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its inquisitorial operation being due share of a burthen which absoequally vexatious whatever sums lute necessity alone could warrant are levied, the facility of increas- the Parliament to impose. ing its amount, according to the " 5. That with the same view, real or supposed exigencies of the it is expedient to make a dispublic service, offers a constant tinction between income arising temptation to extravagance on from capital of every descripthe part of the Government ; tion, and income arising from laremoving the most effectual check bour merely ; levying a smaller upon improvident expenditure, proportion of the latter income and dispensing with the necessity than the former. of seeking a revenue in retrench. “6. That with the same view, ment.

it is expedient to make a distinc“ 3. That although the actual tion between income possessed by deficiency in the revenue to meet persons who have only an interest the expenditure, amounting to in the same for their lives, or for about seven millions and a half

some lesser term, and income posin five years, and the estimated de- sessed by persons who have an inficiency for the next year, amount. terest in the capital from whence ing to above two millions and a the income arises ; levying a larger half, besides probable demands proportion of the latter income arising from the state of affairs in than of the former. the East, may render the tempo- 57. That with the same view, rary recourse to an Income-tax ne. it is expedient to make no distinccessary, after an attempt to in. tion in favour of persons in the crease by one-twentieth the duties civil service of the State, or of of Excise and Customs had ended persons receiving pensions from in obtaining a two-hundredth part the State. only, thereby proving the impos- « 8. That it is neither consiste sibility of drawing any further ent with justice nor with sound revenue from increased taxes on policy, to levy a greater proportion consumption, while the relief which of tax upon larger incomes than may justly be expected to com. upon smaller ; and that an ex. merce and to finance from lower- emption of even the smallest ining those taxes cannot be made comes from the operation of the immediately available, yet it be- tax can only be justified upon the hoves the Parliament, as faithful supposition that their owners are guardians of the people's rights wholly unable to pay it. and interests, to take care that “ 9. That while it is the duty of during the temporary existence of the people to bear those burhens this tax, its pressure shall be dis- which are necessary for supporttributed in such a manner as shall ing the credit of the country, and make it most easily, most patiently maintaining the security of its be borne.

widely-extended dominions, it is “ 4. That, with this view, it is equally the duty of Parliament to first of all necessary to satisfy the afford them every procurable repeople that there shall be no in- lief, by enforcing the most rigorous vidious exemptions, but that the economy in all the departments of highest personages in the State public service, by discouraging all shall be permitted to have their proceedings which may endanger

the continuance of peace, and tion to go into Committee of by adopting whatever measures Ways and Means. may best conduce to the improve- Mr. Baring began by finding ment of our commercial resources; fault with Sir Robert Peel's cal. and that it is in an especial man

culations. He did not consider ner incumbent without any delay him warranted in supposing that to remove any income-tax, what the falling-off in the revenue was ever be imposed, as soon as it likely to be permanent. He enshall appear that the ordinary tered into some arithmetical statebranches of the revenue have re- ments on the subject of the decovered from their temporary de- ficiency, and contended that it pression."

was owing to casualties, such as The Earl of Ripon, speaking in the Canadian insurrection, and a merely financial point of view, other extraordinary and unforeseen thought that Lord Brougham's events, for which the late Governsuccess in opposing the continuance ment ought not to be deemed reof the Income-tax in 1816, might sponsible. He held it a mistake have increased the subsequent fi- to suppose that taxation upon connancial difficulties of the country; sumable articles liad reached its though he agreed that such a limits. He entered into some de. “splendid resource" should be re- fence of the financial measures served for times of immediate ne- proposed by himself and his colcessity. Admitting many obvious leagues the year before. The truths in the resolutions and the sources to which he had then mover's speech, Lord Ripon thought looked were not exhausted now; it would be very inconvenient to and it was therefore unallowable prejudge the mode in which a bill as yet to resort to that extreme to come from the other House tax which this Government was should be framed; for it might re- seeking to levy. The new plan duce them to the ridiculous alter- was to raise 4,300,0001. ; of which native of relinquishing their re- only 3,000,0001. was required to corded opinion, or of rejecting the meet deficiencies, the remainder bill. He contended that Lord being intended to effect alterations Brougham's precedents did not jus. in the Tariff, and afford a surplus tify his present course; but re- for other objects. He objected to frained from entering upon the the protection accorded to imports topics of his speech. He moved from the colonies ; and, especially, “ the previous question, which to a differential duty of 100 per was carried, with only a few dis- cent. on colonial asses and colonial sentient voices.

