contrary to his own experience; and sacrificing, for a mere crotchet, his own arrangements, which, for twenty years, and until 1852, he deemed to be mathematically correct. We now come to the question of qualification. This is a very serious one, and cannot be properly treated without reference to our existing fiscal arrangements. Indirect taxation has been reduced to the lowest possible limit; and, in order to make up the deficiency in the revenue occasioned by numerous relaxations, we are forced to submit to an income-tax which amounted last year to more than five and a half millions, levied from those persons only who are in receipt of more than £100 yearly. From Mr Gladstone’s financial statement, it appears that the Government does not intend to increase the amount of the national debt by contracting fresh loans, but that the inevitable expenses of the war, however large, are to be defrayed by additional yearly taxation. Further, we are told that it is not proposed to raise any portion of this by again resorting to indirect taxation, but that the whole of it is to be charged upon those persons who are already rated to the income-tax. We subscribe in theory to the opinion, that it is not advisable for the interests of posterity to increase the amount of the national debt; which might, however, have been cleared off during the years of peace but for the insane system pursued by successive Ministries, of abandoning indirect taxation for the sake of immediate popularity. In practice, it may be found impossible to avoid the contraction of fresh loans. It is not likely, for some time at least, that any Ministry will be bold enough to resort to the customs and excise duties for the supply of the yearly deficiency, so that there really seems no other available course than that of taxing property and income still farther. The effect of this is, that a certain limited class is made to pay for the others, and that the great bulk of the population are exempted. How long this can be endured we shall not venture to predict. We have demonstrated over and over again, in the pages of the Magazine, the extreme impolicy and ultimate danger of continuing a war tax in time of peace, and the result shows the soundness of our warning. The day will arrive when this burden will become so great as to be intolerable; and then, perhaps, it may be discovered that, in abandoning easy and evident sources of revenue, our commercial legislators have committed a most grievous error. At present, however, we can only look to the fiscal arrangements which have been proposed. It is obvious, at least to us, that it would be highly inexpedient, and even dangerous, to lodge political power in the hands of those who are not called upon to contribute directly to the necessities of the State. If you are to select a certain class as peculiar rate-payers, and to compel them, year after year, to make up the deficiency of the national income, whatever that may be, you are