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would have labour, and produce as do not export should receive a great much under their control as they increase of business, and be effechave at present. Their rate of profit tually protected from foreign comin the home trade would be raised. petitors, they would raise their prices Their losses would be much re and wages greatly. duced, and their general trade, and It is unquestionable fact, that, with in consequence profits, would be brisk trade, and abundance of emgreatly enlarged.

ployment, profits and real wages Upon the whole, these would be would be much higher than they are the effects. Profits and wages would at present, notwithstanding any adbe carried to the highest point vance of prices. throughout the population. This It is unquestionable fact, that the would raise employment for capital prosperity of the rest of the populaand labour, the extent of trade do- tion would add very greatly to the mestic and foreign, the accumulation general trade and profits of the exof capital, and public wealth and porting manufacturers. prosperity, to the highest point. This It is unquestionable fact, which would reduce to the lowest practi- has been established by the whole of cable point, taxes, duties, rates, and experience, that no rise in food or the cost of foreign commodities. general wages can raise labour to the

I state this, not as opinion, but as exporting manufacturers above what unquestionable fact.

they can afford to pay for it—that it It is unquestionable fact, that if must take what they are able to give, wheat were raised to 70s. per quar or be without a market and that ter, and other agricultural produce they can always obtain a sufficiency were raised in proportion, this would of it for what their prices will yield. give good profits and prosperity to And it is unquestionable fact, that the landowners and farmers, and the higher general profits and wages cause much more labour to be em are in rate and aggregate amount, ployed on every farm throughout the lower in reality are taxes, duties, the country ; and that in conse rates, and the cost of foreign goods. quence additional employment would If all this be insufficient to remove be created for several hundred thou the excess of population, resort to sands of souls.

emigration, on an adequate scale. It is unquestionable fact, that the The excess must be removed, or culture of inferior and waste lands wages cannot be properly raised ; would employ a vast number of and wages must be so raised to give souls.

agriculture, manufactures, and trade, It is unquestionable fact, that the the proper portion of prosperity. increase of profit to the farmers, and To prevent it from pressing unthe large additional demand for la- duly on the labour employed in the bour, would raise husbandry wages exporting trades, relieve them as far greatly.

as possible from duties and taxes, It is unquestionable fact, that if and aid them when necessary with the colonial agriculturists could ob- bounty. tai a comparatively small advance I will here offer a few observaof prices, they would consume far tions on the culture of inferior land, more British manufactures than they The land, in England, is divided do.

into parishes, just as it has been time It is unquestionable fact, that if immemorial, and this operates greatthe agriculturists at home, and in the ly against improvement. Four, six, colonies, could obtain higher profits eight, or ten thousand acres contain and wages, and were more nume in the centre of them a single vilrous, they would consume an enor- lage; the land round the boundary mous additional quantity of mer is perhaps a mile or two distant from chandise and manufactures, and the village, and in consequence its would thereby employ a vast addi- culture is but little attended to. Gotional number of souls in manufac- ing along the boundary line between tures and trade.

two parishes, there is a mass of land It is unquestionable fact, that if half a mile in breadth in this estate. the manufactures and trades which the land of every two villages, if

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properly divided, should support ence of government could be conthree, but no 'new ones can be ceived, this is one. The establishing created.

of an additional number of souls on In innumerable cases, three or four the land, would be in itself the emlandowners, whose estates join, could ploying of an additional number in with great advantage to themselves manufactures and trade. Governform a new village. If they would ment ought not, in such a case, to be jointly surround the point of junc- afraid of sacrificing the public motion with a thousand acres of land, ney. It ought to assist the owners and divide it into lots, containing of waste land with grants and loans; from ten to one hundred acres each, and in many cases to drain, manure, they would be able to let the lots at enclose, &c., at its own cost, with the a rent, which at the first would yield certainty of suffering much direct them sufficient interest on their out- loss from it. Public money, which lay. If they would form a few lots, is practically expended in creating containing from two to five acres new land, -in providing employment each, with a small house, they could for industry which could not othereasily sell them for a sufficient price. wise exist-cannot be lost; it must They might do this with land which yield to the state an adequate return at present yields very little rent; but in revenue and power for ever, which requires only common culture Industry in this country would never to make it fertile. I need not dilate want employment, if the land were on the rapid improvement in value properly atter.ded to by its rulers. which this land, and that surround But this inexhaustible source of eming it, would receive.

