general rule, is set in motion by those who than at present, it would be a proof that so have fixed payments to make; and that, as moderate a rate was no longer tenable, and those payments are rendered easier or more by that index our Finance Minister must difficult by an increase or diminution of the rule his conduct. He cannot prescribe the precious metals, the prosperity, not only of rate of interest which shall prevail, but he the employers of labour, but of all depend- may, and should, make the best bargain for ent on them, must augment or decline. In- the public which the prevailing rate will addependently of state burdens, which may mit of. Were the Three per Cents. to reach even become heavier with the declining 109, it would show that money in the funds wealth of a country, those who set industry was only worth 24 per cent., and if to 120, in motion commonly do it with other capi- only 2 per cent. In either case, a careful tal than their own. The farmer rarely culti- Minister would have no choice but to reduce vates his own land; the manufacturer not the interest on the public debt to the maroften conducts his business on his own ketable rate, as is commonly done with premises: not one trader in a hundred can Exchequer Bills. Or were there reason to call the shop his own in which he sells his suppose that prices were kept down through goods. Many of these, and of the other fear of such reduction, that would in itself productive classes, trade with borrowed be so unsatisfactory as to call for ministerial money and besides fixed rents and taxes, interference or explanation. But the power have fixed interest to pay, and other fixed of government in every case of conversion obligations to fulfil. The difference to them must be limited by the necessity it is under between a rise and fall in price to but a to keep the stock it converts at a rate equal moderate extent, when either action is con- to, or above, par. No change can be cartinuous, is all the difference between pros- ried out in that large portion of our debtperity and ruin; and it is impossible for any amounting to three-fourths of the whole— country, hardly for any class, to thrive on which would have the effect of reducing its their decline. On the contrary, those who marketable value below 1007. money for the have fixed payments to receive constitute 1007. stock, or our Financier might find the luxurious rather than the productive himself in the awkward predicament of classes: fruges consumere nati, they must being called on to actually pay off the debt flourish, if they flourish at all, from the in he only proposed to convert. That the apdustry which renders their property pro- prehension of such a change inconveniently ductive; the creditor or landlord can rarely depresses the Three per Cents. at present is suffer from the prosperity of debtor or ten- clear from the relatively higher price of the ant. But when a contrary action takes Three-and-a-Quarter per Cents., on which place, it is not difficult to understand how interest at 3 per cent. is guaranteed for wealth may accumulate, or appear to accu- twenty years after 1854; but neither from mulate, from the increase of luxury, while the price of that particular stock, nor from men decay.

the general state of the interest market at Under an action by which gold becomes this time, does it appear that a reduction, slowly depreciated in value, property pro- even to the extent of one quarter per cent., ducing a fixed income is undoubtedly placed could be attempted on any considerable porat a disadvantage as compared with the pro- tion of our debt with a reasonable prospect perty which may yield a greater or less in- of success.

come according to the character of the We look to other sources of relief. In times; but we do not know that this is to the expansion of our trade, the increasing be regretted; most persons are free to commerce of the world, the rapid growth of choose what investment they please; and our colonies, we hope to reap the fruits of the steadiness and certainty of one class of this latest gift of Providence. Whenever property may more than counterbalance the we see movements of great masses of men, probability of an increased income from as lately towards California and now toanother. wards Australia, we think we can recognize Hitherto the holders of public securities Divine design more plainly than in other have, by the high rates to which their stocks facts of history. The singular manner in have risen, been the greatest gainers by the which gold is spread over certain tracts of abundance of money. Whether the rate of the earth, the ease with which it can be colinterest they receive will be reduced is a lected by individual effort, and the universal point not resting with the present or any opinion entertained of its value, seem to other government, but dependent on the point it out in an especial manner as one of question what influence the gold discoveries the agencies by which intercourse between will have on the rate of interest generally. nations is to be promoted, and the social Should public securities rise much higher condition of man raised.

ART. VIII.—1. Three Years of Free addressed to the Electors of the Kingdom, by One of Themselves.

mer. 1852.

