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

position is incapable of pro-f. (HPar, hear.) There
Was one point of the hon. gentleman's speech, however,
in which I entirely concurred. I dept, re as touch be
does the great expenditure of this country in armaments,
and I regret that the state of affairs should render that
expenditure necessary. (Hear, hear.) Ido not, how-
suer, despair that—not immediately, perhaps, but in a
few seasons, and when some of the excitement that has
prevailed unhappily of late has passed away—the wits
dom of Cabinets will bring about such a reducti,m of
Military expenditure expenditure as would be beneficial
to the interests of all tatio-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 confiderce, 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 thought
proper, have appropriated the sums that were in his
bands to pay off the Exchequer bonds. The right hon.
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 millions, 'in bonds falling due,
but he bad no authority whatee. r to pay off those bonds
out of the sum in his heeds. The only way in which he
could'have paid them would have been by going int-, the
marketed purchasing the bonds atan extravagant price.
H• had no means of receiving the meney, 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 I
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 bring him•
Ralf to believe that the calculations of the right hon. gen-
tleman 'Weald prove to be correct. The Chancellor of
the Exchequet 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. had been left in the
hands of the collectors for he purpose of paying the sala-
ries; and that, therefore, the actual receipts should be
taken at 23,300,0001. Now, though there was a balance
of 200,00 N. left in the outports this year, there was a
balance left f 207.0001. last year for the same purpeees,
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 hon. gentleman admitted that
there was a mini of 400 0001. in the receipts of last year,
Which properly belonged to the year before. That
400,0001. was Dearly 600,0001., 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
chow...than he would have an increase of 900,000/. on
Custodial upon the receipts of last year. Then with re-
gisrd to the Excise, which the right hon. gentleman had
taken at 18,600.0001., and in which he expected an in-
crease of 300,000/., notwithstanding the exceptional cir-
cumstances of last year. With regard to the Post-office,
the right hon, gentleman had taken an increase of
300,e1001. He did not exeect that increase from the re.
ceipts, but only from the balances which he said were
itu the bonds of the country postmasters. Last year,
"wlneer, there was a balance in their hands of 390,000/.,
Which ought to go against the 300,0001. balance this
Year.. He did not think the tight hon. gentleman had a
right, to expect a general increase in the revenue this
Year as compared with last year. The exports to the
tlibraieit;kelaSr,tatas had fallen off in the first three months of
as compared with the same period last year,
from 5,246,000/. to 2,163,000/. ; and the general exports
of the country hrd fallen off
three " monthss,3oo,ooo!. during the first
of the year.' Mr. Gladstone said
45 had a strong objection to the income tax,
Which was not only inquisitorial, but immoral.
Now, he •could not help thinking that they were
apt lie overrate the objection there was in the
country to the income tax. Teat objection arose from
ancient times, when it was supposed that when the war
?eased the tax should cease. There was no tax so little
liable to evasion as the income tax. The only schedule
curler which there could be any evasion was schedule D,
and there was only 20 per cent of that which was sub-
ject to evasion. He thought there should always be
kept irp an income tax of small amount ready to be ex-
Pnaded in cases of emergency. He to eked upon the re-
daction of the income tax which hadjust taken awe as
, first -retrograde step in the policy of the last 20 years.
Stnee' 1841 they had kept up the income tax for purpose
of repeal'ing indirect taxes—a policy which had been
raost'succesafnl. The stamp on cheques, he thought,
'hula inflict great injury on trade. He believed that a
this moment there were neare. 50 than 40 millions de-
Posited in joint-stock banks in London, the deposits in
rhiele had dot been made by the withdrawal of deposits
l unprivete banks. Altogether there were a 100 mil-
lions deposited in banks in London, 50 millions in Scot-.
:4°4 and in 'the provincial districts is England and Ire-
a_tiit I.no.oBrnm.ajilllions mere, making 250.000,C00_/. alto-
gether'seems aggregated for the we of trade.
of late banking had become general even among
small traders and farmer. And this great economy of
Capital it Was proposed to imperil by the imposition of
Peony stamp on cheques. It was true this was proposed
14 1865 ; but there was war hen. If this tax should
interfere to the extent of only 10 per cent. with banking
°Perations, 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
duties on silk, and on many small articles of manufac-
ture; bringing in less than a million altogether ; and it
tress to prevent 'smuggling with respect to those duties
that it was necessary that the luggage of passengers
Cotning from France should be searched. It should t
also.be remembered that there was a large protective
tY on foreign spirits. Those duties should be got
ntd u
p'of -before they repealed the income tax. They
ked ef getting rid of the income tax in 1860, but
ts°! Were they to do that—seeing that there were
wedAe°o. due on Exchequer bondss, and that they
Postponing the payment of them till 1860 ? It was
I)2that they would have the long annuities falling in ;
4t.ziot only would they have to set against that the
eige PLlag income tax, but they would also have to pre-
itarc, Ming off in the tea and sugar duties amount-
a;_•° 2400,000/., or 1,500,000/. if they made the most
ti_ ?tumble estimate for increase i consumption. (Hear.)
