Blackwood's Edinburgh Magazine, Volume 61, No. 378, April, 1847Various
History
Blackwood's Edinburgh Magazine, Volume 61, No. 378, April, 1847
Various
England -- Periodicals; Scotland -- Periodicals
And the effect of this importation of foreign grain, from whatever cause
it arises, necessarily is to _prevent_ this absorption of rural
pauperism by manufacturing capital, to which the Free-traders so
confidently look for the adjustment of society after the change has been
made. The nations who supply us with grain _do not want our
manufactures_. They will not buy them. What they want, is our money.
They have not, and will not have, the artificial wants requisite for the
general purchase of manufactures for a century to come. Generations must
go to their graves during the transition from rustic content to
civilised wants. America has sent us some millions of quarters of grain
this year, but there _is no increase in her orders for our
manufactures_. On the contrary, they are diminishing. Even the Free
Trade Journals now admit this; constrained by the evidence of their
senses to admit the entire failure of all their predictions.[12] The
reason is evident. They want our money, and our money they will have;
and if they find our manufactures are beginning to flow in, in enlarged
quantities, in consequence of our purchase of their grain, they will
soon stop the influx by a tariff. This is what we did, when situated as
they are--it is what all mankind will, and must do, in similar
circumstances. It was distinctly perceived and foretold by the
Protectionists that this effect would follow from free-trade, and that,
unless something was done to enlarge the currency to meet it, a
commercial crisis would ensue. These words published a year ago might
pass for the history of the time in which we now live:--"Under the
proposed reduced duties during the next three years, and trifling duty
after that period on all sorts of grain, there can be no doubt that a
very great impulse will be given to the corn-trade. It being now
ascertained, by a comparison of the prices during the last twenty years,
that there is annually a difference of from twenty to thirty shillings
a-quarter between the price that wheat bears in the British islands and
at the shores of the Baltic, while the cost of importation is only five
or six shillings a-quarter, there can be no question that the opening of
the ports will occasion a very large importation of foreign grain. It
may reasonably be expected that, in the space of a few years, the
quantity imported will amount to _four or five millions of quarters
annually_, for which the price paid by the importers cannot be supposed
to be less, on the most moderate calculation, than seven or eight
millions sterling. The experience of the year 1839 sufficiently tells us
what will be the effect of such an importation of grain, paid for, as it
must be, for the most part in specie, upon _the general monetary
concerns and commercial prosperity of the empire_. It is well known that
it was this condition of things which produced the commercial crisis in
this country, led to three years of unprecedented suffering in the
Public-domain text, read in full here on John Shaqi.
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