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    "Isit right , " he asked , " that Ve ^ sHould ourselves make a resdfnte endeavour to bear the charge of this coming war ? Would it be just , would it ; be manly , would it he worthy of the wealth and the power of England , that we should charge its bur&ena on our posterity ? Sir , I am convinced that at the present moment there is both , in this House and the country ; a strong opinion that to resort to the money market for a . loan would be a course not required by one necessities , and therefore not worthy of our adaption . ( Cheers . ) It may be that the demand which I am now about to make on the committee is but the first of a series of demands , and therefore I . will speak simply with regard to the present , for it is impossible for the Government , it is impossible for the House , it is impossible far the country to give au absolute

    pledge or to record an immovable resolution , that the expenditare of a war shall be borne bjr additions , to taxationj out yet it is possible for us to do this—to put a stoat heart upon the matter ,, and to determine that so long as those burdens are beatable ; snd so long & $ the snpplies necessary for the service of the year can be raised witlun the year , so long we wlU not have recourse to a loan . 1 wish earnestly , I wish emphatically , to dwell upon this subject , because we are only upon the threshold of a war ,, and I feel that if any small amount of inconvenience were to induce us to deviate from the conrse I have just presumed to state , w » should not be acting worthy of ourselves or of our country . « Su % the reasons against resorting to the money market , and against charging these expenses upon posterity , are loo many and too great . ( Cheers . ) I do-not lay down laws for other countries . There is no other country which , has played so

    deeply at this dangerous game as England . ( Loud eheera . ) There is no country " which has mortgaged the . industry of future generations ,. to-so . fearful an amount . { Cheers /) . If I am told thai there ' are conveniences—and no doubt there are five hundred conveniences—an laving 8 per cent , stocks into which men can bay , and out of which they con sell—^ 1 grant all that ; , but I say there will be ample seppe for such conveniences , so long as we hare 750 million of consols . CCkeer& . 'J Sw ; there are economical reasons , and" there are moral reasousy which I hope wQl fasten this House and ; this country , so long as it is possible , to the sound and honest policy of racing the necessary supplies by the ta ^ ta of the year . ( Cheers . ) It may be very well for other states to raise loans . It is not for us to lay down roles fer ttfcrtt .

    Take the example eC America— -America ^ with , he ? ribands free , without debt , with a standing surplus- Nothing otm be more natural , nothing can be moire intelligible , thari ' that ¦ when she annexes a ¦ ne ' w territory , and requires fmiSta to defray the expenses of the . war , she should tajise a , loan ; . because * according to . every , rational aod sound calculation ,, she vJcaows what she has to deal , with . She never enters into the eomplicatioca of Eucopeaa politics ^ she knows , to what expense she will be put , and if b > j spread ing the suni Over , one , two , or three years it will be overtaken by tie standhfg strrplas-bf her income over her expenditure , she will thus- very wisely avoid all disturbance of her financial system . - The same doctrine no doubt applies to other countries . Take * our great and powerful neighbour , Erases .

    fixe debt of France is no doubt considerable , but it is not . to be compared , for a moment with that of England . Jtednedy I am sorrjr < to say , that such is the-sad pre-eminence of this country with , respect to . debt , that we far exceed not only every other country , bat . all the countries of the world put together . Well ,, sir , Qua is the . most serious consideration * and- one that any man who has had to do with , the admuus . traf ion _ of the public finances must have felt . How many sore evils , ' how -many grievous burdens you are compelled to maintain , in consequence of the ^ enormous devouring maw of your cUbtP ( Cheers . y How many of the good works of peace you are obliged to give up , tiow are you compelled' to narrow , and pare , and . cut down the assistance you would offer to all civilising and humanising efforts , inconsequence

