Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-04-15
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that III errtC IN SpecCu, ny uWChihS wv huSh
on the prosperous condition OF the country, l
have not erred in facts, and in framing my es-
Inmates, have not deceived the country"
Mr.. R. then went on to detail the reductions
made by the government, in the taxes since the
peace in 1916, amounting TO thirty millions
sterling! from which, deducting three millions
additional ones imposed, presents the sum of
twenty-seven millions as the relief afforded to
the country. The speech says,
"Subs,antial relief to this amount has been
given; but will say, that it is impossible no,
to ascribe to this circumstance the great in
crease which has since taken place in the du-
ties on all articles of general consumption. In
1916, it was true, the currency was In that state
achange became necessary. If the deprecia-
ton were not more than Ave per cent. three
millions would be sufficient for that purpose,
and the subtraction of this sum from 1882,
Oooi. would leave twenty-four millions and a
half as the actual reduction OF the burdens oil
the people since 1916, beyond the amount In
dispensably necessary for the service OF the
State. Deducling the twenty-four millions and
a half from So millions, the amour! OF the reye-
nue. without the repeal, the result would only
be "a millions, as the produce OF the revenue;
but the actual receipts Of 1925, potwithstand-
millions; and how have the Is millions, The
difference between the two, been obtained!
Solely because the people have had greater
means in their power of consuming those arti-
eles on which taxation is levied (Hear, hear,
hear.O
We particularly invite attention to the above
remarks on the increase of consumption in pro-
portion to the diminution Of taxation, because
they are alike applicable to indirect and to di-
rect taxation-to high duties on Importation
and high excise on consumption.
They are fortified in subsequent part OF the
speech, by comparative table of the consump-
ton in 1916 and that since, Of various taxed or
excisable articles, from which it appears that
in wool, the increase has been at the rate Of 443
per cent in raw silk ga; in cotton goods ll9;
in tallow 2ol; and in many others from 80 to
200 per ct.
The Chancellor Of the Exchequer then went
into consideration of the expenditure and re-
venue for the present year. After explaining
in detail the sources Of each, he established the
fact, that according to all reasonable calcula-
ton, the revenue would, Notwithstanding the
endorsements Of commerce, be equal to the
expenditure, without touching the sinking fund
s. leave balance of 7l4,oool. in the Treasury
The application, however, which the Chan
cellor proposes should be made at some not
distant period, of the sinking fund, is, to re-
deem portions Of the unfunded debt, consisting
of Excheauer bills, &C.; and We can see no rea-
son why that is not as properly within Its
scope, as the redemption Of the funded debt
Ii is also proposed to redeem In the course OF
the year Is ,ooo, 900 of Exchequer bills, which
the Bank held, and parts of which they had
bought up at the request OF government, in or
der to relieve the money market.
Mr.. Robinson closed speech, which appears
on all hands to have been RECEIVED with great
satisfaction, with reiterated assurances OF his
conviction, that by steady exertion, and pursu-
ing the system of policy that had been adopted
by the government, they could not fail TO arrive
ga, the great object of all good government, the
happiness and well-being of the people
MIR Barring concluded some remarks on the
speech Of the Chancellor Of the Exchequer, by
stating, that since he had seat In that House,
he never heard a statement so satisfactory to
himself, and, he trusted, to the general public
The Messrs. Wakeford, bankers, OF Andorer,
have suspended payment. Messrs. Jos. Widay
& Co. bankers, Atherstone, have also stopped.
The extensive manufacturer, Mr.. u. /. Lis
ter, oe Shipley fields, had failed
j. c. Blackenhagen of London, has failed.
The bank of MIR Leslie, at Cork, had stopped
payment, and Pixies bank had temporarily sus,
pended in consequence Of the sudden death OF
Mr.. Pike.
Twenty houses of the first rank had failed at
Berlin.
Intelligence from Berlin and Frankfort has
been received in London. The great house OF
Herr, at Frankfort, had suspended payments,
but subsequently, had made arrangements with
MIR. Rothschild, to honor the bills drawn on the
house of Herr.
Another account from Frankfort, dated Sd
March, saws, Mr. Hertz the Jewish banker, is
brother-in law to MIR. Gol1schmidt, and with
whose son he was on the eve of marrying one OF
his daughters.
Letters from Berlin, dated the 25th February,
announce an improvement in the funds. The
great panic occasioned by recent failures had
greatly subsidized. Letters from Frankfort an
ncunce that the measures adopted by the go
yernment, in conformity to the wishes OF the
merchants, had had great effect IN relieving,
and promised to prevent any future failures.
The old house Of Mannberguer, at strssourg,
has declared itself insolvent.
A single house in Frankfort loses 10000
crowns by the failure Of MIR. Lasmann Heine-
mann, Of Brunswick.
The house of Meerwein, al Carlsruhe, has
e. e. q .oo OOO p0rinS Nj MeerWeln has