7,130,000l.; and he thought he might rely upon it that the total revenue would not fall short of 48,310,000l. This would leave a deficiency of 2,421,000l. to be provided for. Mr. Baring entered into some explanations to show that the permanent deficiency, which he would really have to provide for, would be 1,700,000l., as several items of the expenditure of next year were of an extraordinary character. Under these circumstances, it became necessary to find some means to make up the revenue of the country to 50,000,000l. No taxation could be so injurious as a permanent disorder in the national finances; and the sum they had now to provide for was so large as to make it absolutely necessary for them to act with some degree of boldness.

The question then was-what they should do? Should they fall back on the taxes which they had themselves not long since repealed? -the house-tax, for example, or the tax on coals? Should they impose taxes on things that had been hitherto exempt, place a legacy duty on real property, or a tax on agricultural horses? Were they to lay a tax upon new articles which had come into existence since the present system of taxation-such as gas and steam? Ought they to adopt the once execrated, but now popular, plan of a property tax, or might they not make some arrangement of existing taxation, so as to obtain the required supplies without adding to the burdens of the people?

He was sure that two articlessugar and timber-had already suggested themselves to the house as those with which it was his intention to deal. The present duty on colonial timber amounted

to 10s. a load, and on Baltic timber to 55s. This duty Earl Spencer had proposed to modify by raising that on colonial to 20s., and reducing that on Baltic timber to 50s. a load. Mr. Baring intended to adopt the proposition of his noble friend. From this change in the timber duties Earl Spencer anticipated an increased revenue of 750,000l., but said, that he should be content with 600,000%. Mr. Baring should be content to take the same sum as Earl Spencer. He next explained that the alteration which he intended to propose in the sugar duties would still leave a protection of 50 per cent. to colonial sugar. He meant to leave the duty on colonial sugar at the present amount of 24s. per cwt.; but that on foreign sugar, now amounting to 63s., he should propose to reduce to 36s. per cwt. From this change in the sugar duties he expected an augmentation of 900,000l. to the revenue, but he would estimate it only at 700,000l. From sugar and timber, then, he looked for an increase to the revenue of not less than 1,300,000l.; which would still leave a deficiency of 400,000l. to be provided for. His noble friend had that evening given notice of his intention at an early period to submit the question of the corn trade to the consideration of the house; and if the propositions of his noble friend were agreed to, he should be under no uneasiness respecting the remaining 400,000l. If they were not agreed to, it would of course become his duty to make provision by direct taxation.

Mr. Baring went on to ask the house to look at the present aspect of public affairs. There was the German league extending its influence, and increasing its protect

ing duties; there was the American tariff, and there was the treaty with Brazil, the renewal of which would soon have to become matter of negotiation. But it would be in vain to press upon those nations a liberal line of policy, if this country were to keep up prohibitions under the name of protection; they would retort, we hear what you say, and we see what you do." If there was any intention whatever to admit the produce of foreign countries, the house would see that they ought not to delay and postpone until they lost the markets of the world, and had nothing left but to give way to regret and despair. The Chancellor of the Exchequer then moved a resolution of form, that eleven millions be raised by Exchequer bills for the use of the year 1841. Mr. Goulburn said, he would not at present express any opinion on the proposed scheme for making up the deficiency, but he was at a loss to know how certain measures could produce certain estimated amounts of revenue-how the reduction of the sugar duties, for instance, could be expected to produce 700,000l., or the alteration in the Corn-law 400,000l. And he wanted to know whether that 400,000l. was in addition to the 1,200,000l. produced from the same source last year, and included in the amount of Customs revenue, upon which the present estimate was framed? Mr. Baring had given no explanation of these points. Mr. Goulburn then recapitulated the history of the financial administration of the present government, and reminded them that he had all along warned them of the consequences of an increasing expenditure, while they suffered the deficiency of the re

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venue to become greater year by year. He asked also how the deficiency of 1,800,000l. of last year was to be paid to which Mr. Baring answered that 800,000l. had been vested in exchequer-bills for that purpose, and 750,000Z. would be paid out of the funds of the savings banks.

