The Life and Times of Queen Victoria; vol. 4 of 4Wilson, Robert
History
The Life and Times of Queen Victoria; vol. 4 of 4
Wilson, Robert
Great Britain -- History -- Victoria, 1837-1901; Victoria, Queen of Great Britain, 1819-1901
carried a new Standing Order, enabling the Speaker to exclude strangers
when he saw fit, but submitting the attempt of a private Member to
clear the House, to the check of an immediate and undebateable vote.
Sir Stafford Northcote’s Budget was ominous of hard times coming.
Prices were beginning to fall, and unsound Foreign Loans, in which
rich people had invested, were beginning to collapse. Sir Stafford
Northcote, therefore, though he received half a million more revenue
than he expected, wisely made no sanguine estimate for the ensuing
year. His anticipated expenditure he put at £75,268,000, an increase of
£939,000, and his revenue at £75,685,000, showing a probable surplus
of £417,000, which was ultimately converted by supplementary estimates
into an estimated deficit of £300,000--a bad contrast to the miraculous
surplus of £6,000,000, which in the previous year he inherited from Mr.
Gladstone. There was no special feature in the Budget, save the scheme
fixing the charge for the paying up the interest and the principal
of the National Debt in future at £28,000,000 a year, and making it
obligatory to meet this sum before any surplus could be declared. It
was, in fact, a plan for establishing a rigid Sinking Fund to discharge
the National Debt, and though it was popular at the time, it failed, as
all such plans fail, because whenever a difficulty arises Ministers of
Finance always confiscate a Sinking Fund in preference to imposing new
taxes.
[Illustration: ABERGELDIE CASTLE.
(_From a Photograph by G. W. Wilson and Co._)]
Public-domain text, read in full here on John Shaqi.
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