These considerations reveal the real causes both of the great exports and imports of last year, and the vast losses with which both were accompanied, and the decline in the main articles of our exports which is now going on. It was the failure of the home market, owing to Free Trade, which did the whole. Finding the customary channels of home consumption falling off, our merchants were constrained, at all hazards, to send their goods abroad, and thence the great exportation, amounting in all to £73,000,000 of goods, accompanied by no profit, but by a loss of £19,000,000, as we showed in a former article on the subject, to the exporters.[[8]] Finding credit easy, and money easily got from the influence of California, they engaged largely in importations, and swelled our total imports, as Mr Newdegate has proved, to £112,000,000. But the result soon showed them that it is impossible to import profitably into an impoverished country; and as most of these imports were sold at from 15 to 20 per cent below prime cost, implying a loss of not less than £20,000,000 to the importers on our imports, it is easy to say what species of a commerce Free Trade has brought upon the country. It is not surprising in these circumstances that there should now be a great decline in the last quarter, in the exports of our cotton goods, of nearly £500,000, and that the revenue for the year ending July 5, 1852, was above half a million less than in the preceding year.
One thing is very remarkable with reference to this prodigious stream of emigration, that it is all from the land of Free Trade to the land of Protection. We are told that Free Trade is the best, and Protection the worst possible thing for the working-classes; and yet above 300,000 of these very working-classes annually leave the realm where that charming thing Free Trade is in full activity, and 500,000 persons from all Europe, of whom 250,000 are from the British isles, annually land in the United States, where the most stringent system of Protection is established! Men do not sell off their whole effects, pack up their little all, and cross the Atlantic, to render their condition worse. And has the 30 per cent levied by the Americans upon all foreign imports, without exception, no hand in inducing and rendering perpetual this immense stream from the British islands to the Transatlantic realms? If the iron-works of America were exposed to the free competition of the iron-masters of South Wales and Lanarkshire, would our iron-moulders and miners go in crowds, as they are now doing, across the Atlantic? If the cotton factories of America were exposed to the competition of those of Great Britain, would our cotton-spinners and weavers be straining, as they now are, every nerve to reach the land of Protection? Nay, if the cultivators of America were not protected by the enormous import duty on wheat and oats, of which the Canadian farmers so bitterly complain, would not discouragement reach even the agriculturists of that great and growing republic? England, which is governed by shopkeepers, may adopt in her commercial policy the maxim that to buy cheap and sell dear comprises the whole of political wisdom: but America, which is governed by the working-classes, has discovered that high wages and good prices are a much better thing; and it is the practical application of this maxim which is the magnet that is attracting in such multitudes the working-classes from Europe—and, above all, from free-trading England and Ireland—to the protected Transatlantic shores.
It is no wonder that the working-classes, whether in agriculture or manufactures, are hiving off in such multitudes from the land of Free Trade, and settling in that of Protection, for the disasters which have overtaken industry under the action of Free Trade, in those quarters where it has first been fully felt, have been absolutely appalling. Look at the West Indies. Lord Derby has told us in the House of Peers—and every post from those once flourishing and now ruined realms bears witness to the fact—that not only are the estates in Jamaica nearly all going out of cultivation, but the inhabitants themselves, ruined by Free Trade, are either leaving the island in quest of employment, or relapsing into barbarism. It is not surprising that this terrible effect is taking place, for a Parliamentary paper lately published gives us the following astounding return of the refined sugar imported into Great Britain and Ireland in the year 1851:—
| Cwt. | |
|---|---|
| British Colonies, | 31,490 |
| Foreign States, | 417,051 |
| 448,541 |
Here is a result worked by Free Trade, in less than four years after its introduction into the colonies, sufficient to make us hold our breath, and far exceeding what the most gloomy Protectionist ever predicted as the result of Free Trade policy upon the best interests of productive industry in the empire. And the Free-Traders think that they will be vindicated in the eyes of God and man for their frightful devastation, by the reflection that, while it is going on, sugar has fallen to 5d. a pound. We say advisedly, “while it is going on;” for can there be a doubt that, when the work of destruction has been completed, and, by having ruined our own colonies, we are left entirely in the hands of the foreign growers, prices will rise again, not merely to their former, but even a far higher level?
