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'A Scorpion. The Lobster. Å Prime CORRUPTION'S GLOSSARY,
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,.. OLD TESTAMENT. | Published by T. Dolby, 299, Strand, Published by T. Dolby, 299, Strand, land 34, Wardour-street, Soho... 3 and 34, Wardour-street, Soho.
Printed by C. CLEMENT, and Published by John M. CORBETT, 1, Clement's Inn.
• Vol. 39.--No. 6.) LONDON, SATURDAY, MAY 12, 1821. [Price 6d.
Published every Saturday Morning, at Six o'Clock.
which, in itself, is unworthy, of... LORD MILTON;
notice. It does, too, give tis. a ,
specimen of what is passing in On his' Circular Letter to the the minds of persons of your de• Bull-Frog Farmers scription. It contains some con
Ifessions, some hints, “and some c. Kensington. May 9, 1821. curious enough notions. All which, ; My LORD,
ljust at this ticklish moment, ought, I have before me, in print, a
coming from such a source, to be .. copy of your Circular Letter to
That I may not be accused of those persons who appear to have applied to you to give your sup
garbling and misrepresenting, as port to "some measure or other
the daily press was accused by: having in view what is called re
Mr. BROUGHAM, ' merely because lief to Agriculture. This letter
it published documents the predoes, indeed, contain nothing
mature promulgation of which “ either rich or rare;" but, it | spoiled his game, I will begin by, comes from you, who and whose
inserting the whole of your Let-. father" have been amongst the
ter, the paragraphs of which I most bitter and efficient enemies
shall number, in order to save time of me and of all those who have
in the work of referring. Here, endeavoured to obtain a reforme
then, is the Letter entire.. . in that, assembly, under the ope
Milton, Feb. 26th, 1821.
Sir, ration ofwhose acts have been
1 . It is impossible for me to have as engendered, fostered and brought much communication a to maturity that swarm of evils the farming interest without perceiving and difficulties, which now stare the difficulties under which it labours ; us in the face, and for which that but I have very great doubts whether : Assembly acknowledges that it
those who attribute them to the laws
regulating the import of grain have has no remedy. Therefore, and
taken a correct view of their causes,' therfore only, I bestow some pa- and I am the more doubtful of this, in- , per and ink upon a production, asmuch as a very considerable period
Printed by C. CLEMENT, and published by John M. COBbett, 1, Clement's Inn
[Price Sixpence Halfpenny in the Country.]
has now elapsed since any importation seven to one so trifling as watches, its has taken place, and consequently, mischief, as far as it goes, is demonsince the price of corn can by possibi- strable. I should therefore lament lity have been affected by it. . extremely the application of this sys
2. That the farmers should call out tem to any branch of trade in which it for assistance is not unnatural, nor is has not been already adopted, even if it unnatural for them to suppose that I thought it capable of success; but this assistance would be afforded by I have no hesitation in declaring my imposing what are called protecting opinion, that when applied to the ar- , duties upon the import of the article ticle of corn, its success is absolutely. which they are engaged in manufac- impossible. The country contains but turing. Other manufacturers have pro- a given quantity of capital, and a ceeded upon this assumption, and it given quantity of currency, by means has been a favorite doctrine with many of which the commodities which conmerchants and politicians that the com-stitute that capital are transferred mercial prosperity of the country was from hand to hand, and the quantity of founded upon this system of exclu- currency employed in transferring each sion ; but the fallacy of this opinion of these different commodities depends is now beginning to be as generally (with some modifications) upon their acknowledged as it has been long per- total relative value. In the purchase ceived by the more enlightened part of of watches for instance, a very small the mercantile community.
proportion of the capital of the coun3. In truth the only effect produced try is expended, and in transferring internally by the artificial enhance-them, a correspondingly small proment of the price of a foreign commo- portion of its currency is employed ; dity, is to transfer from the pocket of nothing, therefore, is more easy than him who wants this commodity, into that to keep up the price of watches to a of him who furnishes it a larger sum than level which remunerates the English would be taken if trade was left to pur-maker, but in the purchase and transsue its natural course, and prices to find fer of agricultural produce, and the their natural level. The effect produced articles 'manufactured from agricul. externally is to check the interchange tural produce, the capital expended, of commodities between nation and and the currency employed, is so nation, and thereby to deprive each of enormous as to bear a very great prothem of some portion of the comforts portion to the total capital and cur and luxuries produced and enjoyed by rency of the country.
