These facts, which, in truth, are altogether decisive of the present
question, point to the great source from which the errors of the free
trade party are derived, and which appears, in an especial manner, their
favourite position, that cheap prices is an unmitigated blessing, and that
the great thing to attend to is to increase our imports. Cheap prices of
grain are like the Amreeta cap in Kehama; the greatest of all blessings is
the greatest of all curses, _according as they arise from magnitude of
domestic production, or magnitude of foreign importation_. Of the first we
had an example during the five fine years in succession, from 1830 to 1835,
during which the foreign importation was practically abolished by the
abundant harvests, and consequent high duty on grain under the sliding
scale. This was a period, as all the world knows, of universal and
unexampled commercial prosperity. Of the second we had a memorable example
during the five bad years in succession, which elapsed fiom 1836 to 1840,
in the course of which the corn laws, from the effect of the same sliding
scale, and the continued low prices, were practically abolished; and
importations, at the close of the period, amounted to 2,500,000 quarters,
and, on an average of the whole, was little short of 2,000,000 of quarters.
And what was the result? The exportation of 6,000,000 of sovereigns in a
single year to buy grain; an unexampled pressure on the money market;
commercial embarrassments, long-continued, and severe beyond all former
precedent; the contraction of ten millions of additional debt in four
years, and the creation of a deficit which at length rose to the
formidable amount, in 1842, of L.4,000,000 sterling! And what first
dispelled this distress, and arrested this downward and disastrous
progress? The fine harvests of 1842--the blessed sun of its long summer,
followed by the more checkered, but also fine summer of 1843, which again
gave us plenty, derived from domestic production, and consequent general
and increasing manufacturing as well as rural prosperity.
Public-domain text, read in full here on John Shaqi.
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