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

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 damnosa hcereditas bequeathed
by his predecessor, and the Right Hon. Gentle-
man clearly and unsparingly exposed the fallacy
of trying te 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.
newel 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 Times truly declares,
and in this instance we freely give it the credit
to which it is entitled for its admissions, " satis-
faction is felt at the final bloto apparently now
given to the undignified system of binding the
nation, by the establishment of a fixed sinking
fund, to redeem annually a specific portion of
debt, whatever may 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 t o 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. Lewes was creating
that sinking fund, and by paying off the Exche-
quer Bonds, and redeeming the Sound Does 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 redaction in the Income-tax which in its pre-
sent shape, and uetil a, n.w and more 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. C.
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. DISRAELI was resolved
:o try to carry out the compact made by Mr.
GLADSTONE, or rather to fulfil the expectation
which that Right Honourable Gentleman excited.
Should he bo enabled to accomplish it, it will
indeed be a great achieveinent—ene that will
plaiso him in a higher position as a financier
than any recant Minister has cyst obtained.
We believe that a fairly appartion.a inooo.o-to.
kl Ilia no popular with the c mntry, 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 S If that demoralis-
ing practice can be kept in check, the change will
not only be perfectly unobjectionable, but oven
desirable. It is now the only differential duty
remaining between the sister kingdoms, and, so
far as practicabl,, it ought to be got rid of : and
he many embarrassing regal alerts and injurious
restristiens affecting the trade will be got rid of
by the change that will certainly lead to an 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 6f re-
pressing illicit distillation, and that is a point on
which the Right Hoe. Gentleman may be sup-
posed to have received the most accurate infer•
oration obtainable.
Oae of the best features in the Budget is the
small tax on bit-ikon' cheques, which although
estimated to produce only 300,0001. will, unless
we are greatly mistaken, piove 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

au account with a banker can justly complain at
being compelled to affix a penny stamp to each