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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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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 people ^ that the war was undertaken for the defence of" tueir most sncred 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 vviU find credence with a large portion of the jgnw * * priest-ridden people , whom the House of AUpaburg has under its control . But notwithstanding the sacrifices of the people , and the valour ot me army , the " snored interests " did not proper , so Francis Joseph felt it Ms duty to » stc V ° , * T « tares of peace . Ho knew that to oo »*» V » * £ war would demand a yet hoavior expenditure ot Wood and treasure , and no odds : "^ fi ^*™*** success would have remained , doubtiu 1 . since I have been so bitterly deceived » n my well-founded hopes , that , this contest not having been entered So for tho ' doftneo of the ri g hts o ? Aus na only , I should not bo loft alone in it . In spite ot tlw ardent sympathy , worthy of acknowledgement , " vhlcli tho Jiitio / of our cause baa inspired , for the most part in tho journals and peoples ot Germany , our national allies , our most ancient allies have obstinately refUaed to recogniao tho great importance of the grand question of the day . Consequently , Austria would have , boon obliged all
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The reason assigned for making the estimate so small , is the statement that the Exchequer has 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 _
may be prudent in the Chancellor of the Exche - quer 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 his 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 occa-, , • *" t 1 _ _ Tl _ /• _ i _ 1 : _ TT 1 ' ¦*
sion 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 * . for the expense of collecting the revenue , not included in the expenditure at the former period , the increase will be 15 , 000 , 000 to the
In the interval , the income assessed Property and Income tax may have increased , includinor the whole empire , about 38 , 000 , 000 . The ( lovemment 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 got hold of the chief advantages which should have gone to industry from free trade , becomes tin
particularly alarming when we notice now ue - 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 harbours 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 government , and iio respect for the
property of individuals , while they are dependent tor 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 tune the plausible pretext which demands for supposed improvements at their hands supply to increase the expenditure . So it has been steadily augmented , exclusive of the war expenses , at the rate , on the average , siuce 1850 , of about 1 , 500 , 000 / . per annum .
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 revenue 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 the Chancellorwill not allow
to the knowledge of , us to endorse his assertion that the Exchequer has already received , in 1859 , 1 , 000 , 0002 . 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 9110 , 897 / ., greater than the value of the
ex-, ports 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 f . in four months , ' the quantities of commodities imported on which duties Tvill be paid have already been much greater in 1859 than m 1858 . The interruption to trade , caused by war , is now at an end , and there is every probability that our trade will be proportionably more increased in the last than in the first six months of
THE BUDGET . — MR . GLADSTONE'S MISCALCUJLATIOISr . The substance of the Chancellor of the Exchequer ' s long speech oh the Budget may be stated in a fewwords . 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 , O 0 ( M . 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 yeai * , however , Lord Derby , Sir John PaKngton , 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 office , the revenue was nearly 3 , 000 , 000 / . ( 2 , 929 , 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 no less than 69 , 207 , 000 / ,, or 4 , 600 , 000 / . more tlian 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 inado 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 Hid . He proposes to levy the tax » for the whole year in the next six months , and make the public P « 7 i by these additional rates , 4 , 000 , 000 / , more Eny / i l > y these additional rates , 4 , 000 , 000 / , more
otween this and next April , into the Exchequer , than the previous rate of taxation would yield . Moreover , tho maltsters are at present allowed to collect money iVom tho public , which they are not required to pay immediately into tho Exchequer , and tho Chancellor expects to get 788 , 000 / . this year by curtailing tho period they are allowed to hold this money . Before the Public approves of these now charges on income , there are some circumstances whioh it -ought to take aoriously into consideration . First , the Chanoolloi * of the Exchequer cstimatoa Jho revenue from tho present taxes to the end of March , I 860 , nt 64 , 340 , 000 / ,, or at 1 , 137 , 000 / . loss than tho aotuul revenue of the last finnnoml yoar
1859 . In addition to these reasons for anticipating a larger revenue in 1860 than in 1859 , the Chancellor informs xis 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 contradistinguished from the revenue of the Government , on which the Property and Income tax is levied , has increased year af ter year , since the tax was imposed , and that this increase was
proportionably 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 , 87 . 4 , 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 have been noticed in-the Daily News ; and we have evary reason to- believe ^ that every specios of property assessed will increase as much in tho present year . Should it increase in the same proportion , the income tax next year will be , at tho present rate , Tho
230 , 000 / . more than last year . commissioners also inform us , that in 18 fi 8 there was a large increase in the legacy and succession duties ; and they give us no reason to suppose that these taxes will yield less in tho present year , Finally , one quarter of the financial year has already elapsed , and in tho quarter there is an actual increase of 212 , 290 / , as compared to tho same quarter of lnst year . This fact alone gives us reason to anticipate in tho yoaji" , disregarding the assumption of sugar and tea duties paid in ndvanco to tho enormous , amount specified by Mr . Gladstone , an increase on tho revenue of 1858-9 of
800 , 000 / . The revenue of lnst 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 is every probability that the revenue will be oonsidorably greater in this yenr than tho last year . It
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^————¦—^ t ^; = — — SUBSCRIPTION TO "THE LEADER . " ONE GUINEA PER YEAR * UNSTAMPED , PREPAID . ( Delivered Gratis . ) ¦—————^^—a ^ f——mb^—
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NOTICES TO CO-RESPONDENTS . No notice can be taken of anonymous correspondence Whatever is intended for insertion must be authenticated by the name and address of the writer ; not necessarily for publication , but as a guarantee of his grood faith . it is impossible to acknowledge the ^ mass of letters we receive Their insertion is often delayed , owing to a press of matter ; and when omitted , it is frequentfy from reasons quite independent of the merits of the communication . . We cannot undertake to return rejected communications .
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OFFICE , NO . , CATHERINE-STREET , STRAND , W . 0 .
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SATURDAY , JULY 23 , 1859 .
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There is nothing- so revolutionary , because there is nothing ' so unnatural and convulsive , as the strain to keep things fixed when all the world is by the very law of its creation in eternal progress . —I > Ri Aksoid . . —' —^
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»™»»^—No . 487 , - . 'JW . T 98 , . 1850 . 1 THE LEADER . 865 M^—gWCl ^^^^ " ^^ ¦¦ " : . _ ¦ ¦
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Leader (1850-1860), July 23, 1859, page 865, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2304/page/13/
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