Newspaper of The New York Herald, March 20, 1845, Page 1

Newspaper of The New York Herald dated March 20, 1845 Page 1
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THE NEW YORK HERALD. Vol. jau, Ho. 78?w hoi* Ho. *040. NEW YORK. THURSDAY MORNING. MARCH 30, 1845. Prle* Two Mntk VpMlal Exprcu of Adams ?fc Ob. HIGHLY IMPORTANT NEW8 FROM EUROPE, ONB MONTH 1ATBB. Arrival of the Steam-Ship Cambria. MEETING OF PARLIAMENT. The Queen's Speech. Financial Statement?Debate on the American Tariff. JKcpeai of tile Duty on Cotton Wool, Coal, Glaus, and Staves. ADVANCE IN COTTON. Money Market Easy. No News of the Missing Packets. DEATH OP THE REV. SYDNEY SMITH. Abandonment of the Right of Seareh. Aril vol of the Overland Stall, (TO. ETC. ETC. The uteaui ship Cambria, Capt Judkina, arrived at Boston at half-paBt ten o'clock on Tuesday mor ning. She left Liverpool at Three o'clock in the afternoon of the 4th inst. We have advices from all parts of Europe, one | month later than those brought by the Hibernia. The news is of the most important character. We have not received in the last quarter of a cen tury any intelligence so interesting?so important to this country?to the whole civilized world. It is to be seen that there is not the least danger of a war between America and England?that all accounts indicate peace?peace?peace. The policy of Great Britain is now to concede the most humane and self-preservation policy the could adopt. She hat abandoned the right of ttarch j ?ihe makes no allusion to Texas?she has opened her ports to American produce?she, in a word, ttckt \ to consolidate peace?everlasting peace, with the United States of North America. Ttiis intelligence has come almost unexpectedly, | almost like a clap of thunder in mid-winter upon us. It exhibits at once the present leeling of Great Britain towards this country and the course she is determined to pursue to conciliate us. All this ferling has undoubtedly been produced by the bold and fearless Utter of John C. Calhoun to our Minis ter in France. That famous despatch has done more to prevent a rupture between England and A n.'rica, than any thing we can name. The packet ship Ville de Lyon, Stoddard, from Havre, whence she sailed on the let ult. for New York, struck on the rocks off Noufsrville, near La Hague, on the 2d, and wsb totally lost. Trade in the manufacturing districts was in a | very healty atate. The Cotton Market in Liverpool was buoyant? | every one prognosticated the heppteat resultsfrom the abolition of the import duty on the raw mate-1 rial. The large demand had advanced the price of some descriptions about an eighth, but the im provement was not general. The remission of the J duty will take nlace when the bill passes. The abolition of dutieB goes into effect irnmedi-1 ately. The Earl of Morrington brother of the Duke of | Wellington died on the 22d ult. The financial report of Sir Robert Peel exhibits a very satisfactory atatement. The modifications of | the Tnriflf, must have a very favorable effect on the fureizn trade of the United States. In this financial statement, besides the duties on I cotton wool, coal, glass, auctions, and staves fori casks, which he proposes totally to repeal, it is al. so proposed to abolish the whole duties on 430 mis cellaneous articles, and the duty on sngar partially. The income tax is to be continued, and will probably extended to Ireland. The repeal movement in Ireland has almost died out; it seems to be in its last flicker. The foreign events ol the last two or three weeks pos ess little interest, if we except Switzerland, where th" violence of party conflict has again made | itself manifest in the affair of the Jesuits. Mat ters look threatening; but hopes are entertained that the quarrel may subside, as family quarrels j ought?in both parties giving way a little for the purposes of harmony and good fellowship. The European Timet sa)s that "few things have given 111 "re satisfaction in commercial circles than { the intelligence which came to hand by the last picket, that the State of Pennsylvania has paid the interest of its debt for the current six months. It is devoutly to be wished for the credit of | An\"rica in Europe, that the payments for the time to come may be punctual. There is one re gret to mar the satisfaction?poor Sydney Smith lb dead. Pity that he was not permitted to see the restoration of American credit and character, which it is thought, he was not a little instrumen tal in bringing about! Ttie remittances on the dividends have already come to hand." The arrivals from New fork since the publica tion of our paper of the 4th, are?the Yorkshire, Capt. Bailey, which arrived on the 8th ult., with dati s to the lftth of Januarys'the Queen of the West, Cspt. Woodttouse, on the 12lh, bringing dates to the 2215 on the 13th, at 8 A. M , the new lloetoa and Halifax steamed Cambria, Capt. Jud kins, reached the Mersey aftrr a very quick pas sive ol eleven and a halt days ; and on the 14th? the flhrridan, Capt. Cornish, (late chief officer un derCapt. Da Pejater.) in sixteen days, having left New York on the 2ft h January. On the 24th, the Cambridge, Capt. B?ratow, arrived with dates to ihe 1st February} and on the 2flth, the Patrick Heary, Cspt. Delano, with New York papers to the #ih ult. The American provision market was dull. The reduction in the price ol Irish Fork had impeded the sale of American. Of Butter from the United Ftntes there was none in the market. Cheese wss in steady demand, and commanded fair prices. Never theless,this branch oi commerce was steadily onthe increase, and at no distant day will form an impor tant element in the exports from America. The subject of railways absorbs no little time and attention on ihe part of the House of Commons.? Ah hough ihe session is soyonng, there are almost daily morning sittings, in order to enable the mim hers to g'*t through the work. During the present session, iviilway reform promises to be placed on a perm . M<*nt and satis factory footing j at all evente, the present crude and imperfect system will be al tered?no doubt lor the better. The board established by a patent during the Pitt administration, for opening the letters of foreigners suspected of having treasonable designs against this or foreign governments, has been abolished. It is rumored that the Queen and Prince Albert Will, during the summer, pay a visit with great state to LouligPhilipps at ins Toilsrias. Right of Search ?That irritating surveillance of the high aeas, which has proved of late years an endless source of annoyance to American shipping ?is virtually at an end. The commission which has been^annointed on the part of tlie English and French Cabinets to modity the evil, may throw dust in the eyes of the Exeter Hsll sHints, but it will assuredly deceive no one else. For all prac tical purposes the power is gone. Public opinion in France is so potent against the principle, that no ministry can withstand it, and some of the most clear headed of English statesmen think that not only does this