The Chancellor of the Exchequer, indeed, was as confident that no danger threatened the agriculturists from foreign competition, as he was, in repealing the sugar duties, that no serious injury therefrom could accrue to the West Indians; he was now as confident as he was in 1847, before the Commercial and Monetary Crisis, that no danger threatened the commercial interests.

] The hon. Gentleman seems to be incredulous, but I am sure the House has not forgotten that in 1857, when we had a Commercial and Monetary Crisis, when we had the highest rate of interest known for many years, our Revenue never decreased, but throughout the year was sustained entirely owing to the remission of £9,000,000 of income tax which had been imposed to carry on the Russian War.