The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-29

precision OF hs right honorable friend the member
south LancAshire-as 'not new, but now tangled"
Mr. GLADSTONE answer 70 my honorable friend,
who SO emphatcalIy asks 70 reject this motion,
would say Il Ia not newfangied but old tangled II
the proposition OF the Chancellor OF the Exchequer:
and. though am not in hls confidence though am
not In any intimate relations with him this
sSous ~ ne
merely because have been unfortunate TO wound
my honorable friend by reference TO America will
not question how far my honorable friend may be
justified IN mputing 70 me . desire to do some
| thing sensational as the basis. OF the action
Ny honorable friend certainly not the most CHART
aDe-thearj-or the most complimentary In his sup
payable and probable appearances 70 justify these sup
positiona But nothing can be moro unjust than to
desire COPY ne United Sates merely Seca,ss said cf
Ms grs;sd Sasss were masng ere Effort % pay Of esr
ss, ~ as ss friend ne ne
people themselves and he has therefore shown that they
have gone altogether abroad In their course and that
ished ell the taxes and made effort Whatever TO re-
duce the amount Of the debt. He may be right
in that opinion, but the probabilities rather against
him. (Hsar, hearl There Is presumption that with
regard 70 the management Of their domestic affairs the
judges Of the policy they ought 70 pursue We
But when he says there can BE- no inference ustfyng
in citing the example Of the United States because Of
rency aais 81 snOs Witch ezsssd long after s Close u
mean. the House 70 undsrsssnd that customs
duties are the principal source Of American revenue
roan revenue is an inland Of an elaborate and
admit, in some cases, Of most vssatioas Clearwater.
But did not allude 70 the financial affairs Of that coun
try with the object which my honorable friends obser
vatcns might lead the House suppose. My reference
to America was to show that great nation making
take honorable friend to task altogether to his
charge that this proposition is sensational Certainly
picture OF widow without boots trudging home
through tho mud in consequence Of the taxes
Sn asr aa ana q for s
reduction Of the national debt IA laugh and
"Hear. hear1 l confess that ] think the sensa-
tiona qualitiesthe OF producing sensation BY
painting and cooring-exhbted by my honorable friend
in his speech equal anything heard in this House
succeed in acquiring IL did IT, Renewed laugh
teri Sensation has reference to the present. the reduc
Of the national debt the future Ny honorable
friends arguments 60 beyond his conclusions He tells
us that we are producing sensations IL confer bene
, a On sne , the u % on % WHICH,
are to live in the distant future but his arguments go
against our doing anything 70 reduce the national
concur with him in thinking that II tho House dc.
termnes on upsettng the motion Of the Chancellor Of
taxation which will be necessary for consider
The CHANCELLOR or THE ExoHEoUER ad:-Sir, having
ono Of very quiet character which might not create
much discussion, and not having brought toroard NTH
sss :.s ~ x. s s sy s ss n e. ,
at present prges entirely % comprehend, | may,
perhaps now be permitted 70 state simply and
shortly the reasons which Influenced her bajestys
which siiii influence them. ana Which / hope
this bill 70 be read the second time In the place
must say there wore many reasons which, at the time
finances made them feel that upon the whole, It was
not prudent 70 reduce, and certainly not 70 put end
g any sousc: q our then existing revenue Irrespsct
s.'snon Of Psramsn. sus sSsrs was ss surplus.
nf ocA t.
considerable; and feeling that Il was our duty
not wsntonly TO reduce, especially at that time.
befoys u had likewise another feature OF
our financial position In-ths year which We wore then
20 d We s
position OF that kind Of engagement 70 our financial
system generally We found that for long period Of
time-certainly now for about half oentury-it had
boon regarded ~ desirable, BY tho abisst and most
experienced OF our nnanciers. that portion Of
manner that. without violence and without OK
aggeration, IL should assume tho form Of termin-
fore, been taking place In the financial position Of this
country; and We conceived that as this year very
large terminabe annuity falling in II was duty
consider whether the which had been pursued
By our eminent predecessors for many years was wise
coS.rssy. i xss one from which ws should entirely
devasa' Well, after examining the matter We had no
hsssates e believing thai the course which has been
Of this coantry-vix, that q asailins ourselves
without Violence bus ~ possible with con.snulsy Of
version Of our debt into terminable annuitiss-was
sound nd good practice, and that ought mot TO be
dsrcgarded. We came, therefore, 70 the conclusion
thai MOI only the policy which had been Indicated
By shs right honorable gentleman who preceded in
oumsisscss il which We stood By having tai. annuity
falling In twas in still greater degree imperative upon
s Il M q . has g
benefits which have accrued TO the country
s% ss pI no e SSs .as s
management Of our debt
You have had manS sinking funds At the peace Of
the plans sanctioned by vansitart and many others
They are all forgotten. but the termirable annuities
have fulfilled their destiny think, thensfore that the
only way in which you can manage TO regulate your
debt 10 by favorng - much as possible its conversion
therefore,, I trust the House win support the policy
which her Majessy's government have recon-
nsnded 70 thsi.. consideration. aassr, neaS !.
down, and that ehs be addressed TO Tie members con-
oected with counties In which barley rs grown. They
that by supporting this bill they putting md 10
Surplus which, II otherwise applied, might 70 certain
extent relieve tho incidence OF the malt tax, aud the
warning appeared TO make impression upon them
though with remarkable consistency he accompanied
bis y a. sppss. mat the suru, snoac y
"a laugh) But be dnvoted 70 Gre insurance Il can
not 30 applictto the aboision or psdncton II the malt
duty Now he fault in the stateent Of toe honorable
member fer. Dudley b this :--He assumed that
by converting the sarplus OF the present year
into termHablo annuts - We were prevented from ap
plying any fuhare surplus to thai remission OF duties
which desired. There nothing, however, hope in
this arrangement 70 prevent the accng OF future
pluses or 70 preclude The House from considering how
tnose SURPRISES should be apped Undsr these circum
kthnk those who Interested in the remission
Of the MALT wiinot imagine that their object will be
accelerated expedited by 1emoving the duty Ere
insurance tHear.l Let mo mako single remark upon
the observations Of my honorable friend fMr Hubbardl
on the.impractcsbtly Of selling tsrminsbh annuitiss
in the pubic market 10 from accidents that 70
certain degree shose sales are di3cu and disadyan-
tsgeous but II surely arecommsndalion Of the prs
ent proposition that totally Independents OF these
accidens and instead Of being open 10 the objection
made by some honorable gentlemen that the machinery
prescribed by the right honorabls gentleman opposite
OF MYSTICAL character and difficult Of comprehension
IL appears "a me to be singulary plain and perspi.
euous. Ths House were probably not sufficiently
aware before the right honorable gentleman took
up the SUBJECT that the bankers OF the nation,
l they have great advantages Of which they should
avail themselves This, sir. 10 tho real state Of
the We hare brought the proposition forward not
for the reasons which have boon freely attributed 70
but because whoa there very considerable amouss
80