The Statesman.
London, England, 1821-06-25 00:00:00

THE

tits reduction of the public debt. your Committile
trait that the rate of lamest of mosey may be es
the reduced below the legal smarterwea, oats make those
leennsbrances a lighter burthen upon the landed inter-
ests of the kingdom. It is so alleviation which former
intervals of peace have prodoced, at periods in many
respects less favourable to its attainment; and It is the
present instance, the want of that Alleviation which
is become more nrgist, your Committee venture to
hope that. from the greater acenmalatioa of capital in
the country, co-operating with the effects of a positive
and steady reduction of the public debt, this salutary
malt will also be more speedily brought about. They
look forward to this mode of easing the iscombrances
of the landlord with the more anxiety, as. amidst all
the injury and injustice which an unsettled earrescy
—an evil, they trust, never again to be incurred—has
in succession cast upon the different ranks of society,'
the share of that evil which has fallen upon the
landed interest, is the only one whirls, without 'Wild-
ing greater injury and greater injustice, admits (now '1
that we are so far advanced in the system of a re-
stored currency) of no other relief. The dillienities,
great as they nnfortnnately are, in which it has in-
volved the farming, the manufacturing, and trading
interests of the country, must diminish is properties
as contracts, prices, and labour, adjnit themselves Sr
the present value of money. That this change is erne
in progress, and has already taken place to a consi-
derable degree, is in evidence before your Committee.
They are satisfied that it will continue until that ba--
lases is restored, which will afford to labour its due
remuneration, and to capital its fair return. And
although they deeply lament the derangement which
the fluctuations of the last ten years, in the infer of
the currency, have occasioned in all the transwilions
of life, together with the individual loss and suffering
unavoidably produced by the return to a fixed standard,
they are satisfied this was the only course which it
teas is the power of Parliament to adopt; as well to
prevent the continuance of a derangement, leading,
OS It must have led, to the aggravation of those losses
and sufferings, as to manifest to the world the kfiexible
determination of this country. rigidly to adhere to
I that good faith of which the moral character of the
people is the sure guardian; and which, with that
character, has placed oar greatness and our power
upon the foundation, hitherto nnshakee ami,lst all our
vicissitudes, of public credit anti national honoree."
The Committee then proceed to state, that " in the
earlier and more remote stages of our agriculture
similar alarms respecting the agricultural interests
prevailed ; but they were only temporary, and the
fears entertained were dissipated. by the natural coarse
of seasons and events; and it often happens that these
disorders are prolonged, if not aggravated, by toe
much interference and regulation." The staple cow
modifies of other countries have fallen in as great a
proportion, if not greater, than the fall in the rift
of grain in this country. That it is their oidoloo
" the annual produce of corn, the growth of the
United Kingdom is upon an swig* trop about equal
to our present annual constitnpfton ; and that with
such an average crop the present import prices, below
which foreign corn is by law altogether excluded, are
fully sufficient, more especially sine, the change is
the value of our money, to secure to the British grower
the complete monopoly of the home market."—se fro-
tection cannot be carried further than the escompoll,
and this the British grower has enjoyed for the Fro-
thier of the two last harvests."
After pursuing the course of argument on this
point as stated in our last, the Report proceeds in the
following terms:—
" Your Committee cannot conclude the observed's'
which they have found it their duty to submit to the
House, without observing, that mast of the Petition
referred to them, complain of the inadequate and imp-
rions operation of the present Corn Law, sod pray
generally for protection, not fur grain only, but for
all the productions of our Agriculture, equal to the
protection gives to the manufactures of this country.
