240 LIYE OF COBDEN. [oms*

1842. judge the Minieter’s boldness in imposing the income tax 58
Zr. 38. a means of reforming the tariff, in a more appreciative spirit
It is just, however, to remember that in his letters we 867°
the first quick impressions of the hour; that these first
impressions were naturally those of chagrin in one who 88%
that the new scheme, however good in its genaral bearing?
omitted the one particular change that was needful. We must
not expect from an energetic and clear-sighted actor, €0™"
mitted to an urgent practical cause, the dispassionateness of ®
historian whose privilege it is to be wise after the event.
“What say the wise men to Sir Robert's income box!
In other words, how do cur mill-owners and shopkeepe™
like to be made to pay 1,200,0001. a year out of ther
profits, to insure the continuance of the corn and sug®
monopolies ? I should think that the proposal to plac?
profits upon a par with rent before the tax collector will 29°
be vastly popular, unless the law can contrive to keep "WF
the former as it-does the latter. The only importan?
change after all, annomnced last night, was timber. . « *
Peel delivered his statement in a clear and clever way, never
faltering nor missing a word in nearly a foar hours’ speectt
This has gone far to convince our noodles on the Wh§
side that there is a great deal of good in his budgel’
and I find even our friend J—— is inclined to prais
the budget. But I fully expect that it will do much %
render Peel vastly unpopular with the upper portion of th?
middle class, who will see no compensation in the tariff 0
a tax upon their incomes and profits. If this be the result
of the measure, it will do good to the Corn Law cause, PY
bringing the discontented to our ranks. Let me know what
your wiseacres sav about it." *

“Both the corn and income tax will he thrown over faster
bE To ¥. Cobden, Moxch 12. 1845,