Chapter 14

There are other circumstances well worthy the attention of the House in the consideration of this subject. The retail dealers are a very numerous body in this country. Consider of their profits. Look at nearly every market town in the kingdom, and many villages in progress towards being rebuilt. Who pays the money for re-building these houses? Who pays the increased rents for them? Are the people ruined who require and can pay for these new houses? My Lords, these are facts which do shew that, notwithstanding the existing distress which every man must deplore, the country, in spite of the pressure upon it, is upon the whole, rising.

_Feb. 4, 1830._

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_Proofs of National Improvement in 1830._

Among other topics of accusation, I have been arraigned for my assertion on the first day of the session, that the distress of the country was not of that magnitude which some persons have affirmed. The noble Lord (Stanhope) is quite at liberty to indulge in such invectives if it pleases him to do so, but if he supposes I do not feel for the distresses of the people, he is utterly mistaken, as I can sincerely aver that I have as strong sympathies on the subject as any noble member of this house. But I am resolved to tell plainly and honestly what I think, quite regardless of the odium I may incur from those whose prejudices my candour and sincerity may offend. I am here to speak the truth and not to flatter the prejudices and prepossessions of any man. In speaking the truth, I shall utter it in the language that truth itself most naturally suggests.

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I request your Lordships to look at the state of the savings banks. A measure was sometime back adopted to prevent the investment of money in these banks beyond a certain amount for each person, in order that the parties not entitled to it should not derive the advantage which is intended for the poorer classes. Large sums were drawn out of those banks soon after; but they have since revived in some degree. Whence has the money come? From the lower classes. This cannot be considered as a proof of general distress. Your Lordships ought likewise not to omit from your consideration the increased traffic carried on the railroads and canals in the country. The noble Earl (Roseberry) has told your Lordships, that I have availed myself of the increased traffic upon the roads and canals by merchants and manufacturers--in despair seeking a market--in order to represent the country in a state of prosperity; whereas it is an additional symptom of distress. My Lords, I said that this traffic had been increasing for years; and that it had, in some cases, doubled in ten years. In one of the recent discussions in this House, upon the currency, the noble Marquis opposite (the Marquis of Lansdowne) very truly remarked,--that a large quantity of currency might be found in a country in which there should be little riches and prosperity; and that the facility and rapidity of the circulation of the currency were signs of the prosperity of a country, rather than the quantity of that currency. I entirely concur in the truth and justice of this observation. But I would beg to ask the noble Marquis whether it is possible that transactions can increase and multiply as they have done in this country, in the last few years, without giving fresh scope for the circulation of the currency of the country, fresh employment for labour, and occasioning, in some degree, the augmentation of general prosperity.

_Feb. 25, 1850._

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_Causes of Manufacturing Distress, over which Parliament can have no Control._

There can be no doubt that there has been, of late years, a great increase of manufactures and manufactured produce in this country. It is true, that this produce has given to the manufacturer but little profit, and that the wages of the manufacturing labourer are low; but, as I will show presently, the circumstance, equally with the cause of the agricultural distress, is beyond legislative control.

My Lords, it is impossible to consider this branch of the subject without adverting likewise to the state of the commerce of the country. The produce of the manufactures of the country is greater than the country can consume; and, consequently, the price and the reward of the labourer must depend upon the foreign demand, as well as upon the demand at home.

In respect to the distress felt by manufacturing labourers, there can be no doubt that the wages of manual labour have been lowered by the successful application of steam to the movement of machinery for the purpose of manufacture. Here, my Lords, is a cause of distress over which the Legislature has no practical control. As I go further in my observations upon the speech of the Noble Earl (Stanhope) who made the motion,[12] I will point out other causes of distress equally beyond the control of the Legislature.

[Footnote 12: For an inquiry into the state of the nation.]

My Lords, let me beg to call to the recollection of the House the state in which the world was at the end of the war in the years 1814 and 1815. Europe was absolutely overrun with armies, and had been so for about twenty years. There was absolutely nothing but armies in the world, and nothing was thought of but the means of sustaining them. Except in France and this country, there were but few manufacturers in Europe; but when the peace took place, all the world became manufacturers. I have already stated, that the country manufacturing more than it consumes, is under the necessity of resorting to foreign countries, and foreign markets with its produce, where this produce necessarily comes in competition with the manufactured produce of foreign countries, brought there by cheaper labour, and by machinery worked by steam. The prices in those foreign countries, of necessity, govern the prices in this country. Here again is a cause of the existing distress, over which it will be admitted, that the Legislature can have no control. Nothing that it is in our power to do, will raise prices abroad; and till these prices shall be raised, the prices of our produce must continue low, and profits and wages must be low likewise.

