.; E WS OF THE WEEK 'SIR ROBERT PEEL'S Corn-law
measure is before the world. It "will not disappoint those who expected next to nothing ; the most .likely to be disappointed are those among his own friends who ex- pected him to derive some advantage from the handling of the sub- ject. The 'measure may be briefly described as an attempt to im- prove the details of the existing law. The scale of duties is di- . vested of its jumping character, and made to slide with unbroken -smoothness. When the price of wheat is 50s. the quarter, or less, the duty is to be 20s., the maximum of the new scale ; ' when the pride is 73s., or more, the duty is to be is.; between these extremes the duty slides up or down one shilling at a time as the price falls. or rises by , a shilling, excepting at two points where it is stationary, namely, at 52s. and under 55s., and at 66s., and under 69s. Instead of the sudden leaps downwards in the existing scale, as from 10s. to 6s. 8d., and thence to 2s. 8d. and is., these rests interrupt the perfect evenness of the slide only to render it more gentle. They would seem to have been dic- tated by a Procrustean desire to fit the slide of 19s. to a range of prices arbitrarily chosen ; but Sir ROBERT boasts that they will materially counteract the effect of the present jumps in respect of inducements artificially to raise the price of corn by tampering with the averages. To some small extent, the more measured fall of duty in the new scale may offer less inducement and less facility to the speculator in raising prices ; but it does not make it impossible for him to do so : it may lessen, but it does not re- move, the motive of every dealer to hold back his wares when he• sees prices rising ; and still, in the case of the new as of the old scale, the dealer must perceive that while his holding back may pro- mote the rise in price, by the selfsame process it helps to diminish his outlay. The new scale tells the dealer, in less emphatic but in equally intelligible terms as the old scale, that to "hold firmly" will enable him to obtain more money for his goods and to pay less : those motives are untouched, and what motives can possibly be stronger in commerce ? The greatest difference between the new and the old scale lies at the upper end, the new maximum of duty being 20s , while at the same price the duty of the old scale is 05s. 8d.-a difference of 15s. 8d. Sir ROBERT made much of such reddetions: but, practically, that portion of the scale, in either case, is inoperative. The average price of wheat during the last seven years was 58s. 6d. : that price, under the present plan, would indi- cate a duty of 28s. 8d. ; under 'Sji ROBERT'S, 14s.-a very great reduction, doubtless, but how miich'corn would ever be brought in at 14s. duty ? The average in 1841 rose to 64s. 4d., which would indicate a duty of 8s.; but, assuredly, little foreign corn would be brought in at that rate, when there was a prospect of ,passing it at a much lower duty, possibly only is. Sir ROBERT PEEL him- self tells us that of 2,020,000 quarters imported in 1840, 1,217,000 were admitted at 2s. 8d., all on the 3d September ; and that in 1840 and 1838 by far the greater portion of the wheat taken out of bond was at the low rates of is. and 2s. 8d. The next higher rate of duty is 6s. 8d.; but to that the dealers would in few instances be liable. The duty of 10s. 8d. and the higher rates have been levied so seldom as to be in effect prohibitory. When Sir ROBERT PEEL first talked of meddling with the sacred Corn-laws, the organs of his party reconciled themselves to the idea, while deprecating changes of the scale, by admitting that the system of taking the averages might be extensively altered. Sir ROBERT does not avail himself of the permission : he retains the system of taking the averages ; only adding a number of other towns to those that make the returns. The tendency of that change, if in any degree operative, will be further to dilute the higher prices always returned by the largest towns, and to that extent, however small, giving the agriculturist an enhanced "protection" as compared with the present mode. From the foregoing description, it will be peraeived, as we said at the beginning, that in fact Sir' ROBERT PEEL makes no essential [LATEST EDITION.]
alteration in the Corn-law : his Corn-law is the old Corn-law, with its unevenness planed down, but retaining all its defects in grain. He makes no concession as to the principle of" protectibn " ; none as to the principle upon which the averages are taken ; none with the view of promoting a regular trade in corn, and opening a correspond- ing market for increased British exports. His proposal will offer a little less inducement to gambling frauds in the corn-trade, a little less uncertainty as to duty, and a little less difficulty in sending corn from a distance : but whether it will do these things in any appreciable degree is at least doubtful. It makes no pretension to answer any of the ends for which it was sought-it will not cheapen food, make the corn-trade regular, extend commerce, or settle the question.
As the mere explanation of a plan determined on, Sir ROBERT'S statement had the general merit of clear arrangement, moderation, fairness, and a rather remarkable absence of profession or promise. As an exposition of policy, it was feeble, unsatisfactory, almost without argument ; the basis of the system was assumed, not proved ; no better -reason than the old saw against " depending on foreign countries" was offered to sustain the monstrous inter- vention of ail act of Parliament to diminish the natural supply of man's food. His manner was anxious-uneasy: we never saw him address the House with so little confidence.
The reception of the Premier's statement was not flattering. Listened to in watchful silence till he unfolded the mystery of the new scale, then he was hailed from the opposite benches with shouts of triumphant derision. The3trading Whigs had feared that Sir ROBERT would prove a better statesman than themselves in the affair: they were relieved. From his own side he received no support : the customary cheerers were mute ; and around him were black faces when' he spoke of not wishing corn-prices to range higher than from 54s. to 58s. Towards the close of his speech there was a painful inattention, to which he could not refrain from alluding. Without the walls of the House the Shouts of Opposition laugh had quick response in the war-whoop of the Anti-Corn-law Dele- gates, assembled in Palace Yard to devise measures of renewed agitation under the fresh impulse. It was within Sir ItoriERT PEEL'S choice to nullify the resources of the men opposed to him by superseding their measures : he has rallied the broken party. So far from being a settlement of the question, his measure more unsettles it than ever. He has alarmed an im- portant section of his followers by venturing to touch a law which they would have wished their representative to keep untouched as a forbidden thing to profane hands, and at the same time he has confirmed them in the notion that they may adhere to the essen- tials of that law : he has restored the-fainting hearts of the Whigs, who now know him to be less than their equal in a matter of para- mount importance, and one which will be a future turning-point for action : he has satisfied the Anti-Corn-law agitators that they may with less disapproval resort to extreme measures, for the country now knows that there is no concession to be expected from the Minister, to be spoiled by opposition : he has told the sufferers from " distress " that he has no relief for them, and no attempt at relief. Sir IlonnaT PEEL has helped declamatory orators and rant- ing writers on the Free Trade side to fix the belief of the agricul- turists that the system which was threatened with abrogation is the best thing for their interests. Till they are disabused of that delu- sion-and the process of conversion seems not yet commenced- the alternative lies between_ no great improvement of the existing law, and such a commotion raised in the country that it will be- come unsafe to hold by it. So stands the question which is to be discussed in the House of Commons next week. Before the Speaker leaves the chair on ?tionday, Lord JOHN RUSSF.LL is to try the strength of the Fixed- duty party, by moving a resolution that "it is not expedient to adopt the principle of a graduated or sliding scale." On going into Committee Mr. Vimasas is "to take the sense of the House on the policy Committee, any duty on corn-food" which will test the numerical and intellectual resources of the absolute, Free-traders. 'this order of proceeding, which we copy from yesterday's Notice- paper, looks like a logical inversion : after the House shall have decided in favour, of "the principle of a graduated or sliding scale," it seems inconsequent to call upon the same individuals to vote against "any duty": which would not be the case if Lord JOHN' holding his leadership in abeyance, yielded the pre- cedence to Mr. Vu.umts.
