Part 16 (1/2)
The n.o.ble Lord tells you that, heretofore, a farmer, with a good stock, was able to borrow capital to carry on his business; but that now, let his corn-yard be ever so full, he cannot borrow a s.h.i.+lling, because the banker has not the power of giving him one-pound notes. The n.o.ble Lord says--the banker gets no interest upon his own capital, and therefore will not lend it. My Lords, the banker who lends his capital to a farmer, or trader, does obtain interest for the use of it, in the shape of discount upon the bill, or other security, which the borrower gives him. The question with him, at present, is one of security, and not of profit. If the banker should lend, under existing circ.u.mstances, he must lend his own real capital, and not a fict.i.tious capital in the shape of one pound notes, created for the purpose. He must be certain that the security given to him is good and available, as it ought to be; and if he is not satisfied with the profits arising from the use of his capital, it is because he thinks the risk is so great as not to be covered by the profits. The n.o.ble Lord would wish to pledge your Lords.h.i.+ps, by your votes this night, to give the country bankers additional profits, by enabling them to coin money, or to create fict.i.tious paper to any extent, and thus to create a fict.i.tious capital.
_February 4, 1830._
_Taxes reduced under a Metallic Currency._
In answer to all the declamations we have heard this night respecting the evils resulting from a metallic currency, I beg leave to remind the House of some facts; since the year 1815, and princ.i.p.ally since the Bank restriction was taken off, measures have been adopted to relieve the country of taxes to the amount of 27,000,000 l. sterling; and measures have been also adopted which have reduced the charges of the national debt between 3,000,000 l. and 4,000,000 l. a year, that being the interest on nearly 100,000,000 l. sterling. I beg your Lords.h.i.+ps will bear this circ.u.mstance in mind; and let me tell you, that all the advantages of a so-called equitable adjustment will never equal the advantage already obtained from an adherence to the principles of justice and good faith.
_February 4, 1830._
_Causes of Manufacturing Distress._
I wish to know whether the compet.i.tion of machinery and the universal application of steam which has been generally introduced since the peace, have not occasioned a decrease in the demand for labour, and have not lowered the wages of labour in manufactures? Must we not take into consideration the general spirit of manufacture abroad, the compet.i.tion of foreign nations in foreign markets, and the universal use of machinery worked by steam? How can we control the subjects of foreign powers? We must seek foreign markets for our surplus produce. How can we prevent steam from creating compet.i.tion abroad in the sale of that produce, as well as a fall in the wages of manufactures, and thus occasioning a part of the distress complained of?
_Feb. 4, 1830._
_Distress exaggerated._
If the exports of Great Britain have gone on increasing for some years--if they were greater last year than in any former year--if the amount of our exports is now greater than ever it was,--I say, not only that these are the strongest symptoms of the prosperity of the country increasing, but that the distress cannot be so great and unexampled as the n.o.ble Earl (Carnarvon) would make it. There is not a rail-road, or a common road, or a ca.n.a.l in the country, on which the traffic has not increased every year during the last few years, and particularly in the last year. It may be true that there is a diminution of profit in commercial transactions in general; but profit there must be, or men would not devote themselves for years to these pursuits. Money would not be laid out in the conveyance from place to place of the produce and manufactures of the country. The traffic being greater than ever it was before, it is impossible but what it must be to the advantage of somebody. The distress then cannot be so universal as represented. The profit and advantage may not be so great as they were some years back; but still advantage there is.
There are other circ.u.mstances 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._
_Proofs of National Improvement in 1830._
Among other topics of accusation, I have been arraigned for my a.s.sertion on the first day of the session, that the distress of the country was not of that magnitude which some persons have affirmed. The n.o.ble 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 n.o.ble 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.
I request your Lords.h.i.+ps 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 ent.i.tled to it should not derive the advantage which is intended for the poorer cla.s.ses. 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 cla.s.ses. This cannot be considered as a proof of general distress. Your Lords.h.i.+ps ought likewise not to omit from your consideration the increased traffic carried on the railroads and ca.n.a.ls in the country. The n.o.ble Earl (Roseberry) has told your Lords.h.i.+ps, that I have availed myself of the increased traffic upon the roads and ca.n.a.ls 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 n.o.ble Marquis opposite (the Marquis of Lansdowne) very truly remarked,--that a large quant.i.ty 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 quant.i.ty of that currency. I entirely concur in the truth and justice of this observation. But I would beg to ask the n.o.ble 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._
_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 circ.u.mstance, 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 n.o.ble Earl (Stanhope) who made the motion,[12] I will point out other causes of distress equally beyond the control of the Legislature.