But, my Lords, low as the prices of our produce are, compared with those of former years, those of other countries have fallen in a still greater proportion. My Lords, I will read, from a paper I hold in my hand, a few extracts of prices in different parts of the country, since the peace of 1814. Raw cotton in England, in 1814 and 1815, sold at 2s. 2d. the pound, or with duty included at 2s. 4d. In 1816 and 1817 it sold at 1s. 8d1/2., and in 1829, at 6d. This was a fall in price greater than had taken place in any other article. Silk, in 1814, sold for 1l. 4s., or with duty included, 1l. 9s.; whilst in 1829 it sold for 8s. 10d., or with the duty, 8s. 11d. the pound. Spanish wool, in 1814, sold for 8s. 2d., or with the duty, at 8s. 3d.; whilst in 1829 it sold for only 2s. 3d., or with the duty at 2s. 4d. Another article, that of fir-timber, fell in proportion. It was then 3l. 14s. 11d. the load, and with the duty, 10l. 5s.; it is now 2l. 5s., and with the duty, 4l. 19s. This fall in the price of foreign produce, and in our domestic manufactures, added to the advantage which the master manufacturers derived from the use of machinery moved by steam, and from the lowness of wages, have given them a greater advantage; and have enabled them to make a profit, notwithstanding the fall of prices of the produce of their manufactures since the war.

On articles of manufacture the prices are still lower than those of corn and other agricultural produce. Cotton yarn, which sold for 4s. 4-1/2d. the pound in 1814, in 1830 sells for 1s. 5-1/2d.; and cotton manufactured goods have altered in price within the same period from 1s. 5d. to 1s. 8d. and 2s. 0-1/2d., to 6-1/4d., 8-3/4d., and 8-1/2d., or nearly a third. Irish linens have fallen from 1s. 7d. to 1s. 0-3/4d.; woollen cloths in the same proportion. Other articles have been reduced enormously in price by the competition with foreigners. In those articles in which there is no competition with foreigners, prices have been reduced, but not in the same proportion; such, for instance, as in the iron, the pottery, and other trades. Here, then, are causes evidently beyond the control of Parliament. Parliament cannot raise the price of manufactured goods--the thing is impossible.

_February 25, 1830._

_Principle of Reduction in the Public Service._

When offices become vacant, the Government always consider whether the public service could not go on without their being filled up; the next point is, to consider whether the place could not be filled up by some persons who already receive half-pay or pensions, so that the half-pay or pension might be saved to the public. We have tried to reduce the list of pensions of the army and navy, by keeping men in the service the full time they ought to serve, according to the original institutions of the army. I should deceive the House by saying that savings could be beneficial if made at the expense of individuals who must be thrown on the public as soon as they were made.

_February 23, 1830._

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_The Corn Law of 1828 worked well._

The measure of 1828 has worked well to promote the objects which the Legislature had in view in passing it, by preventing the price of corn from rising so high in a season of scarcity as to be injurious to the country at large, and particularly to that part of the population engaged in manufacture; whilst, both in that season and the season which followed, the price has been sufficient to give the agriculturist a fair value for his commodity. In the second year of the existence of that law, a greater import of corn took place than ever, to the extent of 5,000,000 of quarters, of which 2,500,000 were from Ireland, and the prices have not been lowered in this country, beyond what is deemed a remunerating price to the agriculturists. With reference to another branch of Agriculture, I have means of proving that the prices received for other articles of agricultural produce, such as meat, timber, &c. are equal to what they were in times when the country paid a very large amount of taxes, and the Bank Restriction Act was in force.

_Feb. 26, 1830._

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I am convinced the corn laws cannot be repealed without injury to the country.

