The Economist Part 5

As we stated last week, announcing the intention, Mr Cobden and Mr Bright visited Oxford on Wednesday, for the purpose of addressing the freeholders and farmers of the county on the subject of the corn laws.

Very considerable excitement had prevailed in the city and the surrounding districts in consequence of the proposed visit of Mr Cobden, but it does not appear that the landowners on the present occasion, through the medium of the farmers' clubs and agricultural a.s.sociations, thought fit to get up an organised opposition, similar to that at Colchester, or interfere to prevent their tenants from attending, as at Reading. The consequence was a very large number of farmers were present at the meeting, although it is well known that the harvest is not in such a state of forwardness as to allow them to absent themselves from their ordinary occupations without considerable inconvenience.

It is a circ.u.mstance worthy of notice, and strongly indicative of the present state of public feeling upon the subject, that in a purely agricultural district, at a county meeting regularly convened by the High Sheriff, the whole of the county members being present, two of whom spoke in favour of protection, supported by many influential men of their own party, no person ventured to propose a resolution in favour of the present corn law, and that even the resolution for a low fixed duty made by two of the most popular men and largest landed proprietors in Oxfords.h.i.+re, Lord Camoys and Mr Langston, was supported by only three or four individuals out of a meeting of nearly 3,000 persons.

Early in the morning, a protectionist champion presented himself, not in the guise either of a freeholder or farmer of the county, but in the person of a good-humoured, though somewhat eccentric printer, named Sparkhall, who had come from the celebrated _locale_ of John Gilpin--Cheapside, and who having armed himself with a large blue bag fitted with elaborate treatises upon the corn laws, and among other pamphlets a recent number of _Punch_, forthwith travelled to Oxford, and by the kind permission of the meeting was permitted to essay a speech, about what n.o.body could divine, and in a manner truly original. It is, however, due to the monopolists of Oxfords.h.i.+re to state that they did not accredit their volunteer champion, and even went so far as to request that he would "bottle up" his eloquence for some future opportunity.

At two o'clock, the hour appointed for the proceedings to commence, the County hall, which is capable of containing 1,800 persons, was nearly filled.

Mr Cobden and Mr Bright, who had been dining at the farmers' ordinary, held at the Roebuck hotel, arrived shortly after two, and were accompanied to the place of meeting by a large number of influential farmers and leading agriculturists, who had met the honourable members at the market table. They at once proceeded to the gallery, where, among others at this time, were Lord Camoys, of Stonor hall, Oxon; the three members for the county, Lord Norreys, Mr Harcourt, and Mr Henley; Mr Langston, M.P. for the city of Oxford; Mr Thomas Robinson, banker; Mr Charles Cottrell Dormer, Mr J.S. Browning, Mr W. Dry, Mr W. Parker, Captain Matcham, Rev. Dr G.o.dwin, Rev. W. Slatter, Mr Richard G.o.ddard, Mr H. Venables, Messrs Grubb, Sadler, Towle, Weaving, Harvey, &c.

On the motion of Lord Cambys, seconded by Mr Langston, M.P., Mr Samuel Cooper, of Henley-on-Thames, under-sheriff for the county, was, in the absence of the high sheriff, called to the chair.

The Chairman said he regretted very much that the high sheriff was prevented from attending the meeting, which had been convened in consequence of a requisition presented to the sheriff by several freeholders of the county. Having read the requisition, he introduced

Mr Cobden, who proceeded for some time to address the meeting on the fallacy of the present corn law as a protection to the farmer, amid frequent cries for adjournment, in consequence of the crowded state of the hall, and

Mr Sadler having intimated that several hundred persons were waiting at the Castle green, at which place it had been generally expected the meeting would ultimately be held, moved its adjournment to that spot, which was immediately agreed to.

Several waggons had been brought to the green, for the purpose of forming a temporary platform, and the meeting being again formed,

Mr Cobden resumed, and, in his usual powerful manner, explained the influence of the corn law upon the tenant, farmer, and farm-labourer, urging the necessity of free trade as the only remedy for agricultural as well as manufacturing distress. The honourable member was loudly cheered during the delivery of his address, which evidently made a deep impression on the large proportion of his auditory.

