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

The following exposition OF Sir Robert PEEL
6nancisi plan ID more full and satisfactory thai
most Of those heretofore published IL appears il
the London Weekly Chronicle of FEBRUARY l6
The very favorable bearing which Sir Rober
Peeps plan. has TO the interests of the United
| States, renders the most lucid views Of it desi
rable. The friendliness of the relations which
il tends to establish with us, is another consid
Grafton which no patriot or philanlhropist vii
| overlook.
THE FINANCIAL STATEMENT.
Sir Robert Peel's Financial Plan is what we ven
tured to anticipate on Friday as possible, and
probable, 10 Of high intelligence, aware of tn,
expectations OF the country, and taking Just view
both OF Its wants, and of his own strength. 1t viii
be perfectly successful, because it is bold compre
hensive, and jtst,-bused upon sound prineip es,-
with one exception, Sugar,-u,terly regardless o
class interests,-and placing just confidence in thu
resources, which the reduction of taxation will itsel
create by relaxing the pressure upon the springs
Industry, and opening new fields of employment ant
| trade.
1t is wish to state the changes proposed in tn,
simplest possible FORM but we cannot compress int
LEA small compass statement that occupied thret
hours and half
The Premier hogan by stating the revenue for tn,
year ending January, l845 at f54 900 800 and tht
expenditure at 35O,646,000; and carrying on the
innate to the 5th of April next-the natural end Of
the financial year, -he assumes that there will be
surplus OF iue millions net, Eat the very least"
For the year ending 5th April, lS46, supposng The
income tax not to be renewed, but including the hall
year about to como due, he takes the revenue from
ordinary sources, at f4S, SOC, 900, which, with the
half years. income tax (se26OO, OOO( would give
~ nd off, 1odu
calculated upon the estimates for the present year
lx48,557 ,OOO,) this would leave surplus of e.,
543, 900. w $500
But the Government conceives it to be ndispensa.
bic that the expenditure should be increased. AOO(
men are to be added the navy for the protection
Of our growing commerce upon the African coast,
IN the Pacihc,and in the Chinese sess-ata cost ol
Elsa, OO0;-a the improvement of the Steam navy
the construction of Docks-and the maintenance oil
eight or nine sail Of the line in commission, --wil
make the total vote for the Navy estimates exceed by
one million that of last year.
With this. addition, the expenditure for 1856
would be 49,690,000, and the estimated revenue
f5l COO O00 ,oithout the income tax, or rather with
the AID OF the halfhears income tax about to come
DUE If the income tax be renesoed the revenue for
1886, will be esq, 100000, and the expenditure
.f49, $50, 900 so that the Government will have a
net surplus of e3,4IO 900 to dispose Of, which it is
proposed TO apply to the reduction of duties upon
materials, and the repeal of taxes that require large
establishments, and much expense for their colec-
ton, in the hope that 'ths great experiment. as Sir
Robert Peel justly termed 1t, "will fill the void, that
it at first creates by the new impulse which it must
give TO commerce abroad and at home.
CUSTOMS.
SUGAR.
The SUGAR Duties,-at once the most faulty, and
the most important part Of the Government Plan, for
they involve the largest amount of Revenue-are to
k2 s~I a. 4
year. The distinction between Free Labor Sugar
and Slave Labor Sugar. is to be preserved, but the
Duty on British Plantation Muscovado Sugar is to be
reduced from GAS, to l4s, and the Duty on Foreign
Free Labor Sugar, from 35s Sd, to OBS. The Differ
entail Duty will be IS 4d on Muscovado Sugar, and
lis 4d on White Clayed for there are to be two
classes ;-and the effect Of this reduction on Price,
is calculated at I'D, or I'd. per Id. The Govern
ment reckons upon increased consumption Of
A, 600 tons in spite of which there will be loss
to the Revenue Of e., ,000.
EXPORT purIEs-coAL.
The duties on exports were nearly all abolished in
l64l. those that remain, are now to be done away
with, -including CoAL,-at loss to the Revenue Of
fIlS,000.
IMPORT DUTIEs-RAw MATERIALS
Out of 8l3 articles contained 10 the Tariff 400
are to be struck off; power of examination to
tom House, for statistical purposes, but without
Registration Duty, unless proved necessary by ex-
perience. The list of exemption comprises Silk,
Hemp, Flax, Yarns, Furniture Woods Animal and
Vegetable Oils, Ores, Minerals, Zinc (noi Copper, }
Dye Stufs--Drugs. Tue principal exemption is
Timber, the duties which are to remain unalter
ed the imports of Baltic Timber being steadily upon
the increase; but from this exception, again. are ex-
cePted Slaves, which are to in duty free,
OF peculiar hardship having been made out by the
CooPers, the tax upon whose industry amounts
TO SO per cent.
COTTON WOOL.
The duty upon Cotton Wool, amousting to 9 per
cent upon the raw material, when Cotton is 4d per
h.. and to 2k per cent when it is Sd per h. (as now
is siren up altogether The tax was most exceptona
ble 1t fell with peculiar severity the Coarse
Fabrics, while on the Finer Muslins il was olmos
imperceptible. Nothing will tend so much to lighter
Foreign Competition, or to increase employment a
home nor do we know any way, in which thu
f650 000 at which the loss of the Revenue, is est
mated, could have been 30 well employed.
EXCISE.
II was most satisfactory to hear the whole d tn,
existing Excise Duties designated bad" if con
sidered with reference principle and not to Rere
nse. Two Of the worst may be included, hencefor
ward amongst the evils that have been-the Auc
ton Duty on Property sold-(most properly describ
ed as a duty on distress, '')-32 exemption from
which have already been sanctioned by act of Par
lament, and which only produces G300,000 in Eng
land, Scotland, and Ireland, although the amount
property advertised for sale in lS40 145 232 00C
and the duty on Glass-long known, and de
nounced, as the bane of British enterprse-the clo
upon British skila direct competition upon the pro
ductions of Belgium, Bohemia, and France.
The details given by Sir Robert Peel as to the ope
ration of this Tax, and the immense changes, t.
which its abolition will lead only prove the insan
OF having tolerated it up to the present day. II
amount may be taken at from 200, to 300, per cen
upon the value of the material Glass work. wbic
IS now contracted for at Is per foot, will be done
Sd, or I'D, wi bout the Duty. The vexatious regula
tons to which the Manufacture is subjected, rende
competition with Foreign Glass imprscticable, s.
that French, and Bohemian Glass is now importe
into England, for e1porta ion to the British Colonies
where, for the last Seven Quarters it has been grs
dually supersedng own, because better and CHEAP
4 Lx, hnvx 4 - r.