THE CORN-LAWS TRIED IN 1839.
Mssinzas of Parliament will come to the session of 1840 with ano- ther year's experience Of the Corn-laws. That experience is satis- factory to one class—the authors and upholders of the existing
,system. The most distinguished landowners have publicly avowed as much, together with their determination to resist all attempts at opening the trade. It cannot, therefore, be alleged that last year's trial of the Duke of WELLINGTON'S Corn-bill was unfair. For the circumstances of 1838 and 1839—for seasons of deficiency—that measure was intended; being practically inoperative when n con- sequence of abundant harvests, wheat is low-priced in England.
Here there is ground from which opponents and supporters of the law may start in the approaching discussion. The law of 1827 fulfils its purpose. Then let us see what it has done—inquire into the state of the country under its operation ; remembering that the landed interest, the mercantile interest, and men of all classes and opinions, differing on other points, agree in considering the main- tenance or repeal of the Corn-laws as the great practical question of the day, more nearly and, extensively affecting the public wel- fare than any other.
1. The high duty on foreign wheat has made wheat dear in Eng- land. On this head there can be no difference of opinion. The ,sole value of the law for its supporters consists in its effect on , prices, while a chief objection to it arises from the same cause. 2. Prevention of a profitable trade with foreign countries. Note the word "profitable.' We are aware that the aggregate of ex- ports in 1839 may exceed those of the previous, perhaps of any year since 1836; but the trade has been forced. The Morning Chronicle's Philadelphia correspondent states facts confirmed by our private information, that large quantities of British manu- factures have been thrust upon the American market and sold at two-thirds of their prime cost and charges, in order to raise .money. If the Americans had been permitted to supply the defi- ciency of English. harvests, that sacrifice would have been avoided. As it was, a struggle ensued—an eager competition for the bullion which the United States wished to keep, as much as England do- aired, to obtain. The result has been a losing trade to an immense amount.
, 8. .Drain of specie. It is admitted that several millions of pounds sterling, sufficient to drain the coffers of the Bank of Eng- land, have been paid to Continental growers of wheat, the equiva- lent for which would have been British manufactures, but that we have taught the foreigners independence by compelling them to -.become manufacturers themselves. 4. Consequences of a drain of specie. These are felt more or less by all classes. In London, one effect has been the high rate of discount—the pressure on the money-market ; for the recur- rence of which, Lord MONTEAGLE truly said English traders must
• be prepared, until foreign wheat could be bought with manufactures instead of gold. It appears that in the provinces, where money has hitherto been comparatively" easy," the " screw " is now applied.
"The long list of bankruptcies in the Gazette, and the increased gloom which pervades the accounts of the state of trade throughout the manufactur- ing districts, attract much attention throughout the City. The woollen and yarn trades seem to be most severely affected; but all descriptions are suffering, and prices continue to fall. In Huddersfield and Bradford every thing is de- pietel I despondingly; and in the former a fact is stated which we formerly no- ticed—that what with failures and the sacrifices made in getting rid of stock, both in the raw material and manufiictured goods, there has been no parallel since 1826; while at the same time the pressure has been increased dosing the last month, in consequence of the different banks having been compelled to draw the reins tighter and tighter every week."
This is the Morning Chronicle's report, confirmed from numerous quarters. Lying before us are reports from Manchester, Leeds, Preston, Bradford, Halifax, Nottingham, Leicester, Birmingham, Wolverhampton, and other places, telling the same story. 5. State of the manufacturing population. Many of the lamest manufacturing establishments m the country are "working alf- time." With full time and average wages the life of an artisan and operative in England is, Heaven knows, arduous enough : deprive him of half his usual wages, and his condition becomes deplorable—he is pauperized. This is now the condition of a large Majority of the inhabitants of manufacturing towns. Read our extracts from the address of the Sheffield workmen to their brethren in want. There is nothing canting in their tone—no ex- aggeration in their statements ; but how distressing the descrip- tion of their condition! Their plea is for full employment, and a free trade in corn, by which alone full employment can be secured. 6. State of the agricultural population. In some English coun- ties the wages of labour are only 8s. or 9s. a week : when the peasant earns 128. be is presumed to be marvelously well off. But our readers know, from former calculations in the Spectator, or from facts which any inquirer may ascertain, that wages of 98. a week, with wheat at 40s. or 50s. a quarter, afford the means of more comfort to the agricultural labourer, than wages at 12i. with wheat 700::a: quarter. . In some districts, the Poor-rates,, though high, are insufficient to meet the demands. for :relief. The very deficiency in the harvest which makes bread dear, lessens the de- mand for agricultural employment. For the same reason,, the call upon the rural districts for a supply of manufacturing labour cease's. Thus the peasant's market is glutted ; and -hence, except in par- ticular spots of limited extent, lie must submit to a rate of rernuee. ration inadequate to meet the increased cost of life's necessaries. 7. Farmers' profits. Where the tenant has the good fortune to hold a lease taken on the calculation of an average price of 60s. a quarter for wheat, the rise in price, unaccompanied with an ad- vance of wages, is a compensation—in some instances more than a compensation—for the deficient produce : where the rent depends upon the price of corn, the landlord has absorbed nearly all the tenant's gains : where the holding is from year to year, it is highly probable that the surplus of 1838 has been more than swallowed up by the advance of rent required for 1839. On the whole, it is a safe conclusion, that though the farmers have not suffered, they gained little or nothing by the operation of the Corn-laws. 8. The landowners have reaped a temporary benefit, in the pay- ment of arrears, and, in many instances, of larger rents, from till, causes productive of suffering and loss to the general community. It would be long to demonstrate, though ..ot difficult, that for this passing gain, means of improving the permanent value of their pro- perty have been sacrificed ; that the enormous rise in the value of land has been occasioned by mercantile and manufacturing pros- perity, checked, if not irrecoverably destroyed, by the restrictions on foreign commerce ; that by maintaining Corn-laws, the landowners are throttling the bird which has borne them golden eggs. But admit that a temporary advantage has been gained by the land- owners, 9. 2'he duty of Parliament is to legislate for the enduring interests of the whole empire ; and if there be any doubt as to the actual and prospective operation of the Corn-laws on the common weal, to
obtain information by inquiry ; to examine the case ready to be placed before them ; to act upon experience ; and to bear in mind the absolute impossibility of the perpetual or even protracted sub- sistence of a rapidly-increasing population on the product of acres limited in extent and fertility.
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