The New York herald., 1869-05-04


OF this year contained all the elements Of dramatic
| SURPRISE" and the happy Chancellor of the EXche-
| quer excited sensation which practised play.
| wrghts might envy" He ''led his hearers through
a Lenten season of penitence, and then burst upon
them in a sort OF Easter festival Of abundancen The
Telegraph declares that In emulation OF the conjurer
| a. the fair, Mr. Lowe has overcome the proven
| bial dificulty OF making q silk purse out OF
| sow's ear "Like the cleverest magician that ever
delighted an audience Of holiday gazersn says that
paper ''he has produced, apparently out Of nothing
multitude OF delicious bO0ns and dispensed them
IN dazzling shower among the taxpayers OF this
'tax-ridden country. We knew we had fallen behind
IN our finances and we were painfully apprehenslve
tnat even worse things In store for us; when
presto with graceful dexterity that should forever
place him high in rank among political wizards the
Chancellor OF the Exchequer dspels the darkness
with wave OF his W aud and opens q Fortunatus'
purse OF gifts such as in widest visions we had
scarcely dared TO anticipate for years to Gomez
The Sta nddrd regards Mr.. Lowe Us q financial
wizard; another journal has much reverence for
his spectacles child has for harlequin's baton
and another lauds him for the scenic skill with
which he availed himself of dark and sombre back.
ground deficit and taxation out Of which bril-
liant effect Of suns hine spring with sudden
and dazzling Illumination, ''as Turner used his IA
nous red wafer the centre and focus OF mystery
of parting clouds and radiant distances Of light suf
fused with all the coors Of the rainbow" All agree
in comparing the Chancellors Thursday nights per-
formance to OF those transformation scenes in
which the lovers OF pantOmimes and modern spec
tacuar plays so much delight and not without some
snow OF reason. But, alas we all know that the
briiancy OF transformation scene lives but q few
brief moments ana leaves the house darker and
goomler tnan before AS soon as the blue and GRIM
son flames die out the dazzling gems and gold be-
come nothing but dull glass and tarnished unsel,
and gods and goddesses, genIi and faries however
glorious their spanges return into ordinary and not
| very attractive mOrtals
Setting aside the eXuberant fancies OF the London
press, the plain English OF the matter Is that Mr.
Lowe came into possession of badly straitened
treasury under circumstances that rendered IL vitality
necessary to do something which should seem ike
reduction OF the national expenditures and tighten
ing OF the burden OF taxation. The liberal Ministry
stood pledged before the country to economy and
reform. The immediate predecessor OF Mr.. Love-
Mr.. George Ward Hunt had been unfortunate In his
| financial estimates and management Poor Power
the Irish COMEDIAN IN his famous character OF Tim
Moore IN the Irish Lion" used to square accounts
| going home TO his dinner quarter OF an hour too
carry AID coming back TO worA quarter of an hour
too late, and Mr. Hunt, on a somewhat similar
| principle had estimated his receipts half mil
lion too high "a. and his expenditures half q
million too low. BY q sudden and violent cutting
down OF expenses last year something I'D
addition OF the Abyssinan Item, which had swollen
beyond all Calculation there was actually def
year and to be provided for by Mr. Hunts
Now. with no elasticity anywhere with the produc-
ing power OF the counxy az a low ebb and without
apparent prospect OF greater activity the sltua-
ton was not very encouraging one for the present
Chancellor OF the Exchequer Stretch the estimates
OF revenue us ne might put as hopeiul an aspect as
| possible upon all sources OF income, he could
not bring himself inns sn. @ to predict the receipt Of
retaining the taxes In precisely their present condl
ton. Against this was to be set his estimates Of
addition the deficiency left by MIR. Hunt. The nor.
