Those who are still alarmed as to what is going
to happen, and who somehow believe that we are on the eve of great revolutionary disturbances, should note what has happened in regard to the so-called financial chaos which we were up till Thursday evening told by the Liberal Press, with every circumstance of terror and dismay, was going to be the immediate result of a reference of the Budget to the people. In spite of these awful warnings, it now appears from Mr. Asquith's speech that there is, in fact, not going to be any dislocation or disturbance whatever. During the few weeks that will elapse from now to the assembly of the new Parlia- ment the taxes on the Budget scale will be paid as usual, except that the excess of the new duties over the old will be, as it were, put aside in a separate account in order that they may be returned intact, if that should be the will of the new Parliament. We need hardly say that it will not be the will of the new Parliament, at any rate for the year 1909. Of one thing we may be sure : whatever party is in power, there will be plenty of taxation, and not a penny which has been collected will ever be returned. The one thing upon which both political parties are thoroughly agreed is to collect the taxes,—and plenty of them.
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