The Sun.
London, England, 1858-05-04 00:00:00

position is incapable of proof: (Hear, hear.) There
was one point of the hon. gentleman's speech. however,
in which I entirely concurred. I deplore as much he
does the great expenditure of thi.4 country in armaments,
and I regret that the state of affairs should render that
expenditure necessary. (Hear, bear.) Ido not, how-
euer, despair that—not immediately, perhaps, but in a
few sensing, and when some of the Excitement that has
Prevailed unhappily of late has passed away—the who
dom of Cabinets will bring about such a rednctien of
Military expenditure expenditure as would be beneficial
to the interests of all ratios s. (Hear.) But that is
only to be done by frank communications, by encourag-
ing a spirit, not only in this country, but among our
More immediate neighbours, not of that exasperation
Which unfortunately has prevailed of late, but of mutual
kindness and confidence, and which, notwithstanding
the sneers we have heard, we must all see it to be the
interest of both nations to_ encourage; and the great
body of the-population to adopt and sanction. (Hear,
hear.) This is not an occasion on which I ought to
touch on these points, but I have not brought them
into debate. (Hear.) Unquestionably expenditure de-
pends on policy. I make no comments on the 'policy
that is past, but I say for that which is at present pur-
sued that it has no other objects to maintain than the
honour of this country and to conciliate the kindness of
foreign nations. (Cheers.)
Mr. WILSON said Mr. Gladstone had observed that
the late Chancellor of the Exchequer might, if he thoughtis
Proper, have appropriated the sums that were in his
hands to pay off the Exchequer bonds. The righthon.
gentleman, however, must know that the state of the
law and the state of the facts prevented his doing that.
The late Chancellor of the Exchequer had four millions
and a half of the war income tax at his disposal last
Year, and they had two'rnillions, in bonds falling due,
but he had no authority whatever to pay off those bonds
out of the sum in his bands. The only way in which he
could have paid them would have been by going into the
market and purchasing the bonds ataaextravagant price.
lie had no means of receiving the money, because the
Sinking Fund Act required that any surplus there was at
the end of a quarter should be applied under that act.
The charge,,therefore, against the late Chancellor of the
Exchequer was entirely unfounded, inasmuch as it was
impossible for him in the state of the law to apply any
Money last year to the payment of bonds due this year.
There were some points in the budget which appeared
to him ro require explanation. He could not briog him•
self to believe that the calculations of the right hon. gen-
tleman would prove to be correct. The Chancellor of
the Exchequer stated that in the last year the receipt
from customs was 23,100 0001., that the actual receipt
was 23,300,000/. ; but 200,0001. bad been left in the
hands of thecollectors for he purpose of paying the sale-
-488 ; and that, therefore, the actual receipts should be
taken at 23,300,000/. Now, though there was a balance
of 200,0001. left in the outports this year, there was a
balance left .1 207,0001. last year for the same purposes,
and therefore the right hon. gentleman was not entitled
to take credit for that 200,0001 as_ a balance which
Would be applicable to the expenditure of the present
Year. Again, the right bon. gentleman admitted that
there was a sum of 400 000/. in the receipts of last year,
Which properly belonged to the year before. That
400,000/. was nearly 600,000/., and it arose from the
additional quantity of tea on which- duty was paid. If
that were so; the right hon. gentleman would have to
*how that he would have an increase of 900,000/. on
customs upon the receipts of last year. Then with re-
gard to the Excise, which the right hon. gentleman had
taken at 18,600.000/., and in which he expected an in•
crease of 300,0001., notwithstanding the exceptional Mr-
cnnestances of last year. With regard to the Post-office,
the right hon, gentleman had taken an increase of
200,000/. • He did not ex met that increase from the re-
eiPtB, but only from the balances which he said were
to the ponds of the country postmasters. Last year,
Weizichever, there was a balance in their hands of 390,0001.,
ought to go against the 300,0001. balance this
year. He did not think the right hon. gentleman had .e
"..ht to expect a general increase in the revenue this
gear as compared with last year. The exports to the
cited States had fallen off . in the first three months of
this Year, as compared with the same period last year,
from 6,246,000/. to 2,168,000/. ; and the general exports
:),i:the country hrd fallen off 5,300,000/. during the first
e7ree months of the year. - Mr. Gladstone said
• had a strong objection to the income tax,
Wh• ich was not only inquisitorial, but immoral.
▪ iv, he could not help thinking that they were
apt to overrate the objection there was in the
country to the income tax. That objection arose from
ancient times, when it was supposed that when the war
ceased the tax should cease. There was no tax so little
liable to evasion as the income tax. The only schedule
order which there could be any evasion was schedule D,
and there was only 20 per cent of that which was sub-
lect to evasion. He thought there should always be
kept up an income tax of small amount ready to be ex-
Pesnded in cues of emergency. He looked upon the re-
duction of the income tax which had just taken place as
110 first retrograde step in the policy of the last 20
years.
n
ee 1341 they had kept up the income tax for purpose
of repealing indirect taxes—a policy which had been
most successful. The stamp on cheques, he thought,
Would inflict great injury on trade. He believed that a
this moment there were nears), 50 than 40 millions de-
Posited in joint-stock banks in London, the deposits in
Which had not been made by the withdrawal of deposits
?!em private banks. Altegether there were a 100
roil-
hone deposited in banks in London, 50 Millions in Scot-
-I,ned, and in the provincial districts England and Ire-
land a 100 millions more, making 250 000,000/. alto- '
gether in small sums aggregated for the use of trade.