eau de Cologne. Had taxes of any A few nights afterwards in the other kind been proposed, those House of Commons, Sir Robert Peel Members who had belonged to the entered into an explanation of the late Government would, indeed, details of the measures previously have taken the choice of the House announced, especially with respect as between the late plan and the to the machinery, by which the present; but, if beaten on that Income tax was to be collected. comparative question, they would

, The debate was commenced by not further have opposed the taxes Mr. T. Baring, the late Chancels of the Government. But this was lor of the Exchequer, on the mo- a tax they must oppose.

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country; and only last year it had large exports and refuses to import been forbidden. The supply of our products in return; and then Britain depended on the tranquil- he enlarged on the advantages of lity of the countries lying on the the sliding-scale. banks of two or three streams that On a division, Lord Melbourne's run into the Baltic. It remained motion was negatived by 117 to to be proved that the Corn-laws 49: majority, 68. produced drains of gold from the Lord Brougham then moved Bank in payment for sudden im- these resolutions :ports of grain. Those inconve- “1. That no duty ought to be niences were produced by other imposed upon the importation of circumstances. "Certainly, if large foreign corn, for the purpose of sums were required to be sent protecting the agriculturist, by abroad at once for the payment of taxing the introduction of food. corn, the deficiency of bullion must “ 2. That no duty ought to be be aggravated; but he believed it imposed upon the importation of was found that corn, under ordi- foreign corn, for the purpose of nary circumstances, was constantly regulating trade, by taxing the inin the course of being imported, troduction of food. and that a demand for the intro- “ 3. That po duty ought to be duction of a supply into the home imposed upon the importation of market, arising from any failure in foreign corn, for the purpose of the harvest, did not require the raising the revenue, by taxing the transmission abroad of large sums introduction of food.” of specie. Corn was brought into The resolutions were rejected the market only by opening the by 87 to 6. doors of the public storehouses, Upon the House going into and it was paid for by the money Committee, Earl Stanhope moved circulating in the interior of the the omission of clauses 12 and country. It was true that the re- 13, which related to the appointplacement of the corn so consumed ment of inspectors in the City of would require the transmission of London; objecting to exclude Lonlarge sums; but that was done by don from the list of towns redegrees.

turning averages.

The clauses, Lord Lansdowne followed up however, were affirmed without a Lord Melbourne's arguments, and division. rid culed the successive attempts Lord Beaumont moved to omit to amend the Corn-laws six times clause 17, under which dealers in within a few

years,

and each corn were to make returns to the time with confidence as to its inspectors; proposing that the rebeing a final settlement; yet fo- turn should be made by the growreign corn was not excluded, and ers, and not by the dealers.

“ remunerating price” was se- The original clause was afcured.

firmed ; other amendments moved Lord Fitzgerald followed, com- by Earl Stanhope, Lord Beaubating the doctrine of the mutual mont, and Lord Mountcashel, were dependance of foreign countries; rejected in a manner equally unpointing to Russia, who sends us equivocal, and so the bill passed.

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CHAPTER IV.

