New-York tribune., 1902-10-13

he can digest and has quite enough 10 DO 10
take care az himself and Of his position without
undertaking fresh risks and Responsibilities.
During the last seven wears ordinary eNpendi-
lures have been increasing ar The annual rate
OF fS.5Oo.oe0. and unless this tendency were
checked shilling income tax would be insult
hcient even for times Of peace and people who
were complaining Of a small tax on sugar would
be exposed 20 heavy taxation on many other
great articles of consumpton Sir Michael
Hicks Beach has made a powerful plea against
the growth Of national expenditures as one ~
the most dangerous symptoms % the times
Yet hardly is tie Bristol speech in print, with
its protest against the suhsidizing Of steamship
lines. before Mr. Gerald Balfour announces the
new subvention with the Cunard Line by which
the government agrees 70 advance the money
for the construction of two liners OF higher
speed ,han The fastest German ships and also
70 increase the subsidies enormously IN return
for the privilege Of holding the entire fleet st It's
disposal. either for purchase or charter. in any
future emergency. The trend of tendencies and
events IS too strong Tor this stout hearted old
economist. He has resisted II with infexible
determination year after year. but retrenchment
is impraoticable under the new conditions ot
more complex civilization than Sir Robert Peel,
Mr.. Golden and Mr.. Gladstone were forced in
their time 70 consider. Not even the threat of
a permanent shilling income tax is likely TO ar
rest the progress Of expenditures. for taxpayers
know that there is another remedy-the crea-
tion Of new sources Of revenue
Sir Michael Hicks Beach. old Tory squire as
he is has been the chief support 81 the Cob
6eEite cause during the last seven years. He
has been convinced Free Trader. whose rrin-
ciples # finance have been the accepted traeI-
tions OF the Manchester school aud he has ad-
ninistered The Treasury and financed a costly
war on the lines Of the great Liberal econ
omists who preceded him at the Treasury. II
he has made three departures from the trad-
tioral methods Of the Treasury. he has done
under pressure from his colleagues, hut in
each instance ne has minimized the effects of
the experiment He might easily have doubled
the revenues derived from the sugar tax. the
ccal export duties and the grain registration
fees. and IN this way have demonstrated RE
efficiency OF indirect taxation. but he was acting
either under oompulsion or political necessity
and took no interest in opening alternative
courses for direct taxation In the opinion os
many broad minded economists he neglected 70
take advantage of a supreme opportunity for
readjusting the burdens of direct ana Indirect
taxation, and financed the war IN the nsrrOwest
possible way as Cobdenite Of the old school
His has been the only viii which has challenged
Mr. chamberlain's Intellectual asoendancy fin
government councils and IL has been strong
enough 10 thwsrt and obstruct the tendencies
OF Tory Democracy and commercial imperialism
Sincerity and consistency have been The secrets
az his power, and while his voice. when he an
pesls for retrenchment Is like one CRYING aloud
in the wilderness for repentance a the time IS
az hand. II vihrates with earnestness ana CON
vinoes those who listen 10 It that he is a states
man 20 be trusted IEF