obnoxious right of search constantly keep us on the confines ol a collision v-ilh the United States, but that so far from mitigating the horrors ol the slave-trade, it has actually increased it. Lord Howiek, whose talents aa a debater and keennesa as a politician place him toremost among the muster-spirits ol the British Senate, has unequivocally given vent to his belief that the right of search might be abolished with advantage to the Alrican nud to England. Public men iu England, over rating the power of the saints, whose clamor they have mistaken for popu lar feeling, have gone beyond their mark in carry ing out measures lor the suppression of the slave trade. Admitting the purity of the motives which actuate tnose who oppose the traffic in human k'md ?it is somewhat ungracious for us to be always ac ting on the "holier than thou" assumption, and endeavoring to force ournoslrums down the throats of nations as potent and righteous as ourselves? Unfortunately, the necessities of the present Con servative Government obliged thein to carry ou the delusion which in Opposition they resisted. The proprietorefthrough thernselvesor theirconnexions) of West Indian property, the Tory party, when the Negro Emancipation Act passed, and the blacks, n was found, would not woik,?when productions of the Colonies fell off, and the estates be came almost worthless in the market,?called out lustily for protection against the competi tion of slave produce. The debates in the House of Commons during the last week on the Sugar question, show that the pocket is the primary canae of the ouicry in that quarter. The slavery question is thus tainted with selfishness on the one hand, and morbid religious sympathy on the other. But alt the world is not mad if we are. The French nation have long seen through the de lusion ; ihey see us the greatest consumers on the earth of slave-grown cotton and tobacco, while we make such a pother about suppressing the tmffic in slaves. Henceforth, nations, like individuals, will be permitted on this question to entertain their own views and act upon them. And one thing is perfectly clear, from all that we see passing around ua?from the growing return to reason on the part of this country, aud Irom the strong opinion which prevails in France?that the right of search, after a long trial, has been found a failure, and is in tact at an end. We are far from being the admirers or even the abettors of slavery, but knowing that an immense deal of humbug has 'ong existed in con nexion with this subject, we are rejoiced to sec it brought to this speedy and inglorious termination? \ feeling, we are sure, in which we shall be joined by numbers of our transatlantic friends. In the Houee of Lords, on 3d inst., Earl Claren don put a question to the Earl ot Aberdeen, re specting the American Tariff, which he caid was not in accordance with existing treaties, and operated very prejudicially to British interests; China shawls, and other goods being imported a; a much lower rate than similar goods from thiacoun try; to which the Earl of Aberdeen replied that ihe subject had engaged theGserious attention ot her Majesty's Ministers, and respecting which con siderable correspondence had tuken place between the Governments of the two countries, but he was not prepared to say that our representations had been favorably received by the Government of the United States. There is no part of the new financial scheme which has given so much satisfaction as the aboli tion of the import duty on cotton twool. This tax has been keenly felt by the English manufacturer, for it saddled him, on the coarser description ot goods, with ten and twelve j>er cent, more than his continental or American competitors, and in the same degree, it lias prevented him in the open markets of the world from competing with his ac tive and energetic rtvila. It was a tax on the pro ductive power of the country, ami every one re joices that it hue been swept away. The abolition of (he duty on cotton will hardly be less popular in America, from which we derive nearly all our supply, for what little extraneous competition the manufacturer ol the Northern Stales may sustain will be more than counterbalanced by the advan tages accruing to the Southern planter. The part of the new scheme which baa been moat vigoroustv assail-d is the sugar duties. Two debates have already tuken place, and in both the Government had a large majority. The first de bate arose out of Mr Milner Gibson's proposition to equalize the duties on colonial and foreign sugar. In this debate the tree-traders stood alone, und the result was, that iua House of two hundred snd ninety-five members they could muster only 84 The second debate was far more earnest, loftier in tone.and drew forth the highest talent in the House. Lord John Russell, who is coqueting lor pop ularity, while he lacks all the attributes and sym pathies of a popular leader, led the onslaught in a labored speech, and concluded witlt a resolu tion to the effect, that the distinction be tween free and slave grown Sugar was il lusory, injured the revenue, and rendered the removal of the Property-tax, at the end ot 3 years, uncertain and improbable. This waa debatable ground; it embraced great interests and great questions; it put the speakers on their mettle, and the intellect which the debate evolved is creditable to the talent of those who took part in it. The Opposition speakers rested their case mainly on the allegation, that the new Sugar scheme, with its differential duties, abstracted ?2 300,000 Irom the pockets ot the British public, wntchsum went into the pockets of the West India proprietors ; in other words, that one-half of the income tax was handed over to the Colonists. Again it was alleged that the discouragement ot slavery waaonly the avowed, not the real cause of the favoritism, inasmuch a? slavery in me united Slates assumed a more revolting aspect thsn it did in Cuba or Brazil, the Sugars of which countries are excluded. These objections are pointedly met by a reference to the peculiar position of the West Indies, their state of transition, and the sacrifices which England had made, and wus still prepared to make, for the ex tinction of slavery over the world. In a mere popular peint of view, the debate, although triumphant as a party result, will prove more or less damaging to the Government out of doors. The tactics of the Opposition address them selves practically to the pockets of the dissentients ?for however figures of rhetoric may deceive, figures of arithmetic do not. The suppression, or at least the discountenance of slavery, may be un argument for the exclusion of produce so raised: but the Ministry, in giving up virtually to the United States and France, the right of search, as they have done, descend from the high ground on which they previously stood, and appear comparariveiy weak in their new position The duties as settled in the present session will endur* probably as long as the existing Parliament?say a couple of years, when