The Statesman.
London, England, 1821-07-13 00:00:00

winced every unprejudiced mind, and every mind who
has made itaellonemer of this important question, that
the present Corn Laws hare failed in accomplishing
the object with a view to which they were enacted.—
Indeed the very condition of the Agricultural Inter-
est for the last two rears was quite sufficient to de-
. enonstrate this proposition. The Remunerating Price
was fso shillings, by the Law. Wheat is now about
50 shillings per quarter. But the Landed and Farm-
ing Interest contended that this low price was altoge-
ther owing to the importation of Foreign Grain, as
well as to the defective mode of taking the Averages.
It was impossible to heat this opinion out of their
heads, though nothing, in our mind, appears to be
more fallacious. Indeed its fallacy is demonstrated by
the Report ; and we doubt nor, when the evidence
shall be published, that the point will he rendered
still more clear. Taking it for granted that this is
the case—taking the conclusion of the Committee,
which we do, as correct, the question then remains,
what is to be done to relieve the Agricultural Interest ?
The Committee say that thoogh the Corn Laws have
not been found adequate to achieve their purposes, it
would be, at present, totally inexpedient to repeal or
modify them. The Country ewers with the Commit-
tee; for certainly, it would be utter ruin to repeal those
Laws, however impolitic they were in their Origin,
and however ineffective as they have proved in their
operation, at this particular period. For though the
Quarter of Wheat is now little more more than 50
shillings 6; the Corn Exchange, London, yet, it is
rot mach above 30 shillings at Havre or ilausburgh—
if, indeed, IC) much. The consequence's of opening
t! e ports would be at once to reduce British and
Irish Wheat to 40 or 35 shillings. In fact it would
be hastening the crisis which sensible men see ap-
proaching. It would be productive of the most dread-
ful confusion.—ln short, it would produce a crash,
cron the con-equences of which no man can calculate,
alit which we now cannot contemplate without stol-
f:e ing. But since this cannot be done, what remains ?
The Agriculturists Par, amend the Averages again—
annul the Bonding system—and place a Prohibitory
D:ity on the importation of Foreign Grain. This is
tie panacea of the Landlords and Farmers. It is in
vain to assure them that tisk plan would be
totally inconclosive.—lt is in vain to argue with
arm upon a point, which to any other man ap-
pears as clear as the ncomday sun.—lt is in vain
to tell them that the value of the commodity will
depend upon the demand, and that the demand itself
rill be regulated by the quantity of the circulating
troidiuni. There is nothing better understood, or more
amply demonstrated in the science of political economy
tt.au this. It is as old as the time of Home. In the
first volume of his " Sketches" is to be found the fol-
lowing most apt illustration of the subject. We need
not presume that he wrote before Adam Smith, hut
o e apprehend that in the quotation which we are about
to give, the germ and incipient principles of the sub-
lect will be found : " I put a simple case," says the
Lail Justiciary. " that the Italia oar current Coin is
at once swept away :"—the very thing that has or-
rimed by the law ;thick has compelled the Bank to
pay it: fit.l.l, and of course to withdraw one-half nearly
of the Paper from circulation—" that one half of our
Cr.in has been swept away by some extraordinary ac-
cident ; this at first will embarrass our internal
commerce, awl the vender will insist fur the usual
peke, which now cannot be afforded. But the
error of such a demand, will soon be discovered ;
anti the price of commodities, after some fluctuation,
will settle tz? M.. one-ha /of what it was formerly."—
'S he v. ry thing that is now taking place with regard
to Corn. "At the same time," lie continues, " there
is here no doonfall in the value of the commodities,
which cannot happen while the ivantity anti ticianneleots-
Slane vacuri, a"—as they do at this moment, and as they
must do 4,411i1e population and cultivation continue t fl bear
the proportion which they do with regard to each other.
His illustration of his argument is worth the attention
of those it ho insist that there may be found a remedy,
a Parliamentary remedy for the Agricultural distress.
" The purchasing," says he, " for a sixpence, what
fc rmerly cost a shilling, makes no alteration in the ra-
ke of the thing purchased, because& sixpence is equal
in value to what a shilling was formerly." Was there
et-it any thing so apt, so completely in point, as this
prop.isition, and yet this was written neatly 50 years
ago! at a period too when there was no Paper Cur-
rency, when Corn was exported, and when the Author
never could have contemplated the possibility of that
" extraordinary accident, by which our-half of the
Currency was swept away." "In a word," lie cos-'
laves, " when money is scarce, it must bear a high
vitae; it must, in particular, go far to purchase
goods abash we express by saying, that good, are
cheap." Here is the whole secret for the Agricul-
tural interest, if they will please to understand. The
produce of the land has apparently declined—because
the Currency has been really contracted :—but the
valise remaitis the same. For, to use Lord Karnes'
luitration. sixpence is now nearly as good as a shil-
ling was formerly. Now, let us attend to the
mode in which lie puts the converse of this
proposition. lie was talking speculatively, for the
fact could have never entered into his calculation.
" Put the next case, that by some accident our ('uin is
jossaatlydoubled"—a ease which has occurred amongst
ourselves, •uly with this difference, that the
operation took nine or ten years—" the result
most be, not instantaneous indeed. to double
the price of commodities—a result to which
those of its who have not even past the meridian
of life can hear witness, has really occurred in this
empire. " Upon the former supposition, a sixpence is,
in effect, advanced to be a shilling. Upon the pre-
sent supposition, a shilling has, in effect, sunk down
W a sixpence. And here again it ought to be observed,
that, though the price Is augmented, there is no teat
alteration in the value of commodities. A bullock
that sou.e years ago could hive been purchased for 10/.
will at present yield 15!. The valet ignorantly think
that the rabic of horned cattle has arisen in that pro.
portion. The advanced price may. is some degree.
Ire ace.misued by a greater consumption but it is
Aided, occasioaed by a greater quantity of money in
circulation."

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