, . the others. Thus are Englishmen 4. To encrease, in any material de- , deprived of French wines, and gree, this proportion, is, I conceive, Frenchmen of English manufactures. impossible. You may force by law : To destroy such a system is desir- the expenditure of one-ninety-ninth, able, but difficult; to create,' to where the natural expenditure would strengthen, to perpetuate it, is mad, be one hundredth, but where the ness. If the principle be applied to natural expenditure is one-fourth, you ever so small a branch of commerce, cannot force it up to one-third, for
though a man may afford to increase of the great problems of the present his expenditure, in any particular day, in as much as it is the first step branch, from 291. to 1001., he cannot towards the adoption of an efficent afford to increase it from 991. to 1321., I remedy. which would be the augmentation, in 6. That a war of above 20 years, the last case I have stated, of an in- during which the country was urged crease from one-fourth to one-third. on to unparalleled exertions, has been
5. To force up the price of an ar- one of the most efficient of these causes, ticle so extensively used as corn, ap-I think no doubt can be entertained; pears therefore to be impossible, and for, even if no strange financial systo this conclusion we are brought by tems had been adopted in the course of reasoning a priori, but in the parti- that war, the ordinary pressure of taxcular case of corn, the argument has ation would have been severely felt. the advantage of experience, for du- But when we recollect that from a very ring the last 6 yeais the experiment has early period of that war, the payment been tried and it has failed. It has in- of cash was suspended at the Bank of deed been tried to the fullest extent, England, and that all cheeks upon the for importation has been absolutely issue of paper were thereby removed, prohibited when corn bas been below it must be acknowledged that a finana given price, and yet ve know that it cial system of no ordinary character has not had the effect of maintaining was established. Under this system it at that price. It is true, that at dif- enormous loans were made, and the ferent times during that period, corn greater portion of the national debt has reached and has (as in 1817) far contracted. Under this system a curexceeded the import price; but it was rency was created unlimited in amount, perfectly manifest, that its high price and therefore uncertain in value. The in 1817 was produced by causes quite prices of commodities rose, or more unconnected with the prohibitory law, properly speaking, the value of the and it is clear to me that its low price currency fell, and the bank note which in 1820 and 1821, is produced by causes had been worth 20s. fell to 158.: when equally unconnected with it. The va- worth 20s. the bank note had purriation of seasons is a cause that must chased 4 bushels of wheat, when worth always produce its effect ; but as it is 158. it purchased only 3 bushels. * : a variable cause it will not account for 7. The bank note, however, though a permanent depression in the value of really worth only 158., was still said agricultural produce; and yet that the to be worth 20s., and wheat, which present depression is of a permanent na- in the former state of the currency sold tare I fear there is too much reason to apprehend. I'am equaily satisfied that * These sums are not stated as the the distress of the farmer is not pecu- actual values and proportional varialiar to him, but only forms a portion tions, but merely as approximations of the distress which is so generally to them; a statement of the actuai vás felt by all classes. To ascertain all lues and variations would make still the causes of these difficulties is one more strongly for my argument. "
at ös. a bushel, was said to have risen | encouragement to an expectation of to 6s. 8d. In a currency thus depre- relief by raising directly or indirectly ciated, the greater portion of the na- the price of agricultural produce. tional debt was contracted; but though
I remain, Sir, we only borrowed the value of 3
Your very faithful servant, bushels, we engaged to pay, and are
MILTON. paying the value of 4 bushels. The approaching restoration of cash pay Now, my Lord, before I próments at the bank, or rather of the con- ceed to the matter of this epistle, vertibiliy of paper into gold, has let me make a remark or two upon forced the value of paper up to its
the manner of it. Its style is -original standard, and has propor ionably encreased the pressure of the in- quite bad enough; but, in a Lord, terest of the debt; for the farmer it might have passed in virtue of who used to pay 3 bushels in interest, primileneBut
privilege. But, when a Lord puts is now paying 4 bushels. It follows
on the Doctor, and talks about his from this, that the contraction of the
reasoning a priori, thereby giving national debt, in a paper currency not · worth more than 158. to the pound,
the clowns to be informed, that and the present payment of it in a cur- he can talk Latin, he should, esa rency convertible into gold, and con- pecially in so short a piece, and sequ ntly worth 20s. to the pound, is
so long studied, take care to write one of the main causes of the distress
correctly ; and not, by any felt by the farmer. I am happy to perceive by your letter that this truth is be
means, to carry his privilege so ginning to make its way, as I am con- far as to take upon him to coin vinced that the agricultural mind can- I words. not be properly directed till it is satis.] The latter part of the second fied on this point, and on two others
paragraph was sufficiently conwhich follow from it : Ist. that the only relief to be obtained by agricul
fused and dark; quite enough ture, is from a diminution of bur like chaos; the words capital and thens : 2nd. that even relief must in all and currency had been bandied probability be of a trifling nature. I about till the reader became say in all probability, because I see at
dissy, without your “ correspondpresent no symptom that the public will agree upon any plan for dimi.
“ ingly small proportion,” the nishing the pressure of the debt; and former of which words seems to it is the debt which constitutes by far have been coined for the occasion, the greatest portion of our burthens.
urthens, while the phrase makes the sen8. This, I must acknowledge, is not tence almost incomprehensible. a very consolatary view of things, but it is the only one that I can take of this / “ Correspondent quantity” was question, and therefore I can give no what you meant. A little lower