Within this principle, the Petitioners appear to be
friendly to an open trade ; but in the application of it,
as expounded in some of the Petitions, and illustrated
in the examination of some of the eitnesses, your
Com ,tee cannot but apprehend that the duties
wh hey contemplate, would be altogether pooh!.
ilit
hi
" It cannot be necessary to enter into any statements
to show, that, practically, this would be the regal:. in
all but seasons of scarcity, of Axed duty of 40s. a quar-
ter upon wheat. Your Committee will merely repsqt
what they have already stated. that when the trade in
corn with the Continent gas open, subject to the scale
of duties imposed by the Acts *11773, 1791. and 1904,
and in force till 1815, there never was an importatioa
of foreign corn to soy amount daring the short inter-
vats elms the high duties were deemadable ; and yet
those duties at no part of the time exceeded 948.3 d.
per quarter. To this fact they will only add, that
what is proposed. -1a oddities to the melon
of the duty, namely, that it should be prow
tient, " whatever may be the price," is a proposithati
which your Committee are confident the Legislature
could never entertain, nor any considerable potties of
the community ever eountettance.
" The suggestion with respect to duties equally joss
bibitory on every other article the production of the
ail of this country, all come under the saute priatiplev
aid are open to the mare objection. 'The prif
won* lit fact, go far to annihilate commercial klllem.
comes altogether; and is moreover founded, as itialpe
pears to your Committee. upon a mistaken statemdst,'
as well as an erroneous view of what is deemed protec-
tion to our manufactures. In the first place, they feel
the mote warranted in affirming. that the Bermest et
the Petitioners rests in part epos a misconceptios of
facts; as they observe. that one of the witnesses. in
order to illustrate hi. ideas and the wishes of the Pe-
titioners, has furnished a table of the ditties payable on
foreign manufactured articles, of which sevegal are sub-
ject to direct heavy duties of Excire in this country;
and upon the importation duty, as fur instance upon
the article of glass, is imposed in a great measure
to countervail the duty upon that article manufac-
tured in this kingdom.
" But the main grounds upon which the Committee
are disposed to think that the House will look isitis
some mistrust to the soundness of this principle. is.
first, that it may be well doubted whether (with the
exception of sills) any of our considerable manufactures
derive benefit from this assumed protection in the au-
lets of this country ; for bow could the foreign moon-
factures of cotton, of woollen, of hardware, complete

with oar own is thiscoantry, when it la itotorktes that
we ens afford to undersell them in the pealeda of those
/teat branches of oar masafaetoring indestry, even in
their own markets, notwithstanding that cotton and
wool are subject to a direct defy on leaportations, not
drawn bark upon their export in a manufactured
state, as well as to all the indirect taxation which
affects capital in these branches, in common with that
capital which is employed is raising the productions of
the soil Secondly. that there exists this most essen-
tial difference between the effect of protection given to
the manufaciurer (even if be did not enjoy from natural
senses a preference in the home market), and the at•
tempt at a similar protection and monopoly to the pro-
dace of the soil--that in all employment of capital,
either in trade or manufactures. profits are limited by
competition. If, for any length of time, or from any
circumstances, profits are increased, in any particular
branch, above the accustomed average, additional
capital seeks employment in that branch, and profits
are again speedily reduced to their former level. This
would equally be the cue if the demand for that par-
ticular article were doubled ; and it may fur her fre-
quently happen, as we have whammed of tote years (is
all goods, fur instance, wrought of iron or cotton), that
owing to discoveries in mechenical and chemical
science, and improvements in the manufacture, an im-
mense increase of consumption may be coomseettant
with, and probsbly. in a great degree, the result of a
great fall in price.
" The same principle, it is true, applies to the capital
and business of the farmer ; but with this important
distinction; that the price of core, taken for any series
of years, is necessarily regulated by the expense of
production upon the lands which, at that price, make
no return beyond the charge of raising it, together
with the ordinary profit of the capital employed upon
those land.. The cultivator of such lands for the time,
is upon a footing with the merchant and the manufac-
turer; but if the demand for corn were doubled it would
force into cultivation poorer lands, requiring a larger
capital to raise the same quantity of produce; the price'
'elf that produce would determine the price of the while.
