The Sun.
London, England, 1850-04-16 00:00:00

isazenutreesatamhorusdeuotyf
01
nol.a securities year a s
was
son 50 a year.
there was no application of the principle of graduation
the same, and
to tie m.—Jlear, hear.) In the next place ho thought it
was extremely unjust that mere personalty should be
subjected to the same scale of duties as were to be charged
upon real property. Then he came to the ease of redeem-
able annuities; and why, he asked, were they to bear a
higher rate of stamp duty than mortgage transactions?
Redeemable annuities were mortgages granted by tenants
for lif,!; and it was monstrous that any Bill should be
submitted to the consideration of the House which con'
twined principles so directly opposed to one another,
whilst no a- tempt was made to set at rest those questions
of litigation which referred to licences granted by paten.
tees. Again, by the imposition of a progressive duty in
addition to the ad valorem duty on mortgage transactions,
they would drive parties to resort to practices by which
he feared the titles of this country would ere long be-
come as voluminous, prolix, and entangled as the Irish
titles with which the Solicitor-General had recentlf
been dealing. He also regretted that no effort was made
by the Bill to remove the difficulties which had arisen,
and which were daily increasing, with regard to the pro-
per duty upon the transfer of mortgages.—(Hear, hear.)
e Hen. and Learned Gentleman (the Attorney-Gene-
r-d) shock his head to express his dissatisfaction at big
not being allowed to'rush at once:into Committee; but it
was just possible that the observations which he (elr.
Sadleir) and other Members had made might be the,
in ans of rendering the Bill useful and practicable; and
sun, ly no one would say that they could, without dams'
ping their own reputation and the reputation of the GO'
yen must, pass such a measure unaccompanied by any
remark through the House.—(Hear, hear.) For his
own part he was anxious to take some pains, in order to
send the measures which originated there to the other
House of Parliament in as perfect a shape as attention
and care could make them; and he trusted the Hon. and
Learned Gentleman would exhibit no further impatience
upon the course which had been taken in this instance.
Another point to which he desired to refer was the sub-
ject of portions for younger children. They were
now exempt from settlement duty ; and he put it
to the Chancellor cf the Exchequer whether they
ought not so to continue. But the greatest objection
he had to urge was the ex pest facto operation of
the Bill, even in its amended form, with regard to deeds
which had been either entirely or in part executed. It
frequently occurred that the greatest difficulty was ex-
perienced in the attempt to ascertain what was the right
stamp for a deed. This was the cause of constant con-
flicts and contentions, but there was not a public board
in the country which would give the professional man,
the landed or the commercial interest, the slightest in-
formation upon the subject. In his opinion it was highly
desirable to vest a power in the Commissioners for In-
land Revenue to declare what was the proper stamp duty
to be imposed upon a deed; and as it was professed that
it was intended by the Bill to confer a boon upon the,
landed interest, he would suggest the addition of a sim-
ple clause, enacting that every stamped instrument
executed anterior to the passing of the Bill should be
deemed and taken as duly stamped. That would be I
practical boon and a substantial benefit to the landed in-
terest. In concluding, the Hon. Gentleman said that be
claimed exemption from additional duties for all those
parties who might have been so unfortunate as not to have.
placed a correct construction upon the existing stamp:
laws, under which no man could be confident in expresso
ing an opinion.
The House then went into Committee.
On the first clause being proposed,
The CHANCELLOR of the EXCHEQUER rose
and said, that with regard to a great number of ques'
tionts which had been raised in the course of the present .
discussion, they would be more conveniently answered
when the clauses to which they particularly referred
came under the consideration of the Committee. It was
not true that he had ever stated that he proposed a zees'
sure which would be of general relief to all parties.
What he stated was, that he proposed a measure which
would afford relief in all transactions of a small amount,
whilst he should indemnify himself by raising the del
on those of a larger amount.. And when he laid down
that principle it appeared to meet with the general ar
probation of the House—(Hear, hear.) He stated die •
tiretly that he proposed to adopt an ad valorem duty
throughout; not that there should be a higher amount ea
large sums, but that theper-centageshould be equal. Sup'
posing 100,0001. or 200,000/. were borrowed, no doubt it
would be hard if a high per-centage were placed on
that amount ; but the hardship would be just as great,
upon the poor shopkeeper, or other person in similar cir-
cumstances. If it were just in the one case, it was jest
in the other ; and the principle that appeared to him the
most fair to adopt %Nes that of an equal percentage
on large and small sums, He quite felt that 011
amount of duty upon borrowing was very large, sad
after having had communications with the chair,
man of the Beard of Inland Revenue, be was prepared
to move in Committee an equal per tentage on mort-
gages and bonds. Ile had at first proposed a duty 0'•
per cent. on mortgages and bonds; he proposed now
to reduce it to a uniform I— that was to say, ss. instead '
of 10s. on every 100/. Tne Hon. Member for Oxford-
shire (Mr. Henley) had asked him if he could not fur-
nish some information to the) House to show what would
be the probable amount of revenue. But it was purely,
a matter of estimate, and he was afraid that he could
not lay upon the table any return by which a certain
conclusion on the subject could be arrived at. The Hon.
C entleman must be aware that it was the mass of small
transactions, and not the few large ones, that produced
the great amount of revenue. Ile had gone carefully
over the matter, however, wi:h those persons in the
Board of Inland Revenue who were mimbers of the late
Board of Stamps and Taxes, and the nearest conclusion
to which they had been able to come, after revising it with
the utmost c,ri , was that the loss by the proposition, as
ha at first stated it, might, under the most favourable
circumstances, be taken ut 270,0001.—he had previously
stated it at 300,000/.—and that the proposal he now
made cf reducing the duty from one-half to one.
quarter par cent. might occasion a further loss of 50,000/.
or 60,000/. But he could not prove this. It was im-
possible to produce figures to show the loss upon trap'
section.; of this nature. Ho might lock for some in:
crease of these transactions by reducing the amount or
the stamp duty, just as he looked for an increase of re'
venue from the Customs duties when they wet°
lowered ; but it was impossible to say to what extent-
What he now stated was upon the authority of those
who had the best information upon the subject. He had
no other authority; and the loss upon the proposition he
now made might run up to 320,0001, or 330,000/.; but it
would certainly be more than 300,000/.—not less. The
Hon. Member for Cirencester (Mr. Mullings) had given
notice of a clause for obviating the inconvenience which
arose out of doubts upon the amount of stamp duties
payable by law. He (Sir C. Wood) thought it was esa'
tremely desirable to dl that. Ho did net think, how'
ever, that the clause which the Hon. Member proposed
would affect that object in the best possible pay. But
in order to attain that object, he (the Chancellor of the
Exchequer) should propose to give to the Commis:
sioners of Stamps the power of deciding and adjuth;
eating what the stamp duty should be in cases of small
amounts.
Mr. DISRAELI had understood the Right Hon.
Gentleman originally to say—and he had, in fact, refer-
red to the expressioe himself this evening—that he in"
tc tried to bring in a measure for the advantage of whet,
he called the landed interest, and the object of the 'Ugh'
Hon. Gentleman was a praiseworthy one.—(Hear, hear.)
It was to assist the smaller proprietors—that was the
expression then used; that these small proprietors wele
not the least important part of the landed interest, and,
that they were to receive relief from a modification or
the stamp duties that affected them.—(Hear, hear.) The
Right lion. Gentleman now said that at that time he
informed the House that he could not make this benefi"
cial arrangement for the small proprietors, nnless he et
the same time made some other changes which would, 0'
course, press more upon the greater proprietors—in fact,
recur to, or adopt, an ad valorem system.—(Hear, hear.)
Now he (Mr. Disraeli) could not recollect that when
the Right Hon. Gentleman made his financial statement:,
that the phrase "ad valorem" escaped from " those lips.
—(A laugh.)
The CHANCELLOR of the EXCHEQUER-0,
yes.—(Hear, hear.)
Mr. DISRAELI—WeII, but what was the Bight
Hon. Gentleman's proposition when he came forward
with his budget ?—(Hear, hear.) He said, "I am going
to introduce a measure for the'advantage of the small
proprietors and the landed interest. I anticipate that
the changes which I am going to make will cost the re•
venue 300,000/. or 400,000/., and I am going to sacrifice
of my surplus a sum to that amount." Well, that was
an intelligible proposition.—(Hear, hear.) But what
did he say to-night ? Why he said, "I am prepared to
benefit the landed interest and the small proprietors to
the amount of 350,0001.; but as compensation for that I
must lay on an amount ;of taxation which will probably
reach at least to the same extent on the greater pro-
prietors." Now he (Mr. Disraeli) asked, was that con-
sistent with the Right Hon. Gentleman's original state:
ment, that ho was going to devote a certain portion or
his surplus revenue to the benefit of the landed interest
—(Hear, hear)—when it turned out that the great pien
of the Government was to tax one portion of an
landed interest in order to relieve another portion or
the landed interest ?—(Loud cheers.) Had the Right
Honourable Gentleman—(continued Mr. Disraeli),
introduced a measure the object of which area
to benefit the (small proprietors by devoting t'"
their service a portion of the surplus revenue, as are°
originally stated, I should have accepted a measure e,
that kind as a boon; but the present measure—even if 11_,'
be a politic and necessary measure—is one of increase:
taxation upon the landed interest, or a considerable p.ol:_
Lion of the landed interest; and whether it be a
and necessary measure or not, I maintain that a rue°.
sure of this kind ought to be brought forward frankly--;
(Hear, hear)—that it ought not to be brought forward_
under a false pretence; that the Government should not
upon an occasion of such importance as the budget come
forward and announce that they are introducing a urea;
sure for the benefit of a considerable section of the landed
interest, by devoting ',:to them a portion of the surplus
..
revenue, and then when we come to the details it turns
out that this good is to be secured by taxing another
portion of the landed interest.—(Cheers.) But if, as
have been told to-night, the Right Hon. Gentleman is fr
find compensation by an ad valorem scale of duties, ,
want to know
what hee means to do with the 300,000_1

surplus revenue in the TreaZriwhicialalnOt be ne-
cessary. Probably he may devote that to-morrow night
to reducing the tax upon paper, or some other measure,
which his friends may propose to him.—(Hear, hear./
At present, however, it appears that we have 300,000/. of
surplus, which may be devoted to any purpose which
lion. Gentlemen may suggest.—(Hear, bear.)
The CHANCELLOR of the EXCHEQUER said
that by the rules of the House he was not at liberty to
refer to the report of the debate on a former night; but
he begged to say that the memory of the Hon. Member
for Buckinghamshire was most inaccurate, for that Hon.
Gentleman had put into his mouth expressions and words,
which he had never uttered.—(Ministerial cheers.) Og
course he had not done so intentionally. What he Oil