Financial Measures--Embarrassing Circumstances of the Country-

Sir Robert Peel's bold and comprehensive Plans of Reform-His Speech on introducing his Budget-Its Reception by the HouseRemarks of Lord John Russell-- In the House of Lords Lord Brougham moves a String of Resolutions respecting the Income-taxThe Earl of Ripon moves the previous question, which is carried Debate in the House of Commons on Finance Speeches of Mr. F. T. Baring, Mr. Goulburn, Lord Howick, and Lord John Russell Sir Robert Peel vindicates his Measures, and explains the Machinery of the Income- Tax Bill-Receplion of the Measure by the Opposition in the House of Commons-Notice given by Lord John RussellFirst Debate on the Subject-Objections against the Tax urged by different Members-Some of the Liberal Party support il-Speeches of Mr. Smith O'Brien and Mr. Roebuck-Sir Robert Peel defends his Measures against the Objections urged-Speech of Lord John Russell — Attempt to postpone the Decision of the House by Motions of Adjournment. They are negatived, bul, ultimately, it is deferred till afler the Easter Recess— The Subject resumed-State of Public Feeling respecting it - Mr. Blewitt moves an Amendment on Sir Robert Peel's Resolution, but afterwards withdraws it-- The First Resolution carried without a Division--Debate on the Second Resolution - The Second and Third Resolutions carried-Lord John Russell moves an Amendment condemnatory of the proposed TaxSpeeches of Mr. Goulburn, Sir Robert Peel, Mr. Macaulay, Lord Stanley, Mr. Labouchere, Sir R. H. Inglis, Viscount Sandon, Mr. O'Connell, Mr. Hawes, Sir James Graham, Mr. F. Baring, Mr. Ferrand, and other Members - The Debate continued for Four Nights, after which the Amendment is rejected by 308 to 202-On the First Reading, Lord John Russell moves the Rejection of the Bill-Speeches of Sir Robert Peel, Mr. Raikes Currie, and Mr. Roebuck-The Amendment is negatived on a Division by 286 to 188—Progress of the Bill in Committee-- Amendment of Mr. Ricardo for exempting Terminable Annuities is rejected - Discussion on Schedule D-Mr. Roebuck moves an Amendment to reduce the Amount payable on Profits of Trades and Professions—It is opposed by the Government, and rejected - Rapid Progress of the Committee with the Clauses of the Bill-Mr. F. Baring's Proposal to exempt Foreign Fundholders, and various other Amendments, are defeated by large Majorities, and the Bill passes through Commillee

-On the Third Reading Mr. S. Crawford moves an Amendment which is negatived-Mr. Hume, and Mr. F. Baring oppose the Measure-Speech of Mr. Goulburn—The Third Reading is carried by 199 lo 69.

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TH
THE difficulties which Sir Ro. feebleness and inadequacy to the

bert Peel had to encounter occasion. The reasons and policy in framing a measure of finance, on which this great fiscal reformaadapted to the exigencies of the tion was founded, the principles country, were of a more than

on which it was framed, and the usually formidable nature. He calculations on which its details had not, like many other financiers, were adjusted, were set forth in a as Mr. Goulburn in 1830, or Lord speech which, for luminous stateAlthorp on more than one occa- ment and thorough mastery of the sion, a considerable surplus revenue complicated subjects involved in it, at his disposal. Sir Robert Peel has seldom been surpassed in Parwas embarrassed by a certain defi- liament. Though the great imciency for the ensuing year of portance and ability of this oration 2,570,0001., with contingencies in well entitle it to be perpetuated in China and India of uncertain its entire shape, the limits of this amount. And even this deficiency work render it necessary to confine was not the mere temporary result ourselves to such a condensed sumof sudden pressure, but a decline mary of its principal features as in the receipts of some years

stand. can be presented within a narrow ing, in despite of an increase both compass. On the 11th of March, of duties and of population. Under pursuant to previous notice, the these circumstances, it was obvious Jong-expected development of the that mere temporary expedients, Ministerial plans was made in a and such petty devices of financial Committee of Ways and Means, dexterity as had served the turn of before a full and anxiously attenChancellors of the Exchequer in tive House. Sir Robert Peel comeasier times, would now but ag- menced with a short preliminary gravate the evil. The present appeal to his audience for a patient juncture demanded a remedial mea- and impartial hearing of the whole sure of a bold, comprehensive, and measure that he was about to prosubstantial character, going to the pose, avowing at once his own root of the mischief, and applied unfailing confidence and composure rather to the basis than the details of mind in proceeding with a full of our financial economy. In this consciousness of the integrity of respect, the measure produced by his motives to the discharge of a Sir Robert Peel and his colleagues great public duty, and his convicshowed no disproportion to the tion that a full and unreserved emergency. On the contrary, the disclosure of all the difficulties in breadth and boldness of the scheme which the nation was placed, and took the House of Commons, and a manful resolution to look all its the country by surprise. What- embarrassments boldly in the face, ever other objections might be was the course which wisdom and alleged against it, and many were duty alike dictated, and the first urged from various quarters, it step towards improvement and was safe, at least, against those of recovery. He then at once pro

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