Mr Sparkhall then came forward. Mr Cobden having kindly interceded to obtain him a hearing, and having duly arranged his books and papers, he at once commanded the serious attention of the meeting, by stating broadly as the proposition he was about to prove--that the repeal of the corn laws would plunge the nation into such a state of depression as must ultimately terminate in a national bankruptcy. After quoting from the Honourable and Reverend Baptist Noel, Mr Gregg, and other pa.s.sages, the relevancy of which to his proposition no one could discover, he bewildered himself in a calculation, and gladly availed himself of a slight interruption to make his bow and retire.

Lord Camoys next addressed the meeting. He said Mr Cobden came among them either as a friend or an enemy. If he came as a friend, it was the duty of all to receive him as such; but if as an enemy, then it behoved the farmers of Oxfords.h.i.+re to meet him boldly, and expose the fallacy of his arguments. For himself he (Lord Camoys) believed Mr Cobden came as a friend. He was not one of those who were afraid of the Anti-Corn-law League; but he was afraid of that cla.s.s who designated themselves the farmers' friends. He thought if they were to give the Anti-Corn-law League 50,000_l_. a year for fifty years, it would never do half the mischief to agriculture that the farmers' friends themselves had done.

(Hear, hear.) It was this impression that had induced him to sign the requisition that had been laid before him, for he was anxious that the farmers of Oxfords.h.i.+re should have the benefit of any information that could be given to them on the subject. There were three courses open for discussion. The first was the sliding scale (cries of "no, no"); the second a low fixed duty; and the third, a total and immediate repeal of the corn law. (Hear, hear.) He believed the sliding scale was already on its last legs; indeed, it was only defended by a few country gentlemen and fortunate speculators, who had by a lucky chance contrived to realise large fortunes. He was himself for a low fixed duty, and Mr Cobden advocated free trade. There was not so much difference, after all, between them; but he considered that to apply the principles of free trade to England, would be to apply the principles of common sense to a deranged country, suffering under the pressure of an enormous debt.

He thought the English farmer should be placed on a level with the continental corn-grower; but he did not think the mere expense of transit would have the effect of securing this as argued by Mr. Cobden.

With this view he should propose to the meeting the following resolution:--"That the agricultural interest being the paramount interest in this country, to depress that interest would be injurious to the entire community; that suddenly to adopt free trade in corn must produce that effect, and that, therefore, it is the opinion of this meeting that a moderate fixed duty upon the importation of foreign grain is the one best adapted to the present position of the agricultural interest and the welfare of the country."

This resolution was seconded by Mr Langston, M.P., but this gentleman gave way for

Mr Bright, who, upon presenting himself, was received with load cheering. In an eloquent address he clearly demonstrated that the only way in which the corn laws could benefit the farmer was by making food dearer, which could only be done by making it more scarce. That the advantage of such high prices invariably went to the landlord in the shape of rent, in consequence of the immense compet.i.tion for farms, arising from the increase in the agricultural population, and the difficulty of providing for them in commerce and manufactures, owing to the depressed condition to which they had been reduced by the operation of the corn laws. High prices could only be obtained by the farmer from the prosperity of his customers. In reply to the resolution of Lord Camoys, the honourable gentleman stated, that with regard to agriculture being the paramount interest of the country, there could be no doubt in every country there must be land for the people to live on, and so far it was the paramount interest; but he denied that anything like half the population of England were engaged in agricultural pursuits. The agricultural interest would not be depressed, nor would the community be injured by free trade. He would put it to the meeting whether they would have a low duty or no duty at all. (Loud cries of "no duty.") A fixed duty of 6s. would raise the price that amount, and the whole would go into the pockets of the landlord. The honourable gentleman concluded his address amid loud cheers.

Lord Norreys next spoke in favour of the existing corn laws, attributing the distress under which all cla.s.ses at present laboured to the over-production of the manufacturers.

Mr Langston, M.P., having replied to his lords.h.i.+p,

Mr Henley, M.P., addressed the meeting at some length, in favour of the present restrictive duties on the importation corn. The honourable member concluded by observing that he had attended the meeting because it had been convened by the high sheriff; and he thanked them for the patience with which they had listened to his observations, though neither he nor his colleagues considered it to be properly designated as a farmers' meeting, the majority present being composed of other cla.s.ses.