_Feb. 25, 1830._

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_Establishments necessary to maintain the National Honour._

It is perfectly true, that this island is but a small portion of the globe, yet its interests are extended over all the world, and must be maintained, though at a great expense. Now the expense necessary for the maintenance of the honour and interests of this country (and over that alone have we any control), is at present only 12,000,000 l. of money; for there has been a decrease, in the present and last sessions of Parliament of not less than 2,000,000 l. on this part of the expenditure; and your Lordships must know that there are other portions of the national expenditure, which cannot be touched at all. With respect to that part which cannot be touched, his Majesty's Government have effected all that they possibly could. Having said this, I must claim for myself and my colleagues in office, credit for an anxious desire to do everything in our power to diminish the expenditure. With respect to the amount of expenses incurred on account of our Colonies, I believe that the number of troops in the old colonies and places occupied by a military force previously to 1792, is now reduced lower than it was in that year. This country, however, in the course of the last war, made very considerable conquests; those conquests require for their maintenance large bodies of men, and, consequently, create a great additional expense. They require for their protection very nearly as many troops as the old colonies. Before the war we were not masters of the Cape of Good Hope, of the Mauritius, or of Ceylon. In the Mediterranean, we had no station, unless Gibraltar can be deemed one, which is not the case now. My Lords, it is obvious, that all the new stations which we have acquired, demand a larger force for their protection. These things considered, it appears to me, that the military establishment has been reduced as far as it can be reduced, a proper regard being had to the interests of the empire.

_March 4, 1830._

_Difficulty of Legislating on the Poor Laws._

It should be recollected that some of the greatest men that ever lived in England--including Mr. Pitt and Mr. Whitbread--attempted to deal with the difficult subject of the poor laws, and failed. It is a subject equally important, difficult, and complicated. The system, as far as local practice and arrangements go, varies in almost every parish of England more or less; and, I repeat, it is almost impossible to deal with it successfully. We ought not to enter into the subject of the poor laws hastily, or at an inopportune period like the present. It will be better to wait till the country is restored to a state of complete prosperity, and then investigate the subject with a proper degree of attention.

_March 18, 1830._

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_The Home Market is the best._

The greatest difficulty is experienced by our manufacturers in exporting their manufactures. In some countries there is a total prohibition of them; in others there is an extremely high duty; and in all there is much competition and jealousy. The Government, in every one of those foreign countries, seems to do everything in its power to prevent the sale of British manufactures. I am convinced, if we went to the Continent, and purchased all the corn in Poland, not an additional article should we be able to force into France, Germany, Prussia, or Russia, If the merchants of this country were allowed freely to purchase grain, foreign subjects would get as much for their corn as they possibly could; but their rulers would not allow a single article of our manufactures to be imported in consequence of our being obliged to buy, or in return for our buying the grain of those countries. There is, undoubtedly, a certain quantity of manufactures in this country more than the population itself can consume, which it would be very desirable to get rid of. But, my Lords, is it exactly true, that taking foreign corn would have the effect of enabling other countries to purchase them? And even if such were the case, what are we to do with our own corn?

Now, my Lords, if the buying corn of the Pole, the Russian, or the Prussian, enable them to give high prices for our manufactures, why do not you give the same advantages to those nearer home? For my own part, I believe, after all, that the home market is our best resource, and that there we dispose of the greatest proportion of our manufactured articles. It has, and I think with truth, been stated, that two-thirds of the whole quantity of our manufactures are disposed of in this country. The whole of our woollen and the whole of our silk manufactures are consumed here; and of iron and other manufactures, a very considerable portion. I ask, then, if such profits are to be derived from an exchange with a foreign market, why do you not cultivate the home, which is admitted to be decidedly the best market of all. I think the more this matter is discussed, the more will the country see that the interests of one class of the community involve the interests of all. We are not to look merely to the interests of the cotton manufacturers, or of the iron manufacturers. That which we are bound to consider is the benefit of all; and, in my opinion, the common good will be most effectually secured, by getting the greatest quantity of provisions for the whole community,--by giving a proper remuneration to those who produce such provisions,--and thus encouraging them to do that which is most beneficial to the community at large.

_March 29, 1830._

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_How far the principle of Equitable Adjustment should be carried._

The noble Lord (Viscount Goderich), speaking with his usual candour on the subject of the equitable adjustment, admitted the existence of an increase of price during some years of the war generally, and consequently of public expense and of debt, to the amount of 20 per cent, in consequence of the depreciation of the currency; and he has made a calculation of a supposed equitable adjustment, founded upon his estimate of the expense of the war for some years, and of the debt created by the excess of price. It is true that there was a very large increase of prices in England during the war; that this increase of prices increased the expense of the war; and the amount of debt successively raised. But it is not true that the excess of prices was occasioned solely by the paper currency. Many other circumstances occasioned it; and in my opinion, my noble friend has admitted too much in admitting that the annual payment on account of the debt has been increased to the amount of 3,500,000 l. in consequence of the paper money circulated during the war.

