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    • Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.

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      W -.^ - -T^««.1mq. 1 The Leader. S65 —^-...

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      Ad01307

      SUBSCRIPTION" TO * THE LEADER . " ONE GUINEA PER YEAR , UNSTAMPED , PREPAID . ( Delivered Gratis . ) NOTICES TO COKBESPONDENTS . No notice can be taken of anonymous correspondence Whatever is intended for insertion must be authenticated by then ? am ! and address of the writer ^ not necessarily for publication , but as a guarantee of his good faith . Itis impossible to acknowledge th ^ mass -of . letters we re-Veive Their insertion is often delayed , owing to a press nf matter- and when omitted , it is frequently from rea-S quite independent of the * merits of the comrmmica-We cannot undertake to return rejected communications . OFFICE , NO . , CATHERINE-STREET , SriiAND , "W . C .

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      Saturday, July 23, 1859.

      SATURDAY , JULY 23 , 1859 .

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      ^ Tliereis Nothing: So Revolutionary, Be...

      ^ Tliereis nothing : so revolutionary , because there is-nothing so unnatural and convulsive , as the strain to keep things fixed vvheii all the world is by the very law of its creation in eternal progress . —Dr . Ahnoxd .

      The Reason Assigned For Making The Estim...

      The reason assigned for making the estimate so small , is the statement that the Exchequer lias been already enriched by 1 , 000 , 000 ? . more than its due by the payment of duties to that amount on tea and sugar in anticipation . The holders of these commodities supposed the duties on them were to be increased , and they hoped by an early payment to circumvent the Exchequer . They are deceived , and have paid money into the Treasury prematurely to their own disadvantage . The amount seems to us exaggerated by Mr . Gladstone . The trade tables to the end of May show that 180 , 847 cwt . of sugar less were taken into consumption or paid duty in the first five months of 1859 than in the first five months of 1858 , and that only 1 , 432 , 569 lbs . of tea more were taken

      into consumption . The latter would give an increase of Customs revenue in the five months of 103 , 477 / . which would be very nearly balanced by the diminution of Customs revemie from sugar in the same period . It is a fact , too , that in the quarter ended June 30 , 1859 , as appears by the last revenue returns , the Customs revenue was only 229 , 379 / . more than in the corresponding quarter of 1858 . The knowledge we have on this subject , though doubtless , obscure and imperfect , compared to the knowledge of the Cliancelloi-, will not allow us to endorse his assertion that the Exchequer has already received , in 1859 , 1 , 000 , 000 / . more than it ought by the payment , in advance of duties on sugar and tea .

      Secondly , we see that the actual revenue of 1859 exceeded the estimated revenue by 1 , 577 , 000 / ., and the estimated revenue for 1860 by 1 , 137 , 000 / . Hitherto , the trade of the country has been much in excess in the present year of the trade of 1858 . The value of the exports to the end of May , 1859 , was 9 , 110 , 897 / ., greater than the value of the exports to the end of May , 1858 . In particular * the trade to India and China has increased , and

      is likely to increase . Although the value of our imports above the value in 1858 has not increased in an equal proportion to the exports , or only to the extent of 3 , 100 , 000 / . in four months , the quantities of commodities imported on which duties will be paid have already been much greater in 1859 than in 1858 . The interruption to trade , caused by war , is now at an end , and there is every probability that our trade will be proportionally more increased in the last than in the first six months of

      may be prudent in the Chancellor of the Exchequer to be humble , and provide himself with a much larger sum than he really wants , but truth is better than even humility , and a more correct view would have reduced MS enormous claims on the people . At the same time he does an injustice to the system by which , he obtains confidence and office . In the teeth of facts he depreciates the prospective advantages of free trade , while his predecessor from practically believing in them , though not consistent with the creed of his party , obtained a considerable success . In general , Mr . : ^^ ,

