Page images
PDF
EPUB
[ocr errors]

and college, keep a carriage of any kind, wearl superfine cloth, fine lined, deor& cognous motiv un suo blue fioz sviten zionis ,

Apto the laboring class, whether of agricultureptrade, or manus facture, a large portion of them, particularly the latter, have been thrown out ofemploy and becomerpaupersgl(asi bave many smalTarmense) oppressing, by the expence of their subsistence, their respeee tiye parishes, and diminishing the decrbasing means of those who are bound to support them i and the laborers .continued aheniplogy bging obligedicto work for reduced wageslycan bonlonger aitordid to do more than barely subsist their families and that not without parish assistance jn many cases) they can no longer think of dress for themselves, their wives, sand childrens iti blueisbau gaisd sds bib

Thus, as it were at, a atroke, are swept off the market, a myriad's of the small customers and consumers, who formed a grand source of employ te Abei manufacturer, napd support to the intermediate retail dealers and all oclasses who subsisted by trade, care miote or less impoveräsbed.ingh duldtisi tuua tu RO1181099x9 od: diiw

The gase put in the person of a single farmer, is thati pfi dhe agrioulture of the kingdom.siuskoin sanotla baisiusti 1199d qua

The whole anpual produce of the soil was estimated in 1813, to, amquot ko 200 millions, which passed, rio the shape of money, into circulation. Suppose one-third, or even 60 millions, to be subduct ed otaken out of the year'a circulation, can it bei stor prising that ay almost universal stagnation was the consequencerrThe farmersoguld neither pay his tradesmen, or landlord, op even bis laborers at thự same rate of mageb non employ an equal numberui. The landlords could pob pay their tradesmen, nor couldi the latter wpay thermen chanta gad manufacturers and the demand for the articles of the latter suddenly falling short, their laborers were thrown out of ener ploy and it required the energiesoof Government, la military forces and rigorous executippjof@he lanslatócrescue the country from brevi coming the

prey

of violence and commotion. .906 ji doid Yet, obvious as this state of things is, the trattesmie, omierchants, and manufacturers, joined in the cry ofothesmob,pfori cheupsi Bready whereyer sand however it as yta be got; vand countenanced that riptous opposition to any protections to the farmergagainst the said to which he wbs exposed by the inundation of foreign com sin whichisarticle he was in densold at any price zoand bthe result of whose opposition yas' tbats absurd and mischievous measures the Corn Bill, wbiola has done far moreshkrim than good.I to soi 90

They succeeded in getting the cheap: bread, batithein daborersi pasigrasm0) srls sinds : 1100 ngi9101 to aoidsj1oqui 991

[ The produce of 1819.is gomputed to have sold for g6 milliobo moge barn that of 1815, as to 10:16:39949 19dai 1988)ziai 190 319W 431!!

[ocr errors]

had to look for the money to purchase it. They wisely expected the continuance of a full stream with a diminished fountain-head, and that their native soil would continue her gifts though they robbed her of the part of thô return she demanded, to enrich a foreign soild avoid 26' ort ylibiwtieq qols

til 1921 -They were misled by the notion, that the trade and manufacture of the country was independent on its agriculture, or that they might continue to florish although that should languish or decay; they therefore dooked no further than

the immediate object-cheap bread. This they imagined would reduce the price of Jabor, and thereby enable them to keep down the price of their wares, and thereby to meet their competitors in the foreign markets. Dreading, as they did, the being undersold in the foreign markets, they paid teregard to the farmers being undersold in the home market. They looked on bis fate with indifference, as if they had no concern or interest in it. 91They beheld without dismay, many millions of money seat out of the country, for the purchase of foreign corn, flattering themselves with the expectation of seeing it back again in the purchase of their goods, here or in the foreign market; not reflecting that had 'That sum been circulated through agriculture in this country, they would with certainty have found it with the home market grand that though thai cost of the foreign corn did not exceed 131 or 14-millions, it prevedted the circulation of 50 or 60 millions at home, by the depression of price is caused, not in one instance only but through all the gradations of circulatiop. In the home market they had no competitors, whereas on the continent they could only share the money aént out of the kingdomy with their rivals the foreign malufacturers, too whom it ywas s furnishing life-blood and spirit, in ajd of their growing vigor, to contend with them. They did not even regard the turn of stradey and consequently the exchanges against this country and the export of its coin as bullion, by the immense excess of the import of como beyond that of all the exports to the countries froin which it came.

