The New York herald., 1866-05-17
THE ENGLISH BUDGET.

Mr.. Gladstone ON National Commerce.
THE INFLUENCE OF NATIONAL pEBTs-Hrs OPINION
OF THE DEBT OF THE UNITED sTATEs-rHE
GREAT TRADE RACE BETWEEN ENGLAND, THE
UNIFIED STATES AND FRAHCE-HOw ENGLAND
MAY LOSE HER ADvANTAGE-THE SUPPLY OF
COAL IN GREAT BRITAIN AND AMERICA.
In the English House of Commons on the Sd inst Mr.
Gladstone made his annual financial statement. He
showed that the actual expenditure of the
nue. nue. had been fs7, si2 600 He had ca nalcua,ed
loss TO the revenue last year OF f4 OBS 600 by
the remission Of taxes &c, but the actual loss only
pcndure at f66 0o0 and the f67 SIS O0O
leaving probable surplus Of f1 $50. 600 He proposed
to abolish the duty timber and pepper; to equalize
the duties on wine In bottles and in wood 10 reduce The
tax stage carriages, &C. and TO appropriate about
$500 900 for the conversion of portion Of the public
debt INTO erminablo anDuities These would
dispose OF about 81, ,064, 900 OF the surplux
Mr. Gladstone delivered heightened and most able ad
the word-Old and New-and announced his inferences
70 the effect by the existing rivalry, likely be pro-
daced on the commerce Of England
The Chancellor said:-H On the 3lst of March.
1857 the national debt had risen to 1881 722 0OO on
the 3is Of March, 1852 was fs23 934 600 and the
is nominay point somewhat lower than il had Stood
at before; but must be remembered that have can
celled two minor sinking fund stocks which formerly
formed part OF the nominal capital that In fact we
may say with substantial accuracy for necessary
to be particular TO million million and half II has
~s% ssas1so IN; % d & ass. a.
vry place chch oc7pied at s comsnceenf Qf he rear
1854 II not necessary to observe that there seve-
raj sums not very material In themselves We are in
debted to the savings banks IN the sum OF about
E3 000 and the other hand have moneys lent
siohers and other bodies ,Sa, amount 70 about so
000 but that Ii not amount THAI need take into
view In dealing with this enormous accumulation OF the
national obligations z799 900 900, then, in round
numbers the present capital debt (Hear) Now let US
observe the rates at which we have operated upon
the debt From 1915 10 1854 there were nearly forty
years Of the most profound peace ever known, and
that thcrcfors, was the very period In which II
desirable for us to deal efficiently with this debt n we
were TO place ourselves IN position 70 look
necessity in the face again. Well, sir, nave stated
what was then done The rate OF decrease per annum
At that period f2 co., very trivial
sum when we consider The enormous amount Of what
has TO be achieved In the three years and quarter
from the 6th Of January 1854 the as Of March, 1857
in exact figures co from 1857 70 1893 the total
rate Of decrease has been somewhat better but still far
Hear hsarj NOW, wish 70 call the attention q Tho
committee 70 this; that what must expect is that
whereas two or three millions year have represented
believe n take the whole years Of peace since 1915
that the average operation would reach three millions
ever yo @ us Dss sspsc no n any great and r9sd
OF war, 70 the debt grow a about ten times
the rate ~ which you reduce It in time Of peace Hear
ther that satisfactory state Of things for the country
but cannot proceed further on that subject without
o,snp sne % what mas taken place IN
ing, hfnk, PAINFUL and balsfd prominence az a
social and political fat Of nOdow ezJrrence Hear
do not know whether the House Is aware TO what ex
tent this mischevous and Injurious process going on
but will refer nrst 10 what do hesitate 70 declare
contcmplaie wifh ne isda amrefy, and that 70 he
dek Of he Un0ed Std1s The debs OF the United
States IL In tssf something wonderfu-wonderfuI AZ
the creation OF four years, strctly Of four years
and no more, and yet amounting 10 nearly 1000 900
dollars fe00 900 COO and the rate Of growth Of the
debt In the las yer exceeded, think f2o0 900 600
That 10 wonderful debt, and its charge is enormous
II ns possible In the present state Of the financial ar
angemens Of that country 10 ascertain with precision
but Ibeeve am not wrong In saying that the charge OF
that debt u connderstiy hodcsv than ov though the
capital lea tHear, hcar) The smallest sum a which
can estimate The charge s thirty thirty.two mil
lions sterling; md n upon the back OF that sum We nv
the pecessary cost of raising the reveuue which IL
America In much heavier than 10 here DO nos think
the effective amount ~ taxs1aon Incumbent upon
the nnfion % this ums 10 cousDQueuos a The
Northern debi n Dc - SsisA ~ fmtk<rl