ployment, wealth and prosperity, The state might do this, if the land- not only neglected, but continually salords would not. In innumerable crificed. The cabinet and legislature cases, it might take on lease at a low are always devising expedients for rent, a thousand or two thousand extending manufactures and trade, acres of land belonging to different but they never can think of extendvillages, and at a distance from them ing agriculture; on the contrary, they all; and form a new village in this hold up its contraction as a matter

of national benefit. Do manufacPortions of land containing a thou tures and trade need employment ? sand acres are frequently on sale. it is to be effected by the diminution If the state should buy them, divide of agriculture : are they in distress? them as I have stated, and a few it is to be relieved by plunging agriyears afterwards sell the lots sepa culture into distress. Thus that rately, it would draw from this pecu- which constitutes their great source niary profit.

is continually sacrificed for their adI speak of that which is matter of vantage. pressing public necessity. This coun Let us suppose that 3,000,000 acres try is in circumstances different from of waste land are taken into cultivathose of any other. In most other old tion, and that in the space of a few nations, redundant population can years each acre will send annually easily employ itself on the land, pro to market two pounds' worth of provided agricultural produce can be duce. The greatest part of the mosold. In France the law of inheritance ney received for this produce-sup-I do not speak in defence of it, pose five millions yearly—will be explants the increase of agricultural in- pended in manufactures and merhabitants on the land. But England chandise. The expenditure of this has an excess of inhabitants which sum amidst the manufacturers and must be removed, or it will involve traders, must enlarge very greatly her in ruin-her land if properly re- their consumption of their own goods. gulated would, with benefit to all par- Assuming that it will add two milties, employ infinitely more than this lions to such consumption, the culexcess-she could consume all the ture of this land will give to the produce which the latter could raise manufacturers and traders a trade -and still her land is in such circum- amounting to seven millions anstances, that her idle population can- nually. not gain any employment on it. Government could soon create

If a proper case for the interfer- such a trade at a comparatively trif

manner.

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ling sacrifice; it would be most cheap- be beneficially established on the ly bought, should it cost five or ten land, and that one hundred souls millions.

could be placed on a thousand acres. I am advocating no division of the Fifty thousand acres would be rebest land, and no injurious one of quired, which would form a thousand the inferior. I am no friend to very allotments, of different sizes, but little farmis. But in England the averaging fifty acres each. If each proportion of smaller ones needs allotment, on the average, should enlargement. The working mechanic require an outlay of £300, the whole and artisan can hope to become would require £300,000. Much of masters by means of industry and the money would be provided by the frugality,--but the husbandry labour owners of the land. There would ers

cannot. If the latter can save a be in each county a thousand small little money, they can find no parcels houses to build, and as many small of land sufficiently small for them to parcels of land to enclose, &c.; a rent, and, in consequence, they are work which, in point of magnitude, deprived of the most powerful temp- would not be equal to one half of tation to saving. What I recommend the building alone which takes place would supply a remedy to this, with in London annually. out unduly lessening the proportion In so far as it might be necessary, of good-sized farms. The least of Government might supply the money the allotments would be taken by on loan. The repayment of the those w could combine with their greater part would be certain ; nd farming some other calling. Land if two or three millions were wholly should be divided no farther than sacrificed, the public gain would this-it should have no more popu

still be immense. lation on it than it can fully employ; This, in the forty English counties, therefore the number of allotments would give permanent employment incapable of fully employing their to 200,000 souls; by so doing, it occupiers, should be limited by the would give permanent employment means of the latter for procuring a to a great number of souls in manusufficiency of other employment. factures and trade--and by greatly When it is divided, as it has been enlarging the demand for labour, it in some parts of Ireland, every oc would raise general wages, and therecupier is converted into a labourer by supply a vast additional number without a master to employ him; of souls with employment. It would his land will only give him work for likewise lighten very much the poor a trifling part of his time, and the rates. division has destroyed farmers to I must now offer a few brief rehire him for the remainder. Society marks on the currency. could not be placed in a more cala The notes of Country Banks form mitous condition.