Mr. Hume, Mr. Ward, Mr. Villiers, and other members of strong liberal opinions, expressed their satisfaction at the nature of the ministerial measure, and the contemplated reduction of duties. Mr. Christopher and lord Francis Egerton commented severely on the expedient just announced of altering the corn-laws, which they contended was obviously taken up to serve a party purpose, and was now hung up by lord John Russell's notice for a period of five weeks, to agitate the country. Viscount Sandon demanded from the government, in explicit terms, an explanation of their intentions on the subject, which lord John Russell then gave in general terms. He said he should propose a moderate fixed duty, a principle which he had already supported, and the measure would be brought forward as a measure of the governmenta government united on the subject; for viscount Melbourne would not regard the taunts which were uttered against him. Lord John Russell said, he thought the time was come when it was necessary to apply the unanswerable theoretical arguments upon which were based the principles which the government had adopted.

Sir Robert Peel condemned the wanton and unnecessary suspense occasioned by the delay of lord John Russell's motion, and by the ambiguity as to whether it was intended to raise a duty of

400,000Z., or 1,200,000l. from corn. Unless lord John Russell consented to submit his motion at once, he might be compelled to do so; for the house would not make itself an instrument of agi tation. With professions of retrenchment on entering office, and a surplus revenue, the government would be left at the end of the present year with an accumulated deficit of 7,500,000l., in the face of a rising expenditure. If the opposition had voted for the estimates, it could not share the responsibility of that state of the finances, for it might object to the policy which had rendered those estimates necessary. Whatever might be the merits of Mr. Baring's propositions in themselves, it should be remembered that the immediate question was that of revenue; and how would the country be extricated from its difficulties, if his expectations of increased production were disappointed.

Viscount Howick supported the proposition of government, arguing from the evil effects of the Corn-law: he was of opinion that the five weeks' suspense, of which complaint was made, could not produce more uncertainty than the existing law itself.

Mr. Labouchere promised to discuss the great questions involved in Mr. Baring's announcement on a future occasion. He now explained that government were prepared to extend their revision of the tariff to other branches of trade; but first they must grapple with the most important question-that of the Corn-laws. He denied that the revision of the tariff was a party-question; and appealed to the concurrence of different parties on the subject in manufacturing towns and in the city of London,

to show that the popular interest in the subject could not have been created by the mere circulation of the report of the committee on import duties, or by the manoeuvres of any one party.

The debate on the budget was protracted to considerable length; but the foregoing summary embraces nearly all the more important arguments which were adduced by those who took part in it.

It may well be supposed that announcements of so much importance, and pregnant with such weighty consequences to all the great interests of the community, excited a very general and powerful sensation in the public mind. Immediately, both the friends and opponents of the ministerial plans began to prepare for the approaching contest; the one to organize the means of stirring up public feeling in its favour; the other to combine in opposition the strength of all the various interests which were likely to be prejudicially affected by the change proposed. The anti-Corn-law party set to work with great activity to organise new associations, to despatch lecturers and emissaries, who might rouse the public mind throughout the country, and to get up requisitions for public meetings in the principal towns. On the other side, meetings were convened of parties connected with the shipping and North American interests of the planters, merchants, and others interested in the West-Indian colonies, of the representatives of East Indian property, of the societies for the abolition of slavery, whose alarms were excited at the prospect of the impulse which a reduction of the sugar duties would give to slavery

in Cuba and Brazil; and measures were taken for promoting an union of all these powerful parties with the agricultural body, to resist the blow threatened against their various interests by the government, But though the war was thus actively begun in these quarters, the excitement was by no means generally diffused among the great body of the people; the measures proposed were not of that broad and tangible nature which are alone calculated to excite the active sympathy of the multitude;-moreover, the projected changes bore too obviously on their very face the character of temporary expedients brought forward to serve the purpose and stay the fall of a party; and want of faith in the sincerity of those who proposed to carry them into effect, prevented any active spirit of co-operation on the part of those who were not otherwise interested in supporting the government. In Parliament, the opposition lost no time in coming to the attack. On the 3d of May, the duke of Buckingham, in presenting in the house of lords 120 petitions against a repeal of the Corn-laws, attacked viscount Melbourne upon his inconsistency in now joining with his colleagues in an alteration of those laws, after the strong language in which he had formerly expressed his opinions on the subject. He quoted the following remarkable extract from a speech delivered by viscount Melbourne, in reply to the proposition of a noble lord on the subject:

