The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-17
GOOD TIMES HINGE ON GOLD.
4 YEAR OF MARVELLOUS PROSPER
ITY IN ENGLAND.

The Credit of the Country Never so
High and the People Never More
ProsperOus-The Position of the
working Classes Never Before so
satisfactOry-Agricu the Only
Line Making N Poor Showing.
London, April 16.-In the House of Com
mons this afternoon Sir Michael Hicks
Beach, chancellor of the exchequer, rose
amid conservative cheers, to deliver the
speech introducing the budget. He began
bv saying that despite the fact that the
expenditure of the last fiscal year had
been larger than that of any year since
the last great war, the surplus in the
treasury was the largest that had ever
been known and the credit of the country
was never so high. The yield of consols
10 the purchasers, he said, was just about
half what it was a century ago and a
larger sum had been applied to the reduc-
ton of the national debt than had ever
before been applied to that end within
similar period. The deposits in savings
hanks and permanent accounts in ordinary
banks had mounted to an unprecedented
point, and the production of gold through
out the world had been the highest ever
known. The amount of bullion in the
Bank of England was f49,OOO,OOO and the re-
serve fund in the bank in proportion to its
liabilities was the highest on record.
Continuing, Mr.. Beach said the position
of the working classes had never been so
satisfactory as at present but ne feared
that the condition of the agriculturists is
worse, and the issue of produce stamps
supplied the best possible measure of as
certaining that business transactions had
never reached so great a volume. Alto
gether, he said, the past year had been
wonderful one.
the eXchequer, he said, was when the re-
ceiptS and estimates equal to the hg-
ures of this year, became remarkable in
respect OF the receipts exceeding the es-
climates. Everything, he declared, had
had an upward tendency, especially dur
ing the latter half of 1895. The increase in
the value of exports Imports railway
earnings and bankers and clearing house
returns showed a continuous expansion
had been fl01, 1000, while for the year
1S94-95, the revenue had been only 1884,,
64,0O0 showing an increase Of fl,2N0OO
and making an excess of f3,6l2OO over the
estimates. A great feature had been in
the increase Of the revenue from to-
bacco, wine and tea, the latter having
ket. British and Irish spirits had also
driven foreign spirits out OF the market
The import of spirits had declined IS per
cent. and the popular taste for rum was
greatly lessening. Tea had yielded fl20
90 over the estimate, implying an inereas-
ed consumption of 100000 pounds OF that
commodity. In connection with this he
added, there was a large and welcome
transfer of the tea trade from China to
British India and Ceylon.
The receipts from wines, he said, had
been f2, ,256, 900 This seemed to be large
ly due to an increased consumption of
vinous liquors by members of the stock
exchange and spectators, who, 1t ap-
peared, consoled themselves in non-suc
cess, and reioiced in success in the con-
sumption of champagne. In this way ne
accounted for the dealings in 100000 eX-
After referring to the great Increase in
the excise and death duties the chancellor
turned to the expenses of the government,
e. 764 OOO leaving a surplus of "a, 208 600
which would be applied to the national
defences, as explained in the naval works
bill.
During this year, he continued, the ma
tional debt has been reduced fS,1S40O0, the
largest reduction on record excepting the
reduction during the year 1S94-95.
The unfunded debt stood at the lowest
point it had reached in twenty-one years,
and the funded debt had not materially
increased since the CrimeaA war. In
thirty-nine years, he explained, tf19O, $1,000
of debt had been paid off, f1O0000,000 of
which had been paid in the last thirteen
Some persons, he said, had denied the
wisdom of this, but it was his own opinion
that by this self-denying course, the coun-
try had raised up a reserve of incalcul-
able Importance. If a time Of need should
come when the country would again have
to fight for its life, the reserve would en-
able ii, without imposing a penny OF tax
dtlOn 10 raise t1OOOUJ,OUO LOT QeIenSe Wlln-
out imposing an atom more debt upon the
people than the nation had borne in 1857
without a murmur. (Cheers).
The total deposits in the savings banks,
Sir Michael stated, were now f144, 100000,
which was matter for cOngratulation as
far as it was due to the thrift of the work
ing classes.
He did not think, however. that a large
proportion of the deposits in saving banks
belonged to the wage-earners, and ne did
not see why the state should undertake
banking business for persons who were
able to take care of their own deposits,
and he especially could not see why the
state should pay 21R per cent. for saving
bank deposits while money could be pro-
duced for less.
Before long, he said there might be
alteration in the law, which would reduce
the interest on large amounts.
The country, Sir Michael said, might be
proud of the enormous revenue, but II was
in his judgment, a grave question whether
the expenditure was not increasing faster
than the permanent capacity OF the ma
ton could bear. Opposition cheersO II
the expenditure increased while the reYe-
nue. was unelaStic, the country would be,
within a measurable distance, of having
10 choose between putting an end to the
reduction of the national debt and an IN
crease of taxation: Coming TO the re-
ceipts and expenditure for the ensuing
Year, Sir Michael stated that the eStlma ted
expenditures were f10O,O4I,OOO and the es-
umated revenue f1Ol 10000, leaving an es-
umated surplus of H,70S0OO, which 1t was
proposed to apply to the reduction of the
maximum rate on land from four shilling
IN the pound to one shilling. 1t was also
intended TO increase the grants for edu-
cation.
In conclusion, the chancellor of the ex-
chequer proposed to allot the sum OF t9l5,-
V0 to the reduction of agricultural rating
and f4SS,000 for educational purposes, leav-
ing a moderate surplus for any contingen-
cles that might arise.