another modification will take place. If the whigs get the upper hand in the next Parliament, thev will physic the celodtgts for past phlebotomy. Tue motion of Mr. Roebuck for extending the Income-tax to Ireland gave rise to an animated dt bate, in which a good deal of personal badinage was employed. Mr. Roebuck, who never dots any thing by halves, threw, as usual, his heart and soul into the conflict, and, in the course of his re marks, made a furious onslaught upn ? the Irish members who have absented th^mselv from Par iiament this session He attributed ti ir absence to their want of ability to make ar. impression upon the House of Commons One ? , two of the Irish members took up the cudgel i< i iheir absent countrymen, and those who could i reply on the instant, have since made their reje ders from the flaor of Conciliation Hall. They - xpress them selves contemptuously of Mr. Roei :k and his at tacks, and, as the matter stands, i tie quarrel be tween these democratic representatives of the peo ple is very fierce and very unfriendly The debate showed trie anxiety of the Ministers to conciliate the Irish?the "soothing system" is now the order ol the day; and as Ministers are sincere in their intention of quadrupling the amount of the grant to Maynooth, and the Irish are equally sincere in ac cepting ii, we see in the affair an apt illustration of extreme parties meeting. Kb regards the abolition of the duty oa Glhss, the auction duty, and the other features which comprise the new Budget, they have given unqua lified satisfaction. The only matter which mars the general satisfaction, ns we before said, is ihe Sugar scheme. The differential dutiis between Clayed and Muscovado Sugar adds to the compli cation, and, in the opinion of many, to the injus tice; for, as all the produce of the West Indies in Muscovado, which will come in at the low dnty, so all the produce of Java, the East Indies, and the other places from which supplies of free-labor sugar will come, is clayed, or partially refined, and will have to pay the highestduty. The scheme pro letse* to gtvs a protecting duty of 10j per evv t. in i tavor ot tropical product. Lbut a positive dtflt rence ol 14s. and 15s. is established by the distinc tions thus set up. This is the knotty point, and it has vet to be unravelled. The present week will put the question at rest, but the packet to-day can not carry out the result. Mr. Roebuck, in the House of Commons last night, asked Sir Robert Peel fur full information regarding the present state of negociations with the United Slates Government on the Oregon ques tion, justifying his question by the recent proceed ings in the American House of Representatives ? Sir Robert, in reply, refused to give the informa tion required, stating that Her Majesty's Ministers had not to deal with the House of Representatives in the matter. Another member stated that a work now publishing in Paris by M. de Moprat, was de cidedly hi favor of the British claims. Oregon Trrritoey ?The following article, which we cepy from the London Times of the 1st inst , is deserving of particular attention, at;d the more so as there is reason to infer, from internal evidence, that it may be of a semi-official charac ter:? It is not an easy task to discriminate between the ponderous levities of American legislation, brought lorward merely to Rrauty party passions or national vanity, and supported by nothing but n cer tain faith in their failure, and those measures of Congress which really do represent the will and the policy of the American people. We are tnest uu williug to iucur the ridicule of attachiug impor tance to mere .displays of ignorant rancor against foreign nations?the favorite resource ot democra tic orators, who imagine that to bully other coun tries is the best way of serving their own. The ef fect of such appeals to the dignity and morality of ihe people to whom they are addressed is to be re- | gretted ; hut that is all the notice we are disposed to takeol them. This indifference, however, pro ceeds from au utter contempt of such methods of popular agitatioD, not from any hesitation or luke w armness in the defence < f our own national rights when they are thus attacked. On all the po;nts on which the policy ol Great Britain has excited the malignant jealousy or the unscrupulous ambition of the people of the United States, we need scarcely say that we are prepared to defend the claims of | this country to the utmost, whenever they are seri ously challenged. The moderation of our own language on these questions (in which we have shared the general tone of the British government and the feeling of the English people lor nearly 30 years past) >s a proof of our readiness to accept an amicable and equitable adjustment of disputable rights to vast territories; but we shall yield nothing to menace, illegal assumption or violence. The disputed rights of the two States to the Ore gon territory are precisely a case for such an ad justment ; and probably the best method of arriving at this result would be by referring the matter to the arbitration ot a thtrd State, provided the pow ers of the arbiter were sufficiently extended, and both parties were rigorously bouud to abide by the award. This expedient has been repeatedly but in effectually urged upon the Cabinet ot Washington by Mr. Pakenhamtn the course of the negotiation. But in the United States measures of conciliation and prudence are not to the taste ot the reigning populace. A bill of a most extraordinary kind Iirs passed the House of Representatives by a majority of 140 to 54, It was introduced into the Senate on the fol lowing day, read twice, and referred to a special committee. This territory, or at least the greater part of if, is as much a part of the British empire us Canada; and the first settlers ot Canada were in fact the first traders in, ana masters of, this very country. At the present time it is essentially British. Fort Van couver is a British station, some miles up the river; the agents of the Hudson's Bay Company are the only class of men who can be said to occupy the country, under the express authority of their Royal Charier; and the, Indians are all well affjeted to the British interest. The seizure of such a pro vince would be an incredible act of hardihood ; but, in the present temper of American citizens,we suspect that a silent but resolute determination to put our positions there in a state ot detence, and to send a sufficient squadron to ihat coast, is the wisest answer to those measures of the House ot Representatives We have reason to believe,how ever, that the American government, perhaps in -eut on their schemes of aggrandizement in ano ther quarter, repudiate this project lor the seizure ot Oregon, and will oppose it in the Senate. If they are sincere in these assurances, let them con cur in an nmicable settlement, which can alone terminate the controversy. If they refuse, they expose themselves to the imputation that they are only delaying this act of aggression until they