Arad of late banking had become general even' among
seasmall traders and farmer. And -this great economy of
all
it was proposed to imperil by the imposition of a
rneiiinv stamp on cheques. It was true this was proposed '
48i5 ; but there was war they. If this tax should
interfere to the extent of only 10 per cent, with banking
erations, the loss to the country would be four times
Greater than the produce of the tax. He thought the
income tax should not have been repealed. There were
coties on silk, and on many small articles of manufac-
ture, bringing in less than a million altogether ; and it '
was to prevent smuggling with respect to those duties •
that it was necessary that the luggage of passengers
coaling from France should be searched: It should
dalso be remembered that there was a large protective
uty on foreign spirits. Those duties should be got
of before they repealed the income tax. They
teked of getting rid of the income tax in 1860, but
`,.'OW were they to do that—seeing that there were
0,000,000/. duo on Exchequer bonds, and that they
Were postponing the payment of them till 1860 It was
id that they would have the lung annuities falling in ;
ett-tot only would they have to set against that the
expiring income tax, but they would also have to pre-
ride for a falling off in the tea and sugar duties amount-
i,ng to 2,400,000/., or 1,600,000/. if they made the most
i'vouratle estimate for increase"' consumption. (Hear.)
right hon. gentleman, when ha was pressed upon the
Point, said he did not bind himself to the obligation of
repealing the income tax ; but the whole tenour of the
tight hon, gentleman's speech went on the assumption
at faith. must be kept with the public and that the in-
r'ome tax must be extinguished. (Hear, hear.) It was
boIIY titne they looked the question in the face. No-
dy believed the tax would be got rid of ; aad to make
it abolition an excuse for the present budget was only
a.ddin
(4_ g ornbarassment to the finances of the country.
„'art) It was true that bolder and more manly lan-
rge was held ; for what tax was there that would net
1 colsopular if those who should •be its 'defenders were
e. first to point out and exaggerate its inconveniences
11d defects ? He (Mr. Wilson) could not nelp looking
Present difficulties only toincreave future ones ; and that
erloae in reality a reaction from the policy under which the
ii_Otry had prospered in so remarkable a manner.
''?.lr WILLOUGHBY objected to the income-tax
oco ',true of peace, because whatever they did with it they
h u'd not make it just. He thought that the Exchequer
bit d 8
should have been converted into 'die ordinary
ill so as not to embarass future operations.
▪ r. SLANEY protested against the assertion of Mr.
ceiel.lreig
thebl finance rud
t,rthenast
uitpori toewasthe desire of the house to impose un-
poor. He took a favourable view
of of the country, as its resources were yearly
Increasing.
Mr. HAMILTON defended the right hon. friend the
Chancellor of the Exchequer from the charge of having,
as the hon. gentleman (Mr. Wilson) appeared to think
!ireneetimated the probable income of the country dur-
ing the current financial year. For a long period the
futimates f various Chandeliers of the Exchequer had
almost always been considerably within the amounts
tetually realised ; and he should be curry, the-refore, if
he budget of his right honourable friend were to ferns
an exception to that rule. (Hear, hear.) He believed,
I,wever, that no estimates bad ever been mote care-
-otiy scrutinised wiih a view to avoid such a
The money actually paid into the Exchequer
eisider the head of custom during, the year ending the
44t of 's March last was 23,109,000/. ; and the hon. gen-
tleman , (Mr. Wilson) wished to know how it was his
'got hon, friend estimated the receipts of the current
year at 23,400,0001. In the first place, there was a 'dif
t.erence between the balances in the hands of the collec-
tors at the beginning and the end of the last financial
year amounting to 117.000/. ; and there was, in addi-
tion to that, a sum of 63,000/. which bad been advanced
!)y tho board on account of pensions, and now due from
the treasury to the customs. Those two sums made a
total of 180,0001., which left only 111,000/. of the excess
in the estimate of the present year to be accounted for.
Now, the ordinary annual iner.-a-e in the consumption of
Sugar was calculated at 200,000 cwt. at 13c per owt, ,
Which made 130,000/, In like manner they might refl..-
konably expect a similar increase of 60,000/. in tne article
of tobacco, and an increase under ten minor heads of
revenue' amounting to 120,000/., making a total increase
of 310,G00/. But from that it bad been thought right
,t 0 make a deduction in respect of the estimated loss on
the tea and coffee duties, arising from the excessive
amount which had paid the duty last year. The dinii•
nution in the quantity of tea was taken at 3:1 million
Pounds, which at is. sd. would come to 170,000/. The
4* on coffee was put down at 30,000/. ; and deducting
the total estimated loss of revenue (200,000/.) from the
total estimated gain, there would be a balance of
.10;00011., the sum required to justify his right hon.
tends increased-estimate. (Hear.) It was perhaps
hardly fair at present to draw any inference with regard
of the yield of the coming year, but so far as the receipts
st month went they were perfectly eati.factory.
e"-bag the total estimated receipt of 23,400,000/. by
aetheY would get 1,950,000/. per month ; whereas they
" Re'suanY received 2,105,0001., being an excess of
inlaunsdtoms e
te5,0001., a difference which, if sustained throughout
oe cwhei° Year, would make an excess under the head
(vial to 900,000/. (Cheers.) With regard to
the c!-e"nitenbe bad carefully contrasted each item of
lot:nte with the actual receipts under the same
head as.
juatif year the result appeared abundantly to
tnateli '8 right bon. friend in putting the total esti-
krit,y.rocne from excise at 18,100,000/. It was most
'l' gto observe the extraordinary rapidity with