This statute, though frequently amended to make it more effective, partially failed of its purpose. A contracting currency did its resistless work, prices dropped, tenants went bankrupt, and, as the value of money rose, encumbered estates passed more frequently into the hands of creditors. Thus when Peel took office in 1841, the Corn Laws were regarded by the gentry as their only hope, and Peel as their chosen champion; but only a few years elapsed before it became evident that the policy of Lombard Street must precipitate a struggle for life between the manufacturers and the landlords. In the famine of 1846 the decisive moment came, and when Sir Robert sided, as was his wont, with the strongest, and abandoned his followers to their fate, he only yielded to the impulsion of a resistless force. As a class both landlords and manufacturers were debtors, and, by 1844, cheap bread appeared to be as vital to the one as dear corn was to the other. With a steadily falling market the manufacturers saw their margin of profit shrink, and at last Manchester and Birmingham believed themselves to be confronted with ruin unless wages fell proportionately, or they could broaden the market for their wares by means of international exchanges. The Corn Laws closed both avenues of relief; therefore there was war to the death between the manufacturers and the aristocracy. The savageness of the attack can be judged by Cobden’s jeers at gentlemen who admitted that free corn meant insolvency:-- “Sir Edward Knatchbull could not have made a better speech for the League than that which he made lately, even if he were paid for it. I roared so with laughter that he called me specially to order, and I begged his pardon, for he is the last man in the world I would offend, we are all so much obliged to him. He said they could not do without this Corn Law, because, if it were repealed, they could not pay the jointures, charged on their estates. Lord Mountcashel, too (he’s not over-sharp) said that one half the land was mortgaged, and they could not pay the interest unless they had a tax upon bread. In Lancashire, when a man gets into debt and can’t pay, he goes into the _Gazette_, and what is good for a manufacturer is, I think, good for a landlord.”[362] In such a contest the gentry were overmatched, for they were but nature’s first effort toward creating the economic type, and they were pitted against later forms which had long distanced them in the competition of life. Bright and Cobden, as well as Loyd and Peel, belonged to a race which had been driven into trade, by the loss of their freeholds to the fortunate ancestors of the men who lay at their mercy in 1846. Peel himself was the son of a cotton-spinner, and the grandson of a yeoman, who, only in middle life, had quitted his hand-loom to make his fortune in the “industrial revolution.”