Mr Cobden briefly replied; and

Mr Towle (a tenant farmer) moved the following amendment, "That in the opinion of this meeting the principles of free trade are in accordance with the laws of nature and conducive to the welfare of mankind, and that all laws which interfere with the free intercourse of nations, under the pretence of protection to the agricultural, colonial, or manufacturing interests, ought to be forthwith abolished."

The motion having been seconded, was put, and declared to be carried, with only three dissentients.

Mr Henley then proposed, and Mr Cobden seconded, a vote of thanks to the chairman, who briefly acknowledged the compliment, and three cheers having been given for free trade the meeting separated, having lasted nearly five hours.

PUBLIC DINNER TO R. WALKER, ESQ., M.P., BURY.--On Wednesday week a public dinner was given, in the Free-Trade Pavilion, Paradise street, Bury, by the electors of Bury, to the above-named gentleman, for his constant advocacy of Liberal principles in the House of Commons. The meeting, though called to do honour to the worthy representative of Bury, was emphatically a gathering of the friends of free trade, Mr Bright, Dr Bowring, Mr Brotherton, &c., being present.

DR BOWRING'S VISIT TO HIS CONSt.i.tUENTS.--Dr Bowring arrived in Bolton, on his annual visit, on Thursday week. In the course of the afternoon he called upon several of the leading reformers and free-traders of the borough; and in the evening, according to public announcement, he attended at the Temperance hall, Little Bolton, to address the inhabitants generally. The doors of the hall were opened at seven o'clock, and hundreds immediately flocked in. At half-past seven, the hall was crowded to excess in every part. On Dr Bowring's entrance, he was greeted with loud cheers. The chief portion of the proceedings consisted in the speech of the learned and honourable member, who, as might be expected, dwelt with great power on the question of questions--free trade. We have only room for the following eloquent pa.s.sage: "The more I see of England, the prouder I am to recognise her superiority--not alone in arms--about that I care little, but in manufacturing arts, the peaceful arts, which really reflect glory on her people. (Cheers.) Give us fair play and no favour, and we need not fear the strength of the whole world. (Hear.) Let us start in an honest rivalry--let us get rid of the drawbacks and impediments which are in the way of our progress, and sure I am that the virtues, the energies, the industry, the adventurous spirit of the manufacturers and merchants of England, which have planted their language in every climate and in every region, would make them known as benefactors through the wide world. They are recognised by the black man as giving him many sources of enjoyment which he had not before; by the red man as having reached his fields and forests, and brought to him in his daily life enjoyments of which his ancestors had no notion; by all tribes and tongues throughout the wide expanse of the earth, as the allies of improvement, and the promoters of happiness. Sure I am that England--emanc.i.p.ated England--the labourers--the artisans of England, may do more for the honour and reputation of our country than was ever done by all the Nelsons and Wellingtons of the day. (Loud cheers.) I was struck very much, the other day, by the remark of one of the wisest and best men of our times, from the other side of the Atlantic, who said, 'I am not dazzled by the great names which I see recorded in high places; I am not attracted by the statues which are raised to the men whom you call ill.u.s.trious, but what _does_ strike me, what _does_ delight me, what _does_ fascinate me, is to trace the working man of England to his home; to see him there labouring at his loom unnoticed and unknown, toiling before the sun rises, nor ceasing to toil when the sun has descended beneath the mountain. It is _that_ man, the missionary of peace, who forms the true link of alliance between nation and nation, making all men of one kindred and of one blood,--that man upon whose brow the sweat is falling,--that man whose hands are hardened by labour,--that is the man of whom England has a right to be proud--(hear)--that is the man whom the world ought to recognise as its benefactor.' (Cheers.) And, gentlemen, in such sentiments I cordially agree, and the time will come when the names of men who are called ill.u.s.trious, at whose feet we have been rolling out torrents of wealth, whom we have been crowning with dazzling honours--those men will pa.s.s away into the realms of forgetfulness, while the poor and industrious labourer, who has been through the world a herald and apostle of good, will be respected and honoured, and upon him future times will look as the real patriot, the real philanthropist, the real honour of his country and of his countrymen." The proceedings were closed by the unanimous thanks of the meeting being given to Dr Bowring.