loomaka) bani ges They would not foresee or reflect upon any beyond first or immediate consequences,l on the events of spending speculations, shutting from their view, secondary consequences inot less certain because not so immediate, consequences which inevitably must happen, and which have accordingly actually happened, on a 2. Their grand error was that of Aattering themselves with the erpectation of great profits instead of ruinous loss, from the lowering the price of labor; on which they counted as the main benefit and indeed the source of all the benefit, they were to derive from the free importation of foreign corn: a benefit they contemplated as of magnitude enough to countervail alt other disadvantages.

They were not mistaken in their expectation of the reduction

[ocr errors]
[ocr errors]

3

$

[ocr errors]

1

1

[ocr errors]

of the price of labor, the mistake lay in their calculation of the benefit they were to derive from it. 1914 trip naujagimi i 11 * I

The case of all was put in that of the manufacturer, whor felicitated himself on the saving of 50,0001. lin one rygárin wages. Although that article or head of disbursement was so far reduced on the debtor side of the accounti; how stood the creditor sidet What was the state of that of profit and loss, at the foot of the year's account, compared with that of an preceding year when i wages were at the highest? Had that 50,0001. got into the hands of the workmen, would it not have come back, as it had before done with the profit thereon in the supported consumption of the articles of manufacture? The dimination could not be imputable to tltè reduction in the price of bread alone." He did not parehase the same quantity of labor for 50,000l. less than before, butthe chief part of she supposed saving must have arisen from the dimitiation of the quantity of labor performed, in consequence of the decrease of demand for its produce.

is shot of trid trisit pot evident then, that much of the saving was caused by the discharge of hands in consequence of the want of employ for them?

Did not all the mein turned out of employ, and thrown on their parishes, become non-consumers of manufacturers'- produce, and reduced consumers of necessaries, and an increased burthen the poor rate.

TII!!! Cu toyu rent lla atin bolowite ow Did not the men continued in employ necessarilyo shorten their consumption of manufactured articles, iu proportion to the diminution of their wages ? As the necessary of food must be the last, that of clothing and call articles of luxuty must be the foremost ito give ways to be runni eds to ezaytaihodi to 2:59 briery

Is it not, therefore, evident that the reduetion of wages defeated its own end, and proved destructive instead of beneficial to the ma. "Dufacturer ; and that the partial advantage of the foreign market proved to off-set to the diminution of the home market ry

But the grand source of the latter was, the reduction, or rather the destruction, of the profits of the farmers as in the case of mana

facture, the decrease in the wages and employ of laborers caused decreased reproduction, so in the ease of the farmeri in proportion 40 the contraction of his labor will be the diminution of his produce; though not perhaps in the same degree. All poor land, of expensive Cultivation and consequently, small return, will be first thrown out of tillage. This has been the case to an inmense extent and all the agricultural parishes, except where the land is rich or pasture, are uppressed with daborers out of employs and ging

Was not this a natural and neeessary, consequence of the depreciation of farm produce, and the witbdrawing 66 millions from the agricultural circulation ? To bow many bands would that sum pas

2

[ocr errors]
[ocr errors]

1

a

[ocr errors]

sing through the hands of farmers, have given additional employ ?

But it is imagined that free import is necessary, because Ichie kingdom does not produce enough to answer its consumption:1

If so is it a remedy for that evil, to decrease the produce, as is manifestly done by allowing, duty free, the importation from counitries #bich grow corn at a tènth of the expence for which it can be

grown elsewhere?o i otismo13.00948. Batoonis on 3ks } !0) 31817 18 * Is it not conmon sense to adopt all nreasures tending to increase the home produce, if only to render the country independent of foreign supply, which may be denied or withheld in possible situations of need or hostility 13 st

ts8 1.1901 fito'.41 -3? What are the means of effecting such increase ? yri Is it not the certainty of remuneration to the tiller of the soil, that I can alone produce it

! 16 tri i punup ('M £ 150i There is no doubt that the soil of the country is capable, by wmsproved and extended cultivation, not only to support the inhabitants but to render it an exporting country.