      Gladstone is subtle rather than plain ; on this occasion he is clear , and , as usual , he boldly courts unpopularity by imposing additional burdens on the people which , except the right hon . gentleman be preparing for some alarming contingency , are at least one half too great . . / We must remind our readers that the expenditure of the Government , 69 , 200 , 000 / ^ in the present year , is an increase since 1850— when it was 50 , 200 , 000 / . —of 19 , 000 , 000 * . If we deduct 4 , 000 , 000 / . for the expense of collecting the revenue , not included in the expenditure at the former period , the increase will be 15 , 000 , 000 assessed to the

      In the interval , the income Property and Income tax may have increased , including the whole empire , about- 38 r , O 00 The Government which , except for extraordinary purposes , should have levied and expended only the interest on this increase , or , at 4 per cent ., should have augmented its expenditure by about 1 , 400 , 000 / ., only had augmented it by 15 , 000 , 000 / . or nearly , elevenfold . This vast increase of expenditure , which proves that , somehow or other , Government has o-ot hold of the chief advantages which should have arone to industry from free trade , becomes bow tne in

      particularly alarming when we notice - crease is occasioned . Our Government is conducted on no principle which involves a continual augmentation of expenditure for some recognised and highly-approved national object . But some persons get up an alarm about the public health , about the national defences , about neglected education , about some supposed necessity to have mail packets , about shipwrecks and a want of Larbours of refuge , or about any subject whatever ; and the House of Commons and the members having no well devised scheme of national expenditure , nor plan of ffovernnient , and no respect for the

      property of individuals , while they are dependent ror existence on popularity , run readily and eagerly after-the cry , and waste the public resources on a heap of ill-considered and unwise schemes . To expend the public money adds to the power of Ministers , and they only need at any time the plausible pretext which demands for supposed improvements at their hands supply to increase the expeivditure . So it has been steadily augmented , exclusive of the war expenses , at the rate , on the average , since 1850 , of about 1 , 500 , 000 / . per annum .

      • + . . THE BUDGET—MR . GLADSTONE'S MISCALCULATION . The substance of the Chancellor of the Exchequer ' s long speech . on the Budget may be stated in a few wprds . In the financial year , 1858-9 , ended last March , the estimated revenue was 63 , 900 , 000 / . The actual revenue was 65 , 477 , 000 / . ; or it exceeded the estimate by 1 , 577 , 000 / . The expenditure in the same year was 64 , 663 , 000 / ., or 814 , 000 / . less than the revenue . The late Administration , therefore , rather contrary to the repeated

      statements of their opponents to that time , kept the expenditure within the means . At the commencement of the year , however , Lord Derby , Sir John Pakington , and their colleagues , were suddenly alarmed at the defenceless condition of the country , and they began with a vigour , which has been applauded by all parties , to increase our naval armaments . To this object an additional 2 , 000 , 000 / . was applied , and a further expense afterwards incurred . The consequence was that , at the close of June , when the present Ministry acceded to oflice , the revenue was nearly 3 , 000 , 000 / . ( 2 , 920 , 940 / . ) deficient , No measures have since been taken to abate

      the expenditure ; on the contrary , the navy estimates have been further increased , all other expenses have been augmented , and the Chancellor of the Exchequer accordingly calculates that at the end of the financial year , or in March , 1860 , the expenditure will be n <* less than 69 , 207 , 000 / ., or 4 , 600 , 000 / . more than last year , and the , deficiency no less than 4 , 867 , 000 / , Here is an enormous balance in one year on the wrong side to be made good , as proposed by the Chancellor , by an addition to the Income tax of 4 d . in the pound on all incomes of upwards of 150 / . ; on incomes below that sum . he imposes an additional rate of

      lijd , lie proposos to levy the tax for tho whole year in tho next six months , and make the public pay , by these additional rates , 4 , 000 , 000 / .- more between this and next April , into the Exchequer , than tho previous rate of taxation would yield . Moreover , the maltsters are at present allowed to collect moitoy from the public , which they are not required to pay immediately » nto the Exchequer , and tho Chancellor oxpeots to got 788 , 000 / . this year by curtailing tho period they are allowed to hold this money . Before the puulio approves of these new charges on income , there are somo circunistaxiooa which it ought to take floriously into consideration . ih'Bt , tho Chancellor of tho Ex . ohoqfior estimates the revenue from tho present taxes to tho ond of March , 1800 , at 64 , 840 , 000 / ., or « xt 1 , 107 , 000 / . loss than tho actual rovenue of the ltwt nnunoiul yoar

