With respect to the first of these objects, we had prepared a copious explanation of the highly satisfactory working of one great portion of the machine of the new tariff, viz. the relaxation of the taxes on the raw materials of manufacture; but it has occurred to us, that the necessity of our doing so has been entirely superseded by the following very remarkable admission, contained in a number of the Morning Chronicle newspaper, published towards the close of September last; an invaluable admission, tending to prove, out of the mouth of the bitterest opponent of the present Ministry, the general success of their domestic policy:—"Notwithstanding insurrection in Wales and agitation in Ireland, there are various circumstances in the present aspect of our national affairs of an encouraging and cheering nature. The first and most prominent thing which strikes an observer, is, the undoubted general revival of trade and commerce. Every thing seems to indicate that the morning is breaking; that the dreary night of disaster and suffering, through which all our material interests have been passing since 1836, is now well-nigh over. The hum of busy industry is once more heard throughout our manufacturing districts; our seaports begin once more to stir with business; merchants on 'Change have smiling faces; and the labouring population are once more finding employment easier of access; and wages are gently, slowly rising. This has not come upon us suddenly; it has been in operation since the end of last year; but so terrible was the depression, so gradual the improvement, that the effects of the revival could not be perceptible till within a recent period. Our exports of cotton and wool, during the present year, very considerably exceed those of a similar period in the preceding; and though there might be increase of export without increase of profit, the simple fact that the districts of our great manufacturing staples are now more active and busy than they have been for a very considerable period, coupled with the apparently well-founded belief that this increased activity is produced, not by speculative but genuine demand, are indications of the most pleasing and gratifying kind to all who are in the least concerned about the prosperity of the country. In addition to the improvement manifested in our staple articles of industry, other important interests are showing symptoms of decided improvement; even the iron-trade has got over its 'crisis;' and though we are very far indeed from having attained to a condition of prosperity, the steady, though slow, revival of every branch of industry, is a proof that the cause of the improvement must be a general one, operating universally." May we venture to suggest, that the worthy editor of the Morning Chronicle need not go about with a lantern to discover this cause?—that it is every where before his very eyes, under his very nose, in the form of the bold, but sagacious and consistent, policy pursued by the present Government?
With respect to the second great object of the new tariff, viz., the "Diminishing of the prices of the articles of consumption and the cost of living."
Has this great object, or has it not, been attained? Why, the reduced price of provisions is a matter of universal notoriety, and past all question. Unable to contest the existence of this most consolatory fact, the Opposition papers endeavoured to get up a diversion by frightening the farmers, whom they assured, that the admission of foreign live-stock would lead to a fearful depreciation in the value of British agricultural produce. The graziers and cattle-dealers were forthwith to find "their occupations gone." British pasture farming was to be annihilated, and an immense stimulus given to that of our continental rivals. Hereat the farmers pricked up their ears, and began to consider for a moment whether they should not join in the outcry against the new tariff. But the poor beasts that have come, doubtless much to their own surprise, across the water to us, looked heartily ashamed of themselves, on catching a glimpse of their plump, sleek brother beasts in England—and the farmers burst out a-laughing at sight of the lean kine that were to eat up the fat ones! The practical result has been, that between the 9th of July 1842, and the present time, there have not come over foreign cattle enough to make one week's show at Smithfield. But mark, the power of admitting foreign cattle and poultry, (on payment, however, of a considerable duty,[24]) conferred by the new tariff, is one that must be attended with infinite permanent benefits to the public, in its moderating influence upon the prices of animal food. Its working is in beautiful harmony with that of the newly modeled corn-laws, as we shall presently explain. In years of abundance, when plenty of meat is produced at home, the new tariff will be inoperative, as far as regards the actual importations of foreign cattle; but in years of scarcity at home, the expectation of a good price will induce the foreigner to send us a sufficient supply; for he will then be, and then only, able to repay himself the duty, and the heavy cost of sea-carriage. As prices fall, the inducement to import also declines. In short, "the inducement to importation falls with the fall, and rises with the rise of price. The painful contingency of continued bad seasons has thus, in some measure, been provided against. The new tariff is so adjusted, that when prices threaten to mount to an unfair and extravagant height, unjust to consumers, and dangerous to producers, in such contingencies a mediating power steps in, and brings things to an equilibrium."[25] These great and obvious advantages of the new tariff, the opponents of Ministers, and especially their reckless and discreditable allies called the "Anti-corn-law League," see as plainly as we do; but their anxious aim is to conceal these advantages as much as possible from public view; and for this purpose they never willingly make any allusion to the tariff, or if forced to do so, underrate its value, or grossly misrepresent its operation. But we are convinced that this will not do. Proofs of their humbug and falsehood are, as it were, daily forcing themselves into the very stomachs of those whom once, when an incompetent Ministry was in power, these heartless impostors were able to delude. "A single shove of the bayonet," said Corporal Trim to Doctor Slop, "is worth all your fine discourses about the art of war;" and so the English operative may reply to the hireling "Leaguers," "This good piece of cheap beef and mutton, now smoking daintily before me, is worth all your palaver."
