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FINANCIAL REFORM. )

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FINANCIAL REFORM. ) (From the Times.) I Mr. M'Gregor has published his tinanml programme, ) and Mr. M'Gregor, from his previous studios as a sta- tistician, has a better right to publish such a document, than nine-tenths of the multitude with whose schemes we shall he shortlv inundated. The public will be the gainers by the discussion of these amateur budrts., V. -J ll1.c no apprehension of the adoption ot any such insane plan of financial reform as would go to shake the credit and imperil the security of the empire. The ar- gument should be met broadly and fairly, and with as little vague declamation and visionary prognostications of a dNmal futurity as may be. Even from the enemies of the British constitution, from those who would cut otf all connexion with the past, and reduce the political and social systems of this country to the level of others which exist und r totally dissimilar conditions from our- selves, useful hints may be drawn. For example, the moment is not arrived for cutting our colonies adrift, or for handing over the vast empire of British India to the jr.erey of a regiment or two of New Orleans volunteers or 'i'exian sympathizers. Ireland cannot yet be left un- garrisoned, nor London be abandoned to the drunken fury of a gall of such nameless ruffians as threatened us with conflagration and piilae during the course o( the last spring and summer. We may, however, obtain certain advantages from the labours of those who review, even in a spirit of hostility, ever y item of the public expenditure. Mr. M'Gregor sets forth fairly enough the fact that when very nearly i: 17,000,000 are expended on the pay- ment of the interest of the public debt, and upon the Army, Navy, and Ordnance, it is to this sum alone we can look with any reasonable prospect of effecting a considerable reduction in the taxation of the empire. Even so the issue must be narrowed still more. illr. 1\1'Grl'{or distinctly asserts, and his assertion is entitled to belief, that he at least has no thought of tampering with the hypothecated credit of the country. The failure of that credit would inflict a penalty upon every one of Iler Majesty's subjects far more grievous than the j-m merit even of our present heavy taxation. In Great Britain it would be ruinous to those who now employ others, and it would throw those employed out cf work. The ca1;).m¡y of a stoppage of the payment of the dividends or the interest of the National Debt would break up every monetary and commercial engage- ment in the "United Kingdom the riahts of property, whether in land s or moveables, would roo lunger be sacred liank Stock, India Stock, and all other stocks, together with private banks and private cedit, \1J1Il:l [ all he involved in the general calam'ty of a national bankruptcy." Mr. M'Gregor has a right, then, to credit for his assertion that the sacred principle of public credit, as far as he is concerned, shall be preserved in- tact. Where interests of such magnitude are at stake, we should not feel inclined to place implicit confidence in the mere assertions of any man. Were this phrasing merely ancilliary to a revolutionaiv proposition it should be discarded at once. Such is not the case of Mr. M'Gregor. In his opinion not only must the principle of the payment of the di,idends of the national debt be preserved, but with all his ingenuity lie cannot discover how it is that more than £ 5,304,000 of taxation can be taken off. For this reduction we must look to the army, navy, and ordnance for £ 4,250,000. The reductions the iuirj. member for Glasgow purposes, without im- pairing the efficiency of these branches of the public service, are- For 1S47. f. £ The Naval Expenditure, to 6,500,000 7,510,405 The Army, to 6,000,000 8,013,873 The Ordnance, to 1,750,000 2,947,869 £ 14,250,000 1:18,-50-2,IL17 I The question, then, upon which so much discussion is likely to arise can be thus narrowed to two very intelli- gible issues :—What degree of force is it necessary to maintain for the security of the country ? How can this force be maintained at the smallest possible ex- pense Upon the answers to these two questions will depend the solution of the pompous problems of the Financial Associations and financial reformers in or out of Parliament. Good will arise from this discussion in two ways. In t"e first place, we shall no doubt effect a saving of some £ 4,000.000 or £ 5,000,000 on the total sum of £70,OOO,OUO (we include county-rates, &c.) which is an- nually levied from the inhabitants of the British isles. This, as far as it goes, will be a good, and a great good. In the second place, we may at length hope to see an end of the declamatory stuff of those pothouse orators who are in the habit of presenting to an admiring audi- tory the Duke of Wellington and the Archbishop of Canterbury as drunk and bloated on the spoils of the industrious poor. We have but one wish, which is, that ail may be made so clear that every man in the three kingdoms, of sane mind may be able to understand the justification and necessity of every penny that is taken in the shape of taxation from the pockets of the people. Wp have spoken of a positive reduction, and of a positive point where the reduction can be effected. So far we heartily go with Mr. M'Gregor, if he can make out his case. This much, however, is far from giving a just idea of his entire scheme. Not only would lane- duce, but he would shift burdens. He would LI(WOby a coup de baguette, that which no thinking man would wish to see effected but by degrees, and with the most extreme circumspection. He would abolish all Customs' duties but on eight articles, and these, with the excep- tion of tea and sugar, purely articles of luxury. From this source he expects to derive £lH"jOO,OOO From the Excise, again, he would hope to receive £ lk,200,000 upon his scheme of reduction. It may not be amiss to place lr. scheme before our readers, that they may judge of its A gross expenditure, including charges of collection, and all payments now made in its progress to the Exchequer £ 53,000,000 | To meet which I propose — 1.—DUXTKS OF CUSTOMS. (A) Tobacco. 4,000,000 (H) Sugar (at present duties) 5"500.(),)!) (C) Distilled spirits, all kinds. 2.500,000 (D) Wines (at dillies adjusted fur revenue) 2,000.000 (E) Spiccs of ail kinds 100,000 (F) Fruits or all kinds 500,000 (G) Tea, at 1", per lb. 3,000,000 (H) Silk manufactures, and other articles cf luxury, fit all ad valorem duty, ex- cluding all raw materials and articles of food 900,000 2.—EXCISE, RXNUN ONE OFFICE WITH STAMPS. PphitsnndM:ut.i:?,000.000i n<?? LIcpns-s 1,20010?,,o 11?00,000 Stamps, Legacy Duty, and probates. 7,500,000 -,I.o.s 2,30 1,000 4.—Crown Lands (should give more) 500,000 Total from ordinary sources £ 11,000,000 6.-Duty of 5 per cent, upou the rents or profits of all realized property, whether funded, houses, lands, warehousos, docks, East India Stock, Bank Stocl:, ird all stocks and shares whatever, bought and sold in the market, which I estimate at 220,000,000 sterling per annnlm. 11,000,000 Total estimated revenue to meet esti- mated expenditure £):2,000,000 We are fully prepared to admit the desirability of many of the chang-es proposed. For instance, could the Exchequer bear the strain, no one could for a moment advocate the policy of maintaining the Excise duty upon bricks or upon snap. No one would deem it ex, pedient to saddle the house property and commercial transactions of the country with the stamp upon fire and marine assurances — no one but would be willing to reduce the tea tax to Is. per pound, and to abolish the assessed-tax upon windows to-morrow. Even as at present some of these changes may be politic and cx- pedient, but it would secm little short of insanity,with an untried futlire before llS, and at the vpry 11Iomllt th" commercial and agricultural interest. of the country-are just failing into the new groove rut for them in to pive up ail hold on the past, and confront a certain ex- penditure with an uncertain revenue. We dread these neat cut-and dry scheh1rs, which strike so neat a balance upon paper. Fifty-two millions, expenditure per an- tra, fifty-two miiiionf, receipts. What can be more de- lightful ? The office of the Chancellor of the Exche- quer may amongst others as well be abolished. The, machine wiil work of itsdf, Deficiencies will be 1111- heard of things upon the schenw of Mr. M'Gregor, if all goes right. It is, however, difficult not to be struck with the fact that this amateur budget mainly rests upon Customs derived from articles of luxury, and upon a property-tax which would appear to be somewhat in contradiction of the returns that have been made to Parliament hitherto upon the subject. At any rate, however, we shall be glad to see such in- quiries followed up in an honest and straightforward spirit, and met with openness by the Government. y, have not the smallest desire to pay in the shape of taxt's one shilling more than we can help.

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