s
times. He would now state his own views on the subject. He had thought
that they should first direct their attention to a reduction of the
debt, and he should state to the house the fact, that since 1831, we had
borrowed no less than L35,000,000, while in the same twenty years we
had only applied L8,000,000 towards its re-payment, leaving a balance of
debt of no less than L27,000,000. If they were always to borrow when
the revenue was deficient, and never to pay when they had an excess, he
could not see how they were to get out of debt at all. Neither could he
see how they would get rid of the income-tax if they were to apply every
surplus to the reduction of taxation instead of to the reduction of the
debt. He felt it desirable, however, that some relief should lie given
in the way of taxation; and the first class to which lie should apply
the principle would be the small holders of land, by reducing the stamp
duty on the sales of land up to L1000, and rendering it more equitable
on transfers above that amount. Also a reduction of the duty on
mortgages and bonds, and to reduce the stamp duty on leases from one to
half per cent. He also thought it desirable that the habitations of the
labouring classes should be improved, and he should therefore propose
the total repeal of the duty on bricks. He estimated the loss to the
revenue at L300,000 on stamps, and at L455,000 on bricks; making a
total of L755,000, which was about one-half of the surplus available.
He thought, therefore, that he was making a fair distribution of the
surplus, one half to the reduction of taxation, and one half to the
reduction of the debt. He proposed to make advances for the purpose
of drainage and land improvement as an inducement to an expenditure of
capital, which could not fail to be considered a national as well as
an individual benefit. The last sum granted in this was for England and
Scotland, L2,000,000; and of this, owing to priority of application,
the gentlemen north of the Tweed had got no less than L1,600,000. He
proposed to advance another L2,000,000, and to take care to reserve a
fair share of it for England. He also proposed to advance for similar
purposes L1,000,000 to Ireland, L800,000 of which should be for arterial
drainage. He hoped to be able to make these advances without any
addition whatever to the public debt. These were the proposals he had to
submit to the house. He also proposed to apply L25,000 in order to
got rid o