The Free-Traders boast of a surplus of above £2,500,000 annually under the operation of their system. But for the income-tax it would not be a surplus at all, but a deficit of £3,000,000 annually. So oppressive, however, vexatious, and unjust is that tax, and so enormous the severity with which it presses upon agricultural industry compared to commercial, that its continuance cannot much longer be endured. It has been truly described as an “_impost_ on the landed interest, and a _contribution_ by the commercial.” And that really is its character, so flagrant are the frauds and evasions by which the unscrupulous among the trading classes evade its operation. The present high state of the public funds, owing to the long continuance of peace, the destruction of a large part of the trading classes by Sir Robert Peel’s monetary system, and the impulse given to industry by the repeal of that system, by the opening of the great banks of issue by Providence in California and Australia, has now raised the 3 per cents above 100, and gives a fair prospect of the Chancellor of the Exchequer being able to save £1,500,000 to the nation annually, by converting the 3 per cents into a 2½ per cent stock. Should he effect this, and, by the aid of that reduction and the surplus, succeed in taking off the income-tax, he will confer the greatest boon ever bestowed on his country since the former tax of 10 per cent was repealed, and do more to establish the popularity of his administration, than by any other measures that could possibly be devised. THE MOOR AND THE LOCH.[9]