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an increase of wages. They had demanded that increase, and it was at once acceded to by many of the

masters.

Lord Stanley supported the amendment. If his noble friend had proved anything by his speech, it was that the silk-trade, at this moment, was in a thriving condition, and that the imports and the revenue, and the exports also, were largely increasing. Why, if that were so, the conclusion to which any prudent Government would come would be to say, "In God's name, then, let our prosperity alone."

On a division the amendment was lost by a majority of 25.

A few days afterwards, the third reading was carried, and the Bill passed; a motion by the Duke of Richmond, "That it be read on that day six months," having been put and negatived.

On the 29th of May the Chancellor of the Exchequer made his financial statement for the year. He said, "The House has already been informed by my right honourable friend, the First Lord of the Treasury, of the reductions which it is intended to make in the different duties of Customs which are at present levied. Those reductions have been embodied in an Act which has already passed this House, and which now only waits the sanction of the other branch of the Legislature in order to be carried into full operation. Nothing remains for me but to bring into one general view the statements put before the House as to the revenue and expenditure of the country, and to show, from the results, how successful have been those measures which the Government, in former Sessions, recommended for the adoption of Parliament, to

which Parliament have given their sanction, and on the continued operation and progressive influence of which I believe the financial prosperity of this country will mainly be found to depend. I shall proceed to lay before the House, in the usual order, first, what have been the actual receipt and expenditure during the past year."

Sir Robert Peel, after proposing great reductions in the Customs, had last year estimated his revenue at 49,762,000l., but the actual income amounted to 51,250,000l. Comparing the estimated with the actual produce (in round numbers), the Customs, estimated at 19,582,000l., actually produced 19,700,000l.; the Excise, estimated at 12,580,0001., produced 13,296,0007; the Stamps, estimated at 7,100,000l., produced 7,660,0007; the Post Office, estimated at 700,000l., produced 791,000l.; the Property Tax produced 5,084,7411., the estimate being 5,200,000l. This deficiency was owing to repayments to persons overcharged. Under the Chinese Treaty 750,8591. had been received. Now with regard to the expenditure. The estimate which was made as to the charge on account of the national debt amounted to 30,795,8581.; the actual expenditure had been 30,607,6617. The result as regards the whole receipt and expenditure for the year was, that while the actual receipt amounted to 52,009,3241., the actual expenditure amounted to 49,4001677., leaving a surplus of 2,609,1571. Deduct 228,5571. for the payment of unclaimed dividends, and a clear surplus of 2,380,6001. remains.

"I have now to state to the House my calculations with regard to future revenue and expenditure,

with this additional advantage, that I am able more confidently to anticipate the future from the observation and knowledge of the past. The Customs produced in the last year, as I have already stated, a sum of 19,768,000l. By the measures which have been in this Session passed through the House, a reduction of duties has taken place to the amount of 1,041,000l. But no one who looks at the operation of reduced duties, in increasing consumption and stimulating employment, can suppose that the reduction will equal the amount of taxes remitted. I should, therefore, not feel authorized in deducting from the revenue of the Customs a greater sum than 400,000l., and this would leave 19,300,000l. So favourable, how ever, are the accounts I receive from the outports, that I am called upon to increase my estimate to 19,500,000l. I find in the leading ports, that during the last six weeks-weeks, be it observed, of considerable uncertainty, and during which the new tariff duties have been in operation-there has been no falling-off in the revenue as compared with the corresponding six weeks of the preceding year; and that there is an expectation that, when the present discussions in Parliament shall have terminated, the revenue will take a spring even beyond what it has taken since the commencement of the year. I feel that I may take the Excise for the ensuing year at 13,400,000l, being 100,000l. more than it produced last year. With respect to the Stamps, from which 7,660,000l. was received last year, I content myself with taking them for the present year at 7,400,000l. With respect to the taxes that remain, I estimate