have a better chance ol consummating it. Bank of England.?The Bank of England, it is 3aid,is about to reduce the rates of discount at their various branch banks. Duringlthe|past monththe bul lion in the bask hasjincreased from ?1-1,787,827 to 15,453, 303, an increase of ?665,470 In 'he same period the circulation has decreased ?849,476. The funds exhibit a quiet and steady appearance. Mex ican Stock, in consequence ol the last advices,has improved a little. Mexican Bonds have been done at 35J The state of the Exchunges between the United States and England, which continues great ly in our tavor, and produce heavy imports ol bul lion, are beginning to excite apprehension in com mercial circles The Hamburg papers announce the failure of the firm of James Baton &c Co., of Stockholm; and ol Buckholz, ot Gottenburgh. A further advance ot twenty shillings per ton in the price of iron has been declared by most of the large houses in the South Staffordshire district. Captain Grovsr has received intelligence of Dr. Wolff to the 10th January, at which date he was at Erzeroom, endeavoring to recruit his strength for the journey over the mountains to Trebizonde. During the past month, the losses by the cattle epidemic have been very heavy in the counties of Cheshire, Derbyshire, and Stafford-.hi re; and it has made its appearance in Essex and in Ayrshire. The proper authorities, it is said, intend forth with to establish a third meal daily throughout the army. This will put the cavalry and infantry, so far as regards messing, on a tooting with the ar tillery. Lord Brougham in preparing a life ol Voltaire. He is writing it in English and French; and the work is to be brought out in the two languages, simultaneously in London and Paris. M. Villemain, the distinguished French writer and statesman, is entirely recovered lrom his sud den but temporary alienation, lie is said to have abandoned politics, and to have determined to de vote himself entirely to literature. The celebrated banker Benedicks, formerly part ner in the eminent firm ot Michaelson and Bene dicks, of Stockholm*, died recently in that city, aged eighty-three years. The deceased possessed several iron and copper mines, and leaves a collos sal fortune. He has bequathed above ?60,000 to various public chsritsble institutions. The Quet n and Prince Albert, with their chil dren, have been staying at Brighton recently.? On more than one occasion they were annoyed with the impertisentxcuriosity of the crowd, who gratified their curiosity by pressing upon the Royal couple, and some went even so far as to peer unoer the Queen's bonnet. The Court left Brighton tor London on Thursday week. Since our last publication, Sir Robert Peel, Lord Stanley and olhvr members ot the Ministry, have given official dinners, at which Mr. Everett, the American envoy, h? been present. North Amrkican Got.oniat. Association of Ihk laND ?The annual meeting of tins body took place on Monday, at Broad street Buildings, Lon don. There were about twenty persons present. The report stated, that the expensestn the manage ment of the property at Beauharnois had been re duced?that 4000 acres of land, owing to the re strictions having been withdrawn, had been sold for ?4000, that the privilege of a water power had realised ?2000?that the case ot the Rut-sell Town squatters was still undecided?and that there was every prospect ot the company getting an act from the Colonial Legislature speedily. The remit tances from Canada during the year were ?2800, and the lose upon the year amounted to ?1900 ? Somegdi-tcussion arose as to the payment ot the sum of ?096 to Mr. Wakefield, when tt was ex plained by the Chairman stating that Mr. Wake field went to Canada to secure the passage of the canal through the estates of the association. In this he succeeded, but the'bill for securing certain powers to the Association must come before the Imperial Parliament, and was not regarded in th light of a local set. The state of the association did uot givesatiifaction to some of the shareholder present, and when the chairman expressed a hope ihat the prosperity of Canada would enable the company to dispose of the lands belonging to the Beauharnois estate, at remunerating prices, a shareholder asked him whether he could guarnn tee the realization of his views in twenty yearsl The chairman's reply was, that he could not. Canadian Appointment ?Her Majesty has been Eirrssd to appoint William II. Rob iTO.i, E#q , o e lnapcoiur General ot ?Pubim ACOcunta, for the Province of Canada ! The Queen's Speech. | My Lorde and j I rejoice that I am enabled on again meeting you in per j iianaeut to congratulate you on tire improved condition of the country Increased activity pervades almost every branch of ma nufacture. Trade aud commerce have been extended at home and abroud, and among all classes of my people . there is generally prevalent a spirit of loyalty and cheer | ful obedience to the law. j I continue to receive Imni all foreign powers and states j assurances of their friendly disposition I I have hud much satisfaction at receiving at my court the sovereigns who, in the course of the last year, visited 1 this country. j The journey of tho Emperor o( Russia, undcrt tken at a ; greut sacrifice of private convenience, was a prool ot the ' friendship of his Imperial Majesty most acceptable t j my I teelings | Tho opportunity of personal intercourse thus afforded . to mo may, 1 hope, he the means: of still turther improving those amicable relations which havu long existed between Great Britain ar.d Russ ia. The visit of the King of the French was rendered espe cially welcome to me, iuaamuch as it had been preceded by discussions which might have impaired the good un derstanding happily established between the two coun tries. 1 regard the maintenance of this good understanding cs essential to the best interests ol both, and i rejoice to wit. ncss that the sentiments so oordiaily expressed by all classes of my subjects on the occasion of hit Mgjesty'a vi sit, were entirely in unison with my own. Qcnlltmen of the Hout* of Commoni :? The estimates for the ensuing year have been prepared, and will forthwith be laid before you The progtess oi ateam navigation and the demands for protection to the extended commerce of the country will occasion an increase in the estimates connected with the naval service. , My Lord* and Gentlemen :? i have observed with sincere satisfaction that the im prove ment which is manifest in other parts ot the coun try has extended to Ireland The political agitation and excitement which I have had heretofore,to lament,appear to have gradually abated, and rs a natural reault, private capital hag been more free ly applied to uselulpubliceoterp: i.its,undertaken through the triendly co operation of inaividuals interested in the welfare of Ireland. I have carried into effect, in the spirit in which it was conceived, the Act for the more effectual application of Charitable Donations and Bequests. I recommend to your favorable conaiderntion the policy of improving aud extending the opportunities for acade mical education in Ireland. The report of the commission appointed to inquire into the law and practice in n spent to the occupation of land, is nearly prepared, and shall be communicated to you im mediately after its presentation. 