Funded property, £800,000,000
Railway property, 100,000,000
Banking and other
joint-stock companies, 100,000,000
Capital invested in
commerce and manufacture, 500,000,000
-------------
£ 1,500,000,000
Depreciated, a-fifth, 300,000,000
Here, then, is the result of thirty years' legislation, during which
time, under different administrations, some bearing the names of Tory,
others of Whig, liberal principles in every department of government
have been without intermission in the ascendant. The Catholic
emancipators, the Negro emancipators, reciprocity advocates, reformers,
self-government men, bullionists, and free-traders, have got every
thing their own way. The triumph over the old system was not immediate;
it took a quarter of a century to complete it: like Wellington at
Waterloo, it was late in the evening before the victory was gained.
But gained it has been; and that not in one branch of government, but
in every branch. The ancient system has been universally changed,
and to such an extent, that scarcely a vestige of it now remains
in the policy of Government. So uniform has been the alteration in
every thing, that one would think our modern reformers had adopted
the principle of their predecessors in the days of Calvin, who stood
up to pray for no other reason but because the Roman Catholics knelt
down. And what have been the results? Ireland, with some millions
of paupers, in a state of anarchy and crime unparalleled in modern
Europe; a hundred millions of property almost destroyed in the
West Indies; the slave trade, tripled in extent, and quadrupled in
horror throughout the globe; an irresistible ascendency given in
the Legislature to urban electors; all protection to agriculture
destroyed; from ten to twelve millions of quarters of grain--a full
sixth of the annual subsistence--imported in a single year; the
national independence virtually destroyed, by being placed to such an
extent at the mercy of foreigners, for the food of the people; foreign
shipping rapidly encroaching on British, so as to render the loss of
our maritime superiority, at no distant period, if the same system be
continued, a matter of certainty; the practical annihilation of the
sinking fund; the permanent imposition of the war income-tax, in the
thirty-second year of profound peace; a falling off in the revenue at
the rate of six millions, and in our exports at the rate of twelve
millions a-year; the depreciation and destruction of property to the
amount of three hundred millions in two years in Great Britain; and,
finally, the general stoppage of railway undertakings over the whole
country, and the shutting or putting on short time of half the mills
in our manufacturing cities, for whose benefit all these changes were
intended! We doubt if the history of the Fall of Rome exhibited such
a uniform and multifarious decay in an equal period; certainly no
Public-domain text, read in full here on John Shaqi.
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