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there is connected with it that idea that what were Sir Robert Peel’s principles of the right hon. Gentleman has an ulterior commercial reforms - Long associated with purpose that he has larking behind a a recollection that will ever be dear to me, purpose to turn that reduction of taxation and sharing in the first struggles that he which is shown to be so unproductive both made for that great object, I must necesto the consumer and to the revenue--to sarily have had many opportunities of obe the compensation of the agriculturists. serving the workings of his mind upon the Well, a comparison has been made between subject; and the whole House and the the proceedings of the present Government country have ample means of knowing by and those of Sir Robert Peel, and we were records of the time, if their memories do told last night by the right hon. Secretary not enable them to know, what his prinfor the Colonies that the present Govern- ciples were. The principles on which his ment were acting as nearly as possible upon commercial reforms rested were-first, to the principles upon which Sir Robert Peel set free the raw materials of industry from proceeded in the year 1842. Now the first duty. How has the right hon. Gentleman difficulty which arose in my mind when I the Chancellor of the Exchequer aeted on: heard that declaration from a Minister of that principle? There is still one ravimathe Crown was this-Does it accord with terial, and a most elementary raw material, the still more authentic, declaration which that Sir Robert Peel, though he had the bas proceeded from the mouth of the Chan- wish, never had the power, and the late cellor of the Exchequer, the financial organ Government, though they also had the of the Government? Has the Chancellor wish, never had the power, to entirely free of the Exchequer ever mentioned the name from duty-I mean timber. The repeal of of Sir Robert Peel as his leader and guide that duty would have operated most bene in the measures he now proposes ? Has ficially for the shipping interest. But I he ever referred to that great statesman in have heard an hon. Gentleman to-night say terms, which can give the slightest rea- that because only 7s. 6d. a ton will be saved son for believing that he recognises any on one class of ships, and 28. 6d. on another, kindred between the measures of 1842 the relief thus given would be insignificant and those now before you? Certainly not. in amount. Why, if the average reduction His announcement is flatly at variance with were only 5s. per ton, that would amount that of the Colonial Secretary. The right to 501. or 100l. in the building of some hon. Gentleman the Chancellor of the Ex- classes of ships. But I wish to point out chequer said, if I understood him rightly, to the Committee that when the Chancelthat he never promised a revision of taxa. lor of the Exchequer had a surplas of tion. What he promised was this—that 1,500,0001., one principle of Sir Robert he was going to administer the finances Peel would have led him to consider whe of the country upon new principles, that ther there was any raw material in the were to do everybody good -- principles tariff not set free from fiscal burdens. , He that had never been heard of before. has, as he says, examined the tariff most He said, addressing his constituents, carefully, but strange to say he has passed “ Do not suppose that when the new Para by the article ef timber. What was the liament assembles you will see marshalled next of Sir Robert Peel's principles? : It before

