It was this great public service on which the fame of Sir Robert Peel chiefly rests; but before we can present it according to its Historical importance, we must briefly glance at the financial measures by which he extricated his country from great embarrassments, and won public confidence and esteem. He did for England what Alexander Hamilton did for the United States in matters of finance, although as inferior to Hamilton in original genius as he was superior to him in general knowledge and purity of moral character. No one man can be everything, even if the object of unbounded admiration. To every great man a peculiar mission is given,--to one as lawgiver, to another as conqueror, to a third as teacher, to a fourth as organizer and administrator; and these missions, in their immense variety, constitute the life and soul of history. Sir Robert Peel's mission was that of a financier and political economist, which, next to that of warrior, brings the greatest influence and fame in a commercial and manufacturing country like England. Not for lofty sentiments, such as Burke uttered on the eve of the French Revolution, are the highest rewards given in a material country like that of our ancestors, but for the skill a man shows in expounding the way in which a nation may become prosperous and rich. It was Sir Robert Peel's mission to make England commercially prosperous, even as it was that of Brougham and Russell to give it liberty and political privileges, that of Pitt and Castlereagh to save it from foreign conquest, and that of Wilberforce to rescue it from the disgrace and infamy of negro slavery.
Sir Robert Peel came into power in 1841, the Russell Whig ministry having failed to satisfy the country in regard to financial questions. There had been an annual deficit, and the distress of both the agricultural and manufacturing classes was alarming. The new premier proceeded with caution in the adoption of measures to relieve the burdens of the people and straighten out the finances, which were in great disorder. His first measure had reference to the corn laws, for the price of food in England was greater than in other European countries. He finally proposed to the assembled Parliament, in 1842, to make an essential alteration in the duties; and instead of a fixed duty he introduced a sliding scale, by which the duty on corn should be thirteen shillings a quarter[[2]] when the price was under sixty shillings, increasing the duty in proportion as the price should fall, and decreasing it as the price should rise,--so that when the price of corn was under fifty shillings the duty should be fixed at twenty shillings, and when the price was above seventy-three the duty should be only a shilling a quarter. This plan, after animated discussion, was approved; for although protection still was continued, the tendency of the measure was towards free-trade, for which the reformers were clamoring. Notwithstanding this measure, which was triumphantly carried through both Houses, the prevailing distress continued, and the revenue was steadily diminishing. To provide revenue, Peel introduced an income tax of seven pence in the pound, to stand for three years; and to offset that again lowered the import duties on domestic animals, dairy products, other articles of food, and some drugs.
"The fourth of a ton in weight, or eight bushels of grain."
When Parliament assembled in 1843 the discussions centred on free-trade. Sir Robert Peel and Mr. Gladstone and Sir James Graham admitted the general soundness of the principles of free-trade, but felt that the time had not yet come for their adoption, fearing an increased distress among the agricultural population. At that time, and for a long period before, the interests of agriculture were regarded as paramount, and those of manufacturing secondary; but, as time passed, it was generally felt that reduced taxes on all the necessities of life were imperative. Fifty years earlier, England produced corn enough for all the wants of the country; but with a population increasing at the rate of two hundred thousand a year, it was obvious that the farmers could not supply the demand. In consequence of which, at then existing tariffs, bread became yearly still dearer, which bore hard on the manufacturing operatives.
The year 1844 opened under happier auspices. The financial measures of the government had answered public expectations, and changed the growing deficiency into an increasing surplus. Improvements in machinery had increased the gains of the manufacturers; a war in India had been terminated successfully, and England was at peace with all the world. The only formidable troubles were in Ireland,--the standing difficulty with all administrations, Conservative or Liberal, and which no administration has ever been able to surmount. Sir Robert Peel had hoped that the Catholic Emancipation Act would lead to the tranquillity of Ireland. But that act did not content the Irish reformers. The fiercest agitation was conducted by O'Connell for the repeal of the Union itself and the restoration of the Irish parliament. At bottom, the demands of the great agitator were not unreasonable, since he demanded equal political privileges for both Ireland and England if the Union should continue,--that, in short, there should be one law for both countries. But since the ministry insisted on governing Ireland as a foreign and conquered country, denying equality of rights, the agitation grew to fearful proportions, chiefly in the shape of monster meetings. At last the government determined on the prosecution of O'Connell and some others for seditious conspiracy, and went so far as to strike off the name of every Catholic on the jury which was to try him. The trial lasted twenty-four days, and the prisoners were convicted. The hard and unjust sentence on O'Connell himself was imprisonment for twelve months and a fine of two thousand pounds. Against this decision an appeal was made to the House of Lords, and the judgment of the court was reversed. But the old man had already been imprisoned several weeks; his condemnation and imprisonment had told on his rugged constitution. He was nearly seventy years of age, and was worn out by excitement and unparalleled labors; and although he tried to continue his patriotic work, he soon after sickened, and in 1847 died on his way to Rome in search of rest.
O'Connell's death did not end the agitations, which have continued from that time to this with more or less asperity, and probably will continue until justice shall be done to Ireland. It is plain that either Ireland should be left free to legislate for herself, which would virtually be the dismemberment of the empire; or should receive equal privileges with the English; or should be coerced with an iron hand, which would depopulate the country. It would seem that Ireland, if it is to form part of the empire,--not as a colony, but an integral part, like the different States of the American Union,--should be governed by the same laws that England has, and enjoy the same representation of its population. Probably there never will be order or tranquillity in the island until it shall receive that justice which the prejudices of the English will not permit them at present to grant,--so slow are all reforms which have to contend with bigotry, ignorance, and selfishness. The chain which binds nations and communities together must be a chain of love, without reference to differences in color, religion, or race.
In the session of 1844 the factory question occupied a large share of public attention. Lord Ashley, whose philanthropic aims commanded great respect, contended for a limitation of the hours of labor. The ministry insisted upon twelve hours; but Lord Ashley carried his measure, with some amendments, the government being brought over to the side of humanity. The result was that the working-hours of children under thirteen was limited to six and a half hours, and the amount of fines imposed for a violation of the laws was lowered; while a provision was made for the instruction of children employed in the mills of three hours in summer, and two and a half in the winter.
The confidence in the government showed itself in the rise of public securities, so that it became practicable to reduce the interest on consols (the consolidated government debt) from three and a half to three percent, by which a saving accrued to the country of £1,250,000, indicating general prosperity. The income increased with the revival of trade and commerce, and the customs alone increased to nearly £2,500,000, chiefly from duties on tea and sugar, which increasing prosperity enabled the poorer classes to use more freely. The surplus of the revenue amounted to over £4,000,000 sterling, owing largely to the income tax, which now the ministers proposed to reduce. The charter of the Bank of England was renewed in a form which modified the whole banking system in England. The banking business of the Bank was placed on the same footing with other institutions as to its power of issuing notes, which beyond a certain amount should depend on the amount of bullion in the Bank. Substantially, this was the same principle which Daniel Webster advocated in the United States Senate,--that all bank-notes should be redeemable in gold and silver; in other words, that a specie basis is the only sound principle, whether in banking operations or in government securities, for the amount of notes issued. This tended to great stability in the financial world, as the Bank of England, although a private joint-stock association, has from its foundation in 1694 been practically the fiscal agent of the government,--having the management of the public debt, paying dividends upon it, holding the government moneys, making advances when necessary, helping the collection of the public revenue, and being the central bank of the other banks.