"His noble friend had carefully abstained from stating what it was that he meant to do-whether his object was to have a fixed duty, or a diminution of the present ascending and descending scale; but

whichever of these alternatives was his noble friend's plan, as he saw clearly and distinctly that that object would not be carried without a most violent struggle without causing much ill blood, and a deep sense of grievance-without stirring society to its foundations, and leaving behind every sort of bitterness and animosity-he did not think that the advantages to be gained by the change were worth the evils of the struggle, by which their lordships might depend on it the change could alone be effected. They had seen great changes at no distant period-changes which had stirred society from the bottom, which had excited man against man, divided the whole country into parties, and left behind the deepest feeling of discord and enmity. He for one was not for adding to those feelings by rashly adventuring to stir and agitate them; and upon those general grounds he felt himself justified in saying 'no' to the motion of the noble earl." [The reading of this extract was followed by a loud burst of cheers from the Conservative benches, which lasted for several minutes.]

Viscount Melbourne thus vindicated his own consistency:

Unquestionably I have often stated the opinion, and at the present moment I feel the same sentiment, expressed in those words of mine which the noble duke has quoted. I know that there are many reasons-I know there are many reasons and grounds which render the agitation and discussion of this question liable to great objections and fraught with considerable evil and danger, [Loud cheering from the Conservative benches.] But at the same time, I beg to call to the recollection of your lord

ships, that on every occasion in which I addressed the house on the subject, and whenever I opposed its discussion and consideration, it has always been on particular and temporary grounds. [Loud cheers from the Ministerial side of the house.] And on the measure itself, I have always reserved my opinion. [Continued cheering.] I have always stated, that I would never pledge myself to the law as it at present stands, seeing that the time might come when it would be necessary to take the question into consideration, and to settle it on another basis from that on which it at present rests." [Cheers from the Ministerial side.]

"That time has now arrived those circumstances have now arisen -when we find that it is requisite to meet the present exigencies -when we find it necessary to take large, wide, and extended financial measures; and doing that which affects other interests seriously and deeply, it appeared to us impossible to leave this main and master interest unchanged under such circumstances and in such a crisis. [Loud cheers from the Ministerial side of the house.] Undoubtedly I have changed the opinion which I formerly held[Great counter-cheering from the other side]-grounded as that opinion was on purely temporary interests." [Renewed cheering from the Ministerial side.]

The earl of Ripon asked whe ther the alteration in the Corn-law was to be on the principle of taxation or protection-if on the former, all the arguments of the anti-Corn-law league vanished into thin air, and there was an end of those appeals which were made to the passions of the multitude. The principle of protection rested on

humane and consistent grounds; but by abandoning this, and by taking up the new ground of taxing corn for revenue, you would do that which had never been attempted in any country of the world, and which would be the most impolitic, unjustifiable, and cruel act, ever imposed upon a reluctant parliament.

Viscount Melbourne said, unquestionably it will be upon a principle of protection.

The carl of Winchelsea observed that it was a universal axiom that no country should be left dependent on others for the necessary articles of subsistence. That principle was now to be abandoned. "This tax," said the noble lord, "has been threatened to raise the popular cry of 'Cheap Bread;' and now, having pursued a course of policyforeign, domestic, and colonialthe most adverse to the interests of the kingdom, her Majesty's government shortly intend to go to the country, by a dissolution, with that cry in their mouths, and by clamour seek support and confidence. But the people of this country are too reflecting to be thus deceived. They know that cheap bread means low wages." [Loud cheering.]

Some further desultory discussions on the same subject took place in the house of lords, on the presentation of petitions, by earl Fitzwilliam for a repeal of the Corn-laws.

In the house of commons, viscount Sandon, a very few days after the announcement of the financial projects of the government, gave notice of the following resolution, which he would move on going into the Committee of Ways and Means. "That, considering the efforts and sacrifices