Altogether the effect of the Bill will be to increase
the amount which the Exchequer must find in the coming year by £12,500,000. If Mr. Snowden should be unable to find the money out of the existing sources of revenue there will have to be an increase of taxation, and this will tend to withdraw money from the capital funds available for employment. Such a statement will be dismissed by many- people as merely " the Treasury view," but the Treasury doctrine is firmly based upon experience, and we do not fancy that Mr. Snowden himself disputes it. We have discussed the subject further in a- leading article, in which we ask for some - inter-Party arrangement to end the corrupting auction of electoral promises. All parties loathe the dishonest bidding for votes, but there seems to be no chance of ending it without general consent.
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