STATE OF THE AGRICULTURISTS: OVERTRADING: great extent :" his examination

(at page 38 of the Report) then JOINT STOCK BANKS. proceeds as follows.

their labourers in a state of comfort ; not worth as many shillings, who were trusted 20,000L, and who broke in debt That neither an alteration in the Currency, nor the repeal of stances to my certain knowltdge."

the Malt-tax, nor a reduction of the County-rate and Assessed Mr. JOSEPH SANDERS, also engaged in the corn-trade in Liver- Taxes, would give the farmers substantial relief; pool, and well known as an acute, experienced, and intelligent

mission to vote for the others by proxy." That a deficient harvest was the most serious evil they had to

origin. The Second Report of the Committee has appeared ; and the

general tenons of the evidence (for as yet only evidence has been

THE NEWSPAPER STAMP-DUTY : WARNING TO printed) confirms the correctness of the above inferences. That the great majority of farmers are in difficulty, may be gathered MINISTERS. from the evidence of Mr. GEORGH WICHK HALL, who cultivates 700 THE Chancellor of the Exchequer must now be aware, that his acres of land in Gloucestershire; and who presented accounts for proposal to reduce the Stamp-duty on Newspapers to a penny, will the last twelve years to the Committee, showing that six years not give satisfaction to any party. It is clear that the penny had been years of profit and six of loss, and that the result was a stamp will effectually prevent the circulation among the masses return of only 3. per cent. interest on the capital be employed. of all such papers as are charged with it—that is to say,all which The last year had been profitable ; in the two former he in- are not sold in defiance of the law. We therefore dispute the curred considerable loss. But this gentleman is possessed of calculation of Mr. SPRING RICE, that the reduction of duty will advantages far beyond those which most farmers enjoy ; and if treble the sale of newspapers : such an increase could only be he, a capitalist, and a person of superior intelligence, has been obtained by opening new markets, which the imposition of the able to make only 31 per cent. on his capital, it might be safely stamp will effectually close against us. Thus, the grand object concluded that heavy losses have been the fate of farmers gene- of those who have striven and battled in this cause from the be- rally. But there is ample additional evidence to this effect, which ginning—namely, the instruction of the humbler classes by it is unnecessary to quote : a perusal of it has confirmed our means of newspapers—will not be materially forwarded by Mr. impression that the time is fast approaching, when in agriculture, RicE's Bill. as in mercantile business, the producer with small capital will be Another objection to the Stamp-duty, and one which deserves driven out of the field by competitors whose means enable them the serious consideration a every Minister, is the odium which to combine the labour of many hands, and to wait for the best will attach to the Governtoent from the measures necessary to time of selling.

enforce payment of the duty. The powers for that purpose must That the labourer is prosperous, has been placed beyond doubt. be stringent ; and we arc not prepared to say that less violent, ar- It is stated by several witnesses, that wages have not fallen in bitrary, and inquisitorial ones, than such as the new Stamp-duties proportion to the prices of necessaries ; and that the working man Bill authorizes, will suffice to put down the illicit dealer in news- " never was so well off." The operation of the Poor-law seems to papers. But of this we are sure, that attempts to execute such a have given all but universal satisfaction : it is expressly stated, that plan of Press Coercion as Mr. Rice has most unadvisedly laid on not only havethe rates been diminished, but the temper and character the table of the House of Commons, will cause perpetual scuffles of the labourers have been improved, and the spirit of lazy insult. between the People and the Police; in which, in the long run, the ordination, which was prevalent a short time since, has disappeared latter will be beaten ; and thus the Government will gain hatred in the districts to which the Poor-law has been extended.

and lose money. The inefficacy of a depreciation of the Currency to produce

When a very large amount of revenue is at stake, such as that permanent benefit, is beginning to be perceived even by the produced by the duties on soap or tobacco, we can see a motive farmers. It appears from the evidence, that they would approve, for passing and enforcing an inquisitorial law in defiance of un- indeed, of such an alteration as would raise the price of' wheat; popularity : but the amount to be raised from the penny stamp but they have no relish for the advance which they now perceive on newspapers is insignificant—a hundred thousand pounds or must be simultaneous and proportionate in other articles of which thereabouts ; and we put it to the Ministers, whether, as men of they would be the purchasers. not the salesmen. We are amused common discretion, they can venture to incur the hatred, and the to observe the constant rebuffs received by the Currency-doctors risks of disturbance, which must be the result of their—we must on the Committee. The facts proved, not that a depreciation of call them—atrocious measures for collecting this paltry duty ? the currency or an issue of one-pound notes was required for the Again—the size of newspapers is to be restricted!—namely, to relief of the country, but that a check on the facility of procuring 1,530 superficial inches. So that the Whig Government resumes loans was rather to he desired.

this very small matter. cording to their own statements. Thus, Mr. BICKERTON, who

To Lord MELBOURNE and his colleagues this Free Press question cultivates about 400 acres in Shropshire, says that the repeal of may prove more serious than they appear to consider it. If they the tax would be " particularly good" for the farmers of that persevere in their present plan, they will be startled at the change county, as more malt liqour is used by them than by the farmers HI the public feeling which will manifest itself towards them. of any other county he is acquainted with; yet even he admits, that They have not acted so popular a part lately, on several questions hisdirect gain would not exceed 15/. a year. He thinks that part of in which the interest felt is very strong and general, that they the duty might be taken of " without any injury to the revenue," can afford to trifle with their supporters, far less to engage in an because, he wisely adds, " the increased consumption would be so open warfare with the masses. Let them look around and watch much more, and less of spirits;'—as if spirits were charged with the signs of the times : they may easily discern symptoms of no duty.

Joint Stock Banks lend money to the manufacturers "to a very their labourers in a state of comfort ; not worth as many shillings, who were trusted 20,000L, and who broke in debt to the Joint Stock Banks to that amount; nearly 20,0001. in two or three is-

the Malt-tax, nor a reduction of the County-rate and Assessed Mr. JOSEPH SANDERS, also engaged in the corn-trade in Liver- Taxes, would give the farmers substantial relief; pool, and well known as an acute, experienced, and intelligent

port. That part of it from which our extracts are taken will be found at pages 86, 87, and 88.

" During the last twenty years the banking business (in Liverpool) was carried on by four establishments, and conducted in its details by eight, expe-

rienced individuals. No man deserving of credit ever found a deficiency' of banking power ; on the contrary, I believe that the London bill-brokers had generally a considerable supply of cash from Liverpool. Now there are six Joint Stock Banks, conducted by thirty or forty persons, who must of neces- sity he, in a great degree, unacquainted with the detail and pr inciples of bank- ing; nevertheless, they have all made good dividends, and their stock has risen from '20 to 100 per cent. Their profits arise from obtaining discounts from the Batik of England, at a rate below the market-price, and charging their customers the market- price, and generally something above it. The Bank will discount but a limited amount, and for the additional amount that these Banks require, they go to the next cheapest market. It is obvious, therefore, that they must deal on general in bills of inferior security (for holders of good bills can go to as cheap a market as they can), and often in such as would hardly be discountable at all in the London market, without the endorsement of the Joint Stock Company, which conveys to the parties discounting the responsibility of all the proprietors. lu order to increase their profit in this way, they sometimes push discounts so far as to be compelled to seek re-dis. counts, and in a way that would destroy the credit of a private merchant or hanker. In making this latter observation, I do not by any means apply it indiscriminately to the establishments at • Liverpool, nor to all Joint Stock Banks ; fior some in Liverpool, and I believe elsewhere, are conducted with great prudence and ability. • a • * * • * It is quite true that the system of Joint Stock Banks is a perfect security to the public against any loss arising from the stoppage of any number, or even the whole orthem, and that the system is a right one; but I plainly perceive that it is going to be greatly abused. • • • The extension of these hanks is not confined to Lancashire or Cheshire, but it embraces all pal rs of England, Wales, and Scotland ; and it has now reached Ireland, where, in anticipation of the tenni • nation of the Bank of behind Charter in 1837, banks are beginning to be conimeted in some of the considerable towns, and will soon spread over the whole country as the Country Banks did during the war, the whole of which, or very nearly so, became insolvent."

Mr. SANDERS is asked if the large bill-brokers, and persons much engaged in the traffic in money, anticipate any breaking down of this system; and he replies- " I am certain that they anticipate very great difficulty, at some undefined period ; I have heard that opinion expressed by the most competent men I ani acquainted with."

In reply to the question whether parties have been induced to join banks by the promise of loans, he says-

" I have no doubt of it whatever ; particularly of late, since there has been more competition; for exactly in proportion to the competition is the irregula- rity of the bankers. There has been a greater effort made within the last few months to obtain accounts, than at any time I have known be- fore; and it has been matter of bargain—' if you bring your account to me, I will let you have so many shares, which are worth a certain price in the market, and I will let you have them at such a price;' but theta, there is another pint of the bargain—' how much money will you advance? '—and then they ftequently come wider an agreement to make advances, such as a regular and cautious banker would not make. • a a A fact that came under my obsetvation showed a great deal of it regularity : a branch of one of the Joint Stock Banks had an account ler which they agreed to come in and advance to the patty, I think,•about 50001. ; the advance became a dead advance, and the agent of the bank said= I don't like this account of yours; we are under a dead advance, and we get nothing fur it ; I must debit your account - with 20,0001., and I must credit your account with 20,0001. ; we must have some commissions.' I mention that as one specimen."

Mr. SANDERS states, that within the lust nine months there has been much speculation in wheat ; that the low price of wheat was

occasioned by the enormous increase in the quantity grown, and by the absence of speculation,—fur monied men fled from wheat as from a pestilence till within the period mentioned ; that there was a very material falling-off in the quantity of wheat sown last autumn, especially in Ireland; that the bulk of the wheat new on band is held by farmers; and that there must be a very considerable rise in the price of wheat.

Mr. D. HoDasorg, of Liverpool, extensively engaged in the corn-trade, is of opinion, that a smaller breadth of wheat was sown last autumn than in several previous years; and he calculates, that should such be the case to the extent supposed, an advance will take place that will put five or six millions into the pockets of the Agriculturists. Mr. Hoecsost must therefore think that

the rise in price will greatly exceed that warranted by the defici- ency of the crop. As long as the country is prosperous, he says— and, we doubt not, truly—there would he no grumbling; but suppose the revulsion in commercial affairs should occur at a time when the price of wheat is as high as there is a prospect of its being during the autumn, what then would become of the Corn- laws? Mr. HODGSON is in favour of a fixed duty of 8s. a quarter on foreign wheat ; but he cannot conceal his apprehension, that should the period arrive when u heat is scarce and employment scarce too, the Government could not maintain even that duty. It results from what. has been stated, that the times are hazard- ous; that the Joint Stock Banks are encouraging undue specula- tion; and that, while there is yet opportunity, precautions should be taken against the miming storm. In reply to a question from Mr. PouLsrr Tuorasoer, Mr. SANDERS confesses biro=elf unable to suggest any legislative remedy for the evils he so forcibly de- scribes. And it is indeed out of the power of Parliament to pre- vent over-trading; but the warning has been given, and it is fitting that every man should look out for himself. It is not merely the commercial interest which is threatened. The advance in price, which causes the agriculturist to rejoice in prospect, will not avail him when it comes the landlord will demand additional rent : the delusion that the Corn-laws will keep up the enhanced price will again be practised, probably w.th suc- cess; and the confidence of the farmer will be highest just before the crash which will confound him.

Such are the omens of the Second Agricultural Report.