Twenty years of financial policyA summary of the chief financial measures passed between 1842 and 1861, with a table of budgets . o maintain the system of mentcommercial restrictions for the protection ofnative and colonial industry, it had in six yearsalmost destroyed it. It had overthrown theMinistry which it had in the first instancebrought into power, and had replaced that whichit had begun by setting aside. It had calledforth the Income Tax to accomplish a particulartask, and, having thus displayed the power of thismighty fiscal engine, it was about to bequeath toits successor the fruits
Twenty years of financial policyA summary of the chief financial measures passed between 1842 and 1861, with a table of budgets . o maintain the system of mentcommercial restrictions for the protection ofnative and colonial industry, it had in six yearsalmost destroyed it. It had overthrown theMinistry which it had in the first instancebrought into power, and had replaced that whichit had begun by setting aside. It had calledforth the Income Tax to accomplish a particulartask, and, having thus displayed the power of thismighty fiscal engine, it was about to bequeath toits successor the fruits of its experience and thebenefit of its example. It had, as it were, passeddirect and indirect taxation through a crucible,had tested their merits, their capabilities, andtheir weaknesses. It was dissolved in the autumnof 1857. The Income Tax, renewed for threeyears in 1845, was lega% to expire in April1848, and the new Parliament would thereforebe technically at liberty to renew it or not as itshould think fit. Its freedom of choice, how-ever, as will presently be seen, was far morenominal than real. H »« Twenty Tears of. Chapter III. Chap. III. 1847. Meeting ofnew Parlia-ment.
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