The Sun.
London, England, 1850-10-17 00:00:00

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LONDON, THURSDAY, OCTOBER 17. 1850.

A spirit of inquiry has arisen among agriculturists
which, if we are not grievously mistaken, must lead
to most important;results. Many intelligent persons,
who have embarked their capital in the cultivation of
the soil, are at length becoming convinced that it is
utterly useless to hope for a restoration of protective
imposts ; that the corn monopoly is indeed defunct,
and that there is no possibility of the resuscitation of
the unsightly monster. If any reasonable doubt could
have existed on the subject the recent speech of Lord
STANLEY, at Bury, must have dispelled the pleasing
illusion. The Noble Lord encouraged the tenant-
farmers to " go on boldly and improve the land," not
by any promise of a new bread-tax, but because there
is yet " room for the profitable investment of capital
in wheat cultivation." That was no rash or
hasty speech, delivered without premedita-
tion or forethought. It was put forward
advisedly, after ample and mature deliberation • and
its object was to show that he, the acknowledged
leader of the Protectionists, would no longer maintain
the hopeless struggle—to show to the agriculturists
that other means must be adopted for the amelioration
of their condition.
The same opinion has for some time been gaining
ground among the more intelligent and clear-headed
aviculturists, while some of their number are still
shouting lustily for a corn-law, and draining
bumpers pottle deep to the memory of the good old
time, when the rest of the community paid tribute
to the farmer. Others, far wiser, are examining the
question in all its hearings, in order to ascertain
whether a fitting substitute may not be found for
protection"—one which, being based on justice,
would enlist the popular sympathies in its behalf, and
thus hcccme easy of attainment, and which, if once
established, would not speedily or easily be subverted.
To these persons, and there are many such, sho ap-
proach the topic without.prejudice or bias, the close and
intimate connexion between " corn" and "currency
wilt soon bscome apparent. They will di!cover the I
error of looking only to what they have to sell—
" corn," and totally disregarding vc hat th©y have to
buy—" money."

If they had no fixed payments to make, if rents and

taxes, and the interest on borrowed capital, varied
with the prices of their produce, it might be a matter
of but little consequence what was the actual value of
money, whether the circulating medium was " ap-
preciated" or "depreciated," whether they received a
quarter of an ounce or an entire ounce of gold, one
pound or four pounds per quarter for their corn•
Twenty shillings would in the former case possess
the same command over the necessaries and comforts
of life, the same purchasing power, that eighty
shillings would in the latter, and the result would
be precisely similar. But, unfortunately, such is not
the case. The farmer has to meet heavy outgoings ;
he has to pay rent to his landlord, general and local
taxation, and possibly to liquidate debts.
For all these purposes he requires certain sums of
money, and if he has to give in exchange two hundred
quarters of corn for the quantity of coin, cr bank-
notes, which he could formerly have obtained for one
hundred quarters, it is manifest that he is deprived of
one hundred quarters, which he would otherwise
have had for the use of himself, his family, and de-

pendents.
Now his rent was, most probably, fixed on the
scale proportioned to 80s. per quarter. During the
war, ani until after the passing of the fatal Act of
1819—from 1794 to 1820—the average price of corn
was 87e. 10d. per quarter. During this period no
less than 600,000,000/. sterling of debt was incurred
by the nation, for which the labour of the people
was mortgaged. Many leases were also made en the
estimate that similar prices would be maintained, and
the landowners acquired habits of expenditure
and encumbered their properties on the same
supposition. Even after the triumph of the bnl.
lionists, and the appreciation of the value of
money, attempts were made to keep up the prices
of agricultural produce. The first Corn Law of
1815 was intended to secure the farmer 80s. per quarter
for wheat, but it signally failed, for during the seven
years after its enactment the a-rrsge price did not
exceed 69.;. lid. In 1822 another Act was passed.
The prohibition price was reduced to 705., but there
was to be a duty of 12s. if the price was under 80s.,

and SF. between 801. and 855.; but the average never

reached the 703., it amounted but to ‘593. 3id. In
1828 another meddling took place, by which wheat
was to bo sustained permanently at G 4 s., but again

the hopes of tht, farmers were disappointed—the ave-
rage for fourteen years only amounted to 58.;. 10id.
Then it was discovered that LG.. was the proper
_ _ _ _

price, and the Act of 1842 received the legislative
sanction; but even that failed, and justly and
properly failed, because the attempt was made
to sustain the farmers from the natural
consequences of the enormous increase in the value of
money at the expense of the rest of the community,
who were doubly sufferers, until it was finally swept

