The Sun.
London, England, 1838-09-19 00:00:00

SPIRIT OF THE PUBLIC JOURNALS

We may as well once for all state, in answer to the
various communications we have received on the subject
of the advance in the price of wheat, since the liberation
of the whole of the quantity in bond, that it is no part
of the duty of a Journalist to interfere with the operations
of individuals. From one correspondent we have received
a long report of a meeting of the principal corn-factors
in the subscription-room of Jack's Coffee-house, Mark-
lane, on Saturday -last, held with a view of concerting
measures for their common interest, drawn up from infor-
mation furnished by one who was present, in which the
names of the speakers and their arguments are given with-
out disguise. From another correspondent we have re-
ceived an account briefly alluding to the same meeting,
terming it " a most audacious attempt at a corn mono-
poly," and adding," if, now their eyes are open, the bread-
consuming public consent to eat their loaf at tenpence,
then let there be no more outcry against the Corn-laws."
We trust we feel as we ought for the sufferings
of the poor, and if our wishes were of any avail
the crops would always be abundant, and the
price of the loaf moderate. But as our wishes will neither
make crops abundant nor lower the price of the loaf, the
trade in corn must be governed by the same laws as those
which govern the trade in any other commodity. It is an
old trick, and one which we thought had been abandoned,
to direct odium against the whole of all those who are en-
gaged in the trade in corn, from the farmer who raises it
to the merchant who stores it, and even the baker who
supplies bread daily to the community. It happened, oddly
enough, that the only really guilty individuals, those who,
' excluding foreign supply, were the authors of the dr-
ily . which led to the rise in the price, were passed
c 1 Public fell oa the mere instruments,
buyr
and the
,e
blinZ.,
the mealmen and bakers, as the dog bites the stone
by which he is hit without thought of the
the illiber hand
that
tal
directs it. It would appear, however, that
way of thinking to which we have alluded is not yet
altogether obsolete. In what respect, we ask, are the
traders in corn to blame for seeking to sell the com-
modity in which they deal at as high a price as they
can possibly obtain for it ? How can the argument .1
of the holders of bonded or any other description of corn
to sell only at a certain price be deemed more a monopoly,
than the argument of any other cdasa to take the steps they
may deem the most effectual for promoting their particular
interests ? No man blames mechanics for agreeing not to
work below a certain rate of wages. If they have miscal-
culated the means of supply at the command of their mas-
ters, and, on discovering their mistake, endeavour, by inti-
midation and violence, to prevent others from taking their
places, then, no doubt, we with justice blame them. If the
holders of bonded corn not only kept back what they pos-
sessed themselves, but used violence to prevent the public
from being supplied by other dealers, then, in like manner,
we might direct public indignation against them. But it is
not alleged that the holders of bonded corn in any manner
interrupt the operations of the market, If the supply of
corn turn out to be greater than the speculators for a eiee
counted on, they will burn their fingers ; if the state of sup-
ply and denatied justify the speculations, they will realize a
profit. Since the days of the French Convention, when
a maximum price of corn was fixed, which created
a farrinie in France by causing suppliea to be withheld, there
hare been few advocate; for making any difference between
the trade in corn and any other trade. Merl who embark
in any trade have profit in view. When they suffer loss
they have no title to relief from the public ; and if the
dea'ers have no title to indemnification from the public,
have the public any right to call on them to inter-
fere between !hem and their profit. Between fixing a
maximum and aliovsiote the utmost freedom of operations
to dealers there is no medium. if it should be- found that
the law interferes between the derneus4. and the supply, so
that difficulties are interposed by it in the way of obtaining
corn from Arend, the legislators, and not the traders, are.
to blame. But to direct odium against the dealcr4 in corn
because they try to obtain the highest price they can po4,
sibly obtain for their comincel;ty ail: trot increase the sup-
ply, and eo.ts,tq anatly cannot have the slightest effect
in lowering prices, and wilt therefore be as unavail-
ing,; as it would be irreconcilable with justice.
It has often been urged by pubye writers, that,
where there is a deficiency of supp), of corn, the specula-
;ors, without intending it, are really the greatest benefac-
tors of the public. By their operations prices suddenly
rise, in consequence of which families are obliged to prac-
tise greater economy, and even to have recourse to various
substitutes, whereby consumption is diminished. Were
capital not embarked in the trade by srculators, and a
diminished supply to be attended with no diminution of
consumption, the consequence would ultimately be a famine.
The speculatone by causing a sudden advance in price,
spread the di fieieney over the whole year, and prevent the
ca!enlitous effects of a famine during any part of it. The
rise in p7iees, too, gives timely notice of the state
of thin gs to a:: those who have it in their power
to procure sup; lies from 2" quarter ten o avail themptionselves
.e descri of
of the favourable market. -There
fond which from its bulk and its perishable ."ature cannot
largely became tine object of speculteion, we meal 1--2'4"
toes ; and the consequence is, that no intimatian
is girt n cf any deficiency in the supply till t
ine
whole of the population of large tracts of country
are suffering the horrors of famine. The outcry against
the holders of bonded corn is the more unreasonable, be-
cau..e, if the allegations of those who cry out against them
b
ejust, they must be ruined by their operations. The
produce of this year's crop, with the corn in bond, anti the
corn in foreign ports purchased with a view to importation,
is either beyond the wants of the country or short of it.
If beyond the wants of the country, to hold back the ac-
cu.stomedsupply fa- a week or two will only have the effect
of precipitating the decline. The trade in corn is too ex-
t.,n,ive, and capitalists ..r,e jeep jealous of each other, to
allow of any such thin‘,.,tr,alsli combination to starve the
Dutch, in order to theu
market while the supply
pyri7ec eoefds theirte
sdpeinelea3nit.iii.gb,Tairlee
said to have keepannually destroyed a great quantity. But
the traders in corn have recourse to this expe-
dient. Who are the dealers in corn ? Not the mere
holders of bonded corn but every farmer in the
country who is not ebliaa to eldsend his corn
to market as it can be thrashed out. During
in farmer
coofucnatpriyita,ll
niov
willingly
the prevalence of a belief of a defieieln.
the
will not
cyof supply, every
There.t
there
isr
en
bo
et
thea bankersupp y the farmer with
But let
funds during a rising market.
t.slight-
estap
capital
hasten
falleil t
ofro from an
market,a n eaene(si s
bankersof s p )
trill
farmerchary
oof
f
their credit. We have thus, we trust,shown that it
.eati do
no good to interfere with corn-dealers, by prescribing to
them the course they ought to pursue. The Corn-lairs
and the trade in corn arc quitenu distinct. Against the
kfoor(rnmeiro
gw
osswu
indifferentl(l excit e
thee
people hoadreiumbutastopooaspsitbtleo
till questions of a geleonseerlavlesnaetxueree,tandihow little they are ;b
dis-
posedeantod
onpacrleioreethe pressure of pri-
vation,
stimulatedrese(' present
ip'under
to bestir themselves
themselves
as a. means
by
which
etirl
they
ygaorida
ytlin,ee
ernassoe.flyes
We owe the Corn-laws to the predominance justice.
the land-
owners in the Legislature. Their justice has vain been
appealed to again and again. We do not knowin
writer of any eminence who has not loudly condemned asingle
Corn-laws, as calculated to promote the selfish views of the
landowners, at the expense of the rest of the country. But
to all arguments, all proofs of injury to the community, the
landowners have always turned a deaf ear. What do we
care, they say, for your arguments—we have the votes.
To appeal to the justice of these men would be useless ;