FREE TRADE.--We are glad to learn, from a correspondence in the _Liverpool Albion_, that W. Brown, Esq., the head of the eminent house of Brown, s.h.i.+pley, and Co., of Liverpool, has declared his adherence to the cause of perfect freedom of trade, contributing, at the same time, 50_l._ to the funds of the Liverpool Anti-Monopoly a.s.sociation.

CORN TRADE OF FRANCE.--The _Moniteur_ publishes the return of the corn trade in France during the month of July, from which it appears that the imports were--wheat, 45,896 metrical quintels; other grain, 23,389; and flour, 613. The exports--wheat, 14,318; other grain, 11,506; and flour, 2,435. The quant.i.ties lying in the government bonding stores on the first of August were--wheat, 28,405 metrical quintals; other grain, 9,378; and flour, 11,051.

ANTI-CORN-LAW MEETING AT HAMPSTEAD.--The opponents of the corn laws resident at Hampstead a.s.sembled on Tuesday night, in crowded meeting, at the Temperance hall of that locality, to hear Mr Sidney Smith deliver an address on the evils of the corn laws. The meeting was the first of the kind since the formation of the new a.s.sociation, and there were several of the respectable inhabitants of the neighbourhood present. Mr Smith entered at length into the whole question of the monopolies from which the people of this country suffer. He showed, conclusively, and by a reference to facts and comparisons with other countries, that "protective" duties were injurious to the best interests of the community, as they were productive of abridgment of the people's comfort, and of taxation on everything that they could see or touch. He ill.u.s.trated the advantages that would arise from free trade, by a reference to the great increase of consumption of the article of coffee since the reduction of the duty of half a crown on the pound weight to ninepence; the consumption at that period (1824) having been but eight millions of pounds weight, while at present, it was twenty-eight millions. The learned gentleman, who spoke for upwards of two hours, concluded amid loud cheers. Three cheers which were proposed for the Charter proved a decided failure; while, on the other hand, three were proposed for a repeal of the corn laws, which were responded to by nearly the whole of the crowded meeting.

MR EWART AND HIS CONSt.i.tUENTS.--William Ewart, Esq., the indefatigable member for the Dumfries District of Burghs, is at present paying his respects to his const.i.tuents, after the recess of what has been to him a laborious session of parliament, however little may have been effected during its course by the government and the legislature. On Thursday evening he addressed a large meeting in this town. On Friday he visited Lochmaben, and on Sat.u.r.day Sanquhar, and addressed the inhabitants of both these burghs.--_Dumfries Courier_.

MISCELLANIES OF TRADE.

STATE OF TRADE.--Owing to the continued absence of the Overland Mail, the demand for manufactured goods, and especially for s.h.i.+rtings, has been limited; but, as stocks are low, prices remain tolerably steady.

For yarn the demand continues good, and prices very firm, but the spinners are so generally engaged, that no great amount of business has been done.--_Manchester Guardian_ of Wednesday.

COMMERCIAL INTERCOURSE BETWEEN ENGLAND AND THE UNITED STATES.--The circ.u.mstances of America are such as to require, for the furtherance of its own interests, a large and extended commercial relations.h.i.+p with England. There is nothing wanting but a movement on our part for the speedy establishment of an unbounded trade. Both countries are so situated that they need never become rivals, provided they consent to co-operate with each other. It is because they have not been permitted hitherto so to do that we now hear of an embryo manufacturing system in America. We have already built Lowell in New England, and Pittsburg in Western Pennsylvania; and will yet, unless we change our system, drive the enterprising republican to efforts which may be more generally and more permanently successful.--_Morning Chronicle_.

TRAVELLING BETWEEN ENGLAND AND FRANCE.--The number of persons who pa.s.sed from England to France, by Boulogne, in the week from 1st to 7th September inclusive, was 2,409, and by Calais, 838. It appears that the opening of the Southern and Eastern Railway as far as Folkestone has increased the number of travellers between England and France by nearly one-half. The number in August, 1842, was 7,436, while during the past month it has been no less than 10,579, showing an increase of 3,143.

