Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1847-03-03

| mus q system, established Oy accident,
has been enlaled upon this generation,
with It's burdens increased by all the wars,
the reckless ambition and lust of conquest
of two centuries, have waged.
The fall of Napoleon found England
exhausted by contest of twenty years
saddled with an immense addition TO her
public debt /; drained of specie by the
subsidies she had paid her continental al
lies and the vast sums she had expended
for the support of her armies abroad, and
cursed with an irredeemabe paper cur
| rency at home, and with high war prices
The long rule of these high prices had
caused vast sums to be invested in man.
uiactures in all quarters OF the Kingdom,
and 1t was necessary that markets for the
surplus products of her looms and work
shops should be sought abroad or the
capital invested ia this branch of indus
try would be almost entirely annihlated
But the continent, enriched by the mil
lions of treasure derived from England
during the prosecution of long ard ex-
penslve wars, was free from the curse of
an inflated lrredeemable currency the
circulation of those countries where Eng
land must seek a market for the products
of her skill, was entirely specie, and
consequently, prices were much lower
than obtained in the sea girt Isle. Hence
she had no alternative, if she would not
see her fruitful fends lie fallow, and her
busy work shops deserted, but to return TO
a specie standard. She had TO choose be-
tween the ruin of the few and the starva-
ton of the many-between the total de-
struction of manufactures and commerce,
national bankruptcy and disgrace, and the
adoption of measures which would con-
fer on her the station she now occupies as
| the manufacturer for the world, and the
great center and director Of It's commerce.
The return to a specie standard met
with opposition from the whole body OF
landed proprietors, for the reason that the
measure would produce decline in agri-
cultural produce, and the rent of land;
and their majority in Parliament was sut-
fcent TO prevent the adoption of any
measure for the relief of the manufactur-
ers till they had protected their own inter
est. Therefore they enacted the Corn
| Laws, establishing the sliding scale of
duties, the effect OF whch-was to prevent
The introduction of foreign grain. except
in times of great scarcity and high prices.
They supposed that under the operation
of this law, grain could never pc at less
price than the duty fixed upon importa-
tions and they were either ignorant of,
or overlooked the principle that supply
and demand must always regulate the
price of any commodity. A few abun-
dant harvesis Showed the fallacy of the
hopes built upon the adoption of this meas
ure. The Corn Laws had no effect upon
the price of grain during seasons of plen-
ty but when short grain crop occurred,
they were felt as an oppressive burden on
the destitute consumers, without enhanc-
, ing The price or rent of lands in the least.
The Corn Laws were enacted, and the
Bank of England, alter suspension OF
twenty years, resumed specie payments.
Then for the first time did the English
{ people experience the miseries which war
: brings in its train. MuIitudes were re-
4 duced from affiIence 10 beggary. But
the continental market was secured; com
merce and manufacturers once more flour
! ished, and enabled the Empire 20 sustain
+, the burden OF her enormous debt. A
, though the return to specie payments
, permitted the English manufacturer TO
, enter the continental markets, the Corn
Law in time produced an effect not anti.
cipated by its trainers. The continent
? was soon drained of specie and being
; deprived of an outlet for It's surplus agri-
: cultural products, was unable to purchase
! the manufactures Of England therefore
t the continental countries We're compelled
I to manufacture for themselves, and their
governments to lay cOunterValng duties
/, on imports, To project this branch of in
! dustry. Thus England closed the mar
kets of the continent to her goods by heI
restrictive policy more effectually than
Bonaparte was able to do when at the
: height of his power. Another unforeseen
: effect of the operation of the Corn Law
, was. that wherever short harvest rem
) dered the importation of grain necessary
, drain Of bullion for its purchase was
. inevitable, because this trade was uncer.
! tain in amount, and of irregular occur.
) renee. At such times scarcity OF mo.
: new. high rate of interest and high price
of provisions, acting in COMPUTATION, re-
: tarded the progress of manufactures. Al
these causes produced great distress
J. in the manufacturing districts, trade
t Ianguished, and the revenues diminished
5 The British Ministry was compelled te
r devise some measure TO revive tWde ant
i manufacturers, and provide for curren
e expenses of government. For the relic
7 of manufactures, the duties on the raw
d materials was entirely repeated, and those