three hundred.

On the 11th of March Sir Robert Peel introduced his budget. The budget
for 1842 was produced under depressing circumstances. There was a
deficit of L2,750,000, or about $15,000,000, and taxation upon articles
of consumption had been pushed to its utmost limit. Peel was a great
financier, but the fiscal difficulties by which he was now surrounded
were enough to appall the most ingenious of financial ministers.

Mr. Gladstone rendered the Premier invaluable service in the preparation
both of his budget and of his tariff scheme. The merit of the budget was
its taxation of wealth and the relief of the manufacturing industry. The
second branch of the financial plan, the revised tariff--a customs
duties scheme--was very important, and it was understood to be mainly
the work of Mr. Gladstone. Out of nearly 1200 duty-paying articles, a
total abolition, or a considerable reduction, was made in no fewer than
750. This was certainly a great step towards the freedom of
manufacturers, Sir Robert Peel's boast that he had endeavored to relieve
manufacturing industries was more than justified by this great and
comprehensive measure. The very best means for relieving the
manufacturing industries had been devised.

But while this great relief to industry was welcomed the Opposition did
not relax their efforts for the abolition of the corn laws, which were
continued into the session of 1843. Sir Robert Peel acknowledged, amidst
loud cheers from the Opposition, that all were agreed in the general
rule that we should purchase in the cheapest market and sell in the
dearest; but he added, "If I propose a greater change in the corn laws
than that which I submit to the consideration of the House I should only
aggravate the distress of the country, and only increase the alarm which