principles of political economy.

THE GOVERNMENT SCHEME OF FINANCE.--DEFEAT AND RESIGNATION OF THE
MINISTRY.

On the 3rd of December, the chancellor of the exchequer stated to the
house the views which the government entertained of the principles
of finance which were applicable to the condition of the country. He
declared that he accepted as irreversible the decision of the country in
favour of a free commercial policy, and that his object was to harmonize
with that the system of national taxation. He proposed to relieve
certain interests which he considered had suffered by the free-trade
policy. The first of these named by him was the shipping interest. His
views connected with that subject met with general approbation, as
they comprehended only the removal of special and unjust taxation. He
proposed to satisfy the West India interest by allowing sugar to be
refined in bond. The opinions stated by the right honourable gentleman
were so at variance with his former violent orations in favour of the
shipping interest, and that of the sugar-growing countries, as to excite
astonishment and amusement in the house. Observing this feeling, he
exclaimed, "I may be called a renegade, I may be called a traitor--" but
the sentence remained unfinished amidst shouts of laughter from all
sides of the house, and reiterated bursts of derisive cheers from the
opposition. In fact, the leader of the commons gave up the shipping and
colonial interests, with some slight show of concession, which nearly
the whole house was prepared to make. The third interest for which he
demanded relief was that of the owners of land. He adverted to the
local burdens which he had so often pointed out as intolerable to the
landowners, and admitted, amidst long-continued peals of laughter, that
the agricultural interest had no longer ground of complaint on such
matters, and denounced contrary opinions as obsolete. For the relief
of the agricultural interest he announced his intention to reduce the
malt-tax one half, and to abolish the drawback from spirits made in
Scotland. He would reduce one half the duty on hops; he would continue
the income-tax, about to expire, but reduce that of farmers by one-half.
This announcement was received with demonstrations of astonishment and
anger by the opposition. He would impose the income-tax in Ireland, but
would exempt the landed interest of that country from its application.
This announcement threw the house in