The Life and Times of Queen Victoria; vol. 1 of 4Wilson, Robert
History
The Life and Times of Queen Victoria; vol. 1 of 4
Wilson, Robert
Great Britain -- History -- Victoria, 1837-1901; Victoria, Queen of Great Britain, 1819-1901
from the passionate excitement and the repeated shocks of those
Ministerial crises which exhausted Parliament in 1846. One gap in the
long line of Irish relief measures we can descry, and even then it was
made by an eleemosynary measure giving compensation to West India
planters for the loss they were likely to suffer from the abolition of
the differential duties on foreign sugar. A Bill to shorten service in
the army, and one establishing a new Bishopric at Manchester, were also
among the measures passed during the Session. On the 22nd of February
the Chancellor of the Exchequer, Sir Charles Wood--afterwards Lord
Halifax--made his financial statement. Wood was a member of the Grey
section of the Cabinet, and it was of him in after-years that Mr. Grant
Duff once impudently remarked, “Providence, in its inscrutable purposes,
had deprived him of clearness of
[Illustration: LORD CAMPBELL’S AUDIENCE OF THE QUEEN. (_See p. 290._)]
expression--nay, almost of the gift of articulate speech itself.” The
reporters of the old school used to tell merry tales of their
difficulties in making sense of his financial speeches, but with some of
his colleagues he was popular. He showed courage in fighting the Irish
famine, and he did not flinch in the monetary crisis of October which
followed it. But his _brusquerie_ of manner and indistinctness of speech
made many enemies, especially among deputations who waited on him. He
was not, therefore, the fittest person to make heavier demands on the
national purse than had been heard of for many years--and yet that was
just what he did. But there was one consoling fact on which he dwelt. In
spite of distress, the revenue from customs and excise during 1846 had
far exceeded Mr. Goulburn’s estimates. It had left Sir C. Wood with a
balance of £9,000,000 in hand, and though it showed no signs of falling
off, yet a commercial crisis was to be looked for similar to those of
1825 and 1836. Sir C. Wood therefore estimated for a forthcoming revenue
of £52,065,000; but then he said he had to provide for an expenditure
which, owing to the changes wrought by the introduction of steam power
into the navy and the arsenals, must rise to £57,570,000. Still, as
£10,000,000 would be wanted as extraordinary expenditure on Irish
distress, there was a deficit to be made good. This he proposed to meet
by borrowing £8,000,000--the other £2,000,000 consisted of advances to
local authorities, and would be repaid--fresh taxation being ill adapted
to hard times. His surplus was £489,000, and to it would be added
£450,000 he hoped to get from China. The Famine Loan was floated at £3
7s. 6d. per cent., but so eager were the Government to get the money
that a discount of 5 per cent. was by a resolution of the House of
Commons ordered to be given to those who paid in their contributions
before the 18th of June.
Public-domain text, read in full here on John Shaqi.
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