Blackwood's Edinburgh Magazine, Volume 65, No. 399, January 1849 — John Shaqi
Blackwood's Edinburgh Magazine, Volume 65, No. 399, January 1849Various
History
Blackwood's Edinburgh Magazine, Volume 65, No. 399, January 1849
Various
England -- Periodicals; Scotland -- Periodicals
While one set of causes thus prepared, in the triumph of
Conservative and protective principles, the strongest possible
reaction against them, and prognosticated, at no distant period,
their general banishment from popular thought, another, and a
not less powerful set, flowing from the same cause, gave these
principles the means of acquiring a political supremacy, and ruling
the government of the state. The old policy of England, it has
been already observed, for a hundred and fifty years, had been to
take care of the producers, and let the consumers take care of
themselves. Such had been the effects of this protective policy,
that, before the close of the Revolutionary war, during which it
received its full development, the producing classes, both in town
and country, had become so rich and powerful, that it was easy
to see they would ere long give a preponderance to urban over
rural industry. The vast flood of agricultural riches poured for
expenditure into towns; that of the manufacturers and merchants
seldom left it. The great manufacturing and mercantile places,
during a century, had advanced in population tenfold, in wealth
thirty-fold. The result of this change was very curious, and in
the highest degree important. Under the _shadow of protection_ to
industry in all its branches, riches, both in town and country, had
increased so prodigiously, that the holders of it had _acquired
a preponderance over the classes in the state yet engaged in the
toilsome and hazardous work of production_. The owners of realised
capital had become so numerous and weighty, from the beneficial
effects of the protective system under which the country had so long
flourished, that they formed an important _class apart, which began
to look to its separate interests_. The consumers had become so
numerous and affluent, that they were enabled to bid defiance to the
producers. The maxim became prevalent, "Take care of the consumer,
and let the producer take care of himself." Thence the clamour for
free trade. Having passed the labour of production, during which
they, or their fathers, had strenuously supported the protective
principles, by which they were making their money, the next thing
was to support the opposite principles, by which the value of the
_made money might be augmented_. This was to be done by free trade
and a contracted currency. Having made millions by protection, the
object now was to add a half to every million by raising its value.
The way to do this seemed to be by cheapening the price of every
other article, and raising the price of money: in other words, the
system of cheapening everything without reference to its effect on
the interests of production.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account