believe that those proceedings could have the effect of inducing Parliament to alter that policy which it had adopted, to which the intelligence of the country was irreVocably pledged, and which he was convinced would never be departed from. Lord Redesdale did not oppose the Bill, but he protested against the late introduction of it. The Earl of Granville alleged in explanation the protracted debates in the other House. The Duke of Argyle remarked that Earl Grey's speech contained no allusion to the slave trade. He was no Protectionist, and if he wished that system to endure in the West Indies, it was only in order that every means, direct and indirect, might be used to suppress the tended that free labour could never slave trade. Earl St. Vincent concontend with slave-labour. Lord Denman addressed the House, in a speech bearing chiefly on the slave question, and on some matters personal to himself. It had been supposed that he had a personal interest in this matter, because one who was dear to him was largely engaged in it. On that subject he was utterly indifferent; the professional reputation of that individual might take care of itself. It had been said that he was a leading member of the Anti-Slavery Society. It so happened that he never was a member of the Anti-Slavery Society; he never even subscribed to it; he never attended their councils. The noble and learned Lord then went on to say"A very formidable attack has been made upon me by a newspaper of high reputation and great name, and which is supposed to have lately passed into the care of a noble Earl, a person of great and high talents and attainments, and connected with a still more important personage, and also with a member of the Committee which inquired into the slave trade; and the proceedings of the Committee are in some degree detailed in that newspaper, the Morning Chronicle. Therefore I feel anxious as to what your lordships may think of this. I am accused of injustice and illiberality under the mask of justice and humanity, and even of calumny. The calumny is, that I made strong observations on the evidence of Dr. Cliffe, who states himself to be a slave-trader; that is to say, the worst man on the face of the earth-the greatest criminal-condemned by the laws of three countries in Europe, and the laws of the country in which he was born. I believe what he confesses, but I do not believe what he states in his own favour. I do not know that he has ceased to be a trader: he expresses that he was a slaveowner, but that he abstained from motives of humanity, and because he was so shocked at the horrors which were committed that his delicate nerves would no longer allow him to proceed in it. Have I no right to examine the history of a witness who comes to offer voluntary evidence before a Committee, as to his former conduct? Am I not to judge from his own story whether he is entitled to be believed? He declines on two or three occasions to enter into some particulars which the Committee ask. He says, I have told you I should lead an uncomfortable life in the country to which I am going, and you will be spending more money in your efforts to put down the slave-trade.' He seems to have some secret; but this he does not tell, because he is afraid we shall spend our money. I am asked, Would you not, as a judge, hear the evidence of a person who has ceased to be a thief?'-I would hear the evidence of any man; but if he offered me counsel as to how I should suppress crimes in which he had himself been engaged, and he should let them be carried on to an extent in which a person was tempted by high profits to pursue them, I should know whether I was dealing with one who had those profits in his eye." Lord Denman then turned to the general subject. He predicted that in the next six or eight years there would be a great glut, a great demand for slaves, and subsequently an insurrection of those slaves, and a massacre of all the white proprietors. Who could contemplate that without horror? After all, would it abolish slavery? The slaves consisted of various nations, and were often in a state of absolute hostility to one another. The massacre would not be confined to whites; it would be the destruction of all. The second reading of the Bill passed without a division, and it underwent no further debate until it became law. CHAPTER II. Finance-Division of Public Opinion, at the commencement of the Session, respecting the National Defences-Views of the Free-Trade Leaders on the subject-Lord John Russell makes a Financial Statement on the 18th of February-His Speech-Detail of the Income and Expenditure-Proposition for continuing the Income Tax for Three Years at the increased Rate of Five per Cent.-Unfavourable reception of the Ministerial Statement by the House-Sir Charles Wood endeavours to propitiate the Opposition by moving that the Army, Navy, and Ordnance Estimates be referred to a Select Committee-Observations of Mr. Hume, Lord George Bentinck, and other Members— Great Agitation excited in various parts of the Country by the proposed augmentation of the Income Tax-The Chancellor of the Exchequer announces on the 28th that the Government do not intend to press the Resolution for increasing the Income Tax-His Statement of the Financial Prospects of the Country-Speeches of Mr. Wakley, Mr. Cobden, Lord John Russell, Mr. Disraeli, and other Members. The public feeling is turned by these discussions to the unequal pressure of the Tax as then existing-Mr. Horsman proposes a Plan for graduating the Tax in respect to different kinds of Property-The Chancellor of the Exchequer and Lord John Russell oppose the Motion-It is rejected on a division by 316 to 141-Mr. Hume moves that the Tax be renewed for One Year only instead of Three-Sir Charles Wood opposes the Motion-General discussion on the Income Tax-Sir Robert Peel defends his own Measure and Policy-He is answered by Lord George Bentinck-Mr. J. Wilson defends, in an elaborate speech, the Free-Trade Measures of Sir Robert Peel-Mr. Disraeli argues on the other side-Mr. Gladstone vindicates the recent Commercial Changes in an able speech-Speeches of Mr. Cobden and Lord John Russell-The Debate, after two Adjournments, ends in the defeat of Mr. Hume's Motion by a Majority of 225Sir B. Hall moves that the Income Tax be extended to Ireland-Summary of his arguments-It is opposed warmly by the Irish Members, and resisted by the Government-Majority against it 80—Unsatisfactory position of the Finances, with an anticipated Deficit-The Chancellor of the Exchequer promises to make a definite statement before the close of