So thought Sir Robert Peel in 1831. When in that year a proposal was made to levy a small tax from the transfer of stock in the public Funds, he denounced the measure in the strongest terms, as a violation of the contracts made with the public creditor, and as a proceeding which must necessarily "tarnish the fair fame of the country." "He (Sir Robert Peel) dreaded that an inference would be drawn from the proposed violation of law and good faith, that a further violation was not improper. If in these times of productive industry and steady progressive improvement--if, in such times, in a period of general peace, when there was no pressure on the energies and industry of the country--_the Government contemplated the violation of an Act of Parliament, and express contract entered into with the public creditor_, what security could the public creditor have if the times of 1797 or 1798 returned?" Contrast this language with the propositions of the same eminent statesman in 1842, when he introduced the Income-Tax for the first time. "I propose that, _for a time to be limited_, the income of this country should bear a charge not exceeding sevenpence in the pound.... I propose, _for I see no ground for exemption_, that all funded property, held by natives in this country or foreigners, should be subject to the same charge as unfunded property." No ground for exemption! Mark that, gentlemen who are interested in the Funds. On no mean authority was it then announced that an Act of Parliament, however solemn and stringent in its terms, is no fence at all against the inroads of a Chancellor of the Exchequer. True, people may have lent their money on the strength of that positive assurance; true, it may have been made the basis of the most important family arrangements: but all that matters nothing. Money is wanted to make "experiments," for the purpose of stimulating manufactures; and what is the maintenance of public faith and honour, compared with an object so important? So, in order to stimulate manufactures, the principle of repudiation was recognised.