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Party organization produces one surely very unique result—a real glow

of joy at the prospect of finding income too little for expen- diture. The Tory papers of the week have derived quite a plea- surable excitement from the apparent deficiency in Mr. Gladstone's resources shown by the last revenue return—but prematurely. We have reason to believe that the deficiency in the Excise, which is the main source of congratulation, is onlyapparent, and may be accounted for by the :change in the financial arrangements for collecting the malt duty. The Tory party may yet have to suffer the bitter morti- fication of finding that we have more money than we can spend.

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