Page:The Annual Register 1899.djvu/101

 1899.] The Finance Bill. [93

On the following day Mr. Courtney (Bodmin, Cornwall) delivered a weighty and conclusive reply to the Chancellor of the Exchequer's arguments, putting before the House the essential need of paying off the debt in time of peace. Its repayment, he showed, constituted a war fund, as the money so employed could be used in the payment of the interest on a new loan. From a commercial point of view it was equally incumbent upon us to diminish the burden of the debt, and in the keen struggle for commercial supremacy which was going on and would constantly increase, it was of the greatest im- portance to help the next generation. Sir Wm. Harcourt followed with a more conventional speech. In his opinion, the policy of expansion was the source of all our evils, and the Government should test the wishes of the taxpayers in this direction by making them pay its cost. Instead of that, by suspending the sinking fund the Government wished the tax- payers to believe that the policy of expansion was a cheap policy. He reminded the House that the Liberal party had preferred to run the risk of incurring unpopularity by imposing fresh taxation rather than having recourse to this expedient. Sir Wm. Harcourt also expressed his disapproval of the decision to increase the tax upon light and cheap wines, and criticised very closely the financial proposals. Referring to the suggestion that the Savings Banks' funds might be invested in other securities besides Consols, he expressed disapproval of any change of the kind, and showed how difficult it would be to find other first-class securities that would serve the purpose. Indirect taxation, he held, was unjust to the poor among the community, and there were still* kinds of property which re- mained untaxed. After a prolonged discussion, Mr. Goschen (St. George's, Hanover Square), a former Chancellor of the Exchequer, closed the debate. He justified the increase of expenditure that had taken place in the last four years. He asserted that the sum granted in aid of agricultural rates had gone into the pockets of the agricultural ratepayers and not of the landlords. With regard to the voluntary schools grant, he showed that if it had not been given a great burden must ultimately have been laid upon the taxpayers and ratepayers. As to the increase of expenditure on the Army and Navy, he observed that pressure had been put upon the Government to strengthen those services from both sides of the House. The result had been that we had been able to make satisfactory settlements in different parts of the world. Eef erring to the proposal for the reduction of the debt payment, he reminded the House of the similar operation which he conducted in 1887, which had not compromised the safety of the sinking fund ; nor, he added, would the present proposals bring it into danger. He explained also at some length the results of his great conversion scheme. Sir H. Fowler's amendment was then negatived by 280 to 155, majority, 125 ; and the bill read a second time.vj