Turn again to Ireland. We shall say nothing of its 2,000,000 labourers who have disappeared from the land in the last five years, or its 1,500,000 quarters of wheat, being half the amount of that cereal it produced, which has gone out of cultivation during the same time. We refer to the report of a Parliamentary commission, a favourite measure of Sir R. Peel’s and the Free Trade party, which demonstrates in the most decisive manner the almost incredible amount of devastation which Free Trade has worked in a few years in the Emerald Isle. It appears from the Report of the Encumbered Estates Commissioners that estates have been sold by them charged with
| Debts amounting to | £28,000,000 |
| The price received for the lands burdened is only | 5,400,000 |
| Of which has been paid to the creditors | 3,400,000 |
The figures are given from memory, but they are in round numbers correct. Now we do say, that here is a decisive proof of a destruction of property which would be unexampled in history if the simultaneous ruin of the West Indies may not be considered as a parallel instance. Here is property, which must have been worth, when the debt was contracted, at least £30,000,000 (for £2,000,000 is a very small margin to leave for so huge a mass of debt) sold for less than £6,000,000, being A FIFTH PART OF ITS FORMER VALUE. The prices which the land fetched, the commissioners tell us, varied from four to fourteen years’ purchase, the average being ten years. We question if the history of the world prior to 1846 will afford a parallel instance of ruin of property by pacific legislative measures. It is in vain to ascribe this to the Irish famine: that was over six years ago. Equally vain is it to ascribe it to the savage and lawless character of the Irish peasantry. They were as lawless when creditors advanced £28,000,000 on these estates as they are now, and far more formidable, because not weakened by the loss of 2,000,000 of their numbers; and if changed at all, it should have been for the better, because they have, for the last twenty-two years, been under the government of the Liberals and Free-Traders, such decided friends in principle and practice to the interests of labour, and the welfare of the poor. The frightful decline in value can be ascribed to one cause, and only one—Free Trade in grain—which has laid waste the Emerald Isle as completely in many places as Free Trade in sugar has devastated the West Indies.
One very curious result has flowed from the effects of Free Trade, in producing so prodigious a flood of emigration from our shores, and of food supplanting native industry to them, that it has in a great degree concealed the effect of the repeal of the Navigation Laws upon our shipping. Man and his food are, it is well known, with the exception of wood for his dwelling, the most bulky of all articles of commerce. It so happens, by a curious coincidence, that the three articles, wood, corn, and human beings, are precisely the ones which Free Trade has caused to cross the ocean in the greatest quantity. Our emigration has risen, as already shown, from an average of 90,000 souls to above 300,000. Above 2000 vessels are employed from Liverpool alone in this annual exodus. The importation of grain has quadrupled: it has risen from an average of 2,500,000 quarters to one of 10,000,000 quarters. The importation of foreign wood has advanced in nearly a similar proportion. Thus changes destructive to the nation’s industry have for the time given a great impetus to its shipping. What, then, must have been the ruinous effects of Free Trade in shipping on our maritime interests, when, despite this extraordinary and unforeseen circumstance, arising from the profit which great seaport towns sometimes derive in the first instance from the causes which are inducing national ruin, so great a decline in our commercial navy has ensued from Free Trade in shipping, that it was publicly stated on the hustings at Liverpool, by one of the greatest merchants in that city, without opposition, that, in five years more, at the present rate, the foreign shipping employed in conducting its gigantic trade would be equal to the British!
The great and rapid decline in the amount of grain raised in the British islands since Free Trade was introduced, is so serious a matter with reference to our national independence, that we gladly avail ourselves of the following statistics, drawn from authentic sources, driven by an able contemporary, on the subject:—