    ot the immense and crushing weight of this great and , permanent standing debt 1 { Loud cheers . ) Sir , it is a great responsibility that we should incur if we should aid to it . ( Cheers . ) I confess it is one-that I am not , and I hope the committee is not , and will not at any early period , be prepared to take . ( CJieers . ) But , sir , upon economical grounds alone , some of the most eminent political economists of the day have opposed the system of loans . These- are the words of Mr . Mill : —< The capital taken in loans is abstracted from funds till then , engaged in production or destined to be employed in it . Their diversion trom that purpose is equivalent to taking the amount from the wages of the labouring classes . ' But I will not endeavour to entangle the committee in any abstract reasoning upon political economy . There

    is much truth in the argument of those who say tJiat if you raise your war supplies by new taxes you make each man pay his share out of his income or expenditure ; bat if you go into the money market you act directly upon that portion of the capital of the country whioli ia immediately available for the manufacture and commerce of the country . In the one case you got a large portion of the amount you want out of each , man ' s superfluities ; in . the other case— -I do not mean to say it would not come , by a more circuitous process , to the same thing ; but , in the mean time , you go to that fountain-head whence tlie money is lied

    supp upon wLich tho activity of your trade must in great measure depend . But looking at tho matter from a less scientific point of view , I beg your attention to what Mr . M'Cullooh -very wisely says in his work on Taxation . He is discussing the immense waste that is inseparable from all warlike expenditure , and tho best modo of meeting that calamity , and he says : — ' Tho induatry and economy of individuals , and nothing else , can effectually countervail tho profusion and waste occasioned b y a war ; and to nuiko theso virtues be practised every man should hu made fully aware of the influence of war expenditure over his own private fortnno or moans of subsistence Tho radical dofect of tho borrowin

    made aware of tbeir actual condition , their preptfrty and industry are probably encumbered with a much larger and permanent payment on account of the interest of the nubficxtebt than would have been require ! bad they submitted , to . it at once to defray the expenses of the war . ' ( Cheers ^) Sit , I must confess , that this reasoning is perfectl y sound , and that ,, irrespective of other considerations , it ia perfectly true to say of the . system of raising funda . for , war , by loans , that it practises a wholesale , BystenaatiC j and con tinned deception , upon the couatryv The , public do . not really know that which they are . doing ; for its consequences are postponed , are a ^ purned . into , the fer future . What is desirable , is that they should know the price of that in which they are engaged— -that they should know the sacrifice they think fit to make , in order that what they do they may do as intelligent beings , and not aa canons who

    have ; hoodwinked themselves as to the true state of the case . ( Cheers . ) But further , besides , the exwuunieaVthere are no less strong moral reasons . Th ^ expjaasespf , war are the moral check which it has pleased the-Aiaugfaty to fen * Cap on the . ambition and lost ofconquestwhich are in- , nt in so many nations . There is a . po 9 ptpt £ Qd . circumr stance , there i » a glare and excitement about war , which , notwithstanding the miseries it entails , invest it . witlji tt . charm , ia the eyes of tae community , saafr . to blindinieiitOt its ^ suBand to the fearful danger it involves . . ( Vntfirs ^ JBut the necessity ; of meeting fr om year , tt > year thtt « xpeflditute : ifc entails , is a salutary and wholesome , check , tb makes . n » - feel what we are about . It causes the commuiu ^ r tfte enter upon a war policy as . xati < mala ] id ) wiel % en ^ .. bj ^ ii ^}^ It not only keeps their eyes wholly fixed , u ^ on tke necesB ^ y . of'wat ^ but , it makes them desirous of lealisii ^ tba first prospcot of aa-honoorable peace . " /