Trade, that any House of Commons elected under United the Reform Bill could be entirely satisfactory Morti- to the friends of the Monarchy, nor afford to the crown that steady and independent in2. Letters (1, 2, 3, 4, and 5) to the President fluence on the administration of affairs that of the Board of Trade, On the Balance of the theory of the Constitution contemplated. Trade, ascertained from the Market Value This is in fact no more than was foretold in of all Articles Imported as compared with that sagacious and celebrated questionthe Market Value of all Articles Exported How the King's government is to be carried during the Five Years 1845-50. By C. on? We do not believe that that question N. Newdegate, Esq., M.P. (Third Edi- will receive a satisfactory answer under any tions.) 1851. circumstance that we can at present foresee. United But it is our fate to be thrown on such times, Year and it becomes our duty to make the best of them-to endeavour to maintain the por

3. The Finances and Trade of the Kingdom in the Beginning of the

1852.

1852.

Durate et vosmet rebus servate secundis.
Nor are we without some strong gleams

4. By Authority. Pastoral of his Emi- tion-still a large one-that is left of our nence the Cardinal ARCHBISHOP OF WEST- ancient institutions-to resist any further MINSTER-appointed to be read in all the encroachments-to await with courage, and Catholic Churches and Chapels in the to use, if they should present themselves, Archdiocese of Westminster and Diocese of with sagacity and prudence, any of those faSouthwark. 1852. vourable contingencies that so often diversify 5. The Lenten Pastoral of the Cardinal the anticipated course of political events. ARCHBISHOP OF WESTMINSTER, together with the Time of the Exposition of the Blessed Sacrament, Retreat, and Compline Services in the London Churches and Cha- of encouragement. If the general result of pels for Lent. the elections has been less satisfactory 6. An Appeal for the Erection of Catholic than might be wished, it is in many conChurches in the Rural Districts of En- siderable respects more so than we had gland, with some Animadversions on the looked for. In the first place, we are inPretensions of the Established Church, and formed by those who ought to be and who on the recent Approximation of her Wor- we believe are the best authority on the ship to that of Rome. By the Catholic subject, and whose calculations are Bishop of Bantry, on behalf of the Society firmed by a comparison with the statements 'de Propaganda Fide' [Signed, † IGN. L. of various adverse parties, that there is, in BANTRY. 1852. the new house, a decided preponderance 7. Letter to the Right Hon. the Earl of Der- against any fresh revolutionary measures, by, from John Archbishop of Tuam. 1852. and that on any question involving the immediate defeat of his administration Lord Derby may expect in the whole house a majority of 348 against 306!

con

Ir is the common practice of belligerent parties to endeavour to inspire confidence by exaggerated statements of their strength. If this be so-narrow as such a majority Such arts are useful in armies and mobs, may seem-we are safe for a season; for it and even in more select popular assemblies, is only on such a question that the most disfor momentary effect! But reasonable men cordant and ill-assorted Opposition that we who have to deal with permanent interests, ever remember or have read of could be and to provide for a series of events, whe- combined in one common effort; and on ther in public or private life, will take the individual measures we have so much convery opposite course. They will be as fidence in the practical good sense and enliberal in estimating the adverse force as lightened views of the present Ministers as exact in measuring their own. The first and to believe that they will propose nothing most effectual process towards ensuring suc- which the manifest interests of the people cess in any problematical object is to calcu- do not require, and which the real public late scrupulously the chances of an opposite opinion of the country will not ratify. We result. We therefore have no desire, and are well aware that there are three parties the contrary of any interest, in attempting-none of them considerable in itself-but to deceive ourselves or our readers as to the powerful, and even formidable, in combinaresult of the late general election. To say tion; viz. that portion of the Whigs who that it is satisfactory would be not only to think it a point of honour to stick by their belie our present impressions, but all the party and to follow their leaders in their old principles and opinions which we have for struggle for office; the Radicals, who also so many years professed. We do not believe may look to office, but only as a means to

