suspicion, but which, if accomplished, will render the subsequent steps of the scheme not only easy but inevitable. There may be little to find fault with in the present proposal considered by itself; but what is its bearing in regard to our financial system? Reduce the duty on tobacco, and what other customs-duty can be maintained? Mr Gladstone was never more eloquent and plausible than when proposing to reduce the duty on foreign wines; now he is playing the same artful game in regard to tobacco. Can Parliament be any longer blind to the course to which he is committing it? Honest financiers, who could afford to make a reduction of taxation, would begin with tea, sugar, and beer, as the duties on these can be remitted with the greatest advantage to the community; while those on luxuries, such as foreign wines and tobacco, could be maintained without inconvenience or complaint. But just for this very reason Mr Gladstone, who aims at accomplishing Mr Bright’s scheme of taxation, begins at the other end—knowing well that if he can reduce the taxes on tobacco as well as on foreign wines, the _abolition_ of the other customs-duties will follow as a natural consequence. A reduction to the extent of one-half the duties on luxuries cannot be balanced save by totally abolishing the duties on the necessaries of life. We have a strong conviction that this is his game; for the good reason that upon no other supposition is his conduct intelligible. Mr Gladstone is not a fool; he must have an adequate motive for this seemingly crotchety course; and we believe we have named it. Let the House of Commons look to it, before they are led too far into the toils to be able to recede.