The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1845-03-24


be 10 the present distance within The Three year,
TO which IL is proposed that the Renewal Of The In
come Tax shall extend.
We have not tho least doubt as to the reception
which this proposition will meet with both from Far
lament, and the County IL is open 10 objections
no doubt II leaves The great articles Of Food uo-
touched, Corn, Butter, Cheese, deals with Su
gar upon principle, that cannot long be sustained
But these are the poslulates Of Sir Robert Peers
power,-the sine qua of that sulky assent, which
VIII be gwen by his reluctant Party, TO The wsos',
boidesl and largest application OF sound principles
TO great interests that has yet been yeniured
upon 10 'his country by any Public Man.
i From the Baltimore -iDlsriean
SIR ROBERT PEEL'S PLAN OF FINANCE
| The British Minister has made bold movement IN
ms financial policy lie proposes, and will doubtless
carry, the entire abolition Of duties on raw Cotton
Goals glass slaves and four hundred and thirty mis-
ceiiancous articles also reduction In the duty 90
sugar. The loss OF revenue arising from these mod'
hcauons OF the tariff is estimated at k3,35SOOO let
inasmuch as the general revenues OF the Kingdom
show mat this amount may be spared the income Tax
being continued, the Minister has not hesitated TO
propose The very important changes which give so
marked character 10 ais system OF commercial and
financial policy.
| The Income tax was proposed few years ago as q
temporary measure rendered necessary by ,he extra
ordinary expenditures incurred 10 the AhshanistA an
war. IL Is not popular Of course with the elcss ol
persons upon whom II fails has been quietly borne,
however IN the belief that IL would soon But
Sir Robert Peel having once put the saddle on and
got the bit IN the horses mouth not disposed 10 dis
mount. lie relieves the manufacturing and CONNER
cal interests whose support will be thus secuted 20
his ad pinistaon, and holds the landed gentry under
| the pressure Of the income taxa pressure which
they will be compelled 10 bear patiently they
can, under tue fear that If they prove FESTIVE the
/ Minister will strike away from them the protective
bsrr,cade OF the corn laws IL they TO have the
sliding scale, they must pay the income tax. Such
seems to be the compensation system of the British
hnancier
| Sir Robert Peel's luminous exposition of his new
| plan is master piece OF it, kind--business-like,
statesman-like, and we may add, conference.-the. IL
bears the characteristics OF bold, decisive mind, and
indicates Minister ready TO meet responsibility with
manly front as thing which must DO encountered
by any one who would govern a great nation. IL
shows too the great extent Of the Minister'S know
ledge OF the trade and resources Of the Kingdom, aud
the wonderful facility and minute correc with
which be could speak of the details included 10 his
mulufarious subject. Though the exposition is long
and relates to dry topics il easy reading through
out. The portion OF the speech which is likely TO
possess most interest Tor American readers is that
relating to the abolition OF the duty cotton: we
quote that portion:
81 now come To that article which of all Others is
the most important TO theiman ufacurng aud CONNER
eiai prosperity of this country. Loud cheers. |
come now to cotton wool hear, hear)-and the du-
/ " upon IT, The present duty cotton wool is, 80
TAR as the revenue is concerned, 5l6ths of penny
the pound weight, but that duty is applicable To
The whole amount of cotton wool imported aud as
about nth of he total amount of such cotton
wool Is unavailable for the purposes of maBufac tue
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 manuflc-
lures. IL is estimated, and believe the estimate Il
be a reasonable one, that We ought to add i-l6th
more to the 5-l6h, in order to calculate the full
amount of duty paid upon the whole of the cotton
wool that IS actually manufactured in this country
b-l6ths, OF 3Shs 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 a
lb on the average 3Sths of penny per h.. is a duty
OF nine per cent on the value of the material. Ii
The price Of cotton wool be, it has been of late not
mole than 81 10. 3-Sths of Id per 10. is a duty
amounting to not less than IL 10 per cent on the
value of the raw material.
hs duty levied falls with peculiar severity on the
coarsest descriptions Of cotton Upon the finer mus
Inns you can hardly estimate the amount Of duty it is
so small but the the fabric and the more il
Is IN common wear the higher is the amount of duty
Seeing and considering these things-seeing 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
/. the commercial greatness of this country, we are
prepared to advise the abolition of the duty upon cot
, ton wool Loud and long continued cheering The
estimated loss 10 the revenue by the abolition of the
duty on cotton wool-taking as guide the amount
received last year-wl not be less than G63O 600 -
(Hear, hear.) In respect then, TO the revenue de-
rived from the customs duties, do not propose &c
make any further alterations than those to which
have now referred. L am not quite sure whether OF
not greater popularity might not have been obtained
by prop 1siDg other articles which reduction oil
the excise mpost should be made; but am satisfied
that il is the duty of the executive to ake
those articles which, whether there has been any ella
mour for reduction of duty on them or not, are ari
ces in respect of which any duty at all open to the
greatest objection. (Hear, hear.D
The aggregate revenue of Great Britain is put
down at e53, 100000 The proposed notifications
in the tariff will take off some 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
OF this immense mass of revenue, upwardy of fifty
millions sterling or nearly two hundred and fifty mil,
lions of dollars, the Of G22 600 900 is furnished
by the customs the excise duties supply fl3 500
zoos from Stamps the amount Of 97, 100 900 is raIs-
ed while the direct tax yields only GA 900, 00J.--
Indirect taxation, therefore, in ways sup.
plies by far the largest portion Of the revenue of
Great Britain. The income tax, which is not in
cuded the direct tax, above specified, yields an
nually some five millions.
The interest on the national debt of Great Britain
annually ESQ., 1876, 000-more than one hundred and
fifty millions of dollars. The yearly cost Of the ar
my establishment is &c Sol 000-an amount exceed
ing the average annual expenditures of our whole
government in all its departments. The navy esti-
mates for the British service this year are nearly Sc.
ven millions sterling.
II From the Journal of Commerce.