The Sun. — London, England, 1822-04-13 00:00:00

FOR THE SUN. AGRICULTURAL COMMITTEE. Purturiunt monks, nascitur ridicules mus. EDITOR, — It is not without some degree Of Concern that I apply the'above motto, to the Repiirt Of the Agricultural Committee just pub lishet,'giving credit to the Gentlemen composing it foi•Y,upright and honourable intentions, and as actuated by zeal for the public service. If any thingloWever could contribute to cast a shade of contrary reflection on that supposed honourable .meeting, it would be the particular caution that appears to have been taken to avoid touching upon the real and substantial cause of the far greater part of those miseries under which we suffer, viz. the premature change of currency ; that substantial origin of the mischief seems wholly to have escaped their attention ; and - what they propose are simply and avowedly only experimental and temporary remedies for the relief of the Corn Market, to which some little - Spur may be given at the moment, without sub stantial and permanent benefit either to the corn growers or to the public in general. Without fathoming the mischief to the bottom,. and fully ascertaining its principal if not only cause, it is perfectly vain, nay, to a certain degree, mis chievous, though I should hope unintentionally so, to assign fictitious or adventitious causes, and argue upon false premises, from which all con clusions drawn must be equally fallacious. Pro bably one Committee of polished Gentlemen was fearful of stating a direct and positive contradic tion to the unanimous- vote of another, at the head of which stood a Gentleman of unim peached character and brilliant abilities, which have since raised him to one of the first situa tions in the state. But such complimentary feel ings are not in unison with the strict duties of a Committee expressly appointed to investigate the causes of an evil that depresses the best and most substantial interests of the nation, and as certaining them with all the acuteness they are masters of, to suggest the best and earliest reme dies in their power. In that point of view, they have certainly disappointed the hopes of the public, and, in a certain degree, still further de pressed 'them, by stating that they see' no other remedies than those proposed, which would seem to render matters altogether desperate. After these observations, tendered in the full spirit of candour, to the consideration of the public, and with all due observance of the rules of gentle manly politeness towards the Committee, it may not be amiss to repeat what has been said in a former letter on the supposed unanimity of what has been usually termed Mr. PEEL'S Committee, which, in fact, was more apparent than real. The. inexperience of the son at the head of that Committee having been strongly opposed by the long and tried experience of the father, a gentle man of distinguished probity and good sense, who, by a sagacious application of capital, a perfect knoWledge' of bu3iness in all its 'various ramifications, and a strict adherence to the prin... ciples of honour and fair dealing in all his transactions, had amassed a princely fortune, which he distributes with as much liberality as it was gained with industry. To 'the Resolu tions of the Committee that Gentleman opposed a decided and declared negative, heartily wishing his son and supporters all possible success, but foreboding evils, if those measures were carried into effect, which he almost feared to detail. Such possibly might not be the wi ords precisely .used, but were in effect Sir R. PEEL'S, as re corded in the papers of the day. Such opposi tion, though not supported by a positive and useless .vote, stands entitled to consideration, and in a great measure tends to do away that boasted unanimity, in which all parties appeared to combine, in considering the immediate change of currency as essential to the well doing of the state, and called for by imperative necessity. As very long and able debates in Parliament have taken place on the last Report in question, as well as on other general topics of Agricultural Distress, it may not be amiss to recapitulate some of the arguments used on both sides, and to give them that candid and impartial attention to which they stand so well entitled. Mr. WORTLEY, the worthy Representative of Yorkshire, who presented a Petition from Lin lithgow, seemed of opinion that the application of 1,000,0001. to the purchase of agricultural pro duce would have a most beneficial effect, but that the Bank was now contributing to the dis tress of that part of the community, by keeping up the high rate of interest. Mr. MANNING. rebutted this assertion, in a bold and gentlemanly manner, and perfectly ac quitted the Bank of all reasonable cause of cen sure. Now, in the present writer's humble opinion, the application of 1,000,000 might and certainly would give a spur to the Corn market for the moment, but it would be merely a temporary measure, and would not ultimately lead to any substantial and permanent relief. The radical cause of all our immediate mischiefs is the premature and impolitic measure of Mr. PEEL'S Bill, and all relief without its repeal is totally hopeless. Mr. WssmaN, in a subsequent debate, restated what has been already repeated, agree ing perfectly in the writer's opinion, that with out a change of system the whole frame of so ciety would be disorganized, which must inevit ably be the case. This Gentleman confirms what he had said in a former debate, and his opinion ought to have due weight. Mr. BENETT, repre sentative of the County of Wilts, lamented, in common with many other Members, the dreadful state of the agricultural interest, which he seemed to consider as insusceptible of relief, but from the removal, probably meaning the reduction, of taxes. Now this, consistently with the present state both of our debt and our necessary esta blishment, is absolutely impossible, without a breach of public faith to our creditors, and such a diminution of the power of the State, both at home and 'abroad, such a distress to all officers under Government, as would at once not only lower us in the opinion of Europe, but render the carrying on the government of the country altogether impracticable; he thought, however, that the protection of our own produce from all competition with foreign countries was absolutely necessary. He agreed with those that considered the utmost exertions of the House as necessary, to save from distress, nay from absolute ruin, that most valuable class, the agriculturists, which must be wholly and for ever lost to the country, unless some measures for its preservation were imme diately adopted. Mr. ELLICE very strongly expressed his dis appointment at the late report df the Com mittee, and stated the change of currency as one of the great causes of the depression of prices. ---In the papers just moved for, he stated that the House would be at no loss for the true causes of that depression, as it would be found that the greater or lesser quantities of circulating medium had been intimately connected with rais ing or depressing the prices of produce. The amount of the circulation of private Bankers' notes was, he stated, In ftli-1—£11,000,000,--Th 1317—X12,000,000. 1816— 7,000,000, 1821— 2,500,000. —The scale of Issues from the Scotch Banks accorded exactly with those of England. lie further stated that though the Bill for reverting to metallic currency, might be beneficial at the mo ment to the labouring classes, it would add 30 or 40 per cent. to the taxes on all property, but still doubted whether the measure was not the best mode in which relief could have been ex tended to those classes. In one thine - ..he agreed with the Ministers, that it would afford no relief to the agricultural interest to repeal taxes to the amount of the Sinking Fund. Relief could be afforded only in two ways, either by a repeal of the Right lion. Gentleman's (Mr. PEEL'S) Bill, to which he would never consent, or by making a reduction in all contracts and taxes proportionate to the depreciation occasioned by the measure of 1797. Ile cared not whether the depreciation, as his Hon. Friend (Mr. RicAnno) maintained, was one-tenth or not. His lion. Friend admitted that, in addition to other causes, that depreciation was increased by a forced importation of gold. The Committee, in his opinion, should have gone into an inquiry as to all the causes of the existing distress. Even though they had done so, and made a full report, he did . not see that it was possible, during the present Session, to digest a plan for the relief of the country. The only thing the House could look to after the holidays was a reduction of the expenditure, carried as far as it could, consistently with the payment of the interest of the public debt. In the year 1815, the landed interest was assessed to the amount of 37,000,0001., from which, deducting various incumbrances to the amount of about 6,000,0001., the clear assessment was 31,000,0001. The income of the funded proprietors was at the same period 40,000,0001. The revolution that had since taken place in property was equal to that caused by the French Revolution, though not attended with violence. The income of the landed interest has been reduced one third, that is to between 18 and 19,000,0001. while that of the fundholder has been doubled. — The only remedy proposed by the Committee for the existing evils was a loan of 1,000,0001, for the purpose of advancing the price of Corn, and, of course, increasing the price of bread to the consumer. He felt as much as any man could for the agricultural distress of the country, and was as willing to forward measures of relief. But he would oppose any proposition that would not have the effect of throwing a proportionate burthen upon all parts of the community.—Would there not appear to be something contradictory in the worthy Member's statements and opinions, who, when he expressly states that the plain effect of Mr. PEEL'S Bill was the depression of prices, yet says he will never give his assent to its repeal ; in other words, that he will not assent to that raising of prices by which alone the landlord and cultivator can be saved from ruin —Mr. F. LEWIS vindicates the Committee from the censures cast on it, but in rip manner shews or attempts to slim upon what principle they cautiously kept out of sight the principal cause of those dreadful evils of which the landed interest so feelingly complained, their duty, as it strikes the writer, having been first to ascertain the causes and then to suggest the remedies. Had that been done, the principal causes of what the landed in terest complained of, in the depression of prices, must necessarily have been the unfortunate Bill in question. Mr. WESTERN so far unites with Mr. F. LEWIS in vindicating the Committee, saying, that neither the alteration of the Currency or the reduction of taxes had been referred to their consideration. True, they had not been expressly included in their instructions; but surely it could never have been in contemplation that a Committee should have been directed to propose remedies for an evil without first ascer taining its causes. The very idea would appear contrary to the plainest dictates of common sense. The lion. Member had no doubt that the distress of the country would at length compel them to give up the Act of 1819. The House would be obliged to retrace its steps. lie saw clearly that this must be the result. The advance of prices in consequence of the measure of 1797 was at least 401. per cent. If they looked to the tables in ADAM SMITH, it would clearly appear that no thing else could have produced such an increase in the price of Corn. For 150 years previous to 1792, there was little or no fluctuation in the price of Corn. In the course of 20 years, from 1792 to 1812, the price had doubled. What could have caused this but the alteration in the value of money ? Enormous taxes had been laid on since 1797 ; an immense debt had been con tracted in a depreciated currency, the interest of which they were now compelled to pay in another greatly increased in value. They were paying in standard currency double the value of the amount for which they had contracted. By this means such havoc had been made in the property of the agricultural and industrious classes, as had never been occasioned even by civil war. By the measure of 1797 the prices of produce and the rents of landlords were doubled, it was true; hut it should be remembered that taxes were also doubled, that outgoings of every kind were doubled, and that therefore the landlords were not a bit better off by the increase of rents. If the standard should come down to what it had been a century previous to 1797, the consequence would be that the value of the property must be reduced to one half what it is at present,' with all the incumbrances still remaining. Taking the incumbrances into account, such as dowers, settlements, agencies, repairs, not to speak of taxes, he would say, that the net income of land lords did not amount to more than one ha,lf the nominal. What, then, must be the consequence of a further reduction ? II was not the agricul turists alone that were distressed; let them look at West India property ; the change of currency had as great an effect upon that and every other spe cies of property as on the agricultural. Even look ing-at the labouring classes,he was disposed todraw a different conclusion to that of thell on. Member for Coventry, (Mr. ELLICE). He (Mr. W.) contend ed, that their situation must eventually be ren dered worse by the Bill of 1819. The price of labour did not, it was true, immediately follow the price of corn ; and in this way the alteration of the currency had for a time an effect beneficial to the labourer; but the moment the price of labour settled down to the price of corn, the si tuation of the labourer would be rendered worse, for he would be paid less for his labour, and re mai❑ still chargeable with the taxes, in a cur rency greatly increased in value. Never were any effects so unjust, so disastrous, and so cruel, as those produced to the public creditor by the measure of 1797, and those inflicted on the pub lic debtor by that of 1819. If some person more capable of doing justice to so important a subject did not bring it forward, he should feel it his duty to do so before the close of the Session.—Mr. RICARDO differed in opinion from the last Honourable Member, contending that the present distresses of the country in the de pression of prices could not result from the cause assigned by him, and instanced the West Indian interests, which, he said, were suffering in like manner from over-production; than which, in the writer's opinion, nothing was ever less ap plicable to the corn markets of this country, in which the writer maintains that no over sup- ply of the commodity, or deficiency of demand, has in the smallest degree operated.—Mr. G. BENNET, M. P., for Shrewsbury, made many strong statements on the subject then in discus sion : "He (Mr. B.) knew families, who, a few years ago, had been possessed of 6 or 80001. a year, but whose incomes were now reduced to 1,2001., and that not from any extravagance of conduct, but from the outgoings of their estates, from the payments made to the younger branches of their families, and from the difference in the va lue of landed property : so that, in fact, by the operation of the measures which had been pur sued for some time, that class of persons which had once lived upon their estates as opulent country gentlemen, were now obliged to live in lodgings in London or Bath, or to go abroad, because they were unable here to afford their children that education which, from their rank in society, they had a right to expect, and which they had themselves enjoyed. Whether there was any remedy for this he could not say ; but it was a joke, a mockery, (and he could not suf ficiently express his contempt for those who held an opposite opinion) to say, that no relief would be afforded to the country by reducing the taxes, and enabling the landed proprietors to preserve the small remnant of their property. If any one would look to the state of the country, and to the manner in which taxation pressed upon it, it would be impossible not to see that the remo val of taxation would be the only effectual relief. If the removal of taxation were not sufficient to afford a remedy, then he was prepared to say, that the first creditor of England was the plough —and that, sooner than Gentlemen should con tinue to be robbed of their estates, and farmers of the small pittance which remained to them, it would be better to come to a composition with the public creditor. This was bold language, but he felt confident he should live to see the measure put into execution ; and he felt equally confident, that he should one day see the Noble Lord and the Chancellor of the Exchequer come forward and advocate that very proposition, at the mention of which they now felt so indignant. He spoke of this, however, as the last resource ; and he should despise himself if he did not first take every step to prevent its necessity, by en deavouring at the reduction of taxes and by every possible means. But if, after all, the nation were unable to pay the interest of the debt which it owed, then he should not scruple, as a public man, to ad-vise that which private individuals were often obliged to do, viz. to pay as far as they could go, and to make the best compromise they could. He attended that House for the in terest of the community at large, and he thought that the measure now recommended had but one object, that of raising the price of corn,—and in that object he could not agree." The Marquis of LONDONDERRY reprobated in very strong terms the language of the Member for Shrewsbury ; but as every thing from Minis ters is of the highest importance, the writer will give his Lordship's and Mr. PEEL'S speeches at length, as reported in the Newspapers of the zlth , of this month, and presume , to snake comments' on them :—" The Marquis of LONDONDERRY rose to offer as few observations upon what had fallen from the different Gentlemen who had preceded him. Nothing which he had heard that evening had led him to think he had taken an improper view of the subject, in considering that the distress of the agriculturist would be more likely to be relieved, if all discussions were to be spared, and the consideration of the sub ject reserved for another opportunity, when some practical measure might be proposed to the House. But he appealed to the House, after hearing the arguments which had that evening been urged, whether the Gentlemen who had spoken had not abandoned their duty, if, enter taining the views which they had professed, they had suffered the Session to run on to its present period, without endeavouring to carry into effect those measures which they considered to be of such essential importance. If the change of the currency had been attended with all the evils ' which the Hon. Member for Essex supposed, why had he not made it the subject of some dis tinct motion ? a motion in which he would pro bably have been seconded by the Hon. Member for Coventry (Mr. ELLICE), who, although he s had in the first instance voted for the Bill for Cash Payments, had been immediately seized with strong misgivings on the subject, and had taken every opportunity since of notifying his early repentance. But he (Lord L.) could well understand why the Hon. Member for Shrews bury took a different view of the question from himself. He (Lord,L.) had thought, that as there had been no opportunity before the holi days of considering the Report, it would have been better to defer the discussions on that sub ject until some benefit could arise from those dis- cussions. But the lion. Member for Shrews- bury had adopted a course against which he (Lord L.) begged to protest ; for if he had rightly understood him, the Hon. Member had endeavoured to sound the public mind through the channel of its distress, and to ascertain whe ther it would listen to the adoption of a line of policy which would relieve no individual, but would be attended with disadvantage to all ; for ✓ he had sought to discover, by touching its weakest feelings, whether the public would be base enough and dishonest enough to listen to a plan of national bankruptcy, in case no relief was afforded by the diminution of taxation. Every one knew that the removal of the agricultural taxes would operate on the distress of the farmer but as a drop of water taken from the sea. The country could not feel in any great degree the re duction of those taxes; nay, he would venture to say, that if the whole system of taxation were to be swept away, it would not afford any consider able relief to their distress. This was not the first time that the Hon. Member had informed the public, that it was the Government that stood between them and their prosperity. With that . . view the lion. Member had made the Govern ment answerable for all the changes of time and seasons, for all the calamities and consequences of war, and for all those unavoidable circum stances which were incidental to every country, under whatever system of Government. The Hon. Member might have taken a better lesson from the Hon. Gentleman who sat near him (Mr. ltrcanno), and who had so ably explained how small a portion of the existing distress could be fairly attributed to the pressure of taxation. It was not now his intention to go into detail, but he would say that any man, who had taken a ra tional view of the cause of that distress, would mislead the country if he held out the supposi tion that any diminution of taxes would effec tually relieve them. He took this opportunity of stating, that he did believe that one class of the community was suffering ; but he never could believe that they would, under any circum stances, concur in the views which the Hon. Member had expressed. The security which the Hon. Member proposed would, in fact, be no relief at all ; for the experiment would only have the effect of delay. But the House would allow him to say, that the agricultural class was the only class of the community which was now suffering. Our manufactures were in a state of activity and exertion, and our commerce was flourishing in every point of view; the only class which was suffering was the agricultural ; that distress was not owing to Government, but to the circumstances of the seasons. One Hon Gentleman had asked how the country could suffer from agricultural abundance ? It appeared to him (Lord L.) sufficiently obvious, that an abundance carried beyond a certain point had a tendency to reduce the value of an article thus increased ; and if the great staple commodity of the country were reduced in value, every other production of the soil would be reduced in pro portion. But if the Hon. Member looked around, he would see that it was not this country alone which was now suffering from agricultural dis tress. The same distress prevailed in different parts of the Continent, and even in America, a country where the Hon. Member would not ac cuse the Government of causing the distresses of the people. Under these circumstances he hoped that the House would adjourn for the recess without adopting those doctrines which the Hon. Member for Shrewsbury had so boldly and so imprudently taken the opportunity of pronoun cing. The idea of a national bankruptcy was one which common honesty and common justice forbade them for a moment to entertain ; and he thought that the individual holding it out held a principle of ruin instead of consolation."—The Noble Marquis, as one of the leading Members of Administration, cannot be justly censured for abjuring, in strong terms, every idea of national bankruptcy, or of meditated ill faith to our cre ditors; yet, at the same time, it must be allowed that, if taxes are not paid, the security of the fundholders must necessarily be done away, and if the landholders of the country are totally ruined, as really and truly seems now in no very distant prospect, taxes cannot be long productive, and those consequences necessarily follow. The question is not, whether we wish to be honest, and to pay every one his dues, but whether we have the means of doing so ; and al though the Revenue, from very obvious causes, is now in a flourishing state, it is utterly impos sible it should long continue so, without a total change of system ; the paper currency must be restored, or the predicted consequences of ne cessity follow. The manufacturer, at this mo ment enabled to purchase his provisions at a moiety of the prices he formerly could, has so much more to expend in exciseable commodities, which alone satisfactorily explains the causes of our increased revenue. When he can no longer do so, - that revenue becomes deficient of course. Every reasonable and thinking man should con sider how long the agriculturist can supply the markets at the present rates, and draw his in ferences accordingly. In the writer's humble opinion, high taxes and low prices are totally in compatible, nor can both be possibly maintained for any lengthened period of time. The writer, however, perfectly joins with the Noble Mar. quis when he says that all discussion was at that moment premature, and that the proper considera• tion of all such matters would be on some specific motion, which it is understood is promised by Mr. WESTERN. " Mr. Secretary PEEL felt called upon to make some observations upon what had been said respecting the operation of the Bill for the resumption of Cash Payments, although he thought this was not a fit time to enter into any discussion on that subject. He was prepared to shew, when an opportunity arrived for that pur pose, that the agricultural distress could not have arisen from the cause to which the Honourable Member for Essex had attributed it. It was im possible to deny either the existence of- dis tress, or the great extent to which it had reached ; but if, upon looking at other countries, they found the same distress existing, it was but fair to infer that the distress in this country might be owing to causes different from that to which it was attributed, especially when that/ particu lar cause was allowed to have no operation in those countries which were subject to similar dis tress. He would ask if the agricultural distress in Switzerland was not as great, if not greater, than it was in this country ? In Switzerland, he had been told it had arisen to such a pitch, that the landholder was not able to purchase the custom ary tools used in the tillage of land. He might urge also that if the Bill for the resumption of cash payments had had the operation ascribed to it, that operation would have been equally visi ble on every other branch of national prosperity. The Bill had been opposed at one time on the ground that, if enforced, it would be impossible to raise the same amount of taxation. Yet that objection had been falsified by the event, for the same revenue had been raised as when the cur rency had been at the lowest point of deprecia tion. He only asked that the Bill might not be tried by one particular class; let them look at the state of manufactures at the comforts of ma nufacturers, and at the peace and tranquillity en joyed in the manufacturing districts; let them look at the state of commerce in general, and then say if unfair disguise had not been thrown upon the Bill? These yet - narks he had been led to make from what had fallen from different Members, and all that he asked was that the house would suspend its judgment till the subject had been fully - dis cussed."—The worthy Secretary dwelt consider ably on the existence of the same distress in other countries, which, as he very properly observes, cannot arise front the same cause—a change of currency. But that would appear foreign to the question. First, it should be proved that such simi lar distresses are actually felt, and next, the causes should be investigated. The fact, in the writer's opinion, would turn out, that by the occasional opening of our ports to foreign grain, where prices were so much higher than in other countries less burthened with taxes, encouragement has been given, by the chance of our markets being opened to them, to a much more extended cultivation than heretofore, and that now, when our ports are shut against them, the over production of that cultivation has fallen upon their own mar. , kets, and necessarily caused the same depression as is complained of here. That is, perhaps, more especially the case with Russia and Poland, b.nd possibly even with France. They cultivated for our markets, and, unable to obtain them, their over production fell back upon their own, and occasioned the depression complained of: With regard to the continuance, or rather increase, of revenue, it seems wholly attributable to the causes above assigned, and cannot be maintained, if the agriculturists are ruined, for any length of time. What the worthy Secretary says of the flourish ing state Of manufacture, has been adverted to and answered before. If the manufacturer can have his provisions at half price, and find mar kets for his commodities, he will certainly con tinue in what may be termed a thriving state; , but the continuance of that state is at' best doubt ful, and, indeed, in the writer's opinion, impos sible, for provisions cannot be afforded him at their present prices, and cultivation wholly at a stand ; the cultivator must be fed solely by importation, to the utter and permanent des truction of the whole landed interest of this once great and flourishing country. The writer has many further observations to make on this ma- . mentous subject, but feels that he has already but too much trespassed on the time and patience of his readers, and must therefore either reserve what he may have further to say to a future opportunity, or leave the whole subject as it stands to the feel ing and good sense of a candid and discerning public. J. S. COURSE OF EXCHANGE, April 12. Amstodani , l2 7 C. F. Ditto, at Sight l2 4 Rotterdam l2 8 Antwerp l2 3 Haniburgh Altona Paris, 3 Day's sight 25, 40 0 Us. Ditto ' 25 70 i Us. I3ourdeaux, ditto 25 70 0 Us. Frankfort on t 'Pain Nladrid Cadiz Bilboa 361 Effective Barerlo9a Seville Gibraltar Leghorn Gcl,tia 44 -Venice, Hal. Liv. 27 60 Malta 45 -Naples Palermo Lisbon Oporto klioJaneiro Dublin .... 91 Cork 91 pet Cent. BULLION. Portugal Gold, i n Coin Foreign Gold, in Oars 8 17 10f Nevi Doubloons New Dollars Silver in Bars. Sto►ndard n 4 11i COAL-MARKET, APRIL 11 Ships at Market. Ships sold 42i'Newcastle - 2fil 41 Sunderland - Price. 318 Od to 41s 6d 31s Od to 43s 3d BIRTHS. On Monday last, at Colchester, ihe Lady of Dr. George Holt, of a daughter. On Tuesday, at Bifrons, near Canterbury, the Marchioness of Ely, of a son. On Saturday last, at the Rectory, Bishopsboum, the Hon. Mrs. Hugh . Percy, of a son, still-born. MARRIED. On Thursday the 11th instant, at St. Pancras Church, Wm. Greenhill, Esq., of Sudbury, Middlesex, to Elizabeth, a third daughter of Mrs. Venden, of Camden Town. On Thursday, at Lewisham, Mr. Morley, of John-street, Bedford-row, to Miss ElizaDeth Ellis, of the former place. DIED. ,On the Ist inst., Mrs. SteTn,Tleriot Row, Edinburgh. On the 12th instant, at his house, in Portland-place, aged 76, Sir Nathaniel Conant. On Sunday last, at . lpswich, Isabella Catherine, relict of W. Thomson, Esq., late of the Hon. East India Company's Ser. , vice, and eldest daughter of the Rev. Wm. Whintiad, Vicar of Ramsey and Dovercourt-cum-Harwich, Essex. On Saturday se'nnight, in the 62d year of his age, the Re v. George Boldero, of Martin, Rainham, Norfolk. , - - Printed and Published for the PROPRIETORS, at the Stii- Otlice, No. 112, Strand, by J, B. CAR9TAIR3.