New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-04-22
THE BUDGET.
THE BUDGEIs
LRRoM OUR OWN CORRESPONDENT

[PRoM OUR OWN CORRESPONDENT
LONDON, April 1O.-Two epithets apply to MrLOwes
Budget speech, which apply seldom to an exposition
of finance. 1t was sensational and it was amusing
1t was one Of those speeches which man sits down
TO read from q sense of duty, and which surprises
him by kind of dramatic interest enhanced by
continual sparkles Of wit. As financial statement
il had of course very different merits from these,
and Is not to DO judged by its more quality
of readableness. did not hear the speech. There
il usually an enormous crowd on Budget nights, and
on such nights the House good place to stay away
from. The process Of getting in and the squeezed
sitting for hours on an overcrowded bench make at
tendance kind of purgatory which only a very
strong motive of some kind can induce free agent
to undergo. Mr.. Lowe is one of the four principal
orators in the House. He was TO appear in new
character, but some how he did not draw. Even the
members of the House showed less curiosity
than usual. The secret of tho budget had been
80 well kept that everybody expected
gloomy statement. journal which has the repu-
taton of sometimes getting hints from the Treasury
In advance Of its rivals, announced In the morning
that nothing agreeable could be expected. Mr.. Lowe
himself when pressed on some points, had rigldly
withheld every hint possible releft overburdened
and complaining interests. Everybody knew that
there was the balance of Abyssinian expenses to be
paid, and everybody agreed that the balance was SO
enormous az to destroy all hope of tightening taxes
in any direction. II was feared that more taxes
might DO imposed, or tho income tax augmented
by another penny in tho pound. Not only was
the general impression maintained down to tho last
moment, but it was confirmed and deepened by the
opening Of Mr.. loves speech.
To the statement he had to make there was want
ing said the Chancellor of the Exchequer, no ele-
ment of difficulty Not counting2Abyssinla, there
was deficit for the last financial twelve months,
ending April of ESQ S5-not nice thing to begin
the year with. He stated, with clearness thar
must have been dsagreeable to his predecessor, MI
Ward Hunt that the estimate of receipts Tor that
wear had been half million too great, ana
of expenditures nearly as much. One luckily
balanced the other, or nearly 3d. put
the wide margin in both cases was not
to Mr.. Hunts credit fnancer. proceeding 10
the current year Mr.. Lowe pat his estimate OF ex-
pendtures at EOS 230 600. being reduction OF moro
than s2OOOO 900 from the Tory outgoes-"a reduction
Tor which wa arc mainly indebted to what will
ventura 10 call the heroic efforts" Of Mr.. Cardwell
and Mr.. Childers heads of the War and Navy De-
partments The revenue for the year is En- S55 000
so that il Abyssnia out of the way there would
be a surplus of fL632,OOO. But unhappiy Abyssna
ia not oat of the way There remains to be paid for
that excursion "a, 100000 which cuts Mr. loves
surplus down to fS2.000-a sum too small to
DO considered surplus ut all. 1--WE have" said Mr..
Love- in concluding this part of his Speech "neither
surplus nor deficiency. That is the upshot of the
accounts which have tho honor to lay before the
House." The two ends meet, but they only just
meet and if we were to stop there new taxes oven
would DO necessary. I'VE have at this moment
almost every element of ill-luck that can beset q
Government We have deficit for the past year,
not the currently Of fSsO,OOO; we have revenue
which shows not the slightest symptom of elasticity"
Up TO this moment Mr.. Lowe had not ceased to
his with the darkest coors. Things were
so bad that the announcement that the surplus
gained by strenuous economies in tho army and the
feet was not to DO more than swallowed up by that