capital, which, to a great extent, canTo the plan for establishing the not exist, if they do not; and this capoor on waste lands by means of so- pital is principally used

by those who cieties, I am a warm friend; but I must have it or none. Practically, it fear it will not be acted on to an ex can only exist in so far as it can be tent which will be felt by the com- employed, and it is dispersed throughmunity at large. Perhaps it might out the country always in readiness have due effect given it in this man for those who have the means of emner. Let the landowners and other ploying it advantageously. It is not respectable inhabitants of each coun the competitor, but the auxiliary of ty form themselves into a separate other kinds of capital; up to a high society, to act in its own county only; point, it takes employment which and let all be assisted in the most they cannot, and enlarges their means liberal manner by government. By of employment. this the plan will be carried into ef The less capital the individual posfect, in a sufficiently comprehensive sesses, the more in proportion he exmanner in every county at the same pends of his profits in consumption. time.

If a man have only two or three hunLet us suppose that there are 5000 dred pounds, he perhaps expends all idle souls, including women and his profits in the maintenance of his children, in each county, who could family, and can save nothing; if he

have only five or six hundred pounds, the present state of England ; if more he expends the chief part of his pro- proof be necessary, it may be found fits in this manner, and can save but in the history of young nations, in little ; but if he have twenty or thirty which the capital is divided in small thousand pounds, he saves much portions amidst the many. Great more of his profits than he expends. houses are necessary to take the Let the annual rate of profit on capi- trade, which, from the large amount tal, after paying all the expenses of of capital required, the slowness of business, be thirty per cent, and di- returns, &c., smaller ones cannot vide the sum of fifty thousand pounds take; but beyond this they are injuequally as capital amidst two hun us. They are the natural enemies dred persons, it will yield no annual and destroyers of the middling and savings. Divide it amidst one hun small ones, and very frequently of dred, and allowing for failures, &c. each other. By combining the greatit will yield a very small amount of est powers of production with the savings. But give it all to one man, smallest of consumption, they form and probably he will save twelve or the great cause of the gluts which are thirteen thousand pounds yearly, so ruinous. The smallest capitalist will expend I will here observe, that a country more by the last named sum in con cannot, except for a comparatively sumption, than the large one; with short period, have less general capithem the capital will not increase, but tal than it can beneficially employ. with him it will double itself in every If it have less, the consequent high four years; they would scarcely save rate of profit will soon give it abunso much with a rate of sixty per cent, dance. The doctrine, that Ireland is as he will with this of thirty. poor from scarcity of capital, is ab

Thus, if the whole capital of the burd; she has more than she can emcountry were divided amidst such as ploy at a sufficient profit, and she is these small capitalists, it would not, poor from the scarcity of profitable with this rate of thirty per cent, in- employment for capital. Her farmers crease; but if divided amidst such as and manufacturers cannot make prothe large one, it would double itself fits which will admit of accumulation; in every four years. The small ones hence her poverty. Much may be would expend five or six times more charged on the personal character of of the profits in consumption than the her population, for various of her lelarge ones. I showed, in a former gislators and writers have said, that letter, that the general rate of profit British capital would soon be lost in cannot be permanently above what her, if not under the management of will allow capital to increase in the British foresight and frugality. The same degree with the means of em case is the same with all poor counploying it; if, therefore, the whole tries. An infallible method for tacapital were divided amidst the small king from the richest nation its capicapitalists, the regular yearly rate of tal, and plunging it into penury, is profit might be forty or fifty per this Destroy as far as possible encent; but if divided amidst the large ployment for capital and labour, and ones, this rate could not perhaps be bind, by foreign competition, the rate above ten or fifteen per cent. I'draw of profit, and in consequence the rate from all this the following conclu- of wages to the lowest point practision :