    To meet the © xiraordinftry ezpendftme , therefore , ^ Mjr . Gladstone proposed ? an increase offlMr iitcdiaetax . by threepence-halfpenny in tn < $ pound ; % alr 1 n ~ order to meet the difficulties cacoIIec ^ ing ^ a'asseBsed tax withirr th * year ,, and . taking , t ^ pa ^ nsloii . of taxes in aceoc&ance vib ^ ^ eaf )^^< x .., ^ m ^ ' ' i ^ increased tax would be demAaded , namely . ' idkerjadacfc * six months , he proposes ^ taisei theiacxeased lamLE within the first two t $ wartei ? 8 of this il&aaieial year ; namely * , sevenpeace in those two ' quartern ^ and ? threepence-halfpenny in the other two . Aa the produce of the tax , this increase would' bf ohtamed without & proportionate increase of macWerji * he estimated aomeffring mora than HaiE ' tfte 4 present ; amount , and calculated altogether upon « vgrpss ^ ear of 9 , 582 , 000 / ., leaving , a net sarplue i&hcuid ^ fceyendL the ordinary and eztxasirduiaz ^ o ^ n&tuce ^ of i 46 # . O 0 < tf . .. . ...

    -Under the pressure of Increased' taxation , Mr : Gladstone proposes no further renriswoiu ^ with one exception ; he proposes air improvement iirtXteatamp duty upon billa of exchan ®? , which now begins-at Is . 6 d . for sunas of 5 £ and" iipwards , ; and ^ doeanotiiacrease at all inproportionio the sumi H& proposes an . adr valorem ecale ^ beginnanjf at 3 d » and 4 d ., fdr billa of 25 i ^ at long or short dates , and rising with varying intetvala to 5000 ? . ^ whei » it wouMxemain stationary . Mr . . Gladstone explained why he made a > demand

    for a vote of exchequer-bills . The balance ha the Exchequer ia low—a foTttinate eircmnstanee , since otherwise he might hare been told to rely ^ upon his 1 balance , and to postpone his demand ' for-a war-tax ; This lowness of the balance is partly due to delays in collection of gome of the new or extended taxes , and the exchequer-bills required for 1 , 750 , 0007 . a » e only wanted , to meet , not a real deficiency r but the sapplieB already granted bate not got ins . They would increase the amount of the unfunded debt , to

    Ir , 750 , 0007 ., a point which stood before Mr . Gladstone reduced the amount . In the latter part of his speech Mr . Gladstone explained in detail the result of his operation for the extinction of the minor stocks , showing that , notwithstanding the unforeseen circumstances which disturbed the operation , it had resulted in a net gain to the State which , might fee taken at 152 , 000 / . He concluded by moving a vote of 1 , 750 , 000 / . exchequer-bills . Mr . Gladstone ' s speech occupied two honor * in the

    delivery ; and it was followed by that rambling kind of discussion allowed in committee . Mr . Htjme' expressed his general satisfaction . Mr . Wia « M * M » missed a proposition to subject real property to probate . Mr . Henuet found fault with the low balances in the Treasury . Sir Henry WifcLQTjaHKr intimated that Mr . Gladstone had been using the savings bank deposits in some unusual way , Mr . G-lyn tried to call out a discussion of the Bank Act of 1844 , and the Bank issues . To all these gentlemen Mr . Gladstone gave satisfactory replies .

    bills * This drain of cash ficom the Treasury heat ^> tnbuted to Mr , Gladatoro ' a experiment * in coav * rfeun , into the W » tory of which he ^ atewal * £ &&& length , contending that tfea principLa whereou . they were baaed was mo « t uns ^» d , andthexesults , flaaacwUy speaking , most diaartions . ^ ^ " ^ Mr . Gioj > 8 tokh , in repjying , followed the tram q £ events alluded to by Mi . I > israeli , corwetiag mmm of bis atatenaent » as to matters of fact , andconteudiog that if aqy ; difficnl | iyl ] a « L QtCG « rjne 4 uicacrVnba out the operationfl in question th « yh * d arisen ftona , subsequent events , which occ » sione ^ a ^ i ^ p ^ jci ^ in ^ thaprice of eorn . a » 4 money , aocAmpa ni *! ty m drain

