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    THE BUDGET ANALYSED.

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    it , could scarcely have anticipated such a deadlock as now exists in Washington—one which , if the . Federal Government possessed larger . functions , might "be productive of the most serious consequences ; but they evidently saw . some dangers ahead when they so carefully defined the Federal attributes , and then , to make security more secure , added the article which limits those attributes to suck as ; hare been expressly conferred . Thanks to this forethought , the inhabitants of each state go on as usual with their business , little troubled , except as keen partisans of the one or other side , by the stoppage of the great Government machine at Washington , and sufficiently unhurt to find an amusement in the vulgar exhibitions which reflect so

    much discredit upon their country . Thanks also to tins same sagacious care , the dissolution of the union—should the irrepressible conflict of which the contest which causes this deadlock is one of the phases lead to such an . event—will disturb but little the ordinary arraugenients and existing institutions of the Free Statesi It would be the same in the Slave c states , but for that element of disturbance ' the danger of which the Slaveowners are madly augmenting . If on a rupture of the union the slaves keep <] uifet , well and good . All will go on as before ; but if , as we may expect , they do riot keep quiet , and attempt to give its legitimate extension , to the doctrine of the declaration of independence , the bloodshed which majr attend the attempt will not be chargeable upon any imperfection in the devices by which the trainers of the constitution balanced Federal and separate state . powers ,-. but upon the foul blot of slavery , which they allowed to disfigure a so-called charter of liberty .

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    WE were not assailed by the seductive pleasure of hearing Mr . Gxadstone ' s eloquent oration , and know it only as it appears in uaiimpassioned print : We pan siil > ject it accordingly to a more impartial criticism than those who heard it , and judge of it by _ its bearings on the nation , not by the pleasure of hearing his musical voice . Looking rather at the . facts than at liis explanation , we are less enraptured than his auditors . His speech is multifarious and tortuous . The Budget embraces only two distinct and important topics : the national finances , and the political or police regulations of trade . Both are large ,

    but by being considered apart they are susceptible of condensation , and of the clearness which usually results from linn ' ting the view . Fiscal regulations affect commerce , and commerce , as it prospers or decays , affects the revenue ; but the two are essentially different . Commerce is a part of industry , and ^ of the natural growth of society ; fiscal regulations are the offspring of Government . Though they aiit : ct each other , each lias a different origin , and is governed by very different laws . Mr . Gladstone ' s Budget embraces both in a very confused and complicated manner ; we shall endeavour to distinguish between them . AYe shall first put prominently forward facts , and leave opinions and inferences to be deduced from them afterwards .

    Beginning . with the financial part of the Budget , we must remind the reader that from the falling in of terminable annuities to the amount of £ 2 , 146 , 000 , by which , as . one quarter ' s interest paid last year properly belonged to the ensuing financial year , the charge on the ^ National Deb t is actually lessened ' in 1860-61 by "" , 62 , 438 , 000 ; and from the termination according to law in the ensuing financial ^ year of the war duties on tea and sugar , and on property and ' income , it was impossible to avoid dealing to a great extent with our financial system . The

    Chancellor then is fully justified in nt once calling the attention Of Parliament to the subject ; , and of proposing for the consideration of the public large financial measui-es " . The necessity of doing this now has long been known , and Ids mind must have been for some time turned to the subject . A . t a late period Mr . Cobden ' s chance visit to Paris ojoencd a prospect of a commercial treaty with France . The completion of the trenty increased the urgency 6 f a revision of our fiscal system , and the extensive changes proposed hy Mr . Gladstone , probably' prcpnxed some , time beforehand , a \ re intended to meet inevitable circumstances . The mode of

    dealing with tho financial question is Mt \ Gladstone s own ; to avoid dealing with it wns beyond Ms power nnd the power of tho ministry . Tho ' revenues of tho fiscal yenl- 1 S 59-C 0 , terminating on March 31 st noxt , of which tho noxt six weeks arc merely estimated , nnd tho previous forty-sis weeks ore now accurately known , wns calculated last ; session «\ t £ 00 , 400 , 000 ; but every branch of tho revenue except Stamps" has hitherto exceeded , expectations , and it is now concluded that by tho end of March , supposing no change to be previously . made , it will amount to . € 70 , 578 , 000 , or . € 1 , 118 , 000 fnoro than tho calculation . Such is now the increased power of our inchiatvy in creating wealth , that it surpasses ovory year tho snnguino expectations of the most sangumo finance ministers .

