cloth-manufacturers, coach-painters and glaziers, harness-makers, and saddlers, &c. The employment of carriages creates also employment for coachmen, servants, and horses, &c., &c. Fourth.-Horses for riding, &c., and other horses and mules £376,001 Reasons. By the assessed taxes restricting the employment of horses for riding, and other horses and mules, &c., it is easy to prove that this tax does, to an immense amount, limit employment; exercise for health and recreation is also greatly restricted by its expense. It is especially grievous as a tax on horses by the day. Countless thousands, who cannot afford to keep horses, on account of the expense of feeding and taking care of them, would hire horses frequently by the hour or day, were it not for the high duty on each time a horse is let. It is also injurious to curriers, saddlers, harness-makers, horse-cloth makers, blacksmiths, stable-keepers, sellers of fodder and oats, grooms, &c. Reasons.-Chiefly that of abolishing the assessed taxes, to be proposed will justify the abolition of this tax. and an often evaded tax. Hair Powder Armorial Bearings Reasons. The same as those for abolishing the dog-tax. Game Duties Reasons. The same as those for abolishing the taxes on dogs. Now the amount of the direct taxes, exclusive of the income-tax, proposed to be abolished, is about 3,225,000l. We believe if all the grievances and inconveniences of the assessed taxes which we propose to abolish, and the convenience in collection of the taxes we propose to substitute, and the far less inquisitorial nature of rating the rents, or profits, of realised property, were but clearly understood by Members of Parliament and their constituents, that this great financial reform, which may appear, to little men, a bold measure, would be carried in the House of Commons without a division. In order to extend the direct tax upon property, we should, in equity, extend it to Ireland; and we could show that the people of Ireland would neither be treated, unjustly by such taxation upon the rents, and profits, of realised property, but that it would even be made beneficial to the improvement of that country, and to the condition of the inhabitants. STAMP DUTIES.-This tax yields the treasury, From Great Britain, about From Ireland, about Total £6,750,000 453,487 7,203,487 The delay and restriction imposed by stamps upon trade and commerce, would justify the abolition of this tax altogether, but its amount is too important, in the existing financial condition of the United Kingdom, to permit such a measure of convenience, as well as relief, to the population. In some respects, it cannot be highly objectionable; deeds and other acts and documents of great importance, owing much of their security against fraud and forgery to the stamp, may reasonably be made to bear an expense for this security. But knowing that the stamp-duty acts oppressively in many respects, we cannot pass it over without proposing some alterations. The stamp-duty upon fire insurances is, annually, about double the amount charged for insuring property; this high duty, not only greatly prevents the insuring of property, but property, not insured, is frequently exposed to danger, by the firemen with their engines not exerting themselves to extinguish uninsured property, as they are directed by the companies who pay them, to take care, in the first place, to preserve the property insured. On marine insurances, the stamp-duty is so heavy and pernicious, that a great part of the insurances which would otherwise be effected in England, are made at Antwerp, Rotterdam, Amsterdam, and Hamburg. The stamps, therefore, on fire and marine insurances, now yielding about a million and a quarter, should be abolished. Licensing stage-carriages and hackney-coaches appears a duty which ought to be abolished; it produces something above half a million for Great Britain. Ireland is exempt from this duty on hackney-coaches and stage-carriages. The licence-duty on them in England is, however, not severely felt, nor very restrictive upon occupation; while it forms, to some extent, a guarantee for the faithful performance of the obligations of the proprietors of carriages and their servants. The probate and legacy-duty yields about two millions sterling annually, for Great Britain; and for Ireland, only 66,0327. It is a duty that may be evaded, by giving, during life, that which is bequeathed by the giver, only after his death, to the person who is to receive the legacy. The mistrust of the possessor, however, or the power that it gives him, while in life, does not often allow him to surrender his property until he is in a state unable any longer to meddle with it. So that while men continue to possess wealth, the treasury will receive a considerable revenue from the stamp-duty on probates, and legacies. But we cannot defend the principle of making personal estate liable to, and exempting real estate from, this duty. This requires an equitable adjustment. The duties on hawkers' and pedlars' licences, are grievous impositions upon itinerant dealers; nor do we believe that those licences are of any advantage in preventing fraud. The stamp-duty on gold and silver plate is less objectionable than many others. It is, however, considered inquisitorial, and may not be a security as to the purity of the metals, for the stamp may very easily be forged. It yields about 100,000l., of which about 20007. only is paid in Ireland. Taking, therefore, into consideration the exigencies of the treasury, we cannot well propose any diminution or abolition of the stamp duties, except upon, Fire and marine insurances, which would leave an annual revenue from stamps of at least 1,200,0007. All the stamp-duties, however, require an equitable adjustment. THE POST-OFFICE. We have, long before the time of the late reform in the post-office charges, been of opinion that, as the government should never possess a monopoly of trade, the post-office charges should be regulated, not with a view to revenue, but to the purposes of covering all the expenses, required to convey letters, and intelligence with security, and with rapidity. The tax imposed upon the public, by the late post-office reform, is so very moderate, that while it still yields a considerable revenue, which we believe confidently will increase, no one can desire any