maj expenditures after reductions In the army and
navy and In some other branches OF the public SER
wee, Sir. Lowe puts at f6s, ,223, 900. making a total,
with the deficiency, OF Ell, $685. OOo IL Will thus
seen that If the estimates held good and extraor
dnarv expenses should be rendered necessary the
interval, there would have been q bare
rent fiscal year. But, as has been said, 1
Mr.. Lowe. as the financial officer Of the reform
Ministry, could not be suffered the taxes in
their present condition, nor could he venture
50 close in his estimates as to rely only on paltry
| excess OF s32, 600 OF revenue over expenditure. He
must IN the first place have more money, for nothing
renamed TO be saved to any amount IN the expenses
OF the government; and II he dared leave taxa
tion In the condition In which he found It, far less
could he increase existing taxes or impose fresh
ones on the community. There was but one other
resource open to INN. lie must get OF the tax
payers in single year more than single years
taxation.
The plan hit upon--and it is said that Mr. Glad
stone was les real author-is at simple and In
genious. Heretofore tine taxpayers OF England nave
been IN tn habit OF paying one year tue taxes ac
tualiy incurred one and two years preyiousy-that
assessed the preceding year on articles used and
Joyed by the taxpayer the year before and other
taxes collected this year, such income tax were
returns OF income, &C., for the preceding year.
TIE taxes have also hitherto been collected In in
stalinents; haI year IN October, a quarter
| april. Mir. Lowe proposes to stop at this
point the retrospective assessments and to compel
the taxpayers from January next 70 pay In advance
and Ia one annual sum- by this means he contrives
to receive In single year i've quarters OF assessed
taxes and seven quarters or income tax which ADDS
| fS5500Oo To the revenue OF the current financial
year, and suddenly swells the beggary Esq., 900
| surplus TO the respectable sum OF f33s2oOo.
| With this amount Mr.. Lowe proposes TO
redeem the pledges OF the administration In regard
| to reduction OF taxation. lie takes one
| penny of the income tax, leaving only
hall the addition made In consequence OF
quarter Import duty corn, which remained as the
last relic OF the old corn laws; hc strikes OF duty
| materially decreases the absurdiy heavy tax on
public conveyances, or Us 1t is called the upon
| locomOtlon he declares that tea and coiIee may
henceiorth DE sold without license; and with sly
eye 10 tue iavor OF 1rowsy dowagers aud antIquated
peers, he brushes away the duty upon halr-pOwder,
| which brings In TO the government the magnin.
| cent sum OF fi,OJO year. Hs does more than
re.orm, he strikes down the present absurd and
| expensive system or collecting assessed taxes aud
business III the hands OF the Officers OF excise AS
sessei taxes such as for horses, servants carriages
arnorla bearings &C, are TO be equaized and paid
Tor jhe future IN the shape OF licenses taken out at
| The beginning OF tue year In advance. The income
tax, "a has been said Is to be paid in the
beginning OF the year In advance. This s the whole
| Of the great transformation scene--the piece OF
fiscal leg rdemain," as the tory Standard calls it
| me WNardlae performance, TO which Mr.. Lowe
treated the House OF Commons and the country and
Which, o. We have seen, "Drought down the House,
anu was received with thunders OF applause all over
the country.
what are iis Substantial merits, how much Of
genuine gold tnerc Is IN II aud how nuch OF ginger
bread gliding and theatrical unsei is QUESTION that
must hereafter be discussed. It certainly seems an
ingenious way OF getting out OF a tight spot but 10
what manher Will t be q substantial relief or benent
10 tle country Can u make the government richer
without making the people poorer IL swes the i'm.
come VI the year not by legitimate increase OF re-
Seipts OI customs excise Income tax or any other
impost which would be an evidence OF reyvlng
TRADE ana increased prosperity but simply by fore.
| ing nearly Two years payment ol certain taxes
| iniO the space Of twelve iuontbs IN az
| pears TO he very questionable whether The
people can stand tho payment OF THIS double assess
| ment, and especially OF nearly two years Income
| tax one year OF which must be pad In one s1,m
| without SuiJecting themselves TO severe inconve'
| nience aud an some ca<e3 to severe SUFFERING
Besides THIS, VIII non MIR. loves new scheme leave
L a nrnrl aIu