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    The expenditure of the year , nevertheless , will exceed the actual revenue , great as it is . The expenditure was expected to amount only to £ 69 , 270 , 000 , and actually promised at the timeParUament closed , to be only £ 68 , 953 , 0 X ) 0 , which would have given at the end of the year the handsome surplus of dBl ., 625 , 000 ^ Then came further expenditure for the Chinese war and naval preparations , £ 1 , 170 , 00 . 0 ; and now has interposed the treaty with Fiance , involving an imuiedictte reduction of our customs *

    duties ^ estimated to amount , by the end of March , to the . sum' of J 640 , QOO- —together £ 1 , 810 , 0 * 00 ; thus , by rediicing . the revenue £ 640 , 000 , and increasing the expenditure £ 1 , 170 , 000 , instead of a surplus there is a small deficiency . Spain , however , has paid an old debt , and £ 250 , 000 of this will come into the exchecp . ier before the- end of March . Thus we learn from these facts that the resources of the exchequer for the year to end next March 31 st , will amount to £ 7 O , 18 S , OOO , and the demands on it to

    £ 70 , 123 , 000 , leaving a surplus of £ 65 , 000 . The expenditure in the year 1860-61 , ending March 31 st , 1861 , which it is the especial business of the Budget to provide for , is estimated at £ 70 , 100 , 000 ,- . notwithstanding the charge for the National Debt is £ 2 , 400 , 000 less than in the year 1859-00 . The cliief increase of expense for the year is caused by the military and naval services , £ 3 , 618 , 000 more than for the same services last year . A great increase of expenditure is the remarkable feature of our finances in the year 1860-61 . Mr . Glad-, stoxe rather acquiesces in it than proposes it . He declares

    that he does not like it ; lie hordes that the nation or the Government means to retrace its steps , and he merely accepts the burden , imdtgrtaking to bear \ ir He -does riot sav it cannot be lessened , but he makes no attempt to lessen it . The other items of experiditure--: the civil list , the miscellaneous services , the charge for collecting : the revenue—present , no corresponding ' increase , and we , therefore , content ourselves by saying , on this branch of the subject , that the expenditure for the year IS 60-61 is calculated at £ 70 , 100 , 000 , or £ 540 , 000 more than the expenditure last year , though the charge for the National Debt is

    reduced £ 2 , 438 , 000 . To meet this vast expenditure ' . Mr . Gladstoke calculates that the customs , as the laws at present stand , - -wiil yield ; £ 22 , 700 , 000 , excise £ 19 , 170 , 000 , stamps £ § , 000 , 000 , taxes £ 3 , 2 , 5 : 0 , 000 , income tax-at 5 tf . £ 2 , 4 Q 0 , 0 . 0 0 > post ofiice £ 3 , 400 , 000 , crown lands £ 2 SO , 000 , miscellaneous sources £ 3 , 500 , 000 , together £ 60 , 700 , 000 , leaving . a deficiency of £ 9 , 400 , 000 . This is independent of the loss to the revenue which will accrue in the year by the reduction of duties on wine and spirits required by the commercial treaty with France ; and by the abolition of duties on sundry manufactures stipulated for by the same treaty . The Chancellor estimates the loss by these causes at £ 1 , 190 , 000 , which makes the deficiency no less than

    £ 10 , 590 , 000 . Being in all things a law to himself , Mr . Gladstone , with astonishing financial audacity , contrary to all expectations , proposes still fur , ther . to increase the deficiency by abolishing the customs duties on butter , cheese , eggs , nuts , nutmegs , paper , tallow , &c , &c , and by reducing the customs duties on timber , currants , raisins , figs , dates , liquorice , See ., &c ., which he estimates—allowing , in all cases where duties are retained , for a probable increase of consumption ^—will cause a loss to the revenue of £ 910 , 000 . Moreover , he proposes to abolish the excise duties on paper , to reduce the duties on hops , and make an alteration in game certificates , wluch will cost the revenue a further sum , ho estimates , of £ 990 , 000 . Thus , according to his statements and our computation , if be were to impose no other taxes , the rovemve would bo deficient in the year

    £ 12 , 4590 , 000 . Tblill up this « ' clmsm" he proposes to take from the ¦ mnltsters and the hop-growers , the . duties on these two avtioles , which , they have hitherto been allowed to retain for six weoks after levying them from the consumer , which * will give him in the present year £ l , 400 ,. 000 5 to retain tho war tea and sugar duties , which ought now to expire , at n gain of £$ , 100 , 000 ; to renew the income and property tax at tqnpenco in tho pound on incomes of inwards of £ 150 , nnd sovenpence on'incomes below this sum , also tio

    the produce of which will be £ ' 8 , W , 000 . Ho proposes levy several new taxes : in the customs a duty on tho landing ana shipping of nil goods lor importation or exportation of ft penny on every package or parcel , and of a penny on every ton weight , quarteri load , or thousand in number * as tho goods nra roqmred to bo returned to tho custom-house : and a pwnny on every nmmal s ulso a duty , varying m amount , on moving ; nil gwnls to or from wareho \ ises under bond , and tor operating on th . om m theso warehouses . Froin these sources be expects to obtnin £ 5 * 10 , 000 . Then ho ' proposes to compel all oonl ' uotionovs ana eating-house keepers to tnko ont licenacs , ami l » / / f- J ;" to become licensed viofcuallors at a low add . tioi . nl Cwon ] umrges , to impose stump duties of one penny oaoh on all contiaot

    Untitled Article

    JPeb 18 , I 860 ] The Leader and ' Saturday Analyst . 155

    The Budget Analysed.

    THE BUDGET AINTAiYSED .

• Citation
  • Leader (1850-1860), Feb. 18, 1860, page 155, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2334/page/7/