you the old parties that have go- was to remove or diminish duties, proteoverned the country; you will have new tive in their character, and especially those principles of action introduced, and new that fell upon articles of food. Are there policies, founded on those principles, re- no duties of that character still remaining commended to the House of Commons." in the tariff?. Are there no duties on Are these principles then new, or are they the importation of butter, or of cheese? old, or both new and old? The right hon. But the right hon. Gentleman has passed Gentleman says they are new, the Home them by, and I might mention many other Secretary says they are old. I do not instances. He has passed by every one of know whether there are any hon. Gentle them—he leaves them as he found them, men in the House who can manage to hold and that is, in his view, acting on the prin: with both. - I cannot. I am, however, ciples of unrestricted competition. He eerwith the Chancellor of the Exchequer. I tainly does not re-enact protective duties, think both that the principles themselves but he stops at the point where he finds are new, and that the mode of carrying the work of reform, and declines to carry them into execution is new. I may pre- it on. The third of Sir Robert Peel's sume to have an opinion on the question of principles was to clear from the tariffum protective and unnecessary daties, whose men he called upon, as the possessors of collection absorbed the whole, or the great property, to you he made his special apest part, of the produce. The right hon. peal to accept the income tax, in order Gentleman bas done nothing whatever in that that relief might be given to the pursuance of this principle. The last prin- springs of industry, and to the great conciple of Sir Robert Peel was to reduce suming classes of the country. You anthe price of highly-taxed articles of food. swered that appeal, and I hope you will now And, passing by every other point in the maintain the character you then gained by policy of Sir Robert Peel, on that and that the support you gave Sir Robert Peel, in alone has the Chancellor of the Exchequer the struggle for that great benefit which chosen to bestow, not only his whole sur- you enabled him to confer on his country. plus, but a great deal more. Three of I proceed to another question which must Sir Robert Peel's principles he has left not be omitted, for it is of vital imporentirely untouched, and the fourth he has tance, and lies right at the root of the exaggerated by the course I have described. whole discussion before us“I mean the Does he in that, or does he not, offend question of the income tax. My right against another principle of Sir Robert hon. Friend the Secretary for the Colonies Peel? Whatever Sir Robert Peel did is very much mistaken if he thinks that with respect to commercial reform, he did in approaching that question, all he has to it always subject to the paramount obliga- do is to set aside the particular objection tion, of which he was conscious, to main- that I have taken as regards the particular tain the principle that ample sums should case of the fundholder, or to pass jokes at be raised in the year for the service of the the expense of what he calls my ingenuity. year, and for the maintenance of a steady The right hon. Gentleman and the Gosurplus of revenue above expenditure. He vernment may depend upon it that they never allowed even his eagerness for com- have opened a question of a most formidmercial reform to make him deviate for able character; and in what position is it one moment from that fundamental and presented to us to-night? I really thought, yet more important view. All his opera- until the distinction that was made totions were conducted subject to the control night, that we had a definite and intelligiof that principle. It is the principle, as ble plan presented to us. There is nothing I sball presently show, that the right hon. that can excuse the Government, or acquit Gentleman the Chancellor of the Exchequer them of the heaviest responsibility to the has disregarded and contemned. That is country, if they open a question like that the case, as I conceive, of the commercial of rearranging the different contributions principles of Sir Robert Peel, and that is of all classes in the country to the income the relation of the Government to those tax, unless the production of a plan which commercial principles. But Sir Robert shall be intelligible-which may be subPeel, it is said, performed the operation jected to scrutiny-which may be tried on which the right hon. Gentleman is now its merits—and which will meet the view preparing. He imposed a tax-the in- of the public as a plan, and not merely as come tax-to repeal customs duties, a case an abstraction. If, on the other hand, a precisely parallel to the course pursued by Government --because they know that the right hon. Gentleman. The right hon. amongst a large class of