But what is particularly worthy of notice, and what we in the most
earnest manner beg to impress upon our readers as by far the most
luminous and important fact which the recent discussions in parliament
have elicited, is this. It is stated, as has been already noticed, by
the Chancellor of the Exchequer, that the sum paid for foreign grain
in the three months ending November 30th 1847, that is in the months
of September, October, and November, 1847, had reached the enormous
and unprecedented amount of £14,240,000! The same statement was made
by Lord Lansdowne in the House of Lords; and the Chancellor of the
Exchequer added, that to be sure of the figures, he had them remitted
to and corrected by Mr Porter. Now, this immense importation, be it
recollected, took place IN THE FACE OF THE FINEST HARVEST KNOWN FOR
YEARS, and for which a public and solemn thanksgiving has just been
returned. We say nothing of the prospects of foreign importation which
this fact opens to our agricultural interests,--that furnishes ample
subject for future consideration; what we pray the public attention
to, is the warning which it gives of the effects of free trade upon
the _monetary concerns_ of the nation, and above all on the credit of
the trading and commercial classes. This is the importation, in an
uncommonly fine season, with a noble harvest in both islands, just
reaped! The dreadful monetary crisis of October 1847, which rendered
the suspension of the Bank Charter Act, on the 25th of that month,
indispensable, was evidently owing to the prodigious importation which
all the fineness of the preceding harvest could not check. The crisis
of April 1847, may with justice be ascribed to the failure of the
potato crop in Ireland, and would probably have come on, though not
with the same intensity, though the change on the corn laws had been
made by Sir Robert Peel in the July preceding. But it is rather too
much to go on talking in December 1847, about the failure of the crop
of 1846 in Ireland, four months after one of the finest crops in the
memory of man had been reaped in the British dominions.
Public-domain text, read in full here on John Shaqi.
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