The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-04-22
Correspondence Of The Journal Of Commerce.

Correspondence Of the Journal Of Commerce.
LONDON, April |, 1912
The two Houses Of Parliament adjourned the
22d, for the usual recess during the Easter Holidays,
| the Lords To the 7h of April and the Commons I'M
| til the 4th only.
Previously TO doing so, the latter were principally
occupied with Sir Roberl Peels new scheme for tax
ing incomes and with his proposed Corn Law bill.
The Premier threw out all his energies and influence
for the purpose of getting these advanced
step before Easter and he resisted every entreaty on
the part of the leaders of the Opposition, and of in
cvuuas to postpone the further consideration of such
financial plans, until the whole country had sufficient
time given to 1t maurely to consider and express
opinion upon the same This refusal drew from Lord
John Russell powerful and firm denunciaion OF an
income tax, and decla ration hat he would take the
sense of the House the proposition every stage
feeling that It was his duty to the country and to his
party, to oppose iniqutous impost by all the
forms allowed by Parliament The leader of the Op-
position was vocierously cheered by his followers, and
several Of them exhibited zeal this suggested war
fare which expected by his ordshp, for they
kept up fire of successive motions for adjournmen
which, every member has right, at any time, to
move The adjournment of the House so filtered away
the hours that the minister compelled to admit
his mPotency to prevent their object being attained
and, with sulien look and pltiabe chagrn, yielded
up victory to the daring little band who thus ven-
tured to oppose both him and his "monster majority"
1t must be severely felt by Sir Robert that he did
SO contemptuously wrung from him, fol he has not
point of popularity to lose the question: and his
refusal to grant time for consideration will have much
the appear of caous haste nj indecent precipi
alion. 1t will also enable the Wing Radicals TO claim
great and substantial triumph and to point hereaf
ter to their fierce and formidable opposition TO tax
which is, and must be- almost universally unpo.
pular and which, by their resistance may be yet per-
chance considerably modified ifnot altogether thrown
overheard Not bear in mind, that can see at the
nre senfn man, ant IF .nIa
ment but there is such growing dislike detes-
ation, to portions of the proposed income tax
among the immediate adherents of the govern
men that there is no knowing what may yet be the re-
suit AT present, however, the minister is mistaken
in his determination to press it through Parliament
and when, on the last evening of debate an influen-
tial supporter of the government, Mr.. Palmer of
Berkshire, strongly expressed himself against the in
justice of taxing lransitory incomes equally with the
proceeds of permanent capital and the urgent neces-
sy of modefating the tax the former al all events
from three to two per cent Sir Robert DECLARED that
he convinced Of the necessity of the measure and
by ii he would stand or fall.
81 propose now" he said, "a great measure and if
the House OF Commons should overrule my proposal
shall retire with perfect content and with the con-
seriousness that have discharged the duty owe TO
my country 1t may be rejected now" "My
opinions may be ovcrruled, and yet have a confident
belief that what occurred in 1885 may occur aga n
and that after the lapse OF a short tme-aer making
Intellectual attempts to repair the deficiency by other
means, by resorting to Indirect taxation,-il will be
ultimately acknowledged that the measure which
now propose Is founded on reason and justice, and
though once rejected, ought to adopted"
have transcribed this most important portion of
the prime minister's last speech on the subject be-
cause il will be for you perfect mirror as to his poll
cy, and will enable you TO appreciate the threat of
resg nation with which he will attempt most probably
successfully TO his followers But still there
are SO many trlfIng circumstances all converping TO
point, and forming powerful mass of dscontent that
great as Sir Robert Peel is, backed too by so large
majority he may fad dssension hckly sown amongst
his followers, and from pride and pettishness or
both, be induced, rahei than waver in his projects
10 send in his resignation and break up the govern
ment.
He has, during the vacation, caused it to be intimat
ed to the several members of his party who have
exhibited GOODNESS TO his proposition that he will
not tamely submit to Indifferent support to like
warm aid, mere tacit toleraion but that he shall ex
pect, on the assembling OF the house that decided
and unequisocal assistance and approval without
which no minister would he justified either to him
self, or his country, in retaining office.
Sir Robert when the house rose fled from the
metropolis To Brighton, for the purpose of renyir-
rating himself from the sea breezcs cf that msp
nhcent watering place. He has mel, her received
nor paid visits, but has shut himself up with his own
family
BY way of helping him out Of his present embar-
rassment, gentleman named Gnmstone, has suggest
ed very admirable scheme for supersedinc his pro-
posed income TAX IL IL easy OF comprehension sim
pie in its detals, and most effective in results Sir
Robert has very respectfully acknow lodged the sur-
gestion, and admitted that it is worthy of mature de-
liberation. The proposed plan is this-to mpo @ a
stamp on all checks and drafts-under f5O-of two
pence-above that sum fourpence. The calculation
Is thus made: There 1000 bankers in the United
Kingdom, averaging 500 depositors each, and each
deiostor draws, on the average, six checks day
making 5000 900 Of checks drawn each Jay. Now
taking the two penny stamp merely il will be found
that tins would yield return of G5OOuO per day
1900 90 per week Of six days-fl 300 600 ner,montb
and grand total of Els, 600, 900 DER wear Bu,
even surprising, on the average that only three
checks a day are drawn, what an immense income This
would bring, saying nothing about the fourpences Tax
ing even check each day. the result would be quite
enough to answer the purpose of any minister The
revenue Also cam fro this source be collected with
out the slightest difficulty, because it could be made
imperative that all bankers should send their paper
for check books, when in Sheets 10 the stamp office
and of course the stamps would be paid on the e.de-
lvering of the stamped paper, precisely as the news
papers are now charged. This system also would
tend to he prevention Of forgery and operate against
the evasion of the stamp duties; check being now
held to be as valid as stamped receipt
The question of the income tax is occupying the
attention of the provinces, but though have looked
over some 70 or 10 country papers, which have ar
rived by this days post, CANNOT discover any violent
OF even Jealous opposition to the ministerial scheme
lhe apathy IN the county is truly aslonisl ing The
distress is still as great and melancholy as during
the winter.