20
still exists, as there probably would, a deficit, meet it by an income tax of two per cent., which would, in all probability, produce three millions annually.
I doubt whether an income tax to so small an amount would be likely to drive capital out of the country; at all events, I do not think that the trifling amount it would drive out, would be at all equal to the accumulation of capital to be expected from the remission of the duties I have named. Such are, then, the opinions I have to offer on the present financial state of the Empire. Repeal the taxes on raw materials and manufactures; remove those dead weights that now cloy the springs of national industry; and you will give circulation to capital, employment to labour, and augment to a great extent the wealth of the kingdom. Thus will this great nation, in peace, still maintain her ascendancy in every art and manufacture, whilst at the same time, by the accumulation of capital, she lays the sure foundation of victory in war! Thus may the people of this realm be once more employed in various trades, and prosperity and quiet bless the land!
To effect this, I ask for no breach of national faith—no surrender of national honour—no abatement of national safety. No! Rather than the faith of England should be impeached—than her