'l he state of the law in regard to the privileges of the Bank of Ireland, and to other banking establishments in that country and in Scotland, will no doubt occupy your attention. Whatever may be the result of your deliberations in this respect, I feel assured that it will be your determina tion to maintain an amount of revenue amply sufficient to meet the necessary expenditures of the country,aud firm ly to uphold that public credit, which is indispensable to tue nation ll welfare. The health of the inhabitants of the large towns and populous districts in this part ol the United Kingdom been the subject of recent inquiry belore a commission, the report of which shall be immediately laid belore you. It will be highly gratifying to me it the information and suggestions contained in that leport shall enable y ou to devise the means of promoting the health and comfort of the poorer classes ot my subjects. I congratulate you on the success of the measures which three j ears since,were adopted bv parliament for the pur pose ot supfdying the deficiency in the public revenue, and arresting accumulation in the time of peace. The act which was passed ut that time for imposing a tax upon income will shortly expire. It will be for you in your wisdom to determine whi ther it may not be expedient to continue its operation for a furthar period, aud thus to obtain the means of adequately providing for the public service, and at the same time ot making a reduct-or. in other taxotion. The prospect of continued peace, and the general state of domestic prosperity and tranquility, afford a favorable opportunity for the consideration ot the important mat ters to which I have directed your attention, and I com mit them to your deliberation, with the earnest prayer that you may be enabled, under the superintending care and protection ol Divine Providence, to strengthen the foeiingM of mutual confidence and good-will between dif ferent classes oi my subjects, and to improve the condi tion of my people. Her Majesty left the Hcuse of Lor-ia at half past two o'clock, and proceeded to Buckingham Palace, amidst the loudest oh "ere from the congregated multitude The crowd in St. James Park had greatly increased at the time Her Majesty returned to the Palace. Sir R. Peel's Financial Statement. IIou&k of Commons, Friday, Feb. 14. The Speaker having left the chair, the house re solved itself into a committee of ways and means. Sir Kobsrt Pkbl said?Mr. Greene, although, Sir, I have had considerable experience in the dis charge of official duties, and although I have fre quently had occasion to address this House on matters ot great public concern, yet I cannot ap proach the discussion of that subject which I am now called upon to discuss without great anxiety, and without a deep consciousness how imperfect and inadequate will be the explanation which I shall be enabled to':give. But, Sir, though I rise under some disadvantage, from the period of the year atjwhir.h this statement will be made, yet, af ter the announcement contained in the speech Irsm the Throne that her M -.j"sty,? government meant to propose a continuance of the income tax for a further limited period, we felt we had no alterna tive?whatever might be the precedents, and what ever might be the ordinary course as to financial statements?but at the earliest day to submit to the house and the country the general views of the government with Peeped to our financial posi tion and our commercial policy. Sir* it will be my duty to present to the Hotn-e a general view of the present financial position of the country; to make an estimute of the probable revenut; ar.d to discuss the great question?whether it be consis tent with the public interest that the present amount of expenditure should be retained, or whether it will be not fitting that there should be, in respect of some important branches ot the public service, an increase of both beyond ihose of preceding years If the House should entertain that propo sition for the reasons which I shall adduce, it will then be incumbent on me to propose for the consi deration ol Parliament whether it he filling that that increased expenditure shall be made Irotn the ordinary sources of revenue, or whether it be more advisable that that iu.\ iiiij uocu 111 j nit- yrnr on properly ana income shall be continued for a further limited pe riod, for the double purpose of providing efficient ly tor the i xigencirs of the public service, and for enabling Parliament to reduce and repeal other taxes bearing more immediately on the industry ? uid commercial enterprise of the community.? (Hear, henr ) Sir, I will, in the first instance, be gin by referring to that estimate of the finances uud expenditure of the country which was made by my right honorable lriend tne t hancellor of the Exchequer, when he last brought the budget under consideration of Parliament. My right hon. friend, speaking, I think, at the latter end of April, 1844, calculated the revenue for the current year (that is lor ihe year ending the 5th of April, 1845,) at ?51,790,000 My right hon. friend calculated the expenditure at ?48,643,(MX), leavirg an estimated surplus of ?3,147,000 That calculation was dis turbed, on ihe one hand, by an eetirnati r! reduc tion of taxation to the amount of ?400,000?1 al lude to the wool tax ur.d the duty on glars, remit ted at a subs quent period of the session; but then, on the other hand, credit was taken for a demand ol ?400,000 on account of the China expenditure, which vote it was not necessary to apply ; and, therefore, the necessary expenditure of my hono rable friend involved a saving on the one side ex actly balancing the reduction of taxation on the other. My right ho j irienl, in consequence of the postponement ol ?760,000 tor the purpose of equal ising the payments on dividends, reduced the cp parent surplus to a real one oi ?2,376,980 It will appear by the balance sheet, referring to the state of the finances and expenditure up to 5th of Janua ry, that there was n surplus of 3,867,000 Instead ol ?61,790,000, the turn calculated upou by my right honorable friend, the amount of net revenue was ?54,000,000 That increase chtellv arose from the increase receipt of the customs. Instead of ?21,500,000, as estimated by iny tight honorable lriend, the actual receipt was, up to the 5th Janu aty, ?22,500,000. The excise waa taken by my rtiihi honorable friend at ?13,000,000. It produced ?13,308,000. There waa some money received under the treaty with China, amounting to ?386,000, t*r which my right honorable lriend had not taken credit ; but the result was, on the 5:h ol January last, an income of ?54,000.000, instead of the estimated income of ?61,795,000. The ex penditure on the 5th of January, 1845, had been, on account of Debt and Consolidated Fund, ?32,862,000, and on account ol the payment then made tor'the army and navy, and other public ser vices, ?17,784,000, inakiDg a total expenditure of ?60,646,000, aud leaving a surplus, as it appears on that account, amounting to ?3,357,000. 