1;71 Pion bon, gentleman, when he was pressed upon the
t' said be did not bind himself to the obligation of
eiPle,allug the income tax ; but the whole tenour of the
that.
on. h gentleman's speech went on the assumption
eo faith Must be kept with the public and that the in-
mo tax must be extinguished. (Hear, hear.) It was
hodibtetme they
mod, thou looked the question in the face. No-
its aborit,eved the tax would be got rid of ; and to make
an excuse for the present budget was only
embarrassment to the finances of the country.
guitar.) It was true that bolder and more manly len-
be bge was held ; for what tax was there that would not
tee ,l'Popular if those who should be its defenders were
it'n Hetet to point out and exagg nd erate its inconveniences
defeottet He (Mr. Wilson) could not help looking
pe:sti the present budget as a scheme that postponed
!let difficultiee only to increase future ones ; and that
co7ln realitya reaction from the policy under which the
try had prospered in so remarkable a manner.
in talc R. WILLOUGHBY objected to the income-tax
coulrTe of peace, because whatever they did with it they
bone'h°t -make it just. He thought that the Exchequer
sheould have been converted in- o the ordieaty
not to ewbarass future operations.
11,. '-.1
'4NEY protested against the as-ertion of Mr.
i bglehe that it was the desire of the house to impose un-
dueof over-ifirdneannsce of upO.n.be poor. He took a favourable vie,tv
Ititreasing. the country, as its resources were yearly
„:Mr. HAMILTON defended the right hon. friend the
‘,3leancellor of the Exchs quer from the charge of having,
I°l the hon. gentleman (Mr. Wilson) appeared to think
!)/er-estimated the probable income of the country dur-
ing the current financial year. For a long period the
""tirnates c f various Chancellors of the Exchequer had
sinews always been considerably within the amounts
actually realised ; and he should be sorry, therefore, if
the budget of his right honourable friend were to f eta)
wn exception, to that rule. (Hear, hear.) He believed,
however that no estimates had ever been mote care-
fully scrutinised wiih a view to avoid such a
-tlemtit. The money actually paid into the Exchequer
31st
the head of custom,: during the year ending the
8t bf March last was 23,109,000/. ; and the hon. gen
tlepian (Mr. Wilson) wished to know how it was his
right hon, friend estimated this receipte of the current
Tear at 23,400,000/. ? In the first place, there was a d,f
!Irence between the balances in the hands of the, collec-
tore 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 63,0001. which had been
uo
hY
advanced
the board on account of pension
the treasury to the customs. Those' andtwo suwms madema
total of 180 000/., which left only 111,000/, of the excess
10 the estimate of the present year to be accounted for.
tiosse, the ordinary annual increa-e in the consumption of
auger was calculated at 200,000 cwt. at 13s per owe.,
ohiCh made 130,000/, In like manner they might re-
nably expect a similar increase of 60,000/. in the article
cf tobacco, and an increase under ten minor heads of
revenue amounting to 120,000/., making a total increase
r
3.10,000/. But from that it had been thought righ
t! Wake a deduction in respect of the estimated loss on
e tea and coffee duties, arising from the excessive
etni.:;cut which had paid the duty last year. The dimi-
po-ti"ti°.l in the quantity of tea was taken at 34 million
lo which at is. sd. would come to 170 000/. The
toetotal
coffee was put down at 30,000/. ; and deducting
tot. , estimated loss of revenue (200,0001.) from the
ei'at estimated there would he a balance of
".',ooos
farat increased the su-emasitnim (Hear.) It was perhaps
requiredate. to justify. his right bon.
to th fair at present to draw any inference with regard
Of the_ Yield of the coming year, but so far as the receipts
bivijifirst month went they were perfectly satisfactory.
12 thcg the total estimated receipt of 23,400,000/. by
had eY would get 1,950,000/. per month ; whereas they
lea,(jl,.''ually received 2,105,000/., being an excess of
mit
_wohOi., a difference which, if sustained throughout
of oe,t°l" year, would make an excess under the head
iolead!r°B equal to 900,000/. (Cheers.) With regard to
the
eat!urenue, he bad carefully contrasted each item of
head it:tcate with the actual receipts under the same
justify his Year ; and the result appeared abundantly to
mated P right bon. friend in putting the total esti-
gregf acotne from excise at 18,100,000/. It was most
1 Ylag to observe the extraordinary rapidity with