AAs it was pretty well-known that the enormously increased expenditure to which we have conimitted ourselves, mainly pon the army and navy, would swallow up Sir uxplus on the past year ands ud three-quarter millions more, sy to guess how the Chaneel-Exchequer proposes to make Voth ends meet. "He proposes to reduce the amount devoted to the reduction of the National Debt by two millions. ich was wy plausible excusses for this proceeding. The plan adopted for some years past has been to devote,000,000 a year to the payment d_eXtinetion of National So long as this principle is carried payers, of course, obtain absolutely no benefit from the reduction of the debt. All the benefit accumulates for the enjoy ment of the tax-payers of the future. This, Michael contends, is making tov great ice for poster The inter the National Debt, the debt and low millions less yet the tax-pay ing their twenty-tive millions a year. Michael, therefore, proposes to sive th relief by reducing it to twenty-three _mil-Tons which will still leave a margin of five millions or so for the reduction of the debt. Economists of course, protest with some reason that a time of peace and of abounding prosperity is certainly not the time for relaxing one's efforts: to pay off one's debts, even to this comparatively moderate extent; but the tax-payers will not grumble.
Text read from the printed page and cleaned; old type leaves the occasional error.