The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-02

Review OF the Government Budget-COrpOra.
tion Debis-Ways and Means-Can Cana.
da Pay s-ExtensiOn to the Northwcst-Nova
Scotinn Charlottesville Whiskcy Duties
Railroad Legislation.
TORONTO, Ontario, Dec. 20, 1857.
The budget OF the Minister of Finance, Hon John
Rose the abest and most lucid financial statement
that has been submitted to the Canadian Parlia.
ment The resignation OF Mr. Gait appeared be re-
garded somewhat in the light Of public calamity; but
rs apparent that his successor will be a much
successful Minister, and chiefly because he lacks his
predecessors power Of concsamen and Is inclined
deal fairly by stating everything in the most candid
manner. The success OF the new Minister Of Finance
however altogether for the benefit OF the Domin
iop since out that he will DO able to meet
the demands upon without largely increased taxation
He has shown by his statement OF Saturday that the
Dominion has q floating debt OF nearly seven millions,
which he intends TO dispose OF that bill will
be needed He Is 10 provide for " BY means Of compel
ling certain corporations to pay their Indebtedness to the
government, and this IS q considerable Item. Large
sums owing BY various companies, and In addition
TO this the municipalities . very largo amount Of
money borrowed from the government years ago, the
interest upon which considerable Il 10 also pro-
posed government notes. establish savings
banks and Dominion stock. In which all parties may
invest Half . dozen means OF raising the wind are
pfOpOheu ui VI Whcu spponf tuht
would only dispose OF the socaed floating debt,
ated no know how. To be sure the Fspian
raid OF 1860 cost large amount, but the goverums
Indebtedness to the Bank of Montreal and
half millions. which Is anything but gratifying fact
all that has occured for " that institution Is to
It's hold upon the government 10 may be enabled
TO dictate terms TO Il aud place the country in most
enyabe position. The nrst six months Of the union
surplus 'ns Ts: 'I nd sasss
prosperity and shows that the Dominion 10 likely
10 80 on satisfactorily; ba. what IS 70 be dole
with the Indebtedness Is question that troubles very
many The assumed dsp, OF tue Dominion Al the time
OF the uuioa tho Isl july last, was $4,000 600
Add TO that the present floating debt and have
thing debt Of eighty millions 10 face. In addition
TO this there will be the proposed OF the Inter-
Colonial ksway, $40 600 000 aud tue possibility OF an
expenditure oi iew millions more upon the annexation
oil the Northwest Territory.
Now, II IS quite clear that so large SUN, say about
500 10000 10 all, will be more tnan Canada will ever
be able pay The Of the country great
aud capable OF expansion, out 1t Will require enor
nous taxation, ~ AMI by TO meet even the interest
upon the deb, add does not seem possible that tue
Indebtedness VIII ever be wIpsd OIL. Wnat wonder
need there be- men, that many are unwilling 10 believe
that con edoratiOn VIII prove n DoonY Tue maritime
provinces nave made an excellent bargain and u Is
strange tAat Nova Sco1is kicks so hard against the
union Ii Is Ontario that must suffer the most the
srndng debI inasmuch as Is the largest
and weathiest 81 the provinces How strange that
members Of the opposition IN Parliament have permitted
themselves - be so blinded with regard to the financial
statement Of saturday 10 accept II as satisfactory
Tor Il only satisfactory regards Mr.. Roses manner
OF dealing wttn II. The fact stu remains that the
Dominion s naug uralod with the burden Of heavy
dsbt upon IL
The Northwest question has engaged large share Of
attention Tor tie past and has not been disposed
" yet, out there 10 doubt that the resolutions pro-
yldng for the absorption into the Brush American
Union Of toe enure Northwest country including Ru
pcrt Lani, viii be concurred 10. gut Our govern
ment suddenly profess 10 have discovered that the
Western States have become highly inviting to our
people, and that thirty thousand OF our population
have been drawn ththcr JUS because We had not
equally attractive territory y Is thought tha. the
country - the North vest possesses ali the advantages
claimed add would soon be ths grand rendezvous for
thousands OF our PEG 10 seeking Outlet aud being
anxious 10 settle uDon lands. How far the present