    of bullion and a . tall m the « iuotati , opa of the publiQ , sewu-itiea . The general eonduswn of t ** t rigUfe . hoa » menaber ' s afiaefh * ha ( Asery « d » w « ., to ; aj ^ rii that the- « xche % u « r would $ & , & naiUiaa * betoad h * a 4 iijfc April , and he . oagfc * tp coye * « ihe . cjba ^ pfc with a , loan * . JbotiifjPitjiS ^ tiop * ^^ s ^ WJF *?*^ ^ P *^? CTMK tbM o « ly 4 | nttlUori ^ at thejU ^ most * n ^ d be r ^ J ^ ondeacienoy bills , in ; th « .. i > ^ , ' ^ >* a Mr ^ m&jtmtt mS (^^ 'mam 9 im ^ Mh . m ' ° f 9 m against the pdicy of carryia ^ ODk * w i ^ b . r * de&OT <^ t ? iIte ^^ ¦?> * . i ^ cmttov&i * $ > ^^^ m ^ ¥ w ¥ ftiSiiNfeti <* l ctmputat «» a 3 of ^ e ^^^ igMtea |^ : # n ^

    a ^ fe ^ ou » di . 3 R | iby lfikiP ^ i « f 0 M ^^ IEiW ^ i other members . The regoUitio ^ yaft th ^ i . ^ y e ^^ and th « House r ^ woiedi , . . ...

    , ! , The Earl ot OEj ^ iwttofco *« m ^ itt . ammflg . 'lbr . itetornsi . wferjed to the difflc *^ rrf grtfingerteriattc ** seaaiea . to maa the fleet : «<^* rnw 4 tit ¦ hiiaj ; cfMnsete > fbccidiI ^ 8 esmttt «^ & ^^ A » u » of 500 ; oaot rnighi b « o * taiirf by-pofltfodlii certain iterua ia the otdn ««»^ mad >» isooUtaeo Earriaesf ami appiiedi ta thui pflrpo « si « wdv tkja * i 5 ilfci th » ae weekai - the ; aamy ffroakiv be ^ jmnii ^ 7 # 4 th >* h nwsteflfcientsailoromithe ngorkl . ilt w ^^ e «« itiai that fcha Britub . ma ^ rmwboniA b 6 i mamdi

    ^ ithi ^ tettish ^ ve ^ men ^ iKitfa £ iaengwho * W ^ W i gt ^ ltfi >> fe ^ and ; fight an . their foro ^ tiianiiM ^ t tJi ^ Si ^ SViiatmtu tb * Nile , a ^ id T ^ raiWf mk € c ^ wh ^ hhjfcffti / MfghAiHn ^* aw » : tiiiiP « ^ L ^ it »^ Wf (^ - ^ h ^ .-Mi ^' i < ph ^ Napier might hare the moat efficienfcm ^ u ^ diiBiiibi ^ twmin ^ rthaiiateicaBis ^ a ^ iditbie' ^ MDBWii ^ ic ^^ thex ^ wafli'baof counwm objrotioa ; te retumato fwliicbsBiy lioblBJ'ilrittx ^ viha ^^ i ^ Uil ^ ei ^ tffJ ; in ; moving for foafc »» tura ( m : y ^^ ^ Various observaitiaria * 1 fa ' msi&&& ( hkL %£ 3 t * a ^^

    returns were moved fbri . Xof tfatoMr ^ M ^ e ^ i ^ JE ham * gawat ie « iKuit-t ^ olg ^ - ^^ - « tt ^^ ji » tice , of the accusation ; itiiplM « b bymy . MWitJBiiinai that the n ^ t whichiainow . « a » utt »« aal [ t <» 4 h % B » tt i » inadequately ^ riaiperfeffiti ^ i ? maitnei& < h&yj <»^ &m * contraTyv and tfrinf ti ] rhi tnnmniiinj irhlrii I > mfc » uml kKKBpeest , « wett mosau t ^ tt * -It r : dtati 1 fl ^ s . ag ^ i «^!^ lto . ) Iriend , tlwrt thi * A *« t is tideqwti ^ fla * Mted «> r Afe r fiwrt pTirpow for whitthU i « in * end ^ te ; ployed . My lo » a » , yom «^) toretoU «* staatitW 8 aa « te has this remarkable circuta ^ eniee ^ beuti ^ ihmA llyite ? . isnot a pressed ma » o » bo 4 r < lL ( € *« Mfc > Tbtt ^ a farourable feaitUTe ^ ootiiWaedFfH ^ . l ^ ¦»' addition'to which we fia ^«»^» w ^ i i the , 5 «> l ^ t » nMrat that fleet ; and though among-th © scame » empToye *

