And first, as to its policy. A direct property or income-tax has hitherto been considered and acknowledged by all governments of this country as the very last which can be resorted to in cases of extraordinary emergency. In the event of danger, of war or of invasion, unusual imposts will be submitted to without a murmur: in time of peace it has always been held as a principle, that the ordinary expenditure should be met by the ordinary methods of taxation; and these have been for the most part indirect. Of all our sources of revenue, that derived from the customs, which has been most tampered with, is the easiest of collection. It amounts to much more than one-third of the whole, and in time of peace is capable of contraction and of expansion. That is the mark at which the free-traders have discharged the whole of their battery, and certainly they have succeeded in effecting a notable reduction. In consequence, we are now called upon in time of peace to submit to a war-tax, which is in effect a sort of monetary conscription. By adopting it, we sacrifice the power of falling back in any case of emergency upon a strong existing reserve. It will be conceded on all hands, that in time of war we cannot look to the customs and excise for any additional support; and if we go on multiplying direct taxation in the time of peace, to what source can we turn in the event of in unforeseen emergency? This is perhaps the most mischievous result of our adoption of the free-trade doctrines, because it leaves us utterly fettered, at the moment when freedom of action is most necessary for the safety of the whole state. We are extremely glad that on this point we are corroborated by the opinions of Mr Francis Baring, formerly Chancellor of the Exchequer under the Melbourne administration, whose clear and forcible denunciation of the proposed financial policy must have been listened to by his former colleagues with feelings of considerable shame. "At a time," said Mr Baring, "when we talk of preparing our defences, I deeply regret that we should be throwing away that which is the most powerful financial weapon in our whole armoury in the case of a war. If you now lay on a tax of five per cent, in case of a war to what source of taxation would you turn? Do you think you could raise the income-tax above five per cent? or are you prepared, at a time when you shall be in difficulty and distress, to have recourse to the taxes on customs and excise which you have so lavishly thrown away? I opposed the income-tax at its first introduction, because I thought it a dangerous course to accumulate in direct taxation any very large amount of taxation of a different kind." With these sentiments we entirely coincide; nor could such a tax, we venture to say, have been originally imposed, unless it had been broadly and explicitly stated that it was only temporary in its duration. At every step we encounter the effects of Sir Robert Peel's indefensible and cruel want of candour.