the land and assessed taxes at the amount they have heretofore produced-4,230,000l. With respect to the Property Tax, I have taken it very nearly at what it produced last year, 5,100,000l. The Post Office I take at 850,000l., being only 60,000l. over that which was received in the course of the last year, as I am anxious to make allowance for the expense of certain improvements going on. The Crown lands I estimate at 120,000l., and the miscellaneous items at 300,000l. From China I expect 700,000l. The total result is, an aggregate revenue for the year of 51,650,0001. Now, if from this revenue I deduct the charges upon the country during the year that is past, amounting to 49,400,000l., it is obvious that there would be disposable at the end of the year a surplus of no less than 2,250,000l. Owing, however, to the increased expenditure in the army and navy, the improvement of fortifications, and other sources of outlay connected with the defences of the country, so large a surplus cannot be calculated upon. The charge for the interest of the debt, which was 28,200,000l. last year, will be reduced to 28,100,000l. this year. The charges on the consolidated fund last year, 2,400,000l. will be increased this year, and amount to 2,500,000l.; that increase arising from measures which Parliament has already sanctioned for advancing from the consolidated fund certain sums for public works in Ireland. With respect to the Army, the charge for which in the last year was 6,715,000l. (that being the expenditure-the estimate was considerably less), I propose as the estimate for the present year 6,697,000l., being an increase of above 140,000l. For

the Navy, the estimate last year was 6,943,000l.; in the present year it is proposed to allot to that service 7,521,000l., an increase of nearly 600,000l. For the Ordnance, the estimate last year was 2,142,000l.; in the present year it will be 2,543,0007. With respect to the miscellaneous estimate, which stood at 3,116,000l. last year, the sum this year will be 3,435,000l., as I wish to keep a margin for additional expenditure in relieving Irish distress. The expenditure, therefore, for the service of the year, amounts to 20,198,000l.; which, added to the charge for the debt, 30,675,000l., makes the whole amount to 50,873,000l.; and this deducted from the total receipt, 51,650,000l., leaves a surplus for the end of the year of 776,000l.; but of that sum 700,000l. is derived from the money acquired by the treaty with China."

To form a correct opinion, however, on such a subject, it was necessary to go farther back than last year. Beginning with 1842, everybody would recollect the difficulties which existed when the present Government came into office. There was a large deficiency to make good; and the Government resolved to restore the finances by the imposition of the Income Tax, and a revision of the commercial system. To show the effect of the measures adopted, Mr. Goulburn referred to the state of the funded and unfunded debt. On the 1st of January, 1842, the capital of the funded debt was 772,530,0001.; the Exchequer-bills outstanding amounted to 19,678,000l.; the total debt, funded and unfunded, amounted to 792,000,000. In January, 1846, the amount of the funded debt was 766,672,000l.;

and of the unfunded 18,442,000l., making a total of 785,115,000l., in 1846, as contrasted with the total of 792,000,000l. in 1842; showing a reduction in 1846 of about 7,094,000l. Taking the average of the deficiency bills (a name given to the debt incurred on every quarter), how stood the account? The average in 1842, was 6,163,000l. ; and in 1846, 2,029,000l.; showing a decrease on the average of the periods of 4,133,0001. The management of the debt, which in 1842 cost 160,000l., was reduced to 93,000l. in 1846; and the interest of Exchequer-bills was reduced from 896,000l. in 1842, to 426,000l. in 1846. The total annual relief on the whole charge of the debt is about 1,500,000l.; and by an arrangement adopted the year before last, a saving of 625,000l. a year would accrue in 1854; making in that year, between them, a total saving of upwards of 2,000,000l. annually. What, then, is the result of the test I have applied in order to ascertain the benefit of the course which has been pursued? I have an increased balance in the Exchequer of nearly 5,000,000l.; I have the capital of the debt reduced by about 7,000,000l.; I have deficiency bills reduced by 4,000,000l. ; and I also have an immediate reduction of the annual charge for the national debt amounting to 1,500,000l., and, ultimately, a reduction on that account of 2,000,000l."

