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THREE:The coronation was a magnificent ceremonial, and during the proceedings in the Abbey, Westminster Hall was being prepared for the banquet. There were three tables on each side, each table having covers for fifty-six persons, and each person having before him a silver plate. The other plate was entirely of gold. The dishes served up were all cold, consisting of fowls, tongues, pies, and a profusion of sweetmeats, with conserves and fruit of every kind. At twenty minutes to four o'clock the gates were thrown open to admit the procession on its return. Seen from the opposite end of the hall, the effect was magnificent as the procession passed under the triumphal arch. On the entrance of the king he was received with loud and continued acclamations. His Majesty being seated at the banquet, the first course came with a grand procession, which the king seemed to regard with great satisfaction. The Duke of Wellington, as Lord High Constable, the Marquis of Anglesey, as Lord High Steward, and the Deputy Earl Marshal, Lord Howard of Effingham, mounted on horses, and attended by their pages and grooms, advanced to the foot of the platform; the horsemen stopped while the clerks of the kitchen advanced to the royal table, and took the dishes from the gentlemen pensioners. Then the whole procession moved back, the horsemen backing their chargers with the greatest precision, amidst loud applause. The first course having been removed, a flourish of trumpets was heard at the bottom of the hall, the great gates were instantly thrown wide open, and the champion, Mr. Dymoke, made his appearance under the Gothic archway, mounted on his piebald charger, accompanied on the right by the Duke of Wellington, and on the left by Lord Howard of Effingham, and attended by trumpeters and an esquire. The usual challenges were given. Some other ceremonies having been gone through, the king's health was proposed by one of the peers, and drunk with acclamation. The National Anthem was then sung, after which the king rose and said, "The king thanks his peers for drinking his health and does them the honour of drinking their health and that of his good people." Shortly afterwards his Majesty quitted the hall and returned to his palace in his private carriage, attended by his usual body-guard.Before this, however, the financial statement for the year had been made, and for awhile the Corn Law question was suspended for the country to recover from its astonishment at finding in the Minister of the Conservative party one of the boldest reformers of our tariff who had ever occupied the Ministerial benches. But yesterday his position had appeared one of the greatest difficulty, in which a cautious hold upon the established sources of revenue, with some well-balanced proposals for additional taxes, was all that could be expected. He had not the good fortune of Mr. Goulburn or Lord Althorp in having a surplus to dispose of. The Whig Government had bequeathed to their successors a deficit, which had been increasing from year to year, with a revenue falling off even in the face of new taxes. How[488] was the deficit to be met was the question which filled the mouths of public men; a question which was answered by the famous financial statement of Sir Robert Peel on the 11th of March. After showing that the deficiency for the coming year would be little short of 2,500,000, and that this deficiency might be expected to be considerably augmented by the position of affairs in India and China, the Minister declared that he would not consent to resort to the miserable expedient of continual loans. He declared that he would not attempt to impose burdens upon the labouring classes, and that if he did, recent experience had shown that they would be defeated. In fact, the country had arrived at the limits of taxation upon articles of consumption. After ridiculing the various suggestions of people who were constantly sending him projects for taxes on pianofortes, umbrellas, and other articles, accompanied with claims of very large percentages upon the proceeds, he acknowledged the principle laid down by financiers that increased revenue may be obtained by taking off the taxes which pressed upon industry, but declared that the first effect was always a diminution in revenue, and that time was found necessary to restore the amount. In these circumstances, he stated what the measure was which, under a deep conviction of its necessity, he was prepared to propose, and which, he was persuaded, would benefit the country, not only in her pecuniary interests, but in her security and character. His scheme was this: he proposed, for a period to be limited, an income tax of not more than 3 per cent., from which he would exempt all incomes under 150, and in which he would include not only landed but funded property. Sir Robert Peel calculated that the tax would yield 3,350,000 a year, a sum which, with an addition to the spirit duties in Ireland, and an export duty of 4s. on coals, would not only cover the existing deficiency, but enable him to remit indirect taxes to the amount of 1,200,000. The sliding scale had brought little credit to the Minister, and the income tax was in its nature an unpopular measure; but the proposal to reduce the custom duties on 750 out of the 1,200 articles in the tariffto remove prohibitions altogether (in itself a vast concession to Free Trade doctrines)to reduce the duties on raw materials of manufactures to five per cent. or lessto keep the duties on articles partially manufactured under twelve per cent., and on articles wholly manufactured under twenty per cent., was a scheme which excited general admiration. The measure was, indeed, contested by the Whig Opposition at every stage. The preliminary resolutions were debated for eight nights. There were many of Sir Robert Peel's old supporters who looked on the financial plan with distrust, as being founded, in a great measure, avowedly on those principles of political economy which they had been accustomed to sneer at; but, in truth, it was not unfavourable to the interests of their party. We have already seen that the new taxat least, if a temporary onewas calculated to impose a far greater burden upon the manufacturing and moneyed class than upon the landowners; in fact, by exempting incomes under 150 a year, and assessing land only upon its net rental, the burden was imposed almost entirely upon that middle class which was the especial object of the dislike of Tories of the more advanced kind. At the same time, by cheapening articles of general consumption, the Minister did something towards securing popularity among the working classes, who, as exemplified in the Chartist agitation, were not always disposed to take part against the landowners. The Income Tax Bill passed, after considerable opposition in the Commons. An amendment proposed by Lord John Russell was rejected by a vote of 302 to 202, and another amendment, proposing the reading of the Bill on that day six months, having been thrown out on the 18th of April by a vote of 285 to 188, the third reading was carried by a majority of 130 on the 30th of May. No debate took place in the Lords until the third reading, when the Bill passed by a majority of 71.
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