The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-09-10
ENGLAND.
Disraelrs Financial Policy.

ENGLAND.
DisraelIs Financial Policy.
The London Times of August q contains the
following
A distinguished statesman was wont to avow
the opinion that the best test by which q man
could be judged might be found in answer to
the question whether he pays his way. We
should be 10th to commit ourselves to SO sweep
ing an opinion, remembering, as we must, that
Mr.. Pitt and MIR. Fox, different in all else,
agreed in this-that they were both over head
and ears in debt; but, judged by purely poll
tical standard, what better test of the capacity
of governing can be suggested? All bad gov
ernment, as MIR. Carlyle remarks in his diagno
sis o the French revolution, ends in insolvency.
The ten ptation of a weak minister is corruption,
and corruption means increased expenditure,
and increased expenditure means repeated
deficiencies. The weakness of an incompetent
minister is eXtravag lnce, and extravaganza has
the same ultimate result as corruption.
1t will be seen on examination that the liberal
administration bequeathed to their successors
an expenditure in process of reduction, and that
Mr.. Disraeli has managed to change the order,
and to convert yearly decrease into yearly
addition to the national charge. In 1862 our
expenditure for everything except public debt
was little more than f43, 900, 900. This is fact
which should be kept in mind. 1t is not by any
means the minimum attained by the late Gov
ernment but 1t is useful standard of COM
parson for subsequent years. Consider what
followed The next year saw a reduction,
and the next year aud the next. They were
the years during which Mr.. Gladstone was at
the financial helm, and the facts cannot
of f45 900 in 1862 fell to Gao, SAC, 900
in 1868, was brought down to f40, 900 900 in 1864
and to 939 660,000 in 1866, We have thus re-
duction of more than three millions of f3, $780,
000-in three years. This does not exhibit the
full extent of our national progress As each
year bryught forth surplus there was each year
q reduction in the form of an abolition of taxa
tion, and in the process of reduction account was
taken of a possible increase in the several
branches of income and remission effected
accordingly. Thus it happens that the taxes
RENTED exceeded the apparent amount of
secured were applied towards the reduction
OF the national debt; the prospective and
greater surpuses were applied in the remission
of taxation. In 1854 the balance of taxation
reduced was f4,6l5, 900. In 1s64-5 this balance
was f3 135, 900. In 1866 it was 95, ,343, ,0OO In
1861 it was 100000. In the tour years we
have total of taxation reduced or abolished
of DO less than fl3,693,0OO But in 1867 the
scale was turned. The conservative Ministry
came into power and the balance was at once
thrown the other way. We are now only
apology presented for them; but what are the
facts? In three years the optional expenditure
has grown, says Mr.. Childers, from f39, $50, COO
to f43, 100000. The elasticity OF the revenue
has gone and the expenditure has increased.
Every item of charge has been swollen. We
have had to pay more tor the army. We have
had to pay more for the navy. We have had,
in still greater proportion, TO pay more for the
have increased.
Telegraph Cables to OAmerica-COmmer.
cial Harmony.
The London Times of the 2Sth ult, says:-
"lt seems to be well understood that the new
French Atlantic Telegraph Company and the
English one will work with rational under
standing to develop without contentious rivalry
the utmost capabilities of the service. From
the day of the successful working of the English
cable it was almost universally regarded as a
certainty that the field would soon be entered
by many competitors, while in some quarters
there was a deposition to believe that the
branch of ente prise would create the basis of
new revival of wild speculation. If any more
companies, however, should hereafter be formed,
it Will be entirely through mismanagement on
the part of the existing ones. 1t was in
dispensable that the Continent should have
an independent line, and France was
its natural starting point; but there is
neither political nor other necessity for adji-
tional communication, and any future increase
in the number of cables should come as a result
merely of the pressure of business consequent
upon the skill and vigilance of the managers of
the present lines in ceaselessly seeking to give
new facilities and to reduce their charges, by
entertaining in concert every practical sugges.
tion that may from time to time be presented
Tor the purpose. If any one company existed
there would always be the danger of its mau-
agement falling under the influence of clique
who would prevent every new idea from reach
ing the Board, but any such result will be
Improbable when two separate nations are
the prospects OF the undertaking seem
as free from risks as could be hoped
for in any work whatever of public magni-
tude. The fact that nearly one halt the
length of the cable will be in a depth of water
involving no peril of any kind, and that the
other half will be in depths from which, in case
OF accident, the p1actcability of recovery has
alrt ady been demonstrates insures to a great
extent the fulfllment of the enterprise without
the likelihood of any expense beyond such as
has already been fully provided for; while, as
regards income when success shall have been
achieved, the shareholders can entertain not
only the knowledge that the existing profits of
Atlantic telegraphy could be divided with hand
some results between two companies, but that
wide conviction prevails that these profits form
but small proportion of those destined to be
attained when the Intercourse between the two
hemispheres shall have been sufficiently opened
up"
Dread of Liberal Division.
Mr.. Z. Seely, Jr., Liberal candidate for Not.
tlDgham England, addressed a meeting of the
He took 1t that the Liberal electors wished to
get reforms IN the next parliament; they wished
10 disestabllsh h the Irish Church; thev wished To
have a redistribution of seats; for the ballot. a
reduction in the expenditure, and minor points
He thought IL possible they would get things
IN the next Parliament There was one rock.
howeVer-a very serious one-ahead of the
Liberal party. Whether they liked it or not,
there was no donbt that very large number OF
the Liberal party in the House was composed of
the aristocracy and wealth of the land; and IL
men OF extreme opinions were returned they
might find that the aristocracy and wealth of
the land might be rather frightened, aud if so,
they might see a large secession from the Libe-
ral ranks. II that were the case, the Liberal