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To show the beneficial effect of the financial and commercial changes on the condition of the great bulk of the population, Mr. Goulburn referred to the Savings Banks returns, to the increased consumption of exciseable commodities, to the decrease of crime, the progress

of education, the extension of church-building, and improved taste in the matter of amusements. "I think I have satisfied the House that these results are mainly to be attributed to the policy the Government has pursued; not hastily or rashly deranging existing interests, and producing immediate distress for the sake of insuring further benefit, but cautiously introduced, and effecting, therefore, a great and immediate, but still permanent benefit."

This Budget " drew forth remarks from Mr. F. T. Baring, Mr. Hume, Lord George Bentinck, Mr. Charles Wood, Mr. Williams, and Mr. Hudson.

Mr. F. T. Baring disputed the surplus specified by Mr. Goulburn. He might be wrong, but he believed that, instead of a surplus, if the China money were placed out of consideration, there was a deficiency of 800,000.

Mr. Hume deemed the statement fair and intelligible, and recommended the Government to re

move, as far as in their power, the assessed taxes.

Lord George Bentinck thought that the Chancellor of the Exchequer had made a great omission in not stating what amount he anticipated from the reduced corn duties. In his glowing speech too little credit had been given for the bounties of the harvests.

Mr. Charles Wood expressed his approval of the commercial policy of the Government.

Mr. Hudson saw no ground for such a congratulatory speech as Mr. Goulburn's. He thought that a speculative Ministry, as the present had been called, would have dashed at tea, and reduced the duty on that article. The whole statement of the Chancellor of the Exchequer was a laudation of the Government measures; so that the right honourable gentleman might be called, like a former holder of his office, "Prosperity Goulburn."

The usual resolution was then agreed to.

CHAPTER V.

Ireland-Prevalence of Assassination and Outrages in that countryLord St. Germans introduces a Bill in the House of Lords for the Protection of Life in Ireland-His Speech on moving the second reading-Speeches of the Marquis of Lansdowne, Lord Brougham, the Marquis of Clanricarde and other Peers-The Bill is read a second time, and amended in Committee-It is introduced in the House of Commons by Sir James Graham on the 30th of MarchIt is vigorously opposed on the Motion for the first reading-Speeches of Sir W. Somerville, Mr. Smith O'Brien, Mr. Shaw, Mr. O'Connell, and Lord George Bentinck-Sir James Graham states the nature and objects of the Measure-The Debate is prolonged by the opposition of Irish and other Members, and is repeatedly adjourned-Speeches of various Members for and against the Bill-A Division at length takes place, and the Bill is read a first time by 274 to 125-The contest is renewed on the Motion for the second reading, which is moved on the 9th of June-Reasons of the delay-The discussion is continued by numerous Adjournments, from the 9th to the 25th of June-Selections from various Speeches-Sir W. Somerville moves an Amendment that the Bill be read a second time that day six months—Mr. Bernal seconds the Amendment-Speeches of the Earl of Lincoln, Mr. M. J. O'Connell, Lord George Bentinck, Mr. Sidney Herbert, Mr. Hawes, Lord F. Egerton, Mr. Colquhoun, Lord John Russell, Mr. Disraeli, Mr. Roebuck, Lord J. Manners, Sir James Graham, Mr. Labouchere, Mr. Stafford O'Brien, Lord Newport, Mr. Hume, Mr. Shiel, the Solicitor-General, the Marquis of Chandos, Mr. Newdegate and Mr. Cobden-On a Division, 292 vote against the second reading and 219 for it-Coincidence of the defeat of Ministers, and the passing of the Corn Bill in the House of Lords-News arrives from America of the Settlement of the Oregon Question-Resignation of Sir Robert Peel's Cabinet-The announcement is made by the Duke of Wellington in the House of Lords on the 29th of June-Lord Brougham adverts to the Oregon Question-Statement of the Earl of Aberdeen-On the same evening Sir Robert Peel declares his Resignation of Office in the House of Commons-His Speech on that occasion-Remarks of Lord Palmerston and Mr. Hume.

THE

HE unusual prevalence of assassinations and crimes of violence in Ireland during the

early part of this year induced Sir Robert Peel's Government to introduce a measure of a coercive

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