11,111,1031 to on Is it common policy, or common sense, to leave such a country

to sink into inactivity and poverty to benefit others, and to lay itat the mercy of those others when reduced to helplessness Such, or bto that end, is the tendency and the progress of the effects of the pexisting policyb", Such the wisdom of the traders and manufacturers who struggled with all their might to maintain it!

151 100 119 Such a policy would be absurd at any time, nin any country,

ander any circumstances, but it is suicidat in the case, and underiebe s !

peculiar circumstances of this country. Pri lins to nou 971 Seding that the depression of the price of farm produce is the

grand cause of the distress of the inland trade as well as of agriculbeure, it will be worth while to trace out the cause of its origin and

Continuancerit od to be!!! ovitusabt, •ver's bag iino . 1921 bis to be remembered, that to the very termination of the most

expensive war the country was ever engaged in, while burthered not only with the existing taxes, but with a property tax upon all imcomes and profits, the countty kepe rising in prosperity, the færmers grew wealthy and lived luxuriously, the laboring classes owere fully employed, and there was no real cause of complaint in + any class except the annuitants on small fixed incomes, who félt sthe' necessity of privations, from the rise of the prices of the needsgaries of life; they also felt sensibly the weight of the property staxlsas did the landed proprietors who subsisted on illcomes from Prentsist The latter were gradually enabled to meet the advance of prices by the increase of their rents. Trade, internal and external, prospered to an unparalleled degree, enormous forrunes were made from that 'source, and by govertiment loans and contracts, and the Most profuse lespenditure in luxuries, by the prospeting classes,

9VI

$

[ocr errors]

1

[ocr errors]

was the consequence. The nobility and ancient gentry of the land could not keep pace with them in their style of living.

The adage of “ War begets poverty," appears to be inverted in the case of Great Britain; she thrives in war and starves in peace.

To those who contemplate her from without, she must, under her present circumstances, exhibit a strange phænomenon.

Without any external visible cause, with no change of climate or soil, or decrease of agricultural or manufacturing capital or skill, with all the means of sustenance of her inhabitants, which held them in such a state of fulness and prosperity, in the unexampled expenditure and waste in the state of war, she suddenly droops, and sinks into a state of languor and distress; and the great mass of her population becomes reduced to a crippled half-starving state, a large portion of it nearly famished, and thrown upon others for support. The land, in consequence, becoming a prey to discontent, turbulence and disaffection, threatening the subversion of the existing order of things.

How is this extraordinary change of condition to be explained or accounted for ?

The expectation was, and would naturally be, that the cessation of enormous war expences, and the release froin the 10 per cent. imposts on income, would bave relieved instead of aggrieving the country, but the reverse was the fact.

Vast as was the expenditure of war, it was in reality and effect nothing more than an increase of circulation within the country itself; the bulk even of what was spent abroad, in our army and navy, came back again for articles of our commerce, and it acted doubly in the extension of our agriculture.-1st. by the great increase of consumption of farm produce, in the immediate maintenance of the army and navy; and secondly, by that of the imniensely

' increased population, to which the extension of trade, in great measure attributable to that source, gave rise.

The error of the disappointed expectation, arose from the formation of the same ideas of national expenditure, and national debt, as we bave of individual expenditure and debt.

A. possessed of an income of 10001. per annum, and expending 10,0001., and obliged to pay 5l. per cent., interest for all he borrows, will at the end of the year be 90001. minus of his capital, -(which may be supposed to be 30,0001.) and 450l. per annum minus in bis income; he will only have left 21,000l: capital, and 550l. per annum income.

This is true in the case of an individual, because the sum expended is gone from him for ever, and the debt incurred is in effect a transfer from the stock of A., the borrower, to that of B., the lender.

But it is not true as applied to the national expenditure. The

« ՆախորդըՇարունակել »