The contraction and uncertainty of the sources of a foreign supply, and the certainty that existed in 1811 and 1812 that we could not obtain any supply at all worth mentioning, do not admit of being estimated adequately in the price, although in general terms it must be assumed and allowed that they would cause a very great rise beyond the mere excess of the charges of importation incidental to the political obstructions which then existed.

But, taking into consideration only the additional charges, constituting an increased cost of production, and of importation from such sources as were alone accessible, of a supply of which we stood in urgent need, the following is a very moderate computation of those charges:

Difference of exchange, or the difference between paper and gold, on an average of the five years from 1809 to 1813, both years included, 20 per cent. on 60s. £0 12 Difference of freight which, with the licences from foreign governments, was in some instances as much as 50s. per quarter, but taking as the lowest of that period, 25s. per quarter, and deduct therefrom 5s. per quarter as the average of freights from 1828 to 1832 Difference of premium of insurance between the peace rate of between 2 and 3 per cent. on an average, and 20 to 40 per cent., at which the premiums ranged from 1808 to 1813, but taking only 20 per cent. on a varying amount, suppose an average of 60s. per quarter.

£1 0

0 12

£2 4

This extra cost (taken at the lowest computation), incidental to the war, of 44s. per quarter,

added to 61s. 2d., would bring the average of the five years ending in 1832, to 105s. 2d.*, without taking into consideration the further indefinite but necessarily very great effect which would be produced by the uncertainty of obtaining a sufficient supply on any terms. The alarm attending that uncertainty, does not, as before observed, admit of a precise measure in price; but I am perfectly persuaded that, considering the greatly increased density of population in the five years ending in 1832, requiring a foreign supply of nearly six millions of quarