The Sun.
London, England, 1839-02-19 00:00:00

THE SUN, LON DON, TUI4_I4S DA EDITION,-FEBRUARY' 19, 1839.

s( amity in 1796-3earcity in 1801, and in the begin-
ginning of the depreciation are all such distorbing
causes, that I pass over those 15 years, because I have
no right to argue on them. Now what was it in the
n( xt years, that I am going to call the at-
tention of your Lordships to—from 1315
to 1838 ? lam now going to the fluctuation in each
year, and the year in which there was the least fluc-
tuation it was not 41- per cent., but 11,1 per cent. under
the influence of the steady operation—the equalizing
operation of the Corn-laws, for it was after the year
1615 when the late Corn-law Bill—Sir Henry Parneli's
Liii—had passed the House of Commons. What
think you, my Lords, was the greatest fluctuation under
the same steady, poising, equi-poising, regulating

fluence of the Corn-laws, those being the pur-
poses of the Bid ? Not 4. per cent., as it
v.-tis before the Corn-laws—not even 114 per cent., as
it was in the last year, but 944 per cent.? Here was a
fluctuation in price of near 100 per cent, during one
year, on the same commodity, and that commo-
dity the prime necessary of life!
The Marquis of LANSD 0 WNE—What year was
tlrat ?

Lord BROUGHAM—I think it was the next sear
after those two important laws had passed, but I will
tell you in a moment, I have a memorandum of it. It
c a; in 1816, awl the fluctuation was 94.
The Marquis of LANSDO under the
i,.Lence of the depreciation.
Lord BROUGHAM—StiII under the influence of
the depreciation. Now whether that was a very
v:ell-eowddered remark of the Noble Marquis,
your Lordships will judge.—( Hear, hear, hear.)
Tile depreciation was the same in the beginning of the
S ear as h was in the end—the depreciation was through-
out the whole of the year 1816. Mr. Peel's Bill was
in 1819, and there was not one farthing difference in
any one month of that year, from January the Ist to
December the :31st. How could depreciation make
prAn fluctuate ? If there was a going up and down of
bullion—if the pound note was worth 21s. in one year,
and 20s. in another year.

The Duke of WELLINGTON—An alteration in
,e currency.

Lord BROUGHAM—If the ounce of gold 117td
ris'en from 31. 18s. 10id. to 41. 105. at one period of the
3-tar, and had gone down to 31. at another period of the
year, no doubt my Noble Friend would be quite
right ; but was there any such alteration as
that ? I remember the bullion question well
enough to be certain that during the whole of
the year 1816 —though I am quite aware
flere was a contraction of issu,?,s, I venture to say,

yiCmut the slightest hesitation, it ;sill be f nn.l there
:::ver was from the beginning to the end of that year
hove three or four shillings difference at the outside

twtween the Mint and market price, from January to
December.

Duke of WELLINGTON. What does tha

make ?

Lord BROUG H AM.—I will show that instead of
making 95 per cent. it does not make 20 per cent., so that
I will m eke you a present of all above 70. So that there
is 70 per cent. variation instead of 4i percent., which it
was before the enactment of the Corn-laws. But I am

going to read to your Lordships other sums, because that
is an extreme case and it is not worth while to argue on
extreme C'ISC3. The Noble Duke thinks there was a
rest alteration in the issue of bank paper in 1317.
Now, in the year 1817 the fluctuation was 72 per cent.
That is enormous ; half as much again, or half as little.
The next year it wet 16 per cent., then 23 per cent.,
then 36 par cent. Now then comas the year 1820, and
I am glad we have got to the year 1820, because it
clears away all doubt as to the fluctuation being attri-
butable to the currency. The market price and the
Mint price of bullion had, ever since Mr. Peel's 8111,
been 3/. IBs. 10:12-d. per ounce. Now, I entreat your
Lordships' attention to the fluctuation of the price of
rain. The fluctuation in 1821 was .53 per cent. ; in
1822 it was 32 per cent ; and what do you think
wa• the fluctuation in the price of grain in 1823,

which was not a year of scarcity, and when
the currency was stead) ? It was enormous-
-561 per cent. In 182.5 it was 13 per cent. ; in 1826 it
was 13 per cent.," and yet one would have thought that
if ever there would be a fluctuation, it would be in those
two years, 1825 and 1826—one being a year of great
speculation, and the other of great distress ; but no such
thing—it was 13 per cent., clearly showing, therefore,
it must depend on something else. Then, in 1828 it was
46 per cent. ; in 1829, 33 par cent. ; in 1830, 30
per cent. ; and so on, till you get to 1836 ;
and in 1836 it was no less than 71 per cent., although

.he year 1836 was not a year of scarcity. The ports
were all shut—the Corn-laws were in full operation.
The ports were shut from 1832 to 1838—there was to
be no fluctuation, it was said, under the Corn-laws, and
yet it was at 71 per cent. Now, then, we will take it
from year to year. The first Corn-law Bill of Mr.
Western's was passed in 1804 ; and one of the great ar-
guments urged in its favour was, Via if we did not have
cheap bread, we should have steady prices. In the next
year 1805 it was 30 per cent., 22, 46, 50—so it goes
on. 1 purposely avoid going upon those years, because
those were years of great depreciation. There never
eras such a difference bet Ween the issue, either an over-
issue of bank paper, or a contraction of bank paper, so
as to make anything like those enormous variations in
prices. Now, my Lords I have stated—what I am
prepared to prove by, the evidence of Witnesses—l have
stated to your Lordships the tifects of those Corn-laws
in preventing or exacerbating the great evil of fluctua-
tion. My Lords, I certainly am one of those who
attach the very highest importance to steadiness of
price. It is not only a pre-eminent convenieaT to all
mankind in their dealings to know exactly the amount.
of prices—it is not only of the first importance to all
mercantile men for guiding their conduct and governing
their speculations in trade—to manufacturers especially,
who employ hundreds and even thousands of hands, and