Jasper County Democrat, Volume 5, Number 2, Rensselaer, Jasper County, 19 April 1902 — FACES A BIG DEFICIT. [ARTICLE]

FACES A BIG DEFICIT.

BRITAIN WOULD TAX BREAD TO RAISE REVENUE. War Make* Necessary Revival of the Ancient Duties on Grain and Flour -Deficit Placed at Fifty-eight Million Pounds in Budset Statement. Great Britain, groaning under the financial burdens of the Boer war, will be forced to submit to a bread tax. In explaining the budget to the House of Commons, Sir Michael Hicks-Beach, chancellor of the exchequer, announced that the ministry had agreed to the reimposition of the ancient duties on Hour amt meal. Continuing, he said it had been decided to impose a duty of 5 pence per hundredweight on Hour and 3 pence per hundredweight on wheat and grain. The chancellor denied that the registration duties on wheat and flour violated the principles of free trade, or would increase the cost of food. He thought the duties had been recklessly abandoned and declared their remission did not reduce the price of food. Almost before the announcement had been completed in the House of Commons London’s streets were ringing with the newsboys’ cries of "Tax on Bread." It caused great excitement. The bulletin boards before all newspapers were liesieged by crowds of intensely interested citizens. Angry criticisms of the ministry’s action are reported on every side. It is claimed by some London papers that the bread tax will cause the overturning of the Salisbury ministry. Revival of the Corn Law*. The restoration of the duties on grain by the British government is an extremely Interesting occurrence, whether Tt denotes a permanent change of policy or not. At the rate of sixpence per hundredweight it is nothing more than a tariff for revenue, and, in the opinion of Sir Michael Hicks-Beach, will not increase the price of bread. The tav will Jail primarily, it is anticipated, upon the importers and the bakers. In the end it will possibly be taken off the price and thus fall upon the farmers to a large extent —upon those who send their surplus grain to Liverpool. It will thus affect the wheat-growing countries of the world and will affect the United States more than any other country. The duty amounts to about 3% cents a bushel. It is fifty-six years since Sir Robert Peel ended his remarkable career as a statesman by repealing the so-called corn laws. The story of that political agitation is one of the most interesting in English annals. The repeal of the corn duties took effect in 1849. and from that day to this no Tory ministry has been courageous enough until now to revive’ those duties. Figure* from British Budget. Cost of war to date 3 825,170,000 Cost of war 1902-3 227,250,000 National debt 3.739,030,000 Increase in national debt 24M),000.000 Expenditures last year 873,043,000 Deficit to be met 226,620,000 New bond issue 1W.000,000 New Taxes Proposed. Six cents on corn, wheat, and other grain. Ton cents on flour and meal. Two cent tax on dividend warrants. Two cents added to stamp on cheeks. Two cents per 35 added to Income tax.