Now, why do we insist upon these things? For two reasons. In
the first place, we wish you to observe that the cheapness of
manufacturing products does not of itself induce consumption.
There must be buyers as well as sellers in order to constitute
a market, and the tendency of our late legislation has been to
diminish the means of the former. It by no means follows that, if
we have cheap food and cheap manufactures, the relative position
of all classes can be maintained. Never forget _that our burdens
all the while remain at a fixed money rate_, and that, as the value
of produce is lowered, the weight of those burdens is aggravated.
This consideration, which is now well understood, is beginning to
tell strongly against the doctrines of the Free-Traders, even with
some of those, who were once their ardent supporters. Mr James
Harvey of Liverpool, late a member of the Anti-Corn-Law League,
but now a strenuous opponent of their system, thus chronicles the
leading cause of his conversion. We quote from his pamphlet just
published, _Remunerative Price the Desideratum, not Cheapness_. He
says:--"My suspicions were first awakened by the blind devotion
of the Manchester school of political economy to the doctrine of
CHEAPNESS; for it struck me as a self-evident proposition, that to
buy cheap is to sell cheap, in which case there can be no possible
gain, but a positive loss, arising from the necessary aggravation of
all fixed charges." In order to place the producers of this country
in the same position as before, it would be necessary to reduce all
fixed charges, the interest of debt both public and private, the
expenses of government, and all salaries and annuities, to an amount
corresponding to the forced decline of prices. This would be called
a war against property; but, in reality, the war against property
began when the Legislature admitted foreign untaxed produce to
compete with the produce and labour of our tax-paying population at
home.
Public-domain text, read in full here on John Shaqi.
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