      1859 . In addition to these reasons for anticipating a larger revenue in 1860 than in 1859 , the Chancellor informs us that he anticipates an improvement in the revenue from spirits in 1860 , which in 1859 has fallen much below the sum anticipated from the new duties imposed . Moreover , we learn from the report of the Inland Revenue Commissioners that the income of the country , as contradistin < ruished from the revenue of the

      Government , on which the Property and Income tax is levied , has increased year after year , since the tax was imposed , and that this increase was proportionally greater in 1857-8 than in in any previous year , Thus the annual value of the property assessed under Schedule A in 1857-8 increased as against the previous year , in England , 4 , 500 , 000 / ., in Scotland , 1 , 266 , 000 / ., and in Ireland , 874 , 000 / . In the same year the property assessed under Schedule D , the profits of trade , increased upwards of 4 , 000 , 000 / . —very important facts which Lave been and have

      noticed in the Daily News ,- we every renson - < to believe that every species of property assessed will increase as much in the present year . Should it increase in the same proportion , the income tax next year will be , at the present rate , 230 , 000 / . more than last year . Tho commissioners also inform us , that in 1 Q 58 there was a large increase in the legacy and succession duties ; and they givo us no reason to suppose that these taxes will yield less in tho present year . Finally , one quarter of tho financial year has already elapsed , and in the quarter thdro is on actual increase of 212 , 290 / , as compared to the same quarter of last year . This fact alono gives us reason to anticipate in tho year , disregarding tho assumption of sugar and tea duties paid in advance to tho enormous amount specified by Mr , Gladstone , an increase on tho revenue , of 1858-9 of

      800 . 000 / . Tho uovenuo of lust yoar exceeded Mr . Disraeli ' s estimate by 1 , 577 , 000 / . Mr . Gladstone makes his estimate 1 , 137 , 000 / . loss than Mr . Disraeli ' s estimate , while there ia every probability that tho revenue will be considerably greater in this year than tho hist year . It

      Imperial Excuses. The Two Great Despots ...

      IMPERIAL EXCUSES . The two great despots who made their own war and their own peace have now made their own excuses to their own subjects , and to the world at large . The Austrian Kaiser assures his " faithful Peopte that the war was undertaken for the defence oi their most snored interests . " Germans , Hungarians , and Bohemians are alike informed that they had a " most sacred interest" in the oppression of the Italian race ; and absurd as the statement is , it wiJJ find credence with a largo portion of the Jg"oranc priest-ridden people , whom the House of tlapeburg hns under its control . But notwithstanding the sacrifices of the people , and the valour of the army , the " sacred interests" did not prospei , so Francis Joseph felt it his" dtttv t 6 listen to over , turos of peace . He knew that to coutuue- ho war would demand a vet heavier oxponcJtuie of blood and treasure , and ho adds : ' notwitJw *}™ jn $ success would have remained doubdb since I have been so bitterly deceived in my well-ioxmUed \ Tvl , ° that , t £ i « oo ^ te not having boon « torod into < br the defence of tho rights ° * ^ * j ™ only , 1 should not bo loft alone , m it . In smto ot the ardontsympathy , worthy of aoknowfo <^ ement , which thei justice ' of our cause has inspired , for the Sst part in tho journals and peop es of Oenawg our national allies , our moat ancient alhea have obstinately refused to recognise the great impprtanco of the grand question of tho day . bonaequontlv , Austria would have been obliged ail

  • Citation
    • Leader (1850-1860), July 23, 1859, page 13, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_23071859/page/13/