Before quitting the budget, let us say a word or two regarding future financial prospects. It is no doubt possible that trade may revive—though, from the present aspect of European affairs, we are not inclined to be at all sanguine in our expectations. We cannot, it is quite clear, reduce our effective establishments; for no one can say what emergency may arise to make us, not mere spectators, but active partisans in a contest which we shall deeply and long deplore. Economy we may practise at home, and for once we are of Joseph’s mind. There are items in our civil and pension list clearly superfluous and undefensible, and we wish to see these removed, though with a just regard to vested interests and claims. We are no admirers of such antiquated offices as that of Hereditary Grand Falconer; and we think that Mr MacGregor’s inquiry, as to the heirs of the Duke of Schomberg, who for a century and a half have been billeted upon the country to the tune of three thousand a-year, deserved at least a courteous reply from so very determined an economist as the Premier formerly proclaimed himself. A doorkeeper may surely be maintained at a less annual expense than the income of a country gentleman; and in many departments even of government, we have certainly been over lavish of remuneration. But these retrenchments, though they may give satisfaction to the nation, can never free it from its embarrassments. The revenue has clearly sunk to a point when it must be augmented by some decided and effective measure; and it will well become us all to consider, even without reference to past disputes, from what quarter the supply is to come. If the decision, or at all events the expressed feeling, of the House of Commons can be taken as an index of the popular wish, the nation will not submit to an augmentation of the income-tax. No increased duties upon excise can be levied,—indeed the cry is general for the removal of those which exist. The window-tax—though it might be materially improved by a more equitable arrangement, and by rating great houses without any graduated scale—is decidedly unpopular. In fact, all direct taxation is of an obnoxious character—it is the fertile source of murmur and of discontent, and it never can be adjusted so as to render it palatable to the payer. From what quarter, then, is it possible for us to recruit our revenue? How are we to provide for casualties, and for a possibly increased expenditure? That question must be solved in one way or the other, and that without lack of time. It will not do to go on from year to year with a continually increasing deficit, the arrears of which shall be passed to the capital of our national debt—we must raise money, and the only question is, how to do it.