The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1845-03-25

No credit is taken in this calculation for increased
Consumption, Except in Sugar,) or for the reduction
IN establishments, which will be considerable whi'e'
il We Judge by the Post Of6ce,-the Customs,- -or
any other case, in which the same principles have
been fairly applied, the direct loss invariably COM
pensated for by the indirect GAIN and probably VIII
be in the present instance within the Three years,
to which is proposed that the Renewal oil the IN
come Tax shall extend
We have not the least doubt as TO the reception,
which this proposition will with both from Par
lament and the Country Ii is open TO objections,
no doubt Ii leaves the great articles OF Food UNI
touched, Corn, Butter, Cheese deals with SUI
gar upon principle that cannot long be sustained
But these the postulates of Sir Robert Peel's
power,the sins qua of that sulky assent, which
will be given by his reluctant Party, to the wsest,
boldest, and largest, application OF sound principles
to great interests that has ever yet been yentured
upon in this country by any Public Man.
Il From the Baltimore 4ulerican.
SIR ROBERT PEEL'S PLAN OF FINANCE.
Il The British Minister has made bold movement in
hs financial policy. He proposes, and will doubtless
carry, the entire abolition of duties raw cotton,
Goals, glass, staves and four hundred and thirty mis-
cellaneous articles also reduction in the duty
sugar The loss of revenue arising from these modi-
locations OF the tariff is estimated at f3,3580O0 Yet
lnasmuch as the general revenues of the Kingdom
ksh0w that this amount may be spared the income tax
being continued, the Minister has not hestated to
propose the very important changes which give SO
marked character to his system of commercial and
| financial policy
The income tax was proposed few years ago a
temporary measure rendered necessary by the extra
ordinary expenditures incurred in the Afghanistan
war 1t IS not popular of course with the clcss OF
persons upon whom it falls has been quietly borne,
however, IN the belief that it would soon cease. But
| Sir Robert Peel having once put the saddle on and
got the bit in the horses mouth is disposed to dis
| mount He relieves the manufacturing and CONNER
cia interests whose support will be thus secured to
administration, and holds the landed gentry under
| the. pressure OF the income taxa pressure which
they will be compelled to bear as patiently they
can, under the fear that if they prove FESTIVE the
Minister will strike away from them the protective
barrcade of the corn laws If they are to have the
sliding scale, they must pay the income tax. Such
seems to De the compensation system of the British
fnancier
| Sir Robert Peel's luminous exposition of his new
plan is master piece of its kind-business- like,
statesman-like, and we may add, gentleman-lke. 1t
bears the characteristics of bold decisive mind and
indicates Minister ready meet responsibility with
manly front as thing which must be encountered
| by any one who would govern a great nation. II
shows too the great extent of the Minister'S know
ledge OF the trade and resources of the Kingdom, and
the wonderful facility and minute correctness with
which he could speak of the details included in his
multfarious subject. Though the exposition is long
and relates to dry topics it is easy reading through
out The portion of the speech which is likely to
possess most interest for American readers is that
relating to the abolition of the duty on cotton: we
quote that portion:
II now come TO that article, which of all others is
the most important to themnnufacturing and
clal prosperity of this country. loud cheers. /
come now to cotton wool-(hear, hear)-and the du-
ty upon it. The present duty on cotton wool is, so
far as the revenue is concerned, 5-16hs of penny
the pound weight but as that duty is applicable to
m n cOlfu VIM tFopO vta1 and
about one-hfth of The total amount of such cotton
wool unavailable for the purposes of manufacture
and is necessarily waste the duty of course presses
with increased severity upon that portion of the whole
amount which is capable of being used for manufac-
lures 1t is estimated, and believe the estimate to
be a reasonable one, that ought to add 1-l6th
more to the 5-l6h, 10 order to calculate the full
| amount of duty paid upon the whole of the cotton
wool that is actually manufactured in this country
6-l6ths, or 3Slhs of penny per pound weight would
therefore, be The total amount of duty paid on cotton
wool. Now, when the price Of cotton wool is 4d
10. on the average, 38ths of penny per b. is duty
of nine per cent. The value of the raw material If
the price OF cotton wool be, it has been of late
more than Sd ID. 3-Sths of Id per 10. is duty
amounting TO not less than II 10 per cent. on the
value of the raw material.
"This duty so levied tails with peculiar severity the
coarsest descriptions of cotton Upon the finer mus
Inns you can hardly estimate the of duty, it is
small but the the fabric and the more it
Seeing and considering these things-seeipg the
| amount of duty imposed upon the coarser fabrics
seeing the extent OF competition to which they are
exposed-seeing the importance of this manufacture
to the commercial greatness of this country are
prepared to advise the abolition of the duty upon cot
ton wool. loud and long continued cheering) The
estimated loss to the by the abolition of the
duty on cotton wOol-taking guide the amount
received last yearwill not be less than 96S0 600
Hear, hear In respect, then, TO the revenue de-
1 r ~ l..
make any further alterations than those to which
have referred am not quite sure whether or
not greater popularity might not have been obtained
by proposing other articles which a reduction of
the excise impost should be made; but am satisfied
that il is the duty Of the executive government to take
those articles which, whether there has been any ca
mour for reduction of duty them or not, ai-
ces in respect of which any duty all is open the
greatest objection. (Hear, hearty
The aggregate revenue of Great Britain is put
down at 153, 100000 The proposed notifications
in the tariff will take of three millions or more
from this aggregate, leaving enough however for the
annual expenditures Of the Government, which are
over forty nine millions sterling, including the interest
on the public debt.
l OF this immense mass of revenue upwardy of fifty
millions sterling nearly two hundred and fifty mill
lions of dollars, the of t22 900 900 is furnished
by the customs the excise duties supply 9l3, $780,
000 from Stamps the amount Of Ct, 100 900 is ras-
ed while the direct tax yields only "a 100000
Indirect taxation, therefore, in various ways, sup
plies by far the largest portion of the of
Great Britain. The income tax, which is not in
cuded in the direct tax, above specified yields
nually some five millions.
The interest on the national debt of Great Britain
is annually 930 1876 00O-morc than one hundred and
fifty millions Of dollars The yearly of the ar
my establishment is &c Col 000--an amount exceed
ing the average annual expenditures of our whole
government in all IFS departments. The navy esti-
mates for the British service this year nearly
ven millions sterling.
u From he Journal Of Commerce
! SANDWICH IsLANps.-The difficulties which have
arisen between the Sandwich Island Government and