Note (return) — GREAT BRITAIN AT THE COMMENCEMENT OF THE YEAR 1843.

But why must this dreadful income-tax be borne? What has led to it? The vast majority of honest and thinking men in the nation have but one answer to give to the question. That the income-tax is the penalty the nation must pay for its weakness and folly, in permitting a Whig Ministry to get into power, and continue in power, "playing such fantastic tricks" as theirs, for the last ten years, both at home and abroad, as the nation ought to have foreseen would be inevitably followed by some such grievous results as the present. This income-tax, however, let our opponents know, will serve for many years to come, long after it may have been removed, as a memento to prevent the country from tolerating the return to power of men whose reluctant and compulsory exit from power, after again doing enormous mischief, will be followed by a similar result—will impose on their Conservative successors the bitter necessity of imposing another income-tax. "The evil that they do," does indeed "live after them;" and without any "good, interred with their bones!" With the frightful deficit exhibited by Sir Robert Peel still staring us in the face; the war in the East yet to be paid for; faith to be kept with the public creditor both at home and abroad: a revenue of a million a-year recklessly sacrificed in reducing the postage duties:5 a deficiency in the last quarter's revenue, that tells its own frightful story as to its cause, and an all but certain heavy deficiency to be looked for, we fear, in the ensuing quarter: with all this before him, will any member or supporter of the late Government—of all other persons—be found hardy enough to rise in his place next session, and bait Sir Robert Peel about the repeal of the income-tax? The country will not tolerate such audacity. We shall not reason with them; but to those who, like ourselves, are smarting under the effects of the late Ministry's misconduct, who have a right to complain loudly and indignantly, and enquire with eager anxiety when their suddenly augmented pressure is to cease, we feel compelled to express our opinion, founded on a careful observation of our present financial position and prospects, that we see no chance of being relieved from the burden of the income-tax, before the period originally fixed by Sir Robert Peel. Till then we must submit with what fortitude and cheerfulness we may. Under, however, a year or two's steady and enlightened administration of public affairs, matters may mend with unexpected rapidity; but it is not in the ordinary course of human affairs, that evils, the growth of many years, can be remedied in a moment. A chronic disease of the body requires a patient course of abstinence and skilful treatment, to afford a chance of the system's getting once again into a permanent state of health; even as with individuals, so is it with nations. That the sudden cessation of the drain upon our resources from the East, and the partial reimbursement we have already realized, will sensibly lighten the burthens under which the Minister has hitherto laboured, and make him with joy to realize the expectations which, in proposing the income-tax, he so distinctly, yet cautiously, held out, as to the period of its duration, we may consider as indisputable. Add to this the pacific policy which Sir Robert Peel and his Cabinet are bent upon maintaining, as far as is consistent with a jealous regard to our national honour, (and which our late resplendent successes are calculated to facilitate,) and the revival, erelong, of the revenue, concurrently with that of trade and commerce, which may be confidently anticipated under our present firm, cautious, and experienced councils, and we may give to the winds our fears as to the continuance of the income-tax one instant after it can be prudently dispensed with. What, however, as a matter of mere speculation, if the nation should by and by, when familiarized with the character and working of the income-tax, become more reconciled to it, and prefer its retention as a substitute for the Assessed Taxes, which at present press so heavily on all, but particularly on the working-classes! But while Sir Robert Peel was remodelling the Corn-Laws, and creating a new source of direct revenue, he also undertook another task—a herculean task, one utterly hopeless, and beyond the reach or even conception of any but a Minister conscious of occupying an impregnable position in the confidence of the country: we allude to his reconstruction of our entire commercial system, as represented by his new Tariff. What courage was requisite to grapple with this giant difficulty! What practical skill; what patience and resolution; what exact yet extensive acquaintance with mercantile affairs; what a comprehensive discernment of consequences; what firm impartiality in deciding between vast conflicting interests, were here evinced! And observe—all these great measures, effecting a complete revolution in our domestic economy and policy—the fruits of only a few months accession to office of a Conservative Ministry! All the while that the Radical press was assailing them on the ground of their