the whole was L3,170,000, a
reduction which the revenue could not sustain. The next point was,
therefore, how to make good this loss without imposing an equal burthen
on the people. Lord Althorp proposed to equalise the duties on foreign
wines, and foreign European timber and exported coals; and to place
duties on cotton, steam-boats, and the _bona fide_ sale or transfer
of landed property. The estimated revenue from these sources was
L2,740,000; while on the other hand, the amount of taxes repealed or
reduced was L4,080,000; so that the country gained L1,340,000, while it
was stated the public services would not suffer. This financial project
of Lord Althorp was vehemently attacked by all parties in the house. The
experiment, it was said, was a dangerous one, and the probability was,
that it would be necessary to raise by exchequer-bills a sum to meet
the charges of the year; thus gratifying the country for a time by
an apparent relief from taxation, only to produce the necessity of
afterwards imposing heavier taxes on the people. The experiment was
represented as the less justifiable, as not one shilling was included in
the budget as being applicable to the diminution of the national debt.
It was always believed by some that the budget was not one of reduction,
but of mere transposition. Some taxes were reduced, but others were
imposed to make up the loss. At all events, it was said, the budget was
merely a pretext of doing something, while in truth it did nothing,
or did mischief. An attack was especially made on the tax proposed on
transfers in the public funds, and Lord Althorp was induced to abandon
it. Ministers were also defeated on a division in regard to a proposed
diminution of duties on Baltic timber, and an augmentation of those
grown in Canada. The tax on steam-boat passengers was likewise
abandoned, and an increased duty on our colonial wines, which his
lordship consented to reduce. Finally, the proposed duty on the
importation of raw cotton was reduced, and the whole affair produced a
strong impression of the practical inefficiency of the government. Under
any other circumstances, indeed, ministers could not survive the defeats
they had experienced; but the anchor of reform saved the ship in which
they had embarked, albeit it was a crazy one, from foundering in the sea
of politics.

Ministers were not more skilful in the arrangements of the civil list.
The late ministry had gone out of office after a vo