alteration in the rate of postage. Many of the recent arrangements of the government for conveying the mails have been so extremely beneficial, that great credit is due to the late and present administration. There are, however, many additional places, to which we would recommend morning mails to be despatched. This would be beneficial, and would be no expense to the post-office. The line of steam-packets established by the government contract with Mr. Cunard, for carrying the mails twice a month across the Atlantic, between Liverpool, Halifax, and Boston, has not only already more than repaid the outlay made by the government, but leaves every prospect of an increasing surplus of revenue. This fiscal consideration would be effectually secured, if such powerful steam-boats as those of the Liverpool, Halifax, and Boston line were to be despatched from Liverpool once a week during the eight spring, summer, and autumnal months, and once a fortnight during the months of November, December, January, and February. The post-office would not only gain in revenue from this arrangement, but this frequent intercourse would form a great and rapid line of communication between the whole of Europe and all North America, including all the countries from the Gulf of Mexico to Lake Superior. It would, in practical effect, be connecting Europe and America in common interests, by convenient, rapid communication, forming, in truth, a great broadway of intelligence and civilisation, and, with freedom of trade, the best means of increasing the commerce and prosperity reciprocally of, and maintaining peace and good faith between, the countries most interested. Under the old packet system, between Falmouth and Halifax, by the gun-brigs, exclusive of the deplorable loss by foundering of nearly all those dangerous vessels, with all their crews and passengers, the expense to government was about 40,000l. annually more than the receipts of postage. By the recent line of steam-ships, a balance will, we believe, at the end of one year after the first packet steam-ship sailed from Liverpool, appear to the credit side of the Atlantic mails. Many other arrangements for carrying the mails by steam have been made by the treasury and admiralty. Traversing the world from England to the Gulf of Mexico, and then overland, to meet other steam-ships on the west of the Isthmus of Panama, to communicate over the Pacific to New Zealand and New Holland, -meeting other lines communicating with India, the Red Sea; and by crossing over the Isthmus of Suez, meeting the British mail steam-packets for England at Alexandria, we believe to be far from an impracticable delusion. The practicable, and not unprofitable, establishment of all this is not far distant; especially when we all know, how very lately, the practicability of running steam-ships across the Atlantic was questioned, doubted, and denied. The recent contracts for multiplying the steam communication with India, and by a branch line from Ceylon to China, will be found of immense advantage. The steam communication recently extended to the Levant, is also important. There is another great consideration, one of economy, too, in the end, in regard to large, strongly built, and powerful steam-ships-that is the readiness with which mail steam-ships of great strength and power may be turned into steam-ships of war; and that they may be de facto considered as such on the North American, West Indian, and Mediterranean lines. Now, if this mail steammarine were to belong to foreign countries, British capital no doubt would, we believe, be that chiefly invested in them; yet in the event of war, they would not only, not be available to England, but they would in all the likelihood of probabilities, be turned against us. This, in the change which steam power must create in naval tactics, is a most serious consideration for the British government, and for the British public. We would, therefore, recommend that any surplus revenue from the post-office should be applied to increasing the number of mail steam-ships. PROPERTY AND INCOME TAXES. These never have been, nor are they likely to be, taxes agreeable to the people :-especially the tax upon incomes not derived from realised property, that is, the tax on trades and professions. But when we have, from ordinary sources, a deficient revenue, we are bound to resort to extraordinary means, and we shall always do so, in order to maintain the national honour, credit, and dignity. If a house tax, alone, would meet the deficient expenditure, after the abolition of the unsound, and inquisitorial, taxes we have enumerated under the heads of excise, customs, taxes, and stamps, we would prefer, infinitely, to discountenance rather than to have any recourse to, an income and property tax. But it is clear that the demand upon the treasury, to meet the expenditure, will not, for some years, permit the abandonment of the property tax. The next consideration is, can we render it more equitable, and less inquisitorial? We are convinced that this can be effected. THE Income Tax collected in the Year ending the 5th of April, 1843. 9,284,3837. at 7d. in the pound, should produce 270,7947., leaving for the remaining four schedules 123,5307.394,3247., which sum, collected at the same rate as those four schedules produced in England, indicates an income of 4,680,9597., showing the total income of Scotland to be 13,965,342/., and of Great Britain 195,287,5441., exclusive of incomes. under 1507. In 1801, the assessments for England, including incomes above 150%. amounted to...... 74,676,891 18,105,240 56,571,054 Difference being incomes above 1501. per annum.................................. Now, if 56,571,6547.: 18,105,2407.:: 195,287,5447.: 62,499,8317., and if the income is under 1507., and above 60l., from all the schedules be, in 1845, in the same proportion to those above 1507. as in 1801 (and there is no reason that they should not), then the total income of Great Britain, in 1845, should amount to 257,787,3751. We consider that of this amount 200,000,000l. may be estimated as the rents and profits of all realised property, viz., the rents and profits of all lands, tenements, houses, constructions, funds, stocks, and shares: including factories, warehouses, docks, shipyards, railways, canals, public funds, Bank of England stock, |