Part 16 (2/2)

[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 compet.i.tion 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 compet.i.tion with foreigners. In those articles in which there is no compet.i.tion 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 inst.i.tutions 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._

_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 pa.s.sing 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._

I am convinced the corn laws cannot be repealed without injury to the country.

_Feb. 25, 1830._

_Establishments necessary to maintain the National Honour._

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