Ten Englishmen of the Nineteenth CenturyJoy, James Richard
History
Ten Englishmen of the Nineteenth Century
Joy, James Richard
England -- Biography
The majority of the House of Commons was made up of incongruous
elements, whose interests were at variance on many questions.
Peel actually came to the rescue of the ministers not once, but
so many times as to give bitterness to the taunt hurled at them
by a Radical orator: "Why! the right honorable member for
Tamworth (Peel) governs England. The honorable and learned member
for Dublin (O'Connell) governs England. The Whigs govern nothing
but Downing Street. The right honorable member for Tamworth is
contented with power without place or patronage, and the Whigs
are contented with place and patronage without power!"
Hard times came on and the nation faced an annual deficit.
Distress was widespread among the people, nourishing the Chartist
agitation on the one hand, and giving point to the arguments of
the Anti-Corn Law orators on the other. There was pressing need
for a wise and energetic Prime Minister, and hope of such
qualities in Lord Melbourne had long since failed. The general
elections of 1841 showed a clear majority for the Conservatives,
and in August Sir Robert Peel came back to power, backed by a
consolidated party and trusted by the nation.
The most pressing problems were financial. Peel proposed a
modification of the Corn Law duties, at the same time defending
the system of protection, not in the interests of the
agriculturist class, but to make England independent of foreign
countries for its food supplies. His proposals were enacted into
law. His first budget attempted to turn the customary deficit
into a surplus by means of an income tax of seven pence in the
pound on incomes of one hundred and fifty pounds and upward. His
revision of the tariff on imports introduced important changes
looking toward increased freedom of trade, especially in the raw
materials of manufacture. The times improved; revenue exceeded
expenditure; consols were quoted at only a fraction below par,
and two hundred and fifty million pounds of the national debt was
converted from three and one-half per cent into a loan paying
three and one-fourth per cent for ten years and three per cent
thereafter. By another far-reaching measure--the Bank Charter
Act--Peel placed salutary restrictions upon the issue of paper
money, and increased his reputation as a master of financial
legislation.
From year to year, as the surplus revenue increased, the
government employed it to cut down the duties upon imports. From
wool, cotton, and glass, and many minor items they were entirely
removed, and there were reductions throughout the schedules. The
grants in aid of education were trebled in the face of bitter
protest from his own party. Education in Ireland was aided by
grants to the Catholic College at Maynooth and by the
establishment of other "Queen's colleges" in affiliation with the
university at Dublin.
Public-domain text, read in full here on John Shaqi.
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