the Session-On the 25th of August he enters fully into the state of the Revenue, and announces his plan for supplying the deficiency-Proposition to raise 2,031,2261. by a Loan-Dissatisfac[D] VOL. XC. tion created by this Proposal—Mr. Hume strongly objects, and again urges retrenchment of the Expenditure-He renews his objections on the 29th, when the Bill for giving effect to Sir Charles Wood's Plan is before the House-Speeches of the Chancellor of the Exchequer, Mr. Henley, Mr. Drummond, Mr. Spooner, Mr. Cobden, Mr. A. Smith, and Lord John Russell-Mr. Hume's Motion for rejecting the Bill is negatived by 66 to 45, and the latter is passed. SCARCELY any part of the ministerial policy occasioned so much dissatisfaction during the present session as that which related to the public finances. It forms a prominent chapter in the history of the session, and the retractation and variation of the schemes proposed by Government makes it necessary to devote to it a more extended space than is usually allotted to Finance in this volume. The Budget was originally announced for an early day-the 18th Februarybut, for reasons which will presently appear, the financial arrangements remained unsettled almost till the close of this very protracted session. It is necessary to premise, by way of introduction to the statement of the Prime Minister, now about to be given, that shortly before the reassembling of Parliament the validity of our armaments for the purpose of national defence had been the subject of much discussion in the public prints, and some eminent authorities, both military and civil, had expressed a good deal of distrust as to the predicament in which this country might be found in the possible contingency of a sudden invasion. On the other hand an active party, consisting mainly of the popular champions of the Free-Trade movement, had strenuously denounced such alarms as chimerical and delusive, and had avowed their opinion, that a reduction rather than an increase of military force and expenditure was called for by the circum stances of the country. It was naturally anticipated that the Government, in framing the Estimates for the present year, would exhibit their adhesion to one or other of these views; and this circumstance gave additional interest to the financial statement of the Premier. In opening the contents of his Budget, Lord John Russell rapidly surveyed the commercial distress caused by the scarcity, the high price of corn, &c.; its effect on trade, on the social condition of the people, on the Excise, and on the sources of the revenue generally. Mr. Huskisson had remarked, in 1817, that after a great famine a falling off of ten per cent. in the revenue ought not to be made a subject of wonder. Lord John also reminded the House, that in the last statement made by Mr. Goulburn, before he went out of office, he only took some of his estimates for three quarters of the year to which his speech applied. That circumstance, with some others, had transferred 628,0001. which ought properly to have been included in the expenditure of that year to the expenditure of the following year, 1847-8, apparently augmenting a deficit which was really no more than 304,000l. Lord John also took credit for the increase of revenue derived from the alteration of the Sugar Dúties, which yielded 3,574,000l. in 1845, and 4,414,000l. in 1847. The balance-sheet of the past year was presented on the 3rd of February, 1848. From that it appeared that there was an excess of expenditure over income during the last year of 2,956,6831.; but in that sum was to be included 1,525,0007. granted for the relief of distress in Ireland, and 450,000l. the remaining China money, which was stopped at the Cape of Good Hope on its road to England and applied to the purposes of the Caffre war. The real excess would be 981,6831. Lord John recited the estimate made by the Chancellor of the Exchequer for the past year, and stated the produce, of the revenue upon an estimate formed for the remainder of the year to the 5th of April, 1848. The Customs, estimated to produce 20,000,000l., had only produced 19,774,000l.; the Excise, estimated at 13,700,000l., had produced 13,340,000l.; Stamps, estimated at 7,500,000l., produced 7,150,000l.; Taxes, estimated at 4,270,000l., produced 4,340,000l.; Property Tax, estimated at 5,300,000l., produced 5,450,000l.; Post Office, estimated at 845,000l., produced 923,000l.; Crown-lands, estimated at 120,000l., produced 60,000l.; Miscellaneous, estimated at 330,000l., produced 325,000l.; the whole estimate, calculated at 52,065,000l., had produced 51,362,0601. Referring to some of the more important items, Lord John Russell stated that there had been an increase in the produce of duties on molasses, sugar, rum, and tobacco; but, on the other hand, there had been a decrease in the revenue derived from the duties on corn, timber, wine, malt, and spirits. The estimated expenditure for the year ending on the 5th of April, 1848, was 51,576,000l.; but the excess on the Navy Estimates had been 185,000l., on the interest on the Loan 280,000l., and interest on Exchequer Bills 142,000l. The expenditure actually voted for the year 1847-8, including several sums which were not contained in the budget, was 52,315,7097.; the estimated receipts to which he had alluded were 51,362,0601., leaving a deficiency of 953,6491. Lord John stated the estimate of the revenue for the year commencing on the 5th of April, 1848, and ending on the 5th April, 1849:Customs £19,750,000 Excise 13,000,000 Stage-coaches Stamps. Taxes Income Tax Post Office Crown lands Miscellaneous . 500,000 7,200,000 4,340,000 5,200,000 900,000 60,000 300,000 making a total amount of 51,250,000l. Taking the expenditure voted at 52,315,7091., and the estimated receipt of revenue for the next year at 51,250,000l., there would therefore be a deficiency of 1,065,7097., that is, on the supposition that the expenditure would be the same in 1848-9 as in 1847-8. But there was at present a sum of 245,500l. due for the expenditure of the Navy for the year ending in April, 1847; there was also a sum of 1,100,000l., to be paid for the expenses of the Caffre war; and, taking these two sums, together with the deficiency which he had already mentioned, there would be a deficiency of 2,141,2091. Now he had been desirous to lay this condition of the finances at an early period before the House, in order that it might take it into the fullest consideration, and might resolve upon that course which was most fitting to the interests and the credit of the nation. Various courses were open to the |