The Sun.
London, England, 1858-04-21 00:00:00

LONDON, WEDNESDAY EVENING, APRI-L 21, 1858

of Printing-house-square, and the reception of
the financial scheme on all sides of the house,
and, what is still better, by the country, was
such that the Times could not venture to sneer at
or abuse propositions that gave such gene-
ral satisfaction. The great points of doing
away with the sinking fund, and renewing the
Exchequer-bonds, were sufficient to ensure the
success of the project. It was a perfect farce to,
suppose that the nation, under the most adverse
circumstances, should go on reducing the public
debt, even by the creation of new obligations. There
was a deficiency of nearly four millions sterling
to be provided for, a dantaosa lveredites bequeathed
by his predecessor, and the Right Hon. Gentle-
man clearly and unsparingly exposed the fallacy
of trying to reduce the national liabilities in such
a state of affairs, which could only be accomplished
by reducing the national establishments at a
time when it would be an act of insanity
not to maintain them in the highest state of effi-
ciency, or by imposing fresh taxes on parties
already oppressed by the enormous charges to
which they have so long been subjected. The re-
newal of these claims at once provided for seven-
eighths of the estimated deficiency. It may be
very well to pay off, or redeem a portion of the
debt when the national exchequer is in a flourish-
ing condition. But, as the Tillie., truly declares,
and in this instancy we freely give it the credit
to which it is entitled for its admissions, "satis-
faction is felt at the final blow apparently now
given to the undignified system of binding the
nation, by the establishment of a fixed sinking
a specific portion of
fduenb dt to w redeemhataver
be its disposition
or ability to fulfil the task when the time comes
round. The wise never make any pledge for the
future, but.content themselves with the resolve
that when the time arrives to decide upon a
course, and they have all the proper means before
them of estimating their position, they will
come to the best conclusion their judgment and
conscience may then prompt. The same rule
should be applied to the nation, unless we are to
be encouraged to take a lower tone, and assume
the existence of that moral infirmity which re-
quires people in lucid moments to tie themselves
against the exercise of independent judg-
ment at a future period." This is so strictly
in accordance with the views which we
have from time to 'time put forward,
more especially when Sir G. C. LEWIS was creating
that sinking fund, and by paying off the Exche-
quer Bonds, and redeeming the Sound Dues by a
single payment, and lending a million to Sardinia
out of revenue, that we cannot refrain from giv-
ing the passage in, extenso.

Of course with a deficiency of four millions it
could scarcely have been anticipated, that the
Right Hon. Gentleman could have removed any
existing burdens, but he did not interfere with
the reduction in the Income-tax which in its pre-
sent shape, and until a new and mere equit-
able apportionment of the charges, fairly dis-
criminating between permanent and preca-
rious income, can be arrived at, will
never be tolerated by the people. Sir G. O.
LEWIS would not merely have arrested that reduc-
tion, but probably have increased the charge to 9d.
in the pound, and thus have obtained the required
four millions. But Mr. DIsaaELI was resolved
to try to carry out the compact made by Mr.
GLADSTONE, or rather to fulfil the expectation
which that Right Honourable Gentleman excited.
Should he be enabled to:accomplish it, it will
indeed be •a great achievement—one that will
plays him in a higher position as a financier
than any recent Minister has ever obtained.
We believe that a faiFluipßertioned income-tax
would be popular With the country, more
especially when many other oppressive burdens
could be repealed in consequence, but in
its present form it could not be tolerated. We
must reform or repeal the impost, inasmuch as Mr.
DISRAELI has permitted the promised reduction to
take place. As he holds forth hopes of its anni-
hilation, we shall be contented to bide our time
and see what 1860 will really bring forth.
The question of the equalisation of the spirit
duties is one that mainly depends on the power of
repressing illicit distillation. If that demoralis-
ing practice can be kept in check, the change will
not only be perfectly Unobjectionable, but even
desirable. It is now the only differential duty
remaining between the sister kingdoms, and, so
far as practicable, it ought to be got rid of : and
the many embarrassing, regulations and injurious
reetrictions affecting the trade will be got rid of
by the change that will certainly lead to au in-
creased demand in this country—a demand that
will more than compensate any falling off in the
domestic consumption :of Ireland. The matter,
however, chiefly depends on the power of re-
pressing illicit distillation, and that is a point on
which the Right Hon. Gentleman may be sup-
posed to have received the most accurate infor-
mation obtainable.

One of the best features in the Eudget is the
small tai on bankers' cheques, which although
estimated to produce only 300,0001. will, unless
we are greatly mistaken, prove a very productive
source of revenue, ere many years have elapsed.
The " nimble penny" is wonderfully productive.
We have witnessed the miracles it has accom-
plished in the way of producing postal facilities.
We have seen the advantages of the penny receipt
stamp yielding a larger sum to the revenue than the
high-priced ones of former days. No man who keeps
an account with a banker can justly complain at
being compelled to affix a penny stamp to each
cheque that he draws. He mast do so now, if he
makes it payable to order, or if he draws or trans-
uiits it beyond a certain distancaleum the bank at
which it is made payable. It will be far better
that its use should be made universtl. The class
on whom it will fall can well afford it, and being
payers of income tax will profit largely by the
reduction of 2d. in the pound during the present
year, and the prospective annihilation of that un-
fair and inequitable impose.
On the whole, the Budget is in every respect
the best that has been tendered far acceptance
during a series of ye;.rs. And in financial as in
foreign affairs we may rejoice at du accession of
the Darbyites to power, which hat substituted
Mr. DISRAELI for Sir G. C. LEWIS, Lord MALMES-
euror for Lord CLARENDON, and Sir JOHN
PAKINGTON for Sir CHAS. Woon. /t was gene-
rally anticipated by the Palmerstonians, that the
Budget would have proved an insuperable diffi-
culty. In place of that it hat materially
strengthened the Government, and unless we are
greatly mistaken, will procure for it fairplay,
which is a:1 that it desires or clainis from the
people.

L')rd PALMERSTON, the ever youthful, seems to
be still buoyant with hope. His wino, which
have drooped so much of late•, rustled briskly
again on Monday night, on a little post-budget
discussion anent the India Bills and the Resolu-
tions. It has been confidently rumoured that
fiord PALMERSTON is very angry that Lord JOHN
RUSSELL'S resolutions should shelve India Bill
No. 1, and that he would oppose the Ifouse going
into committee at alt upon them. What business
had there to be any pleasant passages between