    there may lie laaidsmen , I ant'f ^ h ^ n ^^ ti ^ - 'ism ^ the proportioaianpt greater thaa oil wrinw oco ^ - ions . Able and experieuceji . aeaniejq , Jta ^ 'H ^ L selected : ; and , t * ke them altogetber ^ Ubi 9 ' ^ eet ' iftMaj a » well QHuuiedj and equippad a » any ^ oet evei * , ^ 3 ,, under the > eirou « nstaacesr at tftai Qomaa « BQeBa « at . < Hv % war . I would go a step farther , and say I ¦ wirnfftifc conceive the great advantage of theav abMimatioiii , eren if they were true , -wWch th » y « f « lWff I > u 4 ^> e ^ ew if they were , I cannot see wher © . the ^ utl ^ ty ^ can be , or how they are to advance -the service which my noble friend is « o anxious about ( Cheers . ) But there is no intention to reftwe the . return which ia moved for ; and I think your lordships will bjgj ) satisfied that the condition of the fl « jct i » such ft » JQU would -wisb it to be . "

    the befoimw ; wx * . Earl Gasit naoved that the , returns laid before the : other House , on the IStli of February laafr relatrfft to the bill for amending the representation of tUp people , be also laid before their lordships . He expressed his satisfaction « 4 > at the bill had been den ferred tiU the 2 7 th of April ; but hoped that it wovJOr not then be persevered in , unless the objection * which now existed to its progress should b © removed . that

    The greatest of these objections was , we wewr about to be engaged in war . Another was that * if read the second time in the other Houje ao late n « tUe 27 th of April , there would not be time for itflf mature consideration in tliei * lordships' Houseu TJh « real reason , however , for desiring its poatponemejM was , that its discussion at such a period , inigh £ weaken the hands ofXlovemment , either in the piM ** Bccution of tho war or in the conduct of negotiar liona . Plo urged , as another ground for postpone meat , that tho measure had been received wi ^ h

    Mr . Disn ^ ixi acknowleclged the necessity of providing ample resources for the war , and promised to offor no opposition to any of the ways and means now proposed . lie protested , however , against the doctrine that all the coining exigencies should bo met by enhancements in direct taxation . Inquiring into the position of the Treasury as regarded ready money , he remarked that the national balance had dwindled from nine millions to less than one-half the amount since the lato administration quitted office , and that in April next there -would be nearly ten millions required on account of dividends and other necessary payments , with , probably not four millions in hand to meet the demand . Thus the Exchequer would havo to commence the financial year with a heavy debt , which must bo otopped by deficiency

    g system consists in its deceiving the public on this I ><> uit , and in its making no suddon encrotichnicnta on their coiniorta . Its approttclies « ro gradual and ahnotsfc unporffivcd . It m luire . s only small imuu-diiito Hucriiices . But it 1 ms VoHti ^ m milla ro tri . r . suin . " Such u nyaLom ia essentially dcluaive mid treacherous . It occusiona tho inipcJaition ol tux lifter tux hardly , mo of wliiish ih evor nRnin wpoaled ; au that beiore tho jiublii ; uro uwukonod from their Lmnce iwni

    Untitled Article

    Marjch 11 , 1854 . ] THE LEADER . gj ^

• Citation
  • Leader (1850-1860), March 11, 1854, page 219, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2029/page/3/