from the national statute-book, amid the acclamations
of the indignant people ; and now the farmers have
435. or 443., and even this ,will be diminished if the
" moneyocracy" be permitted to carry on their game
with impunity much longer.
It will be observed, that during the former period
there was no " protection" save that afforded by a
circulating medium adequate to the wants and exi-
gencies of the country. Every man able and willing
to labour was sure of obtaining employment, of get-
ting a " fair day's wages Lr a fair day's work.l
The farmers were able to pay their way—to enjoy
every comfort suiteble to their station—to meet land-
lord, tax-gatherer, or creditor without• terror, and to
lay by some provision for a rainy day. But with the
advent of " p:otection " times changed. From the
period of the corn-law they obtained but fitful
glimpses of prosperity. Ard why? Because, at the same
time, they permitted a tampering with the currency.
which produced a continued " appreciation' in the
value of money, which has ultimately proved fatal to
themselves as to the industrious classes generally—
manufacturing as well as agricultural. The six
hundred millions of debt, which at the time it was
contracted could have been satisfied for one hundred
and thirty millions of quarters of corn, or eeen much
less, if we take the average price from 1809 to 1815,
would now require three hundred millions of quarters
to liquidate, and all public and fixed charges are in a
precisely similar condition ; for even where rents have
been abated, they have not been reduced in_anything
like a fair proportion.
As a strong illustration of the growth and progress
of the spirit to which we have alluded in the early
part of this article, we would invite the public atten-
tion to the proceedings of the " Market Bosworth
Farmers' Association," reported in a recent number
of a respected provincial contemporary, the LPicester-
shire Mercury. The members commenced their au-
tumn session by considering " how the currency affects
the interests of the agriculturists of Great Britain,',
an exceedingly pertinent and proper inquiry, which
will, we trust, be entered upon by every farmer's so-
ciety throughout the kingdom during the ensuing
winter. The members of the association were so for-
tunate as to obtain the assistance of a gentleman who
has closely studied, and is thoroughly acquainted with,
the subject, the Rev. JOAN TWELLS, with whose
name our friends and subscribers must be well ac-
quainted. Mr. TWELLS possesses the happy faculty
of making himself clearly understood, of rendering
the subject he has undertaken to elucidate compre-
hensible by all persons of ordinary capacity. There
were no specious fallacies, calculated to bewilder the
brain or deceive the mind, contained in his brilliant
address. He showed clearly and distinctly the happy
results that invariably accompanied a judicious system
of currency, with a sufficient supply of the represen-
tatives of value, and explained that similar effects
would again follow similar causes if they were in
operation. He entered into a history of prices, show-
ing the cause of each variation, and tracing it to the
state of monetary affairs, as the natural result cf the
unjust and inequitable Acts of 1819 and 1844. The
Reverend Gentleman then gave in his ad-
hesion to the " national taxation • money," to
which we have repeatedly directed the public
attention, which he described as " a system similar
to that which we had during the war, but better, im-
proved by all the suggestions which experience and
philosophy can present ;" with which "the prosperity
and happiness of the country might be increased to
an extent scarcely yet contemplated."
In pointing out the mode in which this currency
would increase the national wealth, the Rev. Gentle-
man was peculiarly felicitous ; insomuch so that,
although we have already exceeded our ordinary
limits, we cannot refrain from making one quotation.
" It would," said he, " replace a very expensive me-
dium of exchange—GOLD, by a very cheap one—PAPER.
The filly or sixty millions of gold which are now sup-
posed to be in circulation, and which are merely used as
counters, would be then replaced by notes. Here at
once would be a saving of more than two millions a year,
by converting this large amount of dead stock into active
productive stook. Suppose a farmer had been taught
that it was necessary to use a golden ploughshare, worth
1,000!., and a man came to him and said, I will make
for you a ploughshare of iron for 100 pence which will
do the work just as well;' it is plain that the farmer
would have the difference between 1,0001. and 100 pence
to employ as active capital. He would improve his land,
drain, manure, and what not, when he had substituted a
cheap ploughshare for a dear one."
He also pointed out that it would benefit the nation
by " rendering cur circulating medium independent
of foreign 'exchanges," and " that we should obtain
a circulating medium capable of expansion, a money,
in which prices would be able to rise as taxes are im-
posed, so that taxes might be added to the cost of pro-
duction, and a remunerative price be obtained. And
further, as our population increased, and our commo-
dities increased also, in other words, as our buyers
and sellers increased, and the things to be bought and
sold increased, money, the medium of exchange
between man and man, might increase in due pro-
portion."

It is almost unnecessary to add that Mr. TWELLS
carried conviction to the minds of his auditory—
that resolutions were unanimously adopted in favour
of his views, the object cf which, as he truthfully and
eloquently declared, was " to extend commercial en-
terprise—to restore to cgriculture its just remunera-
tion—to insure to the rich man the safe enjoy meat of
his abundance, and to the poor man thoes
sijustpossible
happiness reward
ofhtios
labour"—"to promote the greatest p
I the greatest possible number, with the least possible
injury to the least possible number:" or that the pro-
ceedings were terminated by a rapturous and en-
thusiastic vote of thanks to the Reverend Gentleman,
whose efficient and energetic exertions in tho cause of
monetary reform have merited the gratitude of the
community in general. _

Startled by the melancholy and fdtal catastrophe at
Frimley, which deprived an amiable family of their

guardian and protector, the Surrey magistrates have
shaken off the apathy in which they long indulged,
and are beginning to take active measures for the
protection of life and property within the portions of
the county beyond the radius of the Metropolitan Po-
lice. At the General Quarter Session, held at Kings-