cable. This is now acted on with The more the capital of any country triumphant success in the British is monopolized by great capitalists, empire. the lower the general rate of profit The small notes of Country Banks must be--the smaller must the ex constituted capital, which, in a great penditure of profits in consumption measure, could only exist in them; be the smaller must general con the use of this capital was, in effect, sumption be--the less must the ex- chiefly confined to the middling and tent of general trade be—the smaller small manufacturers and traders, who must the quantity of employment for could not procure other in lieu of it, capital and labour be--the lower and it could only exist to the amount must wages be—and the more poor which could be beneficially employand miserable must be the country.

ed. The notes thus formed a giganThis conclusion is established by tic source of employment for capi

tal and labour of the highest charac- be higher, without causing a great ter. They were used as capital by import of salted provisions, &c. ?-those whose expenditure of profits could butter, cheese, skins, seeds, in consumption was the greatest, &c. &c. be higher, without causing whose accumulation of capital was excess by importation ? No-with the least, and who were restricted such an issue, agricultural produce from injurious speculation and ex could not be materially higher than cessive production. They thus cau it is. sed the expenditure of general profits The case is the same with ships, to be the greatest, not only in amount, silks, gloves, lace, and various other but, in proportion to accumulation, things. made gluts less frequent, and of Cottons, woollens, and other artishorter duration, enlarged greatly the cles of export, are, as every one extent of business and employment, knows, governed in their prices prinand kept the general rate of profit at cipally by foreign markets. a higher point.

It is thus demonstrable, that priThe suppression of the notes has ces must have been nearly as low as destroyed this gigantic source of they are, and of course that the mass employment for capital and labour. of the community must have been It has fallen principally on the mid- almost as much distressed as it is, if dling and small manufacturers and the circulation of small notes had traders; while it has annihilated their not been molested. capital, it has left that of the over With regard to the great fall in the grown houses as excessive as ever. prices of live stock, I will remark, It has destroyed consumption with that the consumption of animal food capital, therefore it has not given the has been prodigiously reduced amidst trade to the great houses which it the lower orders by distress-that has taken from the smaller ones: of by means of steam, importation from course, it has caused a great loss of Ireland has been for some time greatbusiness and employment for labour. ly on the increase--and that every It forms an important part of that facility has been given to shipping hateful and ruinous policy which this for using foreign provisions. Here country is acting on, of grinding the are causes amply sufficient for the middle and lower classes to powder, fall. In respect of Irish butter, its for the benefit of a comparatively few market has been, to a large extent, overgrown houses, which are, in a taken away amidst the working classlarge degree, a scourge to the popu- es, and ships; therefore it is naturallation at large.

ly at ruinous prices. In this manner, the suppression of There are public men of great prethe small notes has greatly aided the tensions, who, strange to say are free trade measures, in reducing pri- the champions of both a paper curces, and creating distress. There are rency and free trade. These men those, however, who maintain that the inveigh against the suppression of evil has been produced, principally, small notes on the sole ground that and almost wholly, by the suppres- it has raised the value of money, or, sion: I dissent from them altogether, in other words, has produced low and in saying this, I will add, that prices; and in the same breath they nothing but public interest could lead vehemently eulogise the free trade me to controvert the opinions of allies. laws, which will not suffer prices to

These individuals take their stand be higher than they are! They acprincipally on the fall in prices; it tually do more than this—they advois, therefore, incumbent on them to cate other free trade measures, which prove, that prices would have fallen confessedly would subject prices to if the notes had not been suppressed, a further great reduction!! There or that prices could be materially are liberal publications which dishigher withí an unlimited issue of play this barbarous inconsistency. notes. They have not done this, and The “schoolmaster” has not yet been they cannot.

able to penetrate into every quarter. With an unlimited issue of notes, Were small notes, therefore, again could wool be higher than it is ?- suffered to circulate, it would not, could corn be higher, without a glut with the present commercial laws, of foreign corn -could live stock have any material effect in raising

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