[ [24] ] Poultry £5 for every £100 value; oxen and bulls, £1 each; cows, 15s.; calves, 10s.; horses, mares, foals, colts, and geldings, £1 each; sheep, 3s. each; lambs, 2s. each; swine and hogs, 5s. each—(Stat. 5 and 6 Vict. c. 47, Table A.)
[ [25] ] Thoughts, &c., by a Quiet Looker-on, pp. 16, 17.
Before passing from the subject of the new tariff, let us observe, that the suddenness and vastness of its changes (some of which we consider to be of questionable propriety) for a time unavoidably deranged mercantile operations; and in doing so, as necessarily produced many cases of individual dissatisfaction and distress. Some of the persons thus situated angrily quitted the Conservative ranks for those of the Opposition; others, for a position of mortified neutrality: but we believe that many more, notwithstanding this sharp trial of their constancy, remained true to their principles, faithful to their party, and are now rewarded by seeing things coming rapidly round again, while unvarying and complete success has attended every other branch of the policy of Ministers. We know a good deal of the real state of opinion among the mercantile classes of the City of London; and believe we correctly represent it averse to further changes in our tariff-system, and coincident with the views expressed by Mr Baring in his address to the electors, when he deprecated "a constant change, unsettling men's minds, baffling all combinations, destroying all calculations, paralysing trade, and continuing the stagnation from which we are recovering;" and declared his belief "that the minister who applies the principles of free-trade with the most caution, deliberation, and judgment, is the statesman who merits the confidence of the commercial world." We now, however, quit the subject—interesting, indeed, and all-important—of the tariff, with the deliberate expression of our opinion, that it is, taken as a whole, a very bold, masterly, and successful stroke of policy. Now for the NEW CORN-LAW.
But how shall we deal with a topic with which the public has been so utterly sickened by the people calling themselves "The Anti-corn-law League?" We do not, nevertheless, despair of securing the attention of our readers to the few observations which we have to offer upon a subject which, however hackneyed, is one of paramount importance. We are satisfied that nine out of every ten even of newspaper readers turn with disgust from the columns headed "Anti-corn-law League," "Doings of the League," "Great Meeting of the Anti-corn-law League," and so forth; and, (making every allowance for the exigencies occasioned by the dearth of topics while Parliament is not sitting,) we are exceedingly surprised, that the great London newspapers should inflict upon their readers so much of the slang and drivel of the gentry in question. In the due prosecution of our subject, we cannot avoid the topic of the new corn-law, even were we so disposed; and we shall at once proceed to our task, with two objects in view—to vindicate the course pursued by Sir Robert Peel, and set forth, briefly and distinctly, those truly admirable qualities of the existing Corn-laws, which are either most imprudently misrepresented, or artfully kept out of view, by those who are now making such desperate efforts to overthrow it. "Mark how a plain tale shall set them down!"
Whether foreign corn should be admitted into this country on payment of fluctuating duties, or a fixed duty, or free of all duties, are obviously questions of the highest importance, involving extensive and complicated considerations. Sir Robert Peel, Lord John Russell, and the persons banded together under the name of "The Anti-corn-law League," may be taken as representing the classes of opinion which would respectively answer these three questions in the affirmative. All of them appealed to the nation at large on the last general election. The form in which the question was proposed to the country, it fell to the lot of the advocates of a fixed duty to prescribe, and they shaped it thus in the Queen's speech:—
"It will be for you to determine whether the corn-laws do not aggravate the natural fluctuations of supply; whether they do not embarrass trade, derange currency, and, by their operation, diminish the comforts and increase the privations of the great body of the community."
To this question the country returned a deliberate and peremptory answer in the NEGATIVE; expressing thereby its will, that the existing system, which admits foreign corn on payment of fluctuating duties, should continue. The country thus adopted the opinions of Sir Robert Peel, rejected those of Lord John Russell, and utterly scouted those of the "Anti-corn-law League," in spite of all their frantic exertions.