the community Gentleman is going to impose new taxes there is great favour entertained for a parupon the householder; he increases taxes ticular mode or principle of taxation--dethat have been paid already, and imposes part from the sound rule that binds them them upon large classes that have not yet to submit their propositions, and to be paid them, in order to repeal a portion of responsible not merely for the general the malt tax. That is, I should say, he is ideas on which they are based, but for the going to impose a tax on the general body means by which they will be carried into of the community, to make a most ineffec- execution—if o Government thinks proper tual and worthless attempt at the relief, to appeal to favour for the support of their not of a class, but of a portion of a class. principle without confronting the difficulty This is precisely an inversion of the policy of carrying it into effect, then I can only of Sir Robert Peel, for he imposed a tax say that whatever others may do with on a class to relieve the entire body of regard to the financial policy of such a the people. It was to you (turning to the Government, I will be the firmest oppoMinisterial benches) that he made his ap- nent of such a financial policy, because I peal... Youthe party opposite are the know that such a course of pandering to the worst elements of popular feeling and the income tax, we shall be absolutely prethe coarsest passions, must expose the cluded by the forms and rules of the House country to the gravest dangers. We are from raising the full rate on certain income told that it is necessary to moderate and or property. Schedule D is now going to check the progress of democracy; but pay 54 per cent; and what is contained in there is no surer way of advancing the Schedule D? The entire realised mer. progress of democracy than by casting cantile capital of the country-every farloose on the world attractive and seductive thing of it-is contained in Schedule D. schemes with regard to financial arrange- The foreign fundholders in this country, ments, which those who propose them unless they happen to have their dividends know cannot be carried into effect. I paid by an agent, are to be taxed 5td.; shall explain in a few words the view and bat if the dividends are paid by an agent policy with which the income tax was first in this country, then they are to be tared propounded; and I may say, by way of at 7d. I may be met by being told that preface, that the case of the fundholders the Chancellor of the Exchequer has no is one of a score of cases with which hon. idea of the amount of foreign funds and Gentlemen will have to deal; and I shall securities held in this country; but wellendeavour to show, when the proper time informed men in the City of London bave comes, that if you arrange the income tax told me that they do not amount to less in good faith as I understand it, that good than 80,000,0001. or 100,000,0001.; not faith will compel you to place the fund so great, certainly, in amount as the merholder at the lowest rate. Has the right cantile capital--that may be calculated by hon. Gentleinan the Chancellor of the Ex-hundreds of millions-another of the ex chequer submitted to us a plan for the ceptions with which we shall have to deal. reconstruction of the income tax, or has it appears that the great finance Minister he not? I say that a man who promises who is going to revise your system of tarto vary the different rates of the income ation, and introduce new plans that will tax in different schedules, without having benefit every one and injure no one-who formed his plan for doing so, is guilty of a is going, above all, to reconstruct your inhigh offence against the public. I say come tax-asks you to pass a vote to put that, because it appears from what was 54d. on Schedule D, which will prevent said by the right hon. Gentleman to-night you from putting the full tax on all this that the question is involved in almost realised income, which he says himself hopeless obscurity. [“ No, no !”] Hon. ought to pay the full tax. The view of Gentlemen who did not hear the speech of the income tax as first proposed was one the right hon. Gentleman the Member for that did honour to the great statesman Portsmouth (Sir F. Baring) may find it who conceived it. It was undoubtedly convenient to say no;" but that right required in part to meet a deficit, but it hon. Gentleman tested the plan of the right had also this ulterior and principal purpose hon. Gentleman the Chancellor of the Ex- --to effect a great and needful commercial chequer, and he showed that the right hon. reform; to lighten the springs of industry; Gentleman, who says he will distinguish to give activity to trade, and to cheapen between realised and precarious incomes, commodities of all descriptions. My belief has, according to his Resolution, proceeded is, that Sir Robert Peel viewed the income upon no principle whatever; and if I un- tax as a temporary measure - {“ Hear, derstood the answer of the right hon. Gen. hear !”]