1 have every reason so apprehend that the balance, com paring the actual receipts of revenue within the year, on the 5th ot April next, with the expendi ture, will amount to a sum above ?5,000,060 lor the year. (Cheers.) A part of that receipt of reve nue is made up from temporary uud cmu.i I sources I am now speaking of the actual receipt of revenue wiilnn that year. About ?385, 000 will have been received on account of China m<>nty ; there are other small sums Irom th" S< uth Sea Company j ciiu, tailing tnem a together, per haps the wnole amount received from casual sources will be .?500,000, which we cannot rely on per ma- I neatly. Of course a portion, and a very consider- | able portion, ol the revenue ih derived from the in come tax, which haa produced ?5,190,COO. If it hud not becu for the receipt of the amounts from various casual sources, and for the receipt on ac count of the income tax, the revenue, which in that case would be derived from ordinary permanent sources, would not equal the < xpenditure I think the beBi course which 1 can now take is to submit to the House the estimate which has been prepared by my right honorable friend and myself, of the probable receipt of revenue in the next year. 1 OHve no right to assume that this House will sanc tion tne continuance of the income tux, and 1 think therefore it will be better that I should, in the tirbi place, estimate the revenue, supposing the House should determine not to continue the income tax. Making an abatement, on account of the probabil ity that the corn duty received in the next year will not equal the amount received in the present, and bearing in mind that the last year has been one ol a productive customs revenue, we are not inclined to take the es imale for the corningyearatmore.iban ?22,000,000 The excise was estimated to produce ?13.000,000, and it did produce ?13,000.300. We teel ourselves warranted in estimating it at ?13, 500 000 for the following year. The Btamps we pro pose to tuke at nearly the sum which will be actu ally produced this year, that is, ?7,200,000; the taxes, that is, the. land nnd assessed taxes, at ?4, 200,000. The Post office revenue, we feel our selves warranted trom the increase ol it during the last year?(hear, hear, from the Opposition)?and the fucilties which have been recently given for an increase of foreign correspondence?(hear, hear)? in estimating for the probable produce ol imxi year at ?700,000; it has actually produced ?690, 000,and there-lore that seen<s ? reasonable estimate The Crown lands produced ?155,000, and we tuke them at ?150,000; the miscellaneous we will tuke at nearly the same; it actually produced 250,0001. I have here been speaking of the ordinary perma nent sources of revenue; the total amount of per manent revenue which we estimate for the com ing year will be 47,900,000/ We calculate that during the coming year we shall receive 60,000/ of China money, net receipt, above any demands tc be met; and even it the House should refuse its sanction to the continuance of the income tax, we still shall be entitled to take credit for the receipt of half a year's income tax, amounting to 2,600, 000/.; and, therefore, on the 5:h of April, 1846, we bhall be eutilled to udd to the ordinary permanent revenue for that year two sunn of ?2,000,000, and ?600,000 on accoUut of China money, making a total of revenue, even if the in come tp.x be discontinued on the 5th ol April,1846, of ?51,100,000. The ehBrga for ihe debt in the i ear ending the 5th A pril, 1846, will be ?28,450,000. The chtirge on the. consolidated fund we take ul ?2,400,000, making u total ol ?30,850,000 on ac count ot the debt and lixed charges on the con solidated iunrl The estimates voted last year amounted to ?17,700,000 ; the total charge, there fore, assuming the estimates to remain unaltered, wo uld be ?48,557,000 Deduct that enin I rem tin pital of revenue?that is, ?48,557,000 from ?51 110 000. and there will still be left a surplus, nn the 5ih April, 1846, ot ?2,543,000, assuming tin estimate of revenue to be correct. (Hear, heat ) A settlement wns made ?f the civil list on Her Majesty's accessmn to the throne. On the occa sion of her marriage no addition was made to that civil list. (Cheers.) it has pleased God to bless that marriage by the. birth of four children, which has made a considerable additional demand upon the civil list. Iu the course of last year, three Sovereigns visited this couniry?two ot them the most powerful Sovereigns in the habitable alobe? i the Emperor ol Russia and the King of the French Those visits, of necessity, created a considerable increase of expenditure, but through thai wise system of economy, which is the only | souiee of true magnificence, Her Majesty was enabled to meet every charge, und to give a reception to those Sovereigns which struck every one by its magnificence, without ad ding one title to the burdens of the country (Loud cheers ) And I am not required, on the part ol her Majesty, to press for the extra expenditure of one shilling?(cheers)?on cct uut of these un foreseen causes of increased expenditure. (Ke. newed cheers.) 1 think that it is but due to slate this, to the personal credited her Majesty, who in .lints upon it that there shall be every magnificence required by her station, but without tncunirg ? I single debt. (Loud cheers.) The army that you (assess is a very expensive and complicated ma chine, and you may depend upon it you will not consult true economy if you [>ermit it to be dislo l cated and deranged by attempts at reduction with out calculation ol facts. Now, in the year 1792, which has frequently been reterred to asthe crite rion of what our mihtaty establishments ought to he?in the year 1792 you had twenty-two color.ia' i dependencies; in the year 1820 you hud 34 colonial ; deoendenciesj and in the present year, 1845, the colonies, which were 22 in 1792, have increased to 45. It is the number ot your, and the dispersion of forces employed in thcm,iha: letds to the necessity of frequent relief, and imposes on you, with reference to your army particularly, as disfiriguiJ-hed Irom the armies ol the continental powers, in order to maintain the efficiency <1 that force, a considerable annual expenditure. Itnnay be eaid that it is irjurious to possess our colouiiu empire; but I deal with the fact that you have co lonies?that you must provide n competent force fur each, and that having a competent force you must have acme supply for the reuef o| them. Sir, I should be unwilling, though 1 know our colonies are expensive, and 1 know the y will give trouble? ( should be unwilltrg to give up that policy which laid the foundation in different parts of the globe, of dependencies animated by the spirit <? I Englishmen, speaking the English language, and laying the foundation, perhaps, in future times, c! populous and important commercial States. (Hear, hear ) Looking to our own pcpulatim, locking to its numbers, looking to its ? nterprise, 1 cannot say that 1 think it is unwise to provide an outlet lor that population and that enterprise. (Hear and cheers.) And though it may be attended at times with someiliing ol expense, you must remember, however that may be, the tact that von have at me present niornent loriy-hve colonies, for 1 lie mi litury defence ol which you must provide. For the service ol each of these forty rive colonies you have a force, consisting, first, ol three battalions ot guards, (i 500 cavalry, rank and file, und jou have one hundred and twelve battalions cf infantry, consisting, rank and file, of 92,500 men. and that is the amount of the British army with which you ore to garrison all these lorty-five colonies, wiili which we are to provide against occasional internal com motion, and (he chance ol foreign attack, and to (Uovide a'so for the internal service ot this country Aud this is to be t fleeted,and is effected, by an in fantry force ot 112 battalions, amounting to 92.500 rank and fiie. Now, what is ihe rule established wiih regard to reliel 1 The tule is this That a regiment shall remain ten years abroad and five ut home ; and will any one say that ihis is an unrea sonable regulation?that it would be desirable lor the efficiency ol the army that any regiment in th< Hriiish service should remain more than ten j eats abroad and five at home , und will any or. ? savthat this is an unreasonable regulation?tort it would be desirable lor the efficiency of the army that any re gimenl in the British service should remain more ihan ten >pars abroad, or that it sboold have the advantage of remaining fiveyearsat tome. (Hear, hear ) After its return it generally arrives in such a stale that it requires a year to bring it into un el ficient stute. (Hear, bear ) And ll hei Mnjrsty's government thought 't advisable?ilrat ll was con sisteut with true economy, with humanity, and with the efficiency ot the service to reduce th* mi litary force, it would b? the botinden duty to do so Hut what ia the tact with regard to the service of those regiments nbroad! Ot 112 battalions <t in fantry in the British service, there are now 23 in India ; 50 are serving in the cnloni' a, and 4 are on their passage, giving 77 battalions employed in the defence of your colonial empire You have 85 bat talions at home?not, as it is supposed, lor the pur pose ot restraining the population, but lor the pur pose, ana you fflect it incompletely, of maintain ing the system of relief. We pro| o*c no increase in our military establishments ; but, at the same time, wc do not think it would ho desirable to re commend to the House to diminish the military torceol thiscountry Consequently, we pre pose that the vote lor the arinv i st mates in the present year shall be a vote ot j?f>,(MO,0(H), t he amount ot last year's estimate Ifnow proceed to call the atten tion of the House to the state of the navy, and the demand we shall feel it our duty to submit to the House lor an increase in the estimate for it. We shall propose, in the course of the present year, an increase in the numb* rot men serving in ihe navy, ol about 2,500 more than those that arc now actu ally employed, and ol about 4,000 more mm than ihose voted last y nr. Now the charge lor the ex enditure caused by that increase will be 184,000/ We propose to take a vote tor two basins tor the construction and repair ot steam v< esc la?one at Portsmouth and another at Devonport. Wr shall, hercfore, propose to take a vote in the present year lor proceeding with the formation ol those ba sins which received the sanction of the house last year The vote 1 propose to ask for is 187,(100/ ? We shall also take a vole toi ike pUTDCte ol en i bung us to mauiuin the steam navy of thia coun* j try. (Cheers from Sir Charles Napier.) I shall propose, 1 say, a vote for the construction of ves sels which shall keep up in this country a respecta ble steam navy suited to a peace establishment.? Now, sir, on accaunt of the services connected with lhe navy, and of the erdnance in immediate suboidination to the navy, there will be this year an increase in the estimates of nearly one million. [Here the right hon. baronet paused tor a short lime, during which there was a buzz of conversa tion amongst the hon. members ] I will now pre sent to the House an account ot the estimates tor total expenditure lor the year. The charge tor the debt is 28,395,000/ tor the tixed charges on the conso'idated lunrt 2,400,090/, being a total of 30, 795.0001. The vote oi supply for the army is 6 678, 000/, for the navy 6,936,000/, for the ordnance 2, 142,000/, for the miscellaneous estimates 3.200,000/, being together 18,895,000/. and added t? '.he charge for the d< bt, and for th> fixed charges on the con solidated fund, 49.690 0(H) For the revenue of the next year I will tske 51,100,000/. The charges for the present year, 49,690,000. With this increased expenditure, the revenue tor next year, even it the House did not determine upon the continuance of the property tax, would amount to 51,100,000/. On the 5th April, 1846, there would still be a surplus of revenue. An Hon. Mkmbkk here suggested, as we under stood, that the half year's income tax should be brought into calculation. Sir R. Pkel.?With the half year's property tax. 1 am not now estimating the permanent expendi ture of the country. 1 am statiag what would be the state of the finance of the country on the 5th of April, 1846 (Hear, hear ) It is quite clear that if this expenditure were to be continued, and if the income tax was not to be renewed, uhIcss there were to be some considerable increase in the pub lic revenue from other sources, there would proba bly be a deficiency in the year following. The next question that arises is?and it is a most important one?in what manner this increase ot expenditure is to be provided fori It is now our duty to pro pose a continuance of the property tax for a further period. Let me assume, tor the present?and 1 merely assume it for the purpose of argument, and 10 make my statement more clear?let me assume, lor the present, that the House has granted the continuance of tue property tax. I will then give a uhort estimate ot the revenue arising irom it, to gether with oiher sources. Suppose, then, thepro peity tax to be continued, the estimate ot the reve nue for the next year, on the 5ih oi April, 1846. Hided by the ?5,200,000 of the property tax, would be ?53,700,000 ; and as long as the other sources of the revenue remain equally productive, and as long as the property tax is continued, ?53,700,090, subject to a reduction of ?600,000, will be the amount ot the revenue. This ?600,000 is the amount received aa China money; it will be con tinued next year ; but as that is merely a tempora ry addition, I had better, for the purpose of calculating the revenue, strike it out al together. The revenue for the year, theB, on the 5th of April, 1846, assuming the property tax to be couunued, will be ?53,100,000. The charge for the debt, and on account of the different branches ol the public service, will be 49,690,000/.; so that there would be left, as long as the mc< rue tux should be continued, and deducting the Chinese money, a net surplus of 8,409,000/. 