Of all the gorgeous promises held out in 1842, and since repeated, not only by ministers, but by the accredited organs of free-trade, not one has been fulfilled. Instead of the Pactolus which was to flow in to us, we find that the ordinary streams of commerce have shrunk alarmingly in their channel: instead of being relieved from the temporary income-tax, there is another deficit of three millions staring us in the face. The statutory period of the income-tax expires in April next: we are now asked to renew it for another period of five years, and to augment it, for two of these years, from three to five per cent. The income-tax, therefore, has changed its character. It is no longer a voluntary grant, but has become part and parcel of our national system of taxation. It is to be maintained and levied in order to make up for the deficiencies occasioned by the late commercial experiments; and Lord John Russell does not propose to modify or alter its arrangements in any degree whatever. It is to be drawn from the same class as before, with this difference, that whereas we have hitherto paid seven-pence in the pound, we are now to contribute a shilling. This is, indeed, a most serious matter; and we shall look forward to the financial debate with feelings of the greatest anxiety. This is no ordinary crisis, and it must be met with corresponding fortitude and promptness. A measure, admittedly unjust in its principle, is now to be recognised as a law; and the faith which was plighted, a few years ago, to the most important section of the community, is now to be deliberately broken. Property is at last assailed, not covertly but openly; and the worst anticipations of those who deprecated our departure from the older system, are upon the eve of being realised. Two considerations now arise, and each of them is of the utmost importance. The first concerns the policy of this measure: the second relates to its injustice. On both points we have a few words to say.