STEAM V. WATER.--Owing to the Birmingham and Gloucester Railway Company having reduced their charge for all kinds of goods to 6s. per ton between Gloucester and Cheltenham; most of the carriers in this city will be compelled to avail themselves of this mode of conveyance, it being impossible for them to compete with the Railway Company. The consequence will be that some thirty or forty boats will speedily be "laid up in ordinary," to the sorrow of three or four times the number of boatmen, who will of course be thrown out of employ.--_Worcester Chronicle_.

THE NEW TARIFF.--"The imports of foreign beasts since Monday last (one week) have been confined to twenty-five into London by the _Batavier_ steamer from Rotterdam." (London Markets Report, September 11.) Can any clever master of fractions calculate the effect of this importation on the Smithfield market, and the benefit thence accruing to the citizens of London as a set-off to the payment of their income-tax?

IMPROVEMENT OF TRADE--ROCHDALE.--The piece market has been uncommonly brisk to-day, and all the goods on hand have been cleared off. At present all the workmen are in full employment, though at very low wages; but a few markets of this kind will have a tendency to get up wages. The ready sale of goods has given a buoyancy to the wool market, and the dealers in the raw material have not been so eager to sell at former prices.

STATE OF TRADE--PAISLEY.--So far as ample employment to all engaged in the staple manufactures of the town is concerned, trade still continues favourable for the workman, but the manufacturers generally complain that, for the season, sales are late of commencing, and many of them are already rather slackening their operations to keep their stocks down.

The unexpected procrastination in the commencement of the fall trade is reasonably accounted for by the fineness of the weather.

"A Merchant of twenty-five years' standing, and an Old Subscriber,"

calls attention to the unusual state of things now so long existing in the Money Market, by the fall in the rate of interest to 1-3/4 and 2 per cent. upon the first cla.s.s commercial bills. He states that a friend of his has lately lent 100,000_l._ at 1-1/2 to 2 per cent., being the highest rate he could obtain. This condition of the Money Market he attributes to the large amount of paper money in circulation, compared with the demands of commerce. Our correspondent favours us with some figures, ill.u.s.trative of his views, from November, 1841, to the present month, taken from the _Gazette_ returns, and observing that there has been a serious fall in the value of merchandise equal to one-fifth or one-sixth, with some exceptions during the last year and a half, he accounts by the juxtaposition of his figures, denoting the amount of paper in circulation, and this a.s.sumed fall in the price of merchandise for the present anomalous condition of the Money Market, and for the apparent worthlessness of capital. We cannot agree, however, with our correspondent to the full extent, because the very low prices of commodities, with a _minimum_ rate of interest for money, proves that there is no fict.i.tious or inflated excess of paper money. The anomalous state of the Money Market proceeds, we believe, from a redundancy, not of mere paper, but of capital which cannot find investment, superinduced by stagnation of trade, and the want of commercial enterprise, occasioned by the restrictive nature of our duties on imports.--_Morning Chronicle._

The accounts from the United States mention that the greatest activity prevails among the manufacturers in their purchases of the raw material for the year's consumption.

POLICE.

EXTRAORDINARY CHARGE.--_Captain, William Tune_, the Commander of a steam packet called the _City of Boulogne_, the property of the New Commercial Steam-Packet Company, on Monday appeared at the Mansion House to answer the complaint of the directors of that company, by whom he was charged with being privy to the abstraction of four packages, each containing gold, checks on bankers, bank-notes, and bills of exchange, which had been previously booked at the company's office in Boulogne, and paid for according to the rates agreed upon by the company, and which, with others, had been entrusted to his care. After evidence had been adduced, Mr Wire requested that Captain Tune should be remanded for a week, and stated that the directors being anxious that he should receive as much accommodation as might be consistent with the respectability of his character and the nature of the difficulty in which he was at present involved, were desirous that bail should be taken for his appearance on the next day of investigation.--Alderman Gibbs: I shall require two respectable securities for 500_l._ each, and Captain Tune to be bound himself in the sum of 1,000_l._--The captain was then remanded for a week. A curious fact came out on the inquiry as to the value of each package. They were all, it appeared, entered and paid for as containing a sum of money much inferior to what each package really contained.