compelling them to take all gold brought to them, whatever its market value was, at the fixed price of £3, 17s. 10½d. the ounce. This at once aggravated speculation to a most fearful degree in periods of prosperity, for it left the bank no way of indemnifying itself for the purchase and retention of £15,000,000 or £16,000,000 worth of treasure but by pushing its business in all directions, and lowering its discounts so as to accomplish that object; and it led to a rapid and ruinous contraction of the currency the moment that exchanges became adverse, and a drain set in upon the bank, either from the necessities of foreign war in the neighbouring states, the mutation of commerce, or the occurrence of a large importation of grain to supply the wants of our own country. Incalculable as the distress which those alternations of impulse and depression have brought upon this great manufacturing community, and immeasurable the multitudes whom they have sunk, never more to rise, into the lowest and most destitute classes of society, their effect has by no means been confined to the periods during which they actually lasted. Their baneful influence has extended to subsequent times, and produced a continuous and almost unbroken stream of distress; for, long ere the victims of one monetary crisis have sunk into the grave, or been driven into exile, another storm arises which precipitates fresh multitudes, especially in the manufacturing towns, into the abyss of ruin. The whole, or nearly the whole, of this terrific and continued suffering is to be ascribed to the monstrous principles adopted in our monetary system – that of compelling the banks to foster and encourage speculation in periods of prosperity, and suddenly contract their issues and starve the body politic, when a demand for the precious metals carries them in considerable quantities out of the country. A memorable instance of the working of that system is to be found in the Railway mania of 1845 and 1846, flowing directly from the Acts of 1844 and 1845, which landed the nation in an extra expenditure of nearly £300,000,000 on domestic undertakings, at a time when commerce of every kind was in a state of the highest activity, followed by the dreadful crash of October 1847, which, by suddenly contracting the currency and ruining credit, threw millions out of employment, and strained the real capital of the nation to the very uttermost, to complete a part only of the undertakings which the Currency Laws had given birth to. And the example of the years 1809 and 1810 – when the whole metallic currency was drained out of the country by the demands for the war in the Peninsula and Germany, but no distress was experienced, and the national strength was put forth with unparalleled vigour, and, as it proved, decisive effect – proves how easily such a crisis might be averted by the extended issue of a paper currency not liable to be withdrawn, when most required, by a public run for gold.
In the third place, to crown the whole, and as if to put the keystone in the arch of public distress, Free-Trade in every department was forced upon the country by Sir Robert Peel and his successors in 1846, 1847, and 1849, under the dictation of the Manchester school, and to promote the interest of master-manufacturers by lowering the wages of labour and of realised capital, by cheapening the price of everything else, and raising the value of money. We see the effects of this already evinced in every department to which the system has applied; and we see the commencement only of the general ruin with which it is fraught. In agriculture, Great Britain and Ireland, which were, practically speaking, in ordinary seasons self-supporting, have come already to import from nine to ten millions of foreign grain for the support of the inhabitants, besides sheep and cattle in an equal proportion. At least fifteen millions yearly is sent out of the country, for the most part in hard cash, to buy food, which formerly was nearly all spent in it, and enriched all classes of its people. The exchangeable value of what remains has been lowered by at least £75,000,000 annually, and of course so much taken away from the means of supporting domestic labour, and paying the national defences and the interest of public and private debt. The West Indies, formerly the right arm of the naval strength of England, and no small source of its riches, have been totally ruined; and, as a necessary consequence, the exports of our manufactures to those once splendid settlements, which, prior to the commencement of the new measures in 1834, had reached £3,500,000 a-year, had sunk in 1850 to £1,821,146! Canada has been so much impoverished by the withdrawing of all protection to colonial industry, which has annihilated its intercolonial trade with the West Indies, and seriously injured its export trade in grain and wood to this country, that the British exports to that country, which in 1839 amounted to £3,047,000, had sunk in 1850, notwithstanding the subsequent addition of above 50 per cent to its population, to £2,280,386.
In Ireland from four to five hundred thousand acres have gone out of the cultivation of wheat alone; although the calamitous failure of the potato crop in 1846, and the subsequent doubts as to the success of that prolific esculent, should have tended to an increase of cereal crops as the only thing that could be relied on, and undoubtedly would have done so, but for the blasting influence of Free Trade, which deprived the farmer of all hope of a profitable return for agricultural expenditure. As a necessary consequence, above 200,000 cultivators have disappeared from the soil of the Emerald Isle in the four last years; about 250,000 of them or their families are immured, idle and miserable, in the Irish workhouses, and above 40,000 in its prisons; while above 200,000 persons from that island alone, and 300,000 from the two islands, are annually driven into exile! Lastly, as if Free Trade had not worked sufficient mischief on the land, it has invaded the sea also; no longer can the Englishman say —
"His march is on the mountain wave
His home is on the deep."
The ocean is fast becoming the home for other people, to the exclusion of its ancient lords. One single year of Free Trade in shipping, following the repeal of the Navigation Laws, has occasioned, under the most favourable circumstances for testing the tendency of the change, so great a diminution in British and increase in foreign shipping in all our harbours, that it is evident the time is rapidly approaching, if the present system is continued, when we must renounce all thought of maintaining naval superiority, and trust to the tender mercies of our enemies and rivals for a respite from the evils of blockade and famine.16
The vast emigration of 300,000 annually which is now going on from the United Kingdom, might reasonably be expected to have alleviated, in a great degree, this most calamitous decrease in the staple branches of industry in our people; and so it would have, certainly, had a wise and paternal Government taken it under its own direction, and sent the parties abroad who really were likely to want employment, and whose removal would at once prove a relief to the country from which they were sent, and a blessing to that for which they were destined. But this is so far from being the case, that there is perhaps no one circumstance in our social condition which has done more of late years to aggravate the want of employment, and enhance the distress among the working-classes, than the very magnitude of this emigration. The dogma of Free Trade has involved even the humble cabins of the emigrant's ship: there, as elsewhere, it has spread nothing but misery and desolation. The reason is, that it has been left to the unaided, undirected efforts of the emigrants themselves.
Government was too glad of an excuse not to interfere: the constantly destitute condition of the Treasury, and the ceaseless clamour against taxation, in consequence of the wasting away of the national resources under the action of Free Trade and a contracted currency, made them too happy of any excuse for avoiding any payments from the public Treasury, even on behalf of the most suffering and destitute of the community. This excuse was found in the plausible plea, that any advances on their part would interfere with the free exercise of individual enterprise – a plea somewhat similar to what it would be if all laws for the protection of paupers, minors, and lunatics, were swept away, lest the free action of the creditors on their estates should be disturbed. The consequence has been that the whole, or nearly the whole, of the immense stream of emigration which general distress has now caused to flow from the British Islands, has been sustained by the efforts of private individuals, and left to the tender mercies of the owners or freighters of emigrant ships. The result is well known. Frightful disasters, from imperfect manning and equipment, have occurred to several of these misery-laden vessels. A helpless multitude is thrown ashore at New York and Montreal, destitute alike of food, clothing, or the means of getting on to the frontier, where its labour could be of value; and the competition for employment at home has been increased to a frightful degree by the removal of so large a proportion of such of the