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hoped that it would be final; he thought it would be a good thing if it should be so, and it would not be his fault if it were not."

The Earl of Roseberry thought that it would have a very brief existence, and that even as a step towards further measures it would be a failure. A fixed duty appeared to him the only remedy for the existing evils.

The Marquess of Salisbury advocated the Government plan.

It was attacked by Lord Portman; who wondered at Lord Ripon's inconsistency in supporting it, since in 1821 and 1822 he sat as one of nineteen county Members upon a select committee, which reported in favour of a fixed duty. The measure would unsettle every bargain between landlord and tenant, without relieving the country from dependence on the speculator; and if it failed, it would be impossible to fall back on a fixed duty.

The Earl of Winchelsea was prepared to contend that the bill would give to the agriculturists greater protection than they had ever had before-not because it would enhance prices, but because it would relieve the grower from the frauds practised upon the averages and the sudden alterations in the duties. He thought it a great improve

ment.

Lord Monteagle, who also considered the bill an improvement, descanted at considerable length on the necessity of a foreign supply, and the comparative merits of freetrade in corn, a sliding-scale, and a fixed duty; giving the preference to the last. He wished that he could discuss the measure in a gelect committee; he defied the Government to produce a single witness to defend the sliding-scale

-a single mercantile man-or to produce one from the eminent men all over the world who would not reprobate the sliding-scale as the greatest monster in legislation which had ever been produced. In all the revisions of the tariffs, by some of the wisest and most experieneed men, had the principle of a contra valorem scale ever been applied to any article but corn? He insisted that a fixed duty would be more easily maintained in time of dearth than a sliding duty. Suppose a great exigency had arrived a time when prices were high, and food was dear, and when there would be a great clamour for the repeal of the fixed 8s. duty. The Government would deliberate whether they should or should not adhere to the duty.

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Were he answering for them, he should certainly say under such circumstances, adhere to the duty; for this reason, that if even the Government were to give way, and the fixed duty be removed, the consumer would get little or no benefit from it-it would all go to the owner of the grain. An instance occurred the other day illustrative of the operation of this. There was a great quantity of foreign grain lying in bond at Glasgow, or on the Clyde: there was great distress in the neighbourhood at the time, and the Government were called upon to allow the grain to go out of bond duty free; suppose they had, what would have followed? was it thought for a moment that the grain so let out would have sold for 20s. a quarter less than the other grain of the same quality then in the market? would the taking off the duty have lessened the price in that case? No; the only effect would have been to put so much money into

the pocket of the proprietor of the grain."

He alluded to the effect of irregular importation on the currency, referring to a return of the fluctuations in the amount of bullion at the Bank since the enactment of the last charter. At one period in 1838, when the importation of foreign corn was at the rate of 562,000 quarters a month, it appeared that there was only 2,800,0007. bullion at the Bank to meet all the liabilities of the country. Every British statesman ought to congratulate himself that this demand for foreign corn did not occur simultaneously with the American disasters. But what an illustration did this case afford of the boasted independence of foreign nations which these Corn-laws were to bring about.

They could not much longer support with any safety a system which separates classes, and places the highest personages in the State in the position of making laws apparently for their own benefit, and against the interests and welfare of their fellow countrymen.

Lord Brougham approved of Lord Melbourne's resolution, comparatively; for the preference of a fixed duty must depend greatly on the amount, nor could he in any case regard it as sound legislation. Taking it, however, at 8s., he thought it somewhat the better proposition of the two; but there was no difference between them in extending the markets for our products abroad, or increasing the growth of corn for this market. The latter trade must depend upon its profits, and the dealer could not tell whether he could afford to bring in his corn with the addition of 8s. duty, until he should know what the price is here. But

was corn a fit subject for taxation at all? He declared it was not a fit subject for taxation at all, because it was a poll-tax, paid alike by the poor and the rich; and it fell most heavily on those whose resources were the most slender. It was also a poll-tax eminently uncertain in its operation; as it depended on the wind, and the weather, and the seasons, whether one farthing of the duty should be paid. The necessity of the treasury, however, could not depend for supply on the vicissitudes of the

seasons.

The Duke of Wellington repeated some of the recommendations of the Ministerial plan; and insisted, in contradiction to Lord Monteagle, that the price of corn had always been steady under the Corn-law of 1829. Lord Monteagle had said, that the slidingscale was an absurdity only known to the Corn-law: "It might be an absurdity; the noble Baron might have good reason to think so; but, begging the noble Baron's pardon, the principle of a slidingscale had always been known in the corn-trade of this country. The Corn-law of 1794 contained a graduated scale of duties, depending on the state of prices in this country. It had invariably been the principle acted on, and was always applicable to any article that was produced, the quantity, quality, and value of which depended on the state of the seasons in which it was produced."

He said that Lord Melbourne need not go back to the Greeks and Romans in search of experience as to dependence on foreign nations; in our own time, we had seen the Emperor of Russia impose a duty on the export of corn, avowedly to raise the price in this

country; and only last year it had been forbidden. The supply of Britain depended on the tranquil lity of the countries lying on the banks of two or three streams that run into the Baltic. It remained to be proved that the Corn-laws produced drains of gold from the Bank in payment for sudden imports of grain. Those inconveniences were produced by other circumstances. Certainly, if large sums were required to be sent abroad at once for the payment of corn, the deficiency of bullion must be aggravated; but he believed it was found that corn, under ordinary circumstances, was constantly in the course of being imported, and that a demand for the introduction of a supply into the home market, arising from any failure in the harvest, did not require the transmission abroad of large sums of specie. Corn was brought into the market only by opening the doors of the public storehouses, and it was paid for by the money circulating in the interior of the country. It was true that the replacement of the corn so consumed would require the transmission of large sums; but that was done by degrees.

Lord Lansdowne followed up Lord Melbourne's arguments, and ridiculed the successive attempts to amend the Corn-laws six times within a few years, and each time with confidence as to its being a final settlement; yet foreign corn was not excluded, and no" remunerating price" was secured.

Lord Fitzgerald followed, combating the doctrine of the mutual dependance of foreign countries; pointing to Russia, who sends us

large exports and refuses to import our products in return; and then he enlarged on the advantages of the sliding-scale.

On a division, Lord Melbourne's motion was negatived by 117 to 49: majority, 68.

Lord Brougham then moved these resolutions :-

"1. That no duty ought to be imposed upon the importation of foreign corn, for the purpose of protecting the agriculturist, by taxing the introduction of food.

"2. That no duty ought to be imposed upon the importation of foreign corn, for the purpose of regulating trade, by taxing the introduction of food.

"3. That no duty ought to be imposed upon the importation of foreign corn, for the purpose of raising the revenue, by taxing the introduction of food."

The resolutions were rejected by 87 to 6.

Upon the House going into Committee, Earl Stanhope moved the omission of clauses 12 and 13, which related to the appointment of inspectors in the City of London; objecting to exclude London from the list of towns returning averages. The clauses, however, were affirmed without a division.

Lord Beaumont moved to omit clause 17, under which dealers in corn were to make returns to the inspectors; proposing that the return should be made by the growers, and not by the dealers.

The original clause was affirmed; other amendments moved by Earl Stanhope, Lord Beaumont, and Lord Mountcashel, were rejected in a manner equally unequivocal, and so the bill passed.

CHAPTER IV.

Financial Measures--Embarrassing Circumstances of the Country---Sir Robert Peel's bold and comprehensive Plans of Reform-His Speech on introducing his Budget-Its Reception by the House Remarks of Lord John Russell-In the House of Lords Lord Brougham moves a String of Resolutions respecting the Income-taxThe Earl of Ripon moves the previous question, which is carriedDebate in the House of Commons on Finance-Speeches of Mr. F. T. Baring, Mr. Goulburn, Lord Howick, and Lord John RussellSir Robert Peel vindicates his Measures, and explains the Machinery of the Income Tax Bill-Reception of the Measure by the Opposition in the House of Commons-Notice given by Lord John RussellFirst Debate on the Subject-Objections against the Tax urged by different Members-Some of the Liberal Party support it-Speeches of Mr. Smith O'Brien and Mr. Roebuck-Sir Robert Peel defends his Measures against the Objections urged-Speech of Lord John Russell-Attempt to postpone the Decision of the House by Motions of Adjournment-They are negatived, but, ultimately, it is deferred till after the Easter Recess―The Subject resumed-State of Public Feeling respecting it- Mr. Blewitt moves an Amendment on Sir Robert Peel's Resolution, but afterwards withdraws it-The First Resolution carried without a Division-Debate on the Second Resolution-The Second and Third Resolutions carried-Lord John Russell moves an Amendment condemnatory of the proposed TaxSpeeches of Mr. Goulburn, Sir Robert Peel, Mr. Macaulay, Lord Stanley, Mr. Labouchere, Sir R. H. Inglis, Viscount Sandon, Mr. O'Connell, Mr. Hawes, Sir James Graham, Mr. F. Baring, Mr. Ferrand, and other Members-The Debate continued for Four Nights, after which the Amendment is rejected by 308 to 202-On the First Reading, Lord John Russell moves the Rejection of the Bill-Speeches of Sir Robert Peel, Mr. Raikes Currie, and Mr. Roebuck-The Amendment is negatived on a Division by 286 to 188-Progress of the Bill in Committee-Amendment of Mr. Ricardo for exempting Terminable Annuities is rejected-Discussion on Schedule D-Mr. Roebuck moves an Amendment to reduce the Amount payable on Profits of Trades and Professions-It is opposed by the Government, and rejected — Rapid Progress of the Committee with the Clauses of the Bill-Mr. F. Baring's Proposal to exempt Foreign Fundholders, and various other Amendments, are defeated by large Majorities, and the Bill passes through Committee

-On the Third Reading Mr. S. Crawford moves an Amendment which is negatived-Mr. Hume, and Mr. F. Baring oppose the Measure-Speech of Mr. Goulburn-The Third Reading is carried by 199 to 69.

TH

HE difficulties which Sir Robert Peel had to encounter in framing a measure of finance, adapted to the exigencies of the country, were of a more than usually formidable nature. He

had not, like many other financiers, as Mr. Goulburn in 1830, or Lord Althorp on more than one occasion, a considerable surplus revenue at his disposal. Sir Robert Peel was embarrassed by a certain deficiency for the ensuing year of 2,570,000l., with contingencies in China and India of uncertain amount. And even this deficiency was not the mere temporary result of a sudden pressure, but a decline in the receipts of some years standing, in despite of an increase both of duties and of population. Under these circumstances, it was obvious that mere temporary expedients, and such petty devices of financial dexterity as had served the turn of Chancellors of the Exchequer in easier times, would now but aggravate the evil. The present juncture demanded a remedial measure of a bold, comprehensive, and substantial character, going to the root of the mischief, and applied rather to the basis than the details of our financial economy. In this respect, the measure produced by Sir Robert Peel and his colleagues showed no disproportion to the emergency. On the contrary, the breadth and boldness of the scheme took the House of Commons, and the country by surprise. Whatever other objections might be alleged against it, and many were urged from various quarters, it was safe, at least, against those of

feebleness and inadequacy to the occasion. The reasons and policy on which this great fiscal reformation was founded, the principles on which it was framed, and the calculations on which its details were adjusted, were set forth in a speech which, for luminous statement and thorough mastery of the complicated subjects involved in it, has seldom been surpassed in Parliament. Though the great importance and ability of this oration well entitle it to be perpetuated in its entire shape, the limits of this work render it necessary to confine ourselves to such a condensed summary of its principal features as can be presented within a narrow compass. On the 11th of March, pursuant to previous notice, the long-expected development of the Ministerial plans was made in a Committee of Ways and Means, before a full and anxiously attentive House. Sir Robert Peel commenced with a short preliminary appeal to his audience for a patient and impartial hearing of the whole measure that he was about to propose, avowing at once his own unfailing confidence and composure of mind in proceeding with a full consciousness of the integrity of his motives to the discharge of a great public duty, and his conviction that a full and unreserved disclosure of all the difficulties in which the nation was placed, and a manful resolution to look all its embarrassments boldly in the face, was the course which wisdom and duty alike dictated, and the first step towards improvement and recovery. He then at once pro

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