their great end and aim-a total political pressed long before as well as immediately subversion; and the Irish Brigade, as it is previous to the elections, of no immediate called that is, members returned by the importance at all-we mean, of course, what influence of the Popish priests, who indi- is called FREE-TRADE. Culpable as were the vidually are the very reverse of insensible means by which Sir Robert Peel's measure to the sweets of patronage, but whose ulti-subsequently called for popular effect mate objects are the overthrow of the Pro-Free-Trade--was carried, and erroneous, and testant Church, the confiscation of Protest- even fraudulent, as was its pretended princiant property, and the dissolution of the ple, we never thought that any ministry Union. We are aware, we say, that these could attempt, either in party policy or on three sections will be always ready to turn national considerations, to repeal a decision out a Conservative administration, however so recent, or arrest violently the progress of little agreed as to what is to follow; but so great an experiment. The ministry must, the two former sections are not beyond the no doubt, have wished that the country had reach of public opinion, and the feeling of shown a stronger participation in the suspitheir constituencies, as well as their distrust cion and anxiety with which they regarded of their allies, will probably restrain in the progress of the experiment, but they many of them the mere spirit of faction. wisely declined to take their stand on that These, we admit, are speculations; but they point, and the Protectionist candidates in may, we think, afford to ministers useful general followed their example. It was not suggestions as to their measures, and to us worth the while of any Protectionist to hoist a reasonable hope of their parliamentary an opposite flag and try a counter cry, when it was foreknown that it could have no prac

success.

always wished since it was attempted, is to proceed to a full and fair trial. It will certainly-as to corn at least-meet no interruption from the present parliament, but it will not proceed unobserved and unscrutinized, and we are glad to know that men of talent, honour, and sagacity, in and out of parliament, are employing themselves in noting and registering for future use the results as they are realized.

The numerical detail of the elections in-tical result; or to advocate a return to the dicates a Conservative preponderance. Corn-laws, which no one thought of imposing, We have taken some pains to inquire into and which never can be reimposed without a the state of public opinion in the country very different expression of public opinion generally, and we are satisfied that it is sub-from what the late elections have exhibited. stantially in favour of an anti-revolutionary All this, however, is now of little conseministry, not only by an immense majority quence-the grand experiment, as we have of all the more intelligent classes, which ought to direct public opinion, and which of the long run always do so, but also of the great mass of the people themselves. We do not pretend to have any accurate measure for the latter class of opinions, and we know that ten revolutionary brawlers make more din than a hundred of their soberer adversaries; so that the balance of demonstration and noise is, and always has been, on that side, even when the balance of numbers has The short and sensible pamphlet that been the other way, as we believe it now to stands at the head of our article exhibits Our adversaries are so proud of the from the official returns a practical view of large proportion of their friends who have the facts, as far as they have developed been returned, and talk so loudly of the themselves, to the end of 1851, from which popular numbers they represent, that we we have abstracted and grouped together a have been induced to examine the English statement of some of the least disputable returns with the last Population Reports, tests of national prosperity during the last and we find that the populations represented two years of each system :— by Conservatives are no less than 9,458,000 as compared to 8,447,000; and when we recollect that this last sum includes so large a proportion of those classes of town popu- 1849 & 1850..14,994,639 1,065,573 3,243,903 lations which, though of the greatest number, are certainly of the least weight, it gives still more importance to the Conservative majority.

be.

Of the principal topics debated in those elections the most prominent, by the noise that the Opposition made about it, and by the success which they affect to say has crowned their efforts, is, in our opinion ex

VOL. XCI.

19

POOR-RATES

England. Scotland.
£
む

1845 & 1846 ..13,591,629

Ireland. Totals. £

£

713,698 672,288

14,977,615

19,256,115

£4,278,500

Increase of poor-rates

.

