The Sun.
London, England, 1850-05-13 00:00:00

eUtilittit Z lii ,' ~

LONDON, MONDAY, MAY 13, 1850.

This evening the House of Commons will go into
Committee for the purpose of voting the resolutions
upon which to found a new Stamp Duties Bill. We
trust that the present attempt may be more successful
than any of the three abortive efforts by which it was
preceded—that some result may follow from the
15 years' labour of the Chancellor of the Exchequer.
Last year was signalized by its four budgets. There
is, however, no falling off in that respect, as we shall
have at least four Stamp Duties Bills this year,
even should Sir CHARLES WOOD persuade
Parliament to accept his present proposition.
He has certainly disarmed opposition, for scarcely
a suggestion bas been made from any side of
the House which he has not readily accepted,
and indeed the measure, as it now stands, may be re-
gdaidrdlyedardarothiterthaast them offspring
r.mo ofthe
Ltizioe
ha Hon.
has
exhibited
ilteedfear
fgorreCatierrenkcneostwer than
ledgeoofftihtes putativeqoestio pao,arnednt.sholwt is not,
ohim.
s self
m however,orethe
competentworse on thatto ooaccount, ftoor
aw esamtillasatcCtoanry-
conclusion, than the Right Honourable Baronet.
The nation has nothing to regret but that
' the blunders and vacillation of its Ministerof Finance
should have been placed in so prominent a position
before Parliament and the country in general.
The first notice of the contemplated change was
introduced with a loud flourish of trumpets. The
Right Honourable Baronet declaimed with laudable
complacency on the great boon he was about to con-
fer upon the landocracy by the equalization of the
duty on bonds, mortgages, and transfers. He spoke
forcibly, too, of the gross injustice of the present sys-
tem, and declared hiswillingness to relinquish revenue
to the extent of 300,0001. per annum, in order
to remove the grievances and render the code fair and
equitable. The principle of ad valorem duties was
received with all but unanimous approbation ; it
was, in fact, regarded as the redeeming feature of
" the Brick-dust Budget," the only point that
saved the financial scheme from the contempt arid
censure it so richly deserved. But, on a closer ex-
amination of the details, it was discovered that rather
too much credit had been given to the Right
Honourable Gentleman. The placing an ad va-
lorem duty of 102. per cent. would unquestion-
ably be a great advantage to the community
in general, and would lead to much greater activity
in such transactions. Under the existing scale the
stamp duty on all conveyances where the purchase-
money exceeded 1501. might be averaged at about
1 per cent., so that an unquestionable relief would be
afforded, so far as transfers were concerned. It was,
however, very different with respect to bonds and
mortgages. In these matters there would be a lower
charge OR all transactions below 1,000/., but a very
considerable increase 9n everything above that sum.
For instance, on 5,0001. the stamp would be in-
creased from 9/. to 251. ; on 10,0001., from 12/,
to 50/. ; on 20,0001., ffom 201. to 100/. ;
and on 200,0001., from 251. to 1,0001.! ! ! These
considerations led to the belief that the results of the
change would not be quite so beneficial to the com-
munity as the Right Hon. Baronet seemed to think.
Many very stringent regulations were also intro-
duced that would have the effect of making transac-
tions liable to very heavy duties that were at present
partially exempt. Latet anguis in herba became
the cry, and the general opinion was, that a very
" artful dodge" was about to be perpetrated. The
banking interest became alarmed. They dis-
covered that a simple deposit of flee deeds
for a mere temporary purpose, constituting what is
' termed "an equitable mortgage," would, if the Bill
should receive the Legislative sanction, be subject to
the same heavy duty as a legal mortgage ; and, also,
that the existing privilege, which permitted the stamp-
ing of documents on payment of a certain penalty,
would be practically abolished, as such instruments
would only take effect from the time of affixing the
proper stamp, and not from the date, as had been
the case previously. A numerous and influential
deputation, accordingly, attended at Downing-street,
for the purpose of pointing out the serious objections
to the measure. The Chancellor of the Exchequer
at once yielded. He declared that it was not his
object to impose a duty on equitable mortgages; he
could not, however, deny that such would be the
effect of the clause he had introduced, and the ob-
noxious words were accordingly removed from the
Bill.

The Right Honourable Gentleman having thus
preserved himself from the charge of having endea-
voured to deceive the Legislature, and guarded his
integrity at the expense of his capacity and ability,
brought the Bill to a second reading. He had, however,
to announce another " change of mind." The
nation very naturally objected to the enormous in-
crease of duty on bonds and rn ortgages for large
sums that would be occasioned by the ad valorem
duty of one-half per cent. Sir 'CHARLES, believing
that " discretion was the better part of valour,"
yielded again, and announced his intention of taking
the duty at one-quarter, in pl ace of one-half, per
cent. The House was, however, even more liberal,
having in Committee decided, by a majority of 29,
that the stamp on bonds and m.xrtgages under 50/.
should be only la. in place of 2s. &1., as proposed.
This humiliating and decisive defeat appears to
have completely bewildered the faculties of our able
financier. He declared his inability to proceed fur-
ther at the moment, and asked for time to consider
what course he should adopt. This was readily con-
ceded, and after a reasonable delay he announced the
intentions of the Government. The appointed even-
ing, however, found him still in a state of confusion
and perplexity. He discovered that la;s fancied solution
of the difficulty was by no means 14 itisfactory, even
to himself; and he withdrew the subject for the time
being. Again he announced a new d etermination,and
the subject, which had stood over 'from the 15th of
April, when her 111saEsTv's Ministiers were left in the
disgraceful minority to which we have alluded, was
fixed fur Friday evening, the 10th ixtstant.
It was hoped, as this was ale 'third, that it
would also have been the last timer of asking ; but,
alas, the fallacy of human ho . Sir CUARLES
WOOD was still vacillating and I
doubtful. He could
not even satisfy himself on theobject, and could
scarcely hope to please his o
accordingly, withdrawn the
tnoewsußbsitliltutetheanostthaemrp
on
in itsiPro (11:rn Bill,and is;
place.t H
In the
e has,
traa
sfers is to be
pfl
rxaeodt
iaeta ol
lnye
the
er
samecm t.
sa
t
This,
as we l eve s
tatesdb,ewt-,xil,leebne
present ot7all sumb
150/. and 80,0001., while there will bea considerable
increase
at
increase on all heavier transactions. h
least be no great loss to the revenue •on these changes.
w
On bonds and mortgages the future charge istobe
per cent., thus approximating te, although not
entirely accepting, the decision 'of the 'louse on
Sir H. WlLLouGuir's amen& sent. This will
reduce the duties payable oat sums up to
9,6001., and also between 10,0001. and 12,000/.,
while it will increase all beyond the latter sum.
There are some minor details, intro which we shall
not at [resent enter, but which alai pear to be in some
respects improvements on the former propositions.
W trust,however, that s otrhne p
e thrieni it m
gecp raatctteicapltwoifllthaet
length he effected, and that
Right Hon. Gentleman may breme:
led.ir
ire fortunate than
any of those by which it was pee

We are not surpised at the ; ittompt made on
Thursday night by " the tricksti a's," who, in this
instance, are the very excellent alli r of "the bullies
f
to shelve the motion of which Mr. Meu-
" ° CONSUL had given notice, for the introduc-