Various - Blackwood's Edinburgh Magazine, Volume 63, No. 392, June, 1848

II. Having thus laid the nation fast in golden fetters, and prevented the possibility of an extension of the currency, for carrying on all undertakings beyond this £32,000,000, save by an augmentation of the gold coin in the country, government next proceeded to give every possible encouragement to railway undertakings, and to pass bills through the legislature for new undertakings of that description, requiring the outlay from 1845 to 1848 of at least £150,000,000 sterling, in addition to the ordinary expenditure and operations of the country, already raised at that period to an unusual and unprecedented height.

III. Having thus, in 1844 and 1845, landed the empire in an extraordinary and unheard-of amount of undertakings, requiring the utmost possible extension of the currency to carry these on, government, in 1846, next proceeded to introduce the free-trade system – allow the free importation of foreign grain, and throw down the protection barriers which had hitherto alone sheltered the native industry of the empire, and prevented, save on extraordinary emergencies, any considerable drain upon its metallic resources. They thus raised the imports to £85,000,000, sent the metallic circulation headlong out of the country, and of course contracted, by the force of the law of 1844, in a similar proportion, its paper circulation. By the two combined, they occasioned such a strain upon the bank that, in the end of October 1847, it was within a few days of stopping payment. Ministers were in consequence obliged to suspend the Bank Charter Act; but not till an amount of bankruptcy had been brought upon the middle class, and misery upon the people, unparalled in the history of Great Britain.

IV. Free-trade having exposed our colonists in the West Indies, who were charged with an indolent emancipated black population, to a direct competition with the slave colonies of other countries, where sugar, being raised by forced labour, could be brought to the market at little more than half the price which it cost in the British – government next obstinately adhered to their determination to ruin these colonies, and destroy capital to the amount of £100,000,000 sterling, rather than abate one iota of their free-trade principles; realising thus, indeed, the exclamation of Robespierre – "Perish the colonies, rather than one principle be abandoned!" The consequence is, that one half of the estates in the British West India islands will go out of cultivation, and be choked with jungle in the course of this year. Agricultural produce, once averaging £22,000,000 annually, will be destroyed in the next: a market once taking off £3,600,000 of our manufactures, and giving employment to 250,000 tons of our shipping, will be extinguished; and the foreign slave-colonies, having beat down British competition, will get the monopoly of the sugar-market of the world into their own hands, and raise its price to 7d. or 8d. a pound in the English market – thus terminating the miserable advantage for which all these disasters are incurred.

Whoever considers seriously, and in a dispassionate mode, the necessary effect of the measures on the part of government which have now been detailed, so far from being surprised at the extent of the devastation and ruin which has occurred simultaneously in Great Britain, Ireland, the East and West Indies, will only be surprised that it has not been greater and more wide-spread than it actually has been. He will regard it as the most decisive proof of the vast resources of the British empire, and the indomitable energy of the British people, that they have been able to bear up at all against such repeated and gratuitous blows, levelled, not intentionally, but from mistaken principles, by their own rulers at the main sources of national prosperity. And he will not consider it the least remarkable circumstance, in this age of wonders, that when the ruinous effects of these their own measures had been clearly and beyond all dispute demonstrated by experience, government not only positively refused to make the smallest abatement from, or change in their suicidal policy, but in every instance declined to give the slightest assistance to the persons ruined by, or suffering under it.

To us, reflecting on the causes to which this extraordinary and unprecedented conduct on the part of government is to be imputed, it appears that it can only be accounted for from two causes, to the combined operation of which the present distressed condition and recent danger of the British empire are entirely to be ascribed.

The first of these is the fatal and still undiminished influence of the political economists in the legislature. So great and disastrous has it been, that we do not hesitate to say, that we regard that sect as the worst enemies the empire ever had. What has made them so disastrous to the best interests of their country is, that they have introduced the custom of looking upon the science of government, not as a matter to be based upon experience, modified by its lessons, but as consisting of theories to be determined entirely by general reasonings, and considered to depend solely on the conclusions of philosophers, in works of abstract thought. They have thus come to disregard altogether the sufferings of nations or classes of society under their systems, and to adhere to them obstinately in the midst of general ruin and lamentation, as Dr Sangrado did to his bleedings and hot-water cure, though they had occasioned more funerals than the siege of Troy? They look upon a nation as the surgeon does upon a patient who is held down on the marble table to undergo an operations. This was just the case with Turgot – one of the first and most eminent of the economists, and who began the French Revolution by introducing their doctrines into French legislation. "He regarded," says Senac de Meilhan, "the body corporate not as a living and sentient, but as a lifeless and insensible substance, and operated upon it with as little hesitation as an anatomist does on a dead body." Beyond all doubt it was the suffering produced by the contraction of the currency from 1826 to 1830 that brought about the storm of discontent which issued in the Reform Bill. And if the empire is to be further revolutionised, and the Chartist agitation is to end in household or five-pound suffrage, it will unquestionably be owing to the wide-spread misery which the combined operation of free-trade and a fettered currency have extended through the empire.

The second cause to which this strange insensibility of government to the evidence of facts, and the sufferings of the empire, is to be ascribed, is the influence in the legislature of that very class which was installed in power by the revolution of 1832. The movement in that year was essentially democratic – it was by the effort of the masses, joined to that of the middle classes and the Whig aristocracy, that the crown was overawed, and the change forced upon the country. But the change actually made was in the interest and for the benefit of one of these parties only. The shopkeepers, by the framing of the Reform Act, got the government into their own hands. By schedules A and B, the colonies and shipping interest were at once disfranchised; by the ten-pound clause, the majority of votes in the urban constituencies was vested in the shopkeepers; by the places enfranchised, two-thirds of the seats in the House of Commons were for towns and boroughs. Thus the majority, both of the seats and the constituents, was put into the hands of the trading classes. Thence all the changes which have since taken place in our national policy. The practised leaders of parliament soon discovered where power was now practically vested, – they are as quick at finding out that as courtiers are at finding out who are the favourites that influence the sovereign. Thence the free-trade measures, and the obstinate retention of a contracted currency. It is for the interest of capitalists to lower the price of every thing except money, and render it as dear as possible; it is for the interest of the retailer and merchant to buy cheap and sell dear. Thence the free-trade system and contracted currency, which have now spread such unheard-of devastation throughout the empire. When a class obtains the ascendency in government, it becomes wholly inexorable, and deaf to every consideration of justice or expedience urged by any other class. Of such class government may be said, what Thurlow, with his usual wit and sagacity, said to a suitor who was complaining of the denial of justice he had experienced from an incorporation, – "Justice, Sir! did you ever expect justice from an incorporation? which has no soul to be damned, and no body to be kicked."