CORN AND CURRENCY.
TO THE EDITOR OF THE SPECTATOR.
Westminster, 19th August 1841. Srs—Your paper of Saturday last contained an article on the Corn-law ques- tion, in which, as far as my memory serves me, (for I had your paper in the country and sent it away,) you state that one effect, " direct and immediate effect" of these laws is an increase in the price of the article.
Now, as I remember the exact reverse of this effect taking place in 1815, when these laws were first made, I shall be exceedingly obliged, and I think you cannot fairly refuse me, by your endeavouring to reconcile that fact with your assertion. 1 subjoin the only authority. which I have the power of reaching, but you, no doubt, have access to more extensive information, and can satisfy yourself. . I am, Sir, your obedient servant, IGNORAMUS. From the Annual Register of 1815.
" The consequences of this measure were by no means such as were ex- pected either by its promoters or opposers. The effects either of former im- portations, or more probably of two plentiful harvests, and a greatly extended culture of grain,* were to produce A GRADuAL and STEADY REDUCTION OF PRICE, so that, instead of approaching the limits fixed for importation, it sunk to a level below that of several years past."
• These are the hist rims's hypotheses: if they were well founded, how did they never act till the Coin-law year? The average returns of price most amply confirm the statement : and the quaitern loaf fella penny in price within a mouth after passing the law.
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