Blackwood's Edinburgh Magazine, Volume 66, No. 410, December 1849Various
History
Blackwood's Edinburgh Magazine, Volume 66, No. 410, December 1849
Various
England -- Periodicals; Scotland -- Periodicals
Various circumstances have been studiously kept out of view by the
free-trade party, in reference to the years from 1842 to 1846, which
really were mainly instrumental in producing the prosperity of that
period. And many others have been emphatically dwelt upon, in reference
to the years since 1846, which really had very little hand in producing
these disasters.
The first circumstance which had a powerful influence in producing the
prosperity from 1842 to 1846, was the return of fine seasons after
five bad harvests in succession, which closed in 1841. The summer,
and still more the autumn, of 1842, was a long and unbroken period
of sunshine, which gladdened the hearts of men after the long series
of dreary and cheerless years which had preceded it. The subsequent
years, from 1842 to 1846, were very fine seasons, the harvests of which
were all above an average. This is decisively proved by a comparison
of the average prices of grain for the years from 1839 to 1841, and
from 1842 to 1845.[19] The tariff of 1842 without doubt contributed to
bring about, in some degree, this reduction of prices; but still, as
the sliding-scale was then in operation, and the import duties were
in general 8s. and 9s. the quarter, the effect must have been mainly
owing to the succession of fine seasons. No one can have lived through
that period, without recollecting that this was the case. But the cheap
prices which result from abundant harvests and improved cultivation at
home, are the greatest of all public blessings, as much as the cheap
prices arising from an extended foreign importation and declining
agriculture at home, are the greatest of all curses. The first enriches
the manufacturer, by the previous comfort of the farmer, and the plenty
diffused through the land by his exertions; the last gives a temporary
stimulus to the manufacturer, by the cheapness which is fatal to the
domestic cultivator, and, by abridging the home market, speedily makes
the manufacturer share in his ruin.
[19] Average price of wheat in London in--
_s._ _d._
1838, 57 11
1839, 68 7
1840, 65 8
1841, 54 6
1842, 49 0
1843, 47 4
1844, 46 8
1845, 50 10
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