CHAPTER I. THE PETITION OF LONDON MERCHANTS. State of the Nation.-Low Rates of Wages.-Distress in the Ribbon Trade.— Imports and Exports.-State of Commerce in 1820.-Hostile Foreign Tariffs.-Petitions for Free Trade.-Principles of International Trade.— Erroneous Views of Protectionists.-Prohibitory Policy not beneficial. Need of an Investigation.-Free Trade essential to remove Hostile Measures Abroad.-Petition of the Edinburgh Chamber of Commerce.— Committee on Foreign Trade.-Mr. Wallace on the Foreign Trade. If the coffers of the Bank of England were full to repletion, the private resources of the masses of the people were never more exhausted than in the years immediately preceding the conclusion of the war, and for several years afterwards. With bread at famine prices and trade greatly embarrassed, the poor suffered keenly, and considerable irritation and discontent were apparent throughout the country. Nor did the conclusion of peace produce any decided improvement. As soon as the war ended there was quite a frenzy among traders to plunge into all kinds of operations, in the expectation that there would be an eager demand for British goods, especially on the Continent. But this expectation was sadly disappointed. Notwithstanding all the orders in Council and all the Berlin and Milan decrees, every market was over-stocked with British goods. In truth, the people, everywhere impoverished by the war, could ill afford to buy goods for either comfort or luxury. And with results so disappointing, production had to be largely diminished, employment became more and more scarce, wages fell lower than before, and the working classes found it harder and harder to live. There is one unalterable law as regards wages. They depend on capital. However fertile the soil, however favourable the position of the country, however great the extent of territory, unless there be sufficient capital on hand to maintain labour, nothing can be done. Unfortunately the capital of the country at that time was greatly reduced.2 The manufacturers In In 1800 the wages of carpenters, masons, bricklayers, paid at the Greenwich Hospital was 188. per week. The average price of wheat, 1138. 10d. per qr. The price of beef paid at St. Thomas's Hospital at Lady Day, 48. 4d. the stone. 1810 the wages of the same class of artisans were 318.; the price of wheat, 1068. 5d.; the price of meat, 58. 8d. In 1820 the wages were 30s. 6d. ; the price of wheat, 678. 10d.; the price of meat, 48. 10d. the stone. The amount of property subject to legacy duty in 1814 was 27,299,8067. ; in 1824 it was 35,852,8241. The estimated entire value of personal property in had little to spare. The sales of produce and manufactures caused loss instead of gain. And with a large number of labourers seeking employment, wages were excessively low. The case of the common weaver seemed, indeed, peculiarly hard. He was worse off than any other class of labourers, and year by year his income was becoming less. In 1802 he earned, 138. 10d. per week; in 1806 the wages had fallen to 10s. 6d. ; in 1808 they were only 68. 7d.; in 1812, 68. 4d.; in 1816, 58. 2d. ; and in 1817, only 48. 34d. per week. Deduct from this 18. a week for the expense of the loom, and the poor weaver got only 38. 3d. a week to keep himself and his family. How could he live on such a pittance as this, with all the articles of food at extremely high price? The price of corn had, it is true, somewhat fallen. From the close of 1813 to the commencement of 1816 it had become so low that the landed interest was encouraged to ask for a new corn law; but from 1816 to 1817 prices rose greatly, both in this country and on the Continent; and though the excellent harvest of 1818 produced a temporary reaction, the price in 1819 soon recovered. The condition of the low-waged classes at this time was, indeed, very pitiable; and in despair they went about destroying machines, breaking down power-looms, smashing stocking-frames, and committing all manner of mischief. Some branches of trade, such as the ribbon trade of Coventry, were, moreover, suffering from a change of system. For a long time the custom was for the ribbon manufacturer to provide the silk and the undertaker 3 the looms and machinery, the work being done by himself and his family, assisted by apprentices and journeymen. Under this arrangement usually two-thirds of the wages went to the journeymen weavers for their labour, and one-third to the undertaker. So long as the demand was small no inconvenience was felt from this system. In 1812, however, a sudden large demand sprung up for ribbons with large pearl edges tapering out, and a golden age all at once dawned on the distressed weavers. Then labour became more abundant than labourers; the undertakers, pressed for work, had to employ half-pay apprentices, and the manufacturers, who had hitherto paid a uniform rate for the weaving of the silk, began to outbid each other in the labour. market. Quarrels commenced, and as the weavers thought themselves aggrieved by this competition, and asked for a uniform 1814 was 1,200,000,000l.; in 1824, 1,500,000,000l. The real property was valued at 49,660,7287. in 1815, which at twenty years' purchase gave a total of 993,214,5607. Total, 1814-15, 2,193,000,0007. The undertaker was the person who received the silk from the master, was responsible for the return of the weight of it, and undertook to get it woven into ribbon through the medium of journeymen. As a remuneration for his trouble, and to repay him for the winding, warping, shop-room, and looms, he had a third of the earnings. |