And this notwithstanding the low price of provisions and the immense emigration, both of which must have operated a vast reduction of the poor rates, if they had not been counterbalanced and overpowered by the general distress; and be it further observed, that 1846 was the year of Irish famine, and

Next we have the most unerring test of some years going on-at the average rate of all:about 800,000 quarters per annum; so that, if not suddenly arrested in 1846, the pro

NUMBER OF EMIGRANTS from England, Scot- duce in 1850, instead of 9,000,000 of quarland, and Ireland:

what would it be but robbing Peter to pay flux of gold and consequent efflux of ablePaul-impoverishing the agriculturists to bodied labour-we can find no difficulty benefit the manufacturers? But it is not in admitting that a sudden cheapness of protrue. We were, we believe, the first to no- visions must for a season produce additional tice the extraordinary fact established by the ease and comfort to the people. The popu Board of Trade accounts for 1839-44, that larity, therefore, of Sir Robert Peel's corn our imports from the chief corn-growing measures does not surprise us, though, we countries were regularly and continuously must repeat, we have no doubt that, but for in an inverse ratio to our exports to them. influences which he could never have anticiWe exhibited this fact for the above-men-pated, this popularity would have been ere tioned years in the cases of Denmark, Rus- now extinct; but there is another portion of sia, Prussia, and Germany-of which we the system the adoption of and the persistthen had the returns. We have now a re- ance in which does seem to us entirely unturn from 1847 to 1851, with respect to accountable-the REPEAL OF THE NAVIGATION Russia, Prussia, and France, from which LAWS. We believe that, as a mere question countries we derived in 1850 our largest of the prices of articles, it is, in our present supplies of corn and to an unprecedented circumstances, of very little importance: amount, and the upshot is that in all these the difference of freight between foreign and cases, as in the former, the amount of our British shipping-though all-important to general exports seems to be wholly unin- the British ship-owners-can make very fluenced by our importation of corn; or little difference when the imported article rather indeed that it has diminished just as comes to be retailed out to the general conour importation of corn has increased-for sumer. On the most bulky articles, such instanceas corn and sugar, it would be hardly perceptible, while on the smaller and higherpriced articles it would not be at all so;on the aggregate of corn consumed in these countries it would be a fraction on the quarter of wheat too small to be calculated, and on the 4 lb. loaf wholly imperceptible.

1845.

IMPORTS of Corn from Qrs.

Russia

184,053

Prussia

523,977

France

82,740 790,770

1850. Qrs. 953,368 1,354,691 1,019,410 3,327,469 2,536,699 1850.

£ 1,454,771 424,480 2,401,956

4,281,207
1,241,521

The pamphlet entitled Finance and Trade of the United Kingdom'-attributed to, and we believe acknowledged by, Mr. Cornewall Lewis, late Secretary of the Treasury, and which has been cried up as a most able and authoritative exposition of the advantages of this free-trade system-adduces two instances and two only-but of course the most flagrant that he could find-of the inconvenience and injury which the navigation laws inflicted on the consumers of this empire. These pregnant examples, in deference to this high authority, we shall exhibit to the wonder and perhaps the amusement of our readers.

Thus, while our imports of Corn from these three countries increased in five years by 2,530,000 quarters, our whole exports to them fell off by 1,241,000l., when, à priori, we might have reckoned on a large increase. These are serious results, which we leave to the meditation of the public, and to the ex'Of the hindrances to commerce which by the planatory comments of further experience. same measure [the repeal of the navigation For the repeal of the Corn laws, however, laws] were removed it is manifestly impossible there was, no question, a plausible motive to give any account, but some idea may be in a diminution of the prices of food-and formed on the subject by a glance at the folthough we are satisfied that, on the long lowing list of importations during the year run, the food of the working man can neither 1850, which would have been illegal previous to that year.'-p. 25. be said to be cheaper nor dearer but with reference to the wages which are to buy it,

and which must inevitably follow sooner or Then follows the enumeration of fifteen arlater the prices of food, yet, as wages are ticles, of which we shall exhibit five-not slower in their descent (though not in their selected for effect-for the others are all rise) than the prices of food-while these ejusdem farina, and any other five, or-exmoreover are occasionally influenced by cir- cept for the space they must occuy-the cumstances of a peculiar and unforeseen whole fifteen, would have suited us equally cast, as, for example, here of late by the in- well.