-by which I mean a measure that tleman, it was this, that not having had was to continue in force so long as the time to adjust the details of his plan, he great reason that called it into existence had proposed the tax upon the basis of was to continue in force. I mean a bond the old schedules without change; but if fide temporary measure, a temporary meathe right hon. Gentleman has had no time sure not limited absolutely to three or five to think about details, how was it he came years, but the number of years that would to introduce exemptions with respect to be required to effect completely a great sysclergymen ? Is not that a point of detail? tem of commercial reform. That was the In the first place, as to the suggestion so true basis of the income tax. The income pleasantly put by the right hon. Gentle- tax is odious in the judgment of many man that the Committee should affirm the Gentlemen in this House, and I do not Resolution, hon. Members should recollect think it is an unreasonable sentiment; it is that if we vote in Committee of Ways and open to argument, but I do not pretend to Means that Resolution of his relating to say it is an unreasonable opinion. It may be thought to bear hardly on various escaped him in the haste of expression, he classes of persons-on annuitants, on per- certainly had not intended to use the words sons receiving salarios, and, above all, on in question in the sense in which they were persons in professions; and, in a secondary applied by the right hon. Gentleman. degree, on persons exercising trades--but MR. GLADSTONE: If it were a mere surely that which brought the bane brought hasty word, of course I should be the last also, in no small degree, the antidote. person to take notice of it; but an allusion With a tax of 7d. on actual receipts, and has been made by my right hon. Friend as regarded land with a tax of 7d. on (Sir James Graham), in which I am part something more than actual receipts, com- proprietor. I refer to the comparison which mercial reforms were effected that made he drew between the position of a Bishop the receipts far larger than they ever had and a Judge. My right hon. Friend the been before. And though persons receiv- Secretary for the Colonies denied the coming salaries, and engaged in professions, parison, because he said a Judge could be might at first sight undoubtedly object to removed from his office; and I now venture paying the same rate as the possessors to say a Bishop may be deposed. If my of property, I will ask, were not the arti- right hon. Friend pursues the case a little cles which they consumed cut down in further he will see that the two cases apprice, and did they not receive the benefit proximate as closely as possible. I refer of that reduction? The right hon. Gen. him to an Act that passed in 1843, under tleman very properly said, in speaking of which a Bishop who is incapable may have the olerk, that there is no one who received the spiritualities of his diocese transferred 80 much advantage from the imposition of to another ecclesiastic. I have asked the the income tax and the commercial re- Governor of the Bank of England, who forms as he has done, because he is a con- agrees in principle with the Chancellor of sumer and is not a producer of any saleable the Exchequer, if he will accept his plan, commodities; but does not the right hon. and he said it was impossible; for what Gentleman see that that applies to the does the right hon. Gentleman do? The whole class of persons receiving salaries ? salient point of the whole case is on the But though I say this, I don't deny that public annuities, above all annuities for the question of the reconstruction of the years expiring in 1860. They were in the income tax is open. All I say to the one case always chosen by common conright hon. Gentleman is this, ** Let us sent, to make visible, as it was thought, have a plan.” I consider that the House the uncertainty and inequality of the preof Commons will forfeit and forget its sent law. The right hon. Gentleman leaves duty if it deals with this matter in the this capital and crying grievanceso much abstract. Instead of commanding the re- a grievance, indeed, that it has always been spect of the country, and making a pro- made by common consent the standardvision for its permanent interest, it will bearer to the rest, precisely where he become a mere panderer to public opinion, found it. The annuitant is still included and be driven hither and thither by the in Schedule C, and is still liable to 7d. in force of it, What is the use of a Minister the pound on his interest and his capital. of the Crown rising in his place, and say. Now, the fact is, no two men have agreed ing the time is come when we must re- upon a plan for getting rid of these difficognise a difference between temporary culties. You appointed a Committee, which

