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26 It thus appears that in 1858-59, under the Derby-Disraeli administration, we have a considerably smaller expenditure than at any period under Mr. [Gladstone's financial management; and it also appears that the income tax imposed by the same Derby-Disraeli government—viz., 5d., is smaller than that imposed by Mr. Gladstone during any year of his financial supremacy.

The unavoidable increase of certain estimates for the current year has been satisfactorily accounted for by the able and triumphant letters of the chancellor of the Exchequer, and of General Peel. To these I refer you; though it may be well to remind you of a few reasons which sufficiently dispose of the frivolous allegations of their critics. When the budget was framed, those at least who were responsible could not afford to forget that they had some trifling things to provide for, such as—Fenianism—the conversion and improvement of our arms in consequence of the state of military preparation in Europe—increase of pay to the re-enlisting soldier—the extension of the Contagious diseases Acts on moral and sanitary grounds—extra colonial defence—obligatory outlay on the fortifications for which a Liberal administration is solely responsible — the short comings of their predecessors in naval and military matters—and lastly, the results of the terrible commercial panic and distress in lessening the revenue.