Having frequently heard of an equitable adjustment, which, however, is absolutely impracticable as a measure to be applied solely to the national creditor, it has always appeared to me, that such an arrangement could be calculated only on the foundation of the difference between the currency, or the market price of gold, and the mint price of gold, at the period at which the Bank restriction was repealed, or in the year 1812. That difference was at that period about 4 per cent; or the difference between 3l. 17s. 10-1/2d., and 4l. 1s. The annual payment on account of the debt at that time, amounted to about 30,000,000 l. sterling; upon which what is called an equitable adjustment might, at that time, have been made to the amount of 5 per cent., or 1,200,000 l. In making this supposed equitable adjustment, we should have betrayed the honour of the country; we should have destroyed its credit and reputation for fair dealing, justice, and honesty; and, for this paltry diminution of the annual expense of the debt in 1819, we should have lost the advantages since acquired, as detailed to the House by my noble friend, amounting to a diminution of the annual charge of the debt, not of 1,200,000 l., but nearly of 5,500,000 l. or the interest of 150,000,000 l. of capital at 3 per cent. This is a fair calculation of the comparative advantage of what has been done, and what might have been done, by a supposed equitable adjustment.

_May 6th, 1830._

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_The Shipping Interest has not been Neglected._

These reciprocity treaties were adopted with a view to decrease the price of freight in this country to our merchants, and with a view to their taking in abroad, and bringing home, their commodities at a cheaper cost of transit. These treaties were, my Lords, framed with a foresight of the state of commerce which was likely to ensue in the world in future times which were then immediately before us. We were, therefore, to diminish the expense of shipping to meet the new contingencies; and to enable those engaged in commerce to carry on their trade under all the difficulties of a new situation; and the object of those laws was to lower the price of commodities for that purpose. What was the result?--profits upon specific articles became reduced; but since the year 1814 the trade in them has nearly doubled. What the shipping interest then lost in the reduced amount of freight per tonnage, they regained in the greater number of voyages which commerce opened to them.

_May 13th, 1830._

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_Eulogium on George IV._

My lords, our late Sovereign received the best education which this country affords. He had, also, the singular advantage of having passed all the earlier period of his life, and the greater part of his manhood, under the superintendence of the King, his father, and subsequently in the society of the most eminent men whom this country possessed; and he likewise enjoyed the society of the most distinguished foreigners who resorted to this country. His Majesty's manners accordingly received a polish, his understanding acquired a degree of cultivation, almost unknown in any other individual. My Lords, he carried those advantages to the Government to which he was afterwards called, first as a Regent, and afterwards as reigning sovereign. During the whole course of his government no man ever approached him without having evidence of his dignity, his condescension, his affability, and his fitness for the exalted station which he occupied. But these advantages, which shewed so conspicuously the polish of manner which he possessed, were not only observed by persons immediately around him, for I appeal to many of your Lordships who have transacted the business of the country which required an interview with the sovereign, whether his Majesty did not upon every occasion display a degree of knowledge and talent not to be expected of an individual holding his high station, and a profound acquaintance with public business even in its most minute details. But this is not all, he was a most munificent patron of the arts in this country and the whole world. He possessed a larger collection of the eminent productions of his own country's artists, than any individual, and it is as an individual, of him I here speak. The taste and judgment he displayed in these collections have never been excelled by any sovereign.

I would also beg to call to your Lordships' recollection the situation in which he found England and Europe in the year 1810, when he became Regent, and the situation in which he has left Europe and this country. If your Lordships look upon the great and stirring events of his reign, under what circumstances it commenced and terminated, I think you will agree with me in the sentiment, that we have reason to feel proud of such a sovereign.

_June 29th, 1830_

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_Principle of advances of Money for Public Works._

A noble Lord has cited an opinion of mine with respect to the advance of money for public works; to the principle laid down in the letter to which he alludes, I still adhere,--that no money should be advanced as a grant, for works of that description, even though they may be very useful; but, my Lords, I repeat, that there is a great distinction between on advance of money and a loan. The application of the proprietors of the Thames Tunnel, was for an advance of money, and not a loan; the parties, there, were not in a condition to pay the interest even of the money to be advanced, and therefore the application was refused, but my Lords, in the present case the money is advanced on the security of the tolls payable on a canal; yet even on that ground it would not be advanced, unless it were shown that the work will be of advantage not only to the province, but to the empire at large.

_July 2nd, 1830_

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_Declaration against Parliamentary Reform._