The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1840-05-19 00:00:00

THE BUDGET:

The present ministry came into office with the passport of
" Reform, Retrenchment, and Peace" in their hands. These
were their credentials to popular favour. These were the
watchwords with which they roused " the masses" to stand
up in their defence. These were the professions by which
their political integrity was to he tested.

How have the Reform Administration redeemed their
flattering pledges ? As to the question "of reform" let the
people of England answer. What single, practical measure
of substantial or beneficial reform have they carried into ef-
fect? As to the question of " peace," look at the dis-
jointed state of our relations with every foreign power of any
importance. Look at the insults offered to the British flag,
and the flagrant interruptions to British commerce, pave-
trated with impunity by every petty government in both
hemispheres. Then, as to the question of " retrenchment,"
look at the Budget submitted to the House. of Commons, on
Friday last, by the Chancellor of the Exchequer. Read the
discouraging statements which he has put forth, and then
tell us where is the boasted retrenchment of the 'Whigs
This is the twenty-fifth year of European peace, and the
tenth of the administration of the Whigs, and what is the
state of our financial affairs ? The Budget furnishes the
reply. The Reform Ministry are now spending three millions
a-year more than the amount of the revenue of Great Bri-
tain ! Need we wonder that the people are beginning to
inquire " what are the benefits of reform ?"

For the particulars of the statement submitted by the
Chancellor of the Exchequer, we must refer our readers to
our abstract of the parliamentary intelligence. From that
report it will appear that the expenditure of last year has
exceeded the income by the amount of £1,457,000, which.
was only partially provided for by the amount raised on
exchequer bills. In his calculations for the present year; he'
stated that the total expenditure would he £49,432,000, and
that the probable income, from existing resources, would be
£17,03-1,000. From the latter sum he deducted £300,000,
on account of a probable diminution in the customs from cer-
tain reductions of duty which would follow the completion
of a commercial treaty now in progress with France, and
a further sum of 434,000, on account of the remission of
the duty on carriages let out for hire. This will bring the
estimated income down to £46,700,000, leaving a deficiencY
of £2,732,000.

To provide for this estimated deficiency the Chancellor of
the Exchequer does not propose an addition to the publiP
debt, funded or unfunded, but an addition to the amount gf
taxes already. levied. Not, however, an addition to the num-
ber of taxes, but an increase in the rate of taxation. He
proposes an addition of 5 per cent, on the Customs and Ex-
cise, with exceptions to certain articles, and an addition of
two shillings in the pound, or 10 per cent., on the assessed
taxes. On the article of spirits he proposes only an addition
of four pence per gallon. The duty on corn he leaves un-
touched, as also the duties on post horses, and the licenses
upon stage coaches. In order to levy the window tax be de-
clares a new survey to he expedient. The produce of these
additional taxes he estimates as follows : :

5 per cent. on Customs and Excise £1,426,000
4th per gallon on spirits
10 per cent. on assessed taxes

Increase from new survey

150,000

Total new revenue
As this amount, however, cannot be actually realised in
the course of the year, he asks for a vote of credit to the
amount of £850,000.

It is exceedingly doubtful whether the increased duty on
spirits will be as productive as the present smaller duty. The
former reduction in the duty on this article led to a great Me
ereasP of revenue. The converse is likely to hold good-
The re-assessment for the window-tax will prove elca.
ingly obnoxious, as, independently of the repugnance enter-
tained to the intrusion of the tax-gatherer into' the privacy °f
our households, many parties will feel themselves cornpelka
to re-close windows which have been opened within the 110
few years, on the faith of existing arrangements.

The increase in the customs and excise will lead to inter.
minable confusion, and, in many cases, to serious losses API
protracted litigation, especially in the case of merchants 90
others, who have entered into engagements for the future de'
livery of goods.

Other considerations press upon our notice, in connection
with this subject, which we shall hereafter lay before 011.1 r
readers. We cannot indulge in any hope that the proposed
arrangements will prove either satisfactory or succes#o3'
We look forward to the close of the current financial
with feelings of augmented alarm. The country—thank, t°
a Reform Administration—is plunging deeper and' dpePer
into distress and difficulty.