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Cobden naturally pressed his constant point of th Ci
Portance of reduced expenditure as the true key
luancia] readjustment ; and he pointed out that extrava-38006
 in thie direction would assuredly fall upou property
‘thor than commerce, a8 successive remissions of in-Tire
 taxation were inevitable. But he was particularly
Mleased with the imposition of the legacy duty upon real
Moperty, and described Mr. Gladstone’s Budget as bold
Md honest? On another subject he found himself in
treo opposition to the Government. Mr. Milner Gibson
Fought forward his resolutions upon the various duties that
ood in the way of a cheap press. He was supported in
this attempt against the taxes on knowledge by Mr. Disraeli
"0d bis friends, and in the end he defeated Mr. Gladstone
the advertisement duty. The battle was not won for three
Fears to come ; and after the victory was achieved, the cheap
lewspapoers which it allowed to coms into existence hardly
ulfilled all at once the political hopes which Cobden and
‘he Manchester school expected. But that fact made no
ference in their conviction that good must ultimately
ome from the abundant diffusion of information, and the
‘Onstant threshing and sifiing of opinion by daily dis-“ussion,

One incident at this time was like a ray of hope to Cobden.
: large number of bankers and traders in the City of
London went on a deputation to the Emperor of the French,
Practically to repudiate the language of the panic-mongers,
ud to express their desire for the continuance of relations
cordiality and good-will between the two countries. Unfortunately
 a train was now being laid in Eastern Europe
Which, before many months, had put an end to the panic of
® French invasion, but brought something more mischievous
than the panic in its stead. Cobden at this instant no
Anvil 28,

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