and precarious incomes, and when chal. sat in 1851 and 1852, and examined witlenged upon the absurdities and anomalies, nesses. The Committee looked the ques

inconsistencies and self-contradictions, of tion boldly in the face, and the consequence his plan, by a Gentleman in this House, was they could not agree upon a plan. The

That is not my plan! I found hon. Member for Montrose (Mr. Hume) it in the schedules as they stand; but they agreed upon a plan, but he agreed with are all to be reconstructed." I must say whom? I must say whom? Why, he agreed with himself

. one word on a small interlude that took My right hon. Friend the Member for South plačo, in vindication of the right hon. Baro- Wiltshire (Mr. S. Herbert) agreed upon a net the Member for Carlisle (Sir James plan too, and he also agreed with himself. Graham), whom the right hon. Gentleman i did hope that at least some ten or twelve said, he would not say he greatly respected, men in the Cabinet had agreed upon a con. but rather whom he greatly regarded. certed measure; but after what has passed

The CHANCELLOR OF THE EXCHE. this evening, I see that the Government, QUER said, that whatever might have no more than anybody else, has got a

be says,

plan. I have now endeavoured to deal or 100,0007.? I hope hon. Gentlemen will manfully with this question. I say it be well consider whether they are prepared hoved the Government to inquire into this not only to distinguish between the landsubject, and see if they could not discover owner and the professional man, but likea plan which would be likely to satisfy the wise to graduate between the holders of wishes of the community. I see at least large and the holders of small properties. no reason why they should announce that I come now to the question which is vital they intended to give effect to the princi- to the whole of this matter. Has the ple before they had inquired whether effect Chancellor of the Exchequer, I ask, in: could be given to it or not. It is bad cluded in his new scheme principles that enough when private Members of Parlia- involve the subversion of all those rules of ment make flaunting promises to the com- prudence heretofore deemed necessary for munity which they cannot perform; but it the conduct of the financial affairs of this is far worse when a Government appointed country? Has he, in other words, preto stop the progress of democracy, stoops sented to the House a Budget without a to pursue a similar course, and endeavours surplus ? I submit, without the slightest to call upon a Conservative party to sup- doubt, that he has presented a Budget port them. Now I beg to touch on the last without a surplus. : [The CHANCELLOR of subject, I think, on which I shall trouble the EXCHEQUER: Yes, there is 400,0001.] the Committee. I pass from the income Well, if you hold to that, I will tell you tax with only this remark, which I com- how that matter stands. The case is mend to the serious consideration of hon. really this: the Exchequer Loan Fund Gentlemen--namely, that while I blame Commissioners have had two systems of the conduct of the Government, I can administration. In one of those systems, make no complaint I must say of the fa- which to a certain extent depended on each vourable reception which their proposition, other, there wasa diseretionary power given, if it may be so called, appears to have met and if the accounts be accurate, there has with at the hands of the great bulk of been a considerable profit from the operatheir supporters. Those hon. Gentlemen tions which have been conducted in the especially represent the landed interest in exercise of that discretion. Whilst, howthis House. They already pay the full ever, the Commission in the free exercise rate of income tax, and they are now ready of its right arm bad been making money to accede to the principle of the plan which for the public, it had been spending money will not only lead them to continue paying faster than it made it by the compulsory that full amount, but which will, through exercise of its left arm. The right hon. the operation of exemptions, throw on them Gentleman has now for the first time in a larger burden. But I wish to commend detail told us plainly that the 400,0001. this point seriously to their consideration. which appear in the Ways and Means, and

The Chancellor of the Exchequer says it is which constitute his sole surplus, are time to recognise the distinction between 400,0001., not belonging to the services of permanent and precarious incomes. So the year, not drawn from the people by the far I am ready to follow. him, saving al service of the year, but repayments of ways my right to support the case of the money formerly obtained upon the credit fundholder. I am ready to follow him into of the country. The right hon. Baronet the examination of his plan. But the right stated that the Government did not send hon. Gentleman, and those who support its balances to the Bank because the Bank him, should consider that there is another allowed no interest. The right hon. Genkind of gradation of which little or nothing tleman can hardly have considered the elehas yet been said. It is no doubt true, mentary te

between the Government that the medical man with his 3001. a year and the Bank. It was true in the letter, is a poorer man, and a good deal more so, but not in the spirit, that the Bank

gave than he who has 3001. in the funds. But interest for the balances of the Governis there not the yeoman of 501. a year, ment. But what does it matter whether who cannot quite so well afford to pay 7d. you receive interest on your balances, or in the pound, as the Duke of this or the the Bank engages to transact your busiMarquess of that, who, being like the yeo- ness, and lend you money when required man in possession of landed property, differ at small rates of interest? When the from him in this, that while he possesses Bank Charter comes to be granted, the landed property of the value of 501. a year, directors will cast up their arerage balthey possess landed property worth 50,0001. ances, and will be regulated by their

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