“In countries under free or constitutional governments the reduction or repeal of taxes is frequently proposed in the view of courting popularity, or of favourably influencing public opinion. And the desire to grasp an immediate advantage, to be relieved of a burden, without caring for the ultimate consequences of its extinction, is so extremely prevalent, that such projects, though often very undeserving, seldom fail to procure a less or greater share of the public sympathy for those by whom they are put forth. Statesmen, however, and those intrusted with the duties of government, should take a less circumscribed view of such matters, and are bound to inquire into the real character of the measures that come before them, and to weigh and consider their more remote as well as their proximate results. Their duty is to oppose, not to pander to the selfish and unfounded prejudices of the public.... The real questions are, can the tax be spared; and, if not, can it be replaced by a less inconvenient or injurious tax? If it can neither be spared nor replaced by another that is less objectionable, its repeal would be as futile, as inexpedient, and as unadvised a measure as can well be imagined.” Mr Gladstone, in his desire for popularity, has carried the practice thus emphatically condemned by Mr M’Culloch to a most dangerous extreme. He totally disregards the sound principle of ending every year with a surplus, in order to meet sudden and unforeseen contingencies, and he lavishes every spare pound upon the reduction of taxation. Moreover, in making these reductions, he has adopted a practice which, although he presents it under the attractive guise of a “simplification of the tariff,” is paving the way for a serious popular agitation against some of the indispensable elements of our fiscal system. Sir Robert Peel, it is true, simplified the tariff; but he did so more wisely and prudently. It was not merely for the sake of simplicity that he reduced the list of taxed commodities, but because many of the taxes at that time vexed trade without appreciably swelling the revenue. Previous to his administration, our customs tariff comprised above a thousand articles, many of which were insignificant, and all but unproductive to the State. But Mr Gladstone has carried out the same practice on a very different principle. The tariff, as left by Sir Robert Peel, embraced above four hundred items; now it is restricted to about forty. Indeed, this branch of our revenue at present is raised almost entirely from sugar, tea, tobacco, spirits, wine, beer, corn, coffee, currants and raisins, timber, and pepper. This is objectionable in many respects. In the first place, it renders our revenue liable to be much more seriously affected by the fluctuations of trade and the condition of the masses of the people, than under the old system; and by concentrating taxation upon a