The Act presently in force provides that farmers shall be assessed, not upon profits, but upon rental, to the extent of threepence-halfpenny per pound, on farms for which they pay £300 per annum and upwards. The gross amount of the sum so raised was in 1848 £309,890. Now, it is perfectly well known to every person that not one farmer out of ten has made a single penny of profit since the withdrawal of the duties on foreign corn in the commencement of last year. In the great majority of cases rent is at this moment paid out of capital, as the landlords will find to their cost when the leases expire, if many of them are not already perfectly cognisant of the fact. If this be the case, it becomes plain that this mode of assessment cannot be continued. To do so, would be for the State to use its power to commit an actual robbery. So long as any profit exists, the State has a right to tax it; unjustly it may be, and partially, but still the title is there. But the State has no right whatever to deprive any man of his property _under false pretences_. If a tax must be levied on income, so be it; but income is not a thing to be presumed under any circumstances, still less when the State, by its own deed, has made a violent change on the relation and values of property. To force the farmers, of new, to pay this tax under the old conditions, would be an act of intolerable tyranny and oppression, for which the constitution of Great Britain gives no warrant; and we hardly think that any Ministry will be insane enough to adopt such a course.