoid as an evil most
earnestly to be deprecated.
Another point that must be considered and
finally disposed of is the relation between the
State and the so-called Bank of England. Its
charter has virtually expired. The notice that
would at once sever the connection might have
been given at any time since the Ist of August,
1855. Nothing can be more injurious to the
mercantile and manufacturing interests of the
country than a state of doubt respecting the
nature of the future laws relating to Currency.
A sounder and better system than that at present
in operation may be inaugurated at any moment ;
but, unfortunately, there is no security that we
may not be subjected to further and still more in-
tolerable restrictions that will lead to even
greater fluctuations in the value of money.
From these doubts and uncertainties what would
otherwise be legitimate commercial operations
become little better than reckless gambling, by
which fortunes may be gained or lost from causes
wholly beyond the control of the parties con-
cerned. Who can fairly estimate prices six or
eight months in advance, when the rate of inte-
rest may range from 2 to 8 per cent. during the
interval ?
The nation wants free trade in money, or rather
in currency. It requires a really National
Bank, and amply-secured notes of convenient
denominations, receivable at all times in payment
of taxes or other public demands. SJ far as the
internal circulation was conceived—we have the
admission of the Times itself—that " there could
be no necessity for gold being held against any
part of it. A deposit of Government Stock, or
the fact of its being receivab:e for duties, would
at all times keep it from fluctuation in value !"
Here, then, is the most important element of a
currency at once achieved ; and the gold which
is now uselessly circulating from hand to hand,
with a constant depreciation from wear and tear,
would become entirely available for our foreign
trade. This, however, would make money cheap
and abundant, and that is not the object
of the moneyocracy. They prefer keeping
it scarce and dear, heedless of the misery inflicted
on millions of their fellow-subjects by their selfish
policy. If, however, the masses knew their true
interests they would exert themselves successfully
to obtain a satisfactory settlement of the mone-
tary question—the most important that can come
under the consideration of the Legislature, for on
the result will mainly depend the future welfare
and prosperity of the country, and the happiness
or misery of its people.

If we don't hear much about Ireland nowadays,
what we do hear is, in the main, satisfactory.
Instead of the " old, old" story of injustice, with
its sometimes ghastly and always melancholy troop
of consequences, the ears of Englishmen are
saluted with tidings of growing prosperity and
general content. Nations, like individuals, are
liable to accesses of phrensy, but when was it
ever known that a people went on grumbling or
plunging in the slough of despond without a
cause ? Disaffection is the offspring of misery,
and misery of injustice. Let the injustice cease
and determine, and in good time the misery and
disaffection will cease also. The interpolated lines
of Dr. JOHNSON in GOLDSMITH'S " Traveller"—
"How few of all the ills that men endure
Are those which kings or laws can make or cure,"

meet with a ,flat contradiction in Irish history.
All the ills that have afflicted that too long un-
happy country are not undoubtedly to be attri-
buted to unwise legislation, whether by the do-
nietic or Imperial Parliament, but to what a
black catalogue can be ascribed no other parent-
age. No need of research to demonstrate the
fact, the proofs are in the recollection of all, and
were they forgotten the coincidence of just laws
and a growing prosperity and wide-spreading
contentment, following on unjust laws And gem•
ral discontent, would suffice. We don't mean to
Bah nor would we have it inferred, that there is