The law reforms are far bolder than any that _my_ friends ever proposed,
and the budget, which was brought forward last night, contains more that
is good, and less that is bad, than was hoped or feared.
Its worst portion is the abolition of half the malt tax, which leaves all
the expense of collection undiminished, besides being a removal of a tax
on a luxury which I do not wish to see cheaper. It is probable, however,
that the doubling of the house tax will be rejected, in which case
Disraeli will probably retain the malt tax, and the budget will sink into
a commonplace one.
The removal of certain burdens on navigation and the change in the income
tax are thought good, and generally the Government has gained by the
budget. I am now inclined to think that it may last for some months
longer--perhaps for some years.
In the meantime we are in a state of great prosperity: high wages, great
accumulation of capital, low prices of consumable articles, and high
prices of stocks and land.
Ever yours,
N.W. SENIOR.
February 27, 1853.
My dear Tocqueville,--I profit by Sir H. Ellis's visit to write, not
venturing to trust the post.
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