or those poorer lands could not be maintained in culti-
vation ; for there cannot permanently be two rates of
profit in the same occupation. It is sufficient for your
Committee to point this ground of difference, and to
leave it to the judgment of the House, in connection
with the observations which they have already submitted
in a former part of this Report. Another wish express-
ed by some of the Petitioners, and some of the wit-
nesses, is for the repeal of that clause in the last Act,
which allows the warehousing in the United Kiegiss
of foreign corn, when it cannot be taken out for Mae
consumption. The grounds upon which this 'alteration
of the law is suggested, for the relief of the British
grower, are two fold.—lst. That the foreign corn ab-
sorbs the capitals of the dealers. which would otherwise
be employed in speculating in corn of British growth;
and, secondly, that it enables them to bold, in the ware-
houses of this country, a large stock of foreign wheat,
the notoriety of which depresses the market., from the
dread of its being poured in so soon as it is set free by
the prices rising above $0 shillings.

" The first objectios proceeds upon two amomptions,
bulb of which appear to your Committee doubtful ; Ist,
that the capitals of the dealers are absorbed in this fo-
reign speculation ; and 2diy, that if not so employed,
they would speculate with them in British corn. Your
Committee conceive that there is no fixed amount of
capital assigned to this trade, and that it is governed
by the saner principles which stimulate the application
of capital in all other branches of foreign er domestic
commerce. The value of all the foreign corn sow in
this country. which cannot be sold for home consump-
tion till the price shall, for some weeks, have exceed-
ed 110 s. a ginner, is probably less than one 'Hilltop
sterling. British corn, by the last retern, was about
Us. per quarter. Can there be a doubt, if an im-
pression prevailed generally, that it would rise to 795.
before the next harvest, that abundant capital would
be found for speculation; and it is not the II ant of it,
at this seeeseat. rather to be received as evidence of
as apprehension that, in the event of another produc-
tive harvest, the present low prices would not be im-
proved ? Upon the second objection, your Committee
have only to remark, that it Is unquestionably true.
that the present actousulation of a great quantity of fo-
reign corn, the surplus of the two or three !ast
har-
vats on the. Continent, would have a considerable in-
damn upon the price here. in the eveet of the ports
being opened in coaseqeeute of a deficient harvest.—
But the trusties is, whether that influence would net
be needy, if not altogether. the same, under that con-
tingesey. If that 'cementation were altogether at the
shipping ports of Holland. or other ports et the Con-
insult. instead of being divided between them and the
warehouses of this tottery ? Should the prices here be
Inetaatiag between 70s. and 808. some small diger.
!Mee might pedlar' be pratinced by the knowledge of
the OLNIUSSISIIINI in ewe own warehouses, stimulating
the lkitish grower to bring his own corn to market,
to letpdown the price When it was approaching to the
impose rate, Is order to tint out the foreign supply.
But in this emote, emirate Information must be to
him an advantage. The time might also be a little
varied at which a port of the fend.' mire. epee the
ports being spelled, might find its way hither. Bet
this differeace woad not be considerable, the ports of
Flanders and Holland Wag as easvealeat for the
Thames- ea most of our own ports from which teen is
shipped for Leedom.
" Having stated the grounds apes which your Com-
munes are of opinion that the expectations which
have been enssetained of minima(' from the repeal of
this clanse, are sot likely to be realised. they etnieeive
that the views in which it was introduced of making
this country a deposit of fovoige Gum which
either NU Own occasional wants. Of those of other na-
tions might be supplied. are. independent of other'
considerations, too notch in naives with our general
warehousing system. from which this minty/ derives
such important commercial advaatages, to be abandoned
without further proof of their prejudicial effects to
our agriculture, than any which year Committee have
been able to collect from the evidence. It is material
to observe. also. that the warehousing of foreign corn
In this country, has this great advantage, that it places
, the supply of our wants. to the extent of the qnantity
warehoused. out of the reach of foreign States, putting
it out eft thek power, in a *ramie of scarcity. to ag-
gravate the pressure of those wants, either by prohl: