Look at the earn

out its laying the foundation of national | splendor in buildings, in furniture, in plate, impoverishment. There is a short pas- in the habits of luxury, and in display of sage in Adam Smith's Wealth of Nations, every description. Having mentioned which so forcibly points out the cala- plate, Sir, I may remark, as a striking evimitous tendency of this condition of so- dence of this change, the difference of the ciety, that I cannot forbear pressing it amount of the duty upon that one article upon the serious attention of the House. between the year 1804 and the last year. "To complain," he says, "of the liberal The rate of duty upon silver wrought plate reward of labour, is to lament over the ne- in 1804 was 1s. 3d., upon gold 16s. per cessary effect and cause of the greatest ounce; it was afterwards raised to 1s. 6d. public prosperity. The condition of the upon silver, and to 17s. upon gold. But labourer is hard in the stationary, and what has been the increase in the nett promiserable in the declining state. The pro- duce of the duty? It has risen from less gressive state is in reality the cheerful and than 5,000l. in 1804, to upwards of the hearty state to all the different orders 105,000l. in 1828; a rise of more than of society. The stationary is dull-the twenty-fold, notwithstanding the greatly declining melancholy."-If we are in diminished supply from the mines, and the danger of falling into this state of things, consequent increasing value of the preand if we cannot be adequately protected cious metals. It may be further remarked, against the risk by any practical diminu- that this augmented consumption shows tion in the positive amount of our bur- how large a portion of gold and silver is thens, may we not guard ourselves against annually diverted from the purposes of coin it by some change in the principle and dis- to those of ornament and luxury. Have tribution of the remaining taxation? In the articles most necessary to the scanty approaching this part of the subject, I am comfort of the humble dwellings of the aware that I am treading upon tender labouring classes been multiplied in the ground. I know that I shall not only same proportion? I am afraid that, in too meet with great difference of opinion, but many cases, an inverse ratio would rather that I shall expose myself, probably, to be the correct answer. considerable clamour and obloquy. It is ings and condition of that population which impossible to touch upon it without coming raises the produce of the soil, or from early into collision with the interests (at least as dawn till midnight throws the shuttle, for the parties understand them) of many, and bare subsistence, and compare them with those, perhaps, the most powerful both in those of the artisans who minister to all this House and in the country. But, Sir, the various enjoyments and gratifications when I am addressing you upon a subject of wealth in this great town. of such deep importance, I feel myself the hourly dealings for millions, at that bound by a sense of public duty, be the con- great mart of money, the Stock Exchange, sequence to myself personally what it may, with the stinted transactions and falling to state a strong doubt (I wish to put it no off of our country markets. In London the higher), whether we shall afford adequate bankers, the monied men of all descriprelief, without removing a larger amount tions, complain of the glut of money. We of those taxes which press directly upon hear of seven or eight millions deposited, income arising from capital engaged in in- for want of employment, in the Bank of dustry, and upon the income of labour to England alone. Ingenuity is incessantly at which that capital gives employment ;- work in devising new and tempting speculatransferring, as far as may be indispensable, tions, to call forth these locked-up capitals, the burthen upon all that class of income of which too large a portion has already which arises from capital not so employed. been thrown away upon rash and gambling Sir, my gallant friend, the Member for speculations, or placed at hazard upon the Windsor, has called upon us to compare precarious security of foreign loans. In the habits of society, in the higher walks the country, you hear of nothing but the of life, with what they were fifty years ago. bewailings of industry, and the want of Like him, and with him, I have lived long money, confidence, and credit. The counenough to bear testimony to the change try banker reluctant to make advances, and which has taken place. Let any man the prudent man, who is still solvent, caucompare the Metropolis now with what it tious and tardy in applying for them, was at that period; not only its positive because productive speculation, however growth, but still more the extension of carefully conducted, holds out too little

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prospect of gain to compensate for the risk | ther can it be denied that, in several coun-of loss, with which, more or less, it must tries, a greater degree of freedom in their always be attended. It is notorious to all institutions, and a greater security for who know what is passing in the different property, have, under the uninterrupted counties of the kingdom, that country enjoyment of peace, promoted the growth banks,-in better times those salutary re- of capital, and the other facilities which servoirs for the alternate deposit and dis- are necessary to manufacturing and comtribution of circulating wealth, through all mercial enterprise. This is the rivalry, the ramifications of active industry-now every day growing more formidable, with send that wealth up to town, to be lent for which our capital and industry and skill short periods upon stock, and other float- have to contend. If we meet it under ing securities upon the Stock Exchange. some advantages, we have also great and This system is, perhaps, safe for themselves, growing disadvantages to encounter. but, at best, of very doubtful benefit to not let us lose sight of the fearful consethe public; affording, for aught I know, quences which must ensue, if we are disto a few individuals increased facilities for tanced in the race. The greatest of all gigantic speculations; swelling still further follies, on such an occasion, would be to the already overgrown fortunes of some, shut our eyes to difficulties which, taken but bringing misery and ruin upon others; in time, we may, perhaps, overcome, but and diverting the thoughts and aspirations which, by procrastination, we cannot of all who come within its vortex, from the evade. For a long time we have been the sober and steady courses of their forefathers, greatest manufacturing and trading nation to pursuits as little conducive, I believe, to in the world. We export for sale abroad, individual happiness and moral worth, as in a manufactured state, more or less of they certainly are to the growth of wealth almost every thing which we raise or proin the country; pursuits which, were they duce. Of the raw materials of our soil multiplied even an hundred-fold, could the export is next to nothing. They are never add the value of one pepper-corn to barely adequate, indeed I might say inour national resources, whilst all the classes, adequate, to the subsistence of our popufrom whom alone wealth can really flow, are lation. Upon an average of years, we canlabouring under difficulties, and complain- not do without a supply of foreign corn; ing of distress. In considering the effects and of cheese, butter, and other articles of our present taxation upon the productive we have a large annual importation. Our industry of the country, we must constantly Corn-laws, however expedient to prevent bear in mind the necessary consequences other evils, in the present state of the of a state of peace, and of a free competi- country, are in themselves a burthen and tion of the industry of other countries with a restraint upon its manufacturing and that of our own, in the general markets of commercial industry. Whilst the products the world. These consequences, as it has of that industry must descend to the level been already so well stated in this debate, of the general market of the world, the are, first, that we cannot obtain for our producers, so far as food is concerned, are commodities a better price than that at debarred from that level. If the price of which, in this race of competition, the like subsistence, that is, the price of those commodities can be raised, produced, and particular articles which we never export, brought to market, by other countries; and, and are frequently compelled to importsecondly, that the price at which we can be materially dearer here than anywhere sell abroad must determine the price in the else, that dearness cannot be shifted to the home market. Now, Sir, let us follow out articles which we do export. It must fall these admitted axioms in all their neces- in the way of deduction, either upon the sary and legitimate bearings and results. wages and comforts of the labourer, or upon It will not be denied that a spirit of im- the profits of those who afford him employprovement, an anxious desire to promote ment. Here, then, is one inevitable cause, industry, zeal for the diffusion of knowledge constantly operating to keep alive a in all pursuits connected with mechanical struggle between productive capital and and chemical science, and in the beneficial productive labour, with a constant tendapplication of them to the useful purposes ency to bring both to a lower level :--beof life, are now the pervading feelings, not cause the disadvantage, under which they only of every people, but of nearly every have to contend, arising from a difference government, in the civilized world. Nei- in the price of the necessaries of life, is

ncreased in proportion as the progressive | wages have fallen, has this class of taxes. improvement of rival nations approximates become not only more burthensome, but their manufacturing skill and industry more more vexatious, and more liable to evasion. nearly to our own. Are not, then, the Take for instance soap; the duty during circumstances, which enhance the price of the war might be about 70 per cent upon subsistence in this country, a strong reason the raw materials; it is now from 120 to why we should endeavour to lighten, as 140 per cent. If wages have fallen in the much as possible, other burthens which, same proportion, how much heavier does by their direct operation, tend to aggravate this tax now press upon the labourer, and this disadvantage? See, to what an extent how much greater must be the temptation your Excise and Customs prove that you to resort to any means by which the duty do not sufficiently attend to this consider- may be avoided? If we advert to sugar, ation! Full three-fourths of your revenue we shall find that the duty, which was are levied under these two heads; and by formerly one half of, now exceeds the far the greatest proportion of that amount selling price. Looking to this article, upon upon articles necessary, cither for the sub- which there has been no reduction of duty sistence, the clothing, or the humble com- since the war, and considering the severe forts of the labourer; or of use in the and general distress in which all Westfabrication of those articles to which his India interests are involved, I cannot but industry is devoted. Let any man look regret that a reduction of the sugar duty through the list of the Excise and Customs, seems now to be indefinitely postponed. even now that the Beer and Leather Taxes As a measure of relief it is urgent. I still are removed, and he will find in how great retain the opinion, which I have more than a degree this observation still applies. once pressed upon his Majesty's GovernCandles, hops, licences, malt, printed ment, that this relief might be given, withgoods, soap, British spirits, tea, sugar, to- out any great or permanent sacrifice of bacco, rum, hemp, timber:-here is an enu- revenue. It is not to sugar only that this meration amounting to near 30,000,000%.; observation would apply. A general revi. but the incidental burthen of which, in re- sion would point out many other articles, straint, impediment, and vexatious interfer- but the subject is one too extensive and ence, may well be estimated at 10,000,000l. too minute for the present occasion. The more. These are the consequences of more general considerations, to which I monopoly in some cases, as tea for instance, now claim the attention of the House, are and of the charge of collection, regulation, these: first, that no other country in drawbacks, and such like interference in Europe has so large a proportion of its others. They are, perhaps, unavoidable taxation bearing directly upon the incomes under the complication of a system, which of labour and productive capital:-secan only guard against fraud and evasion condly, that in no other country, of the in the collection of the revenue, by imped- same extent, I think I might say in none ing the development of industry, and sacri- of five times the extent of this kingdom, is ficing the improvements of science. It is there so large a mass of income, belonging a common remark, that the rich man does to those classes who do not directly employ not require more food than his poorer it in bringing forth the produce of labour: neighbour; the difference between them thirdly, that no other country has so large must be in the quality. But, in many of a proportion of its taxation mortgaged;— the articles which I have enumerated, the in proportion to the amount of that mortconsumption of the rich is less than that gage are we interested in any measure of the poor man. In others, his consump- which, without injustice to the mortgagee, tion may be greater, but in an amount would tend to lessen the absolute burthen altogether disproportioned to their relative of the mortgage :-fourthly, that from no means. The proportion, however, in this other country in the world does so large a respect, is not so much the question now, proportion of the class not engaged in proas the different mode in which this system duction (including many of the wealthy) of taxation falls upon realised wealth, and spend their incomes in foreign parts. I upon productive industry. Every man's know I may be told, that, by taxing that observation must satisfy him of the general income, you run the risk of driving them truth of these remarks. It can scarcely to withdraw their capital altogether. My be necessary that I should illustrate them answer is, first, that ninety-nine out of an in detail. In proportion as prices and hundred of these absentees have no such

be

primary necessity? Can any man doubt, that the consumption of these articles is now checked, if not actually diminished, by the straitened circumstances of our labouring population? Should their con

to maintain our competition in the foreign market, I fear that, without the relief which I have suggested it must,-is it not obvious that the consumption of these articles, and, with the consumption, the price, must decline? Should this be the unfortunate career in which we are pro

but their transient brightness will not be sufficient to disperse the thickening gloom which will be gathering round us, and in which all interests and all classes will be finally enveloped. For the contentment of the poor man, for the comfort of the middling classes, for the enjoyment of the rich, for the security of all, it becomes the paramount duty of those, to whom the welfare and happiness of the country are committed, well to probe the sources of our present difficulties; and if they are satisfied that they are produced, in any considerable degree, by the causes to which I have adverted, not to be tardy or timid in applying the remedy. If I have dwelt upon these subjects at a greater length than I had intended, I have done so because I have thought it my duty, as an unconnected Member of Parliament, not to shrink from stating my views respecting them. The position of a Minister in this House is very different from that of an individual.

command over the source of their income; | which cannot be said to be of absolute and -secondly, that the danger is now of another and more alarming description, that of the productive capitals of this country being transferred to other countries, where they would be secure of a more profitable return. The relief of in-dition become still harder, and, in order dustry is the remedy against that danger. One of the objections made to any direct tax upon income, even limited, as I have described, to capital not directly employed in the pursuits of industry, is, that it may very fit as a war measure, but that it is not suited to a state of peace. My answer is, that this proposition is too general :-ceeding, we may have gleams of sunshine, what may be very well adapted to a state of peace or war under given circumstances may become inexpedient when the bearing of those circumstances is altogether changed. In war, the wages of labour and the profits of capital may be high. In peace, they may be greatly depressed. In the former supposition, taxes bearing upon industry will be more lightly felt; in the latter, their pressure will be very severe; and, if not alleviated, will daily become more so, by exhausting the very springs of that industry from which they are derived. Let Gentlemen seriously weigh in their own minds, whether this be not the risk against which it is most urgent to provide. I have already shown, upon higher authority than my own (that of the Chancellor of the Exchequer), that the amount remitted by a change in our taxation, would be a very inadequate measure of the real saving, and contingent relief, to industry; whilst, on the other hand, the produce of the tax to be substi-I know how difficult a thing it might be tuted would be commensurate with what for Government, even if they concur in it might subtract from the incomes of the my views, to carry them into effect; and classes by which it would be paid. The I am fully aware of all the inconvenience landlord, the fundholder, the mortgagee, which would arise from their at all hinting the annuitant of every description, would at that concurrence, unless they were premoreover be directly benefited, to the ex-pared to act upon it. All I can say is, tent of his consumption of the articles that ours is a choice of difficulties, and upon which the present taxes might be that the course which I have suggested reduced or abolished. Each would be would, I sincerely believe, be most beneindirectly benefited by the stimulus and ficial to the country. If these views are additional ease which would be given to not entertained by others in this House, the industrious classes. Take, for instance, or sanctioned by public opinion out of the landowner. Can any man doubt, that, doors, it would be vain to expect that they in proportion to the relief afforded, would should lead, at present, to any practical be the means and desire of the industrious result. But if, at any future day, a sense classes to consume more of all the pro- of the public interest should induce his ductions of the soil, which constitute their Majesty's Government to act upon them, habitual comforts and luxuries:-more I shall be prepared to give my most cordial meat, more malt, more cheese, more assistance and support towards overbutter, and more of all the other articles coming the various difficulties, which I