insolent and cruel disregard of their duty, and of the sufferings of the people, they were engaged upon the united labours of enquiry and reflection, on which alone can have been safely based the great measures which we have been briefly reviewing! "But all these," says some faithful mourner after the deceased Ministry, "they intended to have done, and would have done, if they could." Ay, to be sure. Admit it, for the nonce; 'twas easy to say it, but the thing was to do it—quoth Mr Blewitt! That same doing, is what we are congratulating the present Ministry upon. Yes, it has been done—the great experiment is being tried; may it prove as safe and successful, as it is bold and well meant. It must be regarded, however, as only a part of the entire scheme proposed by Sir Robert Peel, and judged of accordingly, with reference also to the necessity of his position, arising from the last acts of his predecessors—from the spirit and temper of the age. The long-continued languor and prostration of our commerce, undoubtedly required some decisive, but cautious and well-considered movement, in the direction of free-trade. How far we shall be met, in the same spirit, by France, Germany, Russia, and America, as has been long confidently predicted by those whose opinions have been perseveringly and vehemently urged upon the public, now remains to be seen. Felix faustumque sit! But at present, at all events, our example seems not likely to be followed by those on whom we most calculated, and time alone can decide between our course and theirs—between the doctrines of the old and of the new school of political economy—as to which is the short-sighted and mischievous—which the sagacious and successful policy. The powerful protection afforded by the new Tariff to our colonial produce, is one of its most interesting and satisfactory features. That, however, which has justly attracted to it incomparably the greatest share of public attention and discussion, is the introduction of foreign cattle. This topic is one requiring to be spoken of in a diffident spirit, and most guarded language. Whether it will effect its praiseworthy object of lowering the price of animal food, without being overbalanced by its injurious effects upon our all-important agricultural interests, we shall not for some considerable time be in a condition to determine. At present, it would appear, that the alarm of the farmers on this score was premature and excessive, and is subsiding. The combined operation of this part of the new Tariff, and of the reduction in the duties on the importation of foreign corn, may ultimately have the effect of lowering the rent of the farmer, and of stimulating him into a more energetic and scientific cultivation of the land; and generally, of inducing very important modifications in the present arrangements between landlords and tenants. In some of the most recent agricultural meetings, speeches have been made, from which many journalists have inferred the existence of rapidly-increasing convictions on the part of the agricultural interest, that a sweeping alteration in the Corn-Law is inevitable and immediate. They are, however, attaching far too much weight to a few sentences uttered, amidst temporary excitement, by a few country gentlemen, in some eight or ten places only in the whole kingdom. Let them pause, at all events, till they shall have more authentic data, viz. what the agricultural members of Parliament will say in their places, in the ensuing session. Much of the sort of panic experienced by the country gentlemen alluded to, may be referred to a recent paragraph in the Globe newspaper, confidently announcing the intention of Ministers to propose a fixed duty on corn. The glaring improbability, that even were such a project contemplated by Ministers, they would (forgetting their characteristic caution and reserve) agitate the public mind on so critical a question, and derange vast transactions and arrangements in the corn trade by its premature divulgement; and, above all, constitute the Globe newspaper their confidential organ upon the occasion, should alone have satisfied the most credulous of its unwarrantable and preposterous character. We acquit the Globe newspaper of intentional mischief, but charge it with great thoughtlessness of consequences. To return, however, for a moment, to that topic in the new Tariff most important to farmers. We believe that, since the day (9th July 1842) in which the new Tariff became the law of the land, the entire importation of cattle from the Continent, has fallen far short of a single fortnight's sale at Smithfield; but whether this will be the state of things two years, or even a twelvemonth hence, is another matter. At present, at all events, the new Tariff has had the beneficial effect of really lowering the price of provisions, and of other articles of consumption, essentially conducing to the comforts of the labouring classes. May this, in any event, be a permanent result; and who could have brought it about, except such a Ministry as that of Sir Robert Peel, possessing their combined qualifications means, and opportunities, and equally bent upon using them promptly and honestly?