1 now, sir, approach that most important part ot my statement to the House, namely, what is the mode ca which that surplus, or any part ot that surplus, shall be employed for the relief of taxation. If wa receive the sanction of the House tor the continu ance at the income tax, we shall feel it to be our duty ro make, a great experiment with respect to taxation, and we shall hope that the general pros perity which will result therefrom will contribute to till up the void caused by the cessation of the income lax in future years. We do not propose to maintain any material surplus of reveuue over ex penditure, confident that, whatever may happen, this House is determined to maintain the public credit.?(Loud Cheers ) We have determined to recommi nd extensive reductions in those taxes which, in our opinion,press more onerously on the community than the income tax. 1 first propose to take those 'exes which are collected bv the Cus toms board, and 1 shall submit to the consi ders! ion ot the House on Uiat point, what are ths views of her Majesty's Government in respect to a reduction upon the duty on sugar.?(Cheers ) The House will recollect that upon this subject an ar rcugemenr, temporary in its character, was made n tne course ol la.-t year, by which sugar, the pro duce cf countries where the article was cultivated tiy means oi tree labor, was admitted into compe tition with sugar the prouuee of our colonies. There was at that time no reduction proposed upon the produce od our colomer But propositions were made regarding the importation ot free-labor sugar, w hich I think were generally considered as indica tive of an intention on the part of her Majesty's Go vernment, iu the course oi the prepent session, to call the attention id the Houm to the sugar duties, and 10 propose a reduction in them. The amount of discriminating duties proposed upon sugar, the pro duce ot countries where sugar was grown by free labor, was 10s. 6d. Sir, we propose now to adhere to the general principle upon which we acted in the course of last year. We propose to restrict the competition ot sugar, the produce of our own co lonies, to sugar wliicn is (lie produce of countries cultivating it by means of free labor, or which are euiiiled to the admission of their sugar into this country under reciprocity treaties which before ex isted. (Hear, hear, and a laugh.) [An honorable member made 6ome observation which was inau d ble to us ] 1 beg it may be distinctly understood ih.ii I do not wish to provoke any discursion on the subject now. All debate upon it had better be de terred to the time when the question of the dugar cuties is regularly before the House At the same time it is important, indeed necessary, that 1 should make a general ullu.-ion to the subject in the state ment I am now making. (Hear, hear.) The dis criminating duty proposed 10 be established by the set oi last session whs, on free labor British planta tion sugar, 24s , and 5 per cent, and that upon free labor foreign sugar, 34* , aid 5 percent; which would produce upon the former, a total amount of duty ot 25s. 3d. and on the latter of 35s. 9d. But, in the course of last year, it was proposed, as a pro tection, to eriabiish a higher discriminating rate ot auiy on tree larn.r toreign sugar that was clayed or equivalent to clay. We declined, however, to ac cede to that proposal, as we found that there was no such rule established with respect to this sugar when the produce cf our own colonies, but that there wan a unifoiiii rate with respect to all our sugars, except refined; aDd we were unwilling to establish a different rule with re gard to the different qualities of sugar lrom other countries. We stated, nt the same time, that it it were possible to establish a classification ap plying to our own us well as to foreign sugars, the subject might be well worthy of consideration, and it might be an arrangementproterto make. Some honorable gentlemen, w ho spoke on the other side ot the Ilouwe, endeavored to establish the policy ol a r r incttsn between the coatser and the hner kinds of bugar We hate had communication with iht proper quarter, and it has been certified to us tiiat it is possible, both with respect to our own and Ioretgn su >ars, to establish such a distinction. We propose, therefore, with respect to all sugars, ex cej t refined, the produce ol our own colonies, to rnuke this rtductton 01 duty. In respect to brown Muscovado sugar, now subject to a duty of 25s 8d, wi propose to make a reduction ol Us 3d. and to reduce the duty to Ms (Loud cheers.) With re auid ;o Muscovado sugar, that reduced Juty will apply to all Bri i <li plantation sugar?to sugar the produce ot Mauritius? to sugar the produce of our West fndipu co'ones : and with regard to the pro duce 11 those dn-tricts in Britis'-. India, with regard to which a different rule now applies, we propose, in the case ol districts, to retain the same relative proportionate duty, and that duty shall be 18i 9.1. Tilts 10 applicable to those countries ol India which are permitted to import foreign sugar. Wo propose that the amount it protective duty -hall not exceed 0-. 4d , and the duiy on Iree-labor sugar will, therefore, he 23s. 4d. Ot course, in cout.trus with whom reciprocity treaties are iu force, we cannot deprive ihem of that w hich is their right. With regard to white,ot clayed sugar, or sugar which by some process is made equal to clayed sua ir, wr propose the duty on British i-lantation East India sugcr shall be reduced front 25/. 3.1 , to lbs. 4d , and that the duty on tugsr im ported Irom India, ? r those ports <>t India whence sugar may be lmpoitrd, shall be 21s 9d , ana that the duty on tree-labor foreign sugar- that isclayed ?shall he 2S.<., thus retaining the whole amount ol discriminating duly which last year w as 10p. . hut applying it in a different manner, giving lis 41. protection on Muecovhdo sugar, and in ft i. ug the protection to Us 4d. on the more valuable unci costly article of clayed or white sugar. The amount ol discriminating duiy, the Mare, would remain the same as it wes list year. The dutv on molatses we propose to preserve in the some , ropottion. li is necessary that I should nmkt the intt ntions of the Government well un derstood ; buiat thesainc time, without going into minute details, reserving all those ior considera uon when the sugar duties come ander the atten tion ?I the House, we propose to make a furtbf r reduction wth re pert 'o 'h? admission of Mini n ail ' V. I' ? .? V' the h:t>i 5 u > on r< fined sugar, and urat it should ba imported M

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