Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1901-04-24
COST OF BOER WAR.
EXPENDITURES REACH ENoR-
NOUS SUM OF SITS, 900, 900.
Power TO Borrow $3o0,ooo.o 900 Sought
Increased Tax Put on Incomes aud
Duty Imposed on Sugar and Coal
Other Sources of RevenGe.

Great Britain, as the result f'the Boer
war, is face 10 face with financial dis
aster. In the budget presented in the
House OF Commons Thursday Sir Mi
chael Hicks-i;each announced that the
war already has cost England $T73.O0O,-
00o or twice the cost Of the Crimean
war. He also proposed Il heavy tax on
sugar. molasses. glucose and kindred
commodities. stating that this was for
the purpose of requiring the working
working classes 10 bear their share OF
the burden for the cost of the war. In
the same report TIE Chancellor of the
Exchequer asked authority 10 make
loan of $500. 900 900 to meet a present
deficit of over $250,000000. The Chan
cellor's report practically admitted to the
people of England that the Boer war
has driven the country 10 the verge of
financial ruin.
Sir William Vernon Harcourt, after
complimenting the Chancellor on the hon
esty displayed in the long budget state
ment. which consumed two and a half
hours, said that the budget statement
was but chapter in the disastrous in
cidents of the Boer war. He pointed out
as much as was borrowed for the Cri
mean war He argued that England 10
day was not as strong as she was Mt the
close of the French war.
Sir Michael went ON to explain thar
an increase in expenditures necessitated
a broader basis of taxation. lie said lie
was not disposed to accept the sugges-
ton of the protectionist party TO impose
duty ON manufactured goods imported
into the Kingdom. What he proposed was
not "A protective duty, but one adequate
to the puhne necessity which had arisen
for some duty of which the lahoring
classes would bear fair share.
After announcing that the sinking fund
is TO be suspended. he said that the final
balance sheet shows a revenue from all
sources of E143, 235,0 900. which leaves
deficit of $50, 707 900, plus II. 100000 for
interest ON the new debt. The govern
ment must. besides, have sufficient money
to meet expenses until the new taxation
began to make itself felt, and, therefore,
asked authority TO borrow t60,000,O00
The budget adds % to the income tax,
making it Is ID. A duty of As ID per
hundred weight will be imposed on rein
cd sugar. West Indian sugar is not eN-
copied \ duty of IS per hundred weight
is imposed on molasSes. A duty of Is Sd
per hundred weight is imposed on glu-
cose 4 shilling per ton duty is imposed
on exported coal. Raw sugar polarizing
below 9S is TO pay duty gradually di-
minishing. according to each degree of
polarization, to n minimum of two shil-
lings AT polarization OF 76
The total expected yield OF the new tax
alton is ELL 900 600. of which t2.000000
will be from coal.
Look to Uncle Sam.
A London correspondent says that all
eyes are now looking to the United States
for relief. The cabed dispatches OF the
plethoric condition of the United States
treasury, which holds $50O.000,00O gold,
and the known resources of the American
banks, coupled with the presence in Eng
| land OF j. Pierpont Morgan, have revived
| the report that the great American finan-
| cier viii be asked to place a large part
| of tails Lew loan in America
| The Chancellor OF the Exehequer said
| in the Commons that it was thought in
| financial circles that great deal OF the
| loan would be taken by Americans In
this statement the confession is made
that the money power of he world. so
long conferred In London, has passed from
Lombard street 10 Wall street.
The immensely Of the proposed loan is
hardly yet realized. With the exception
of the great loan raised by France. it is
the largest proposed in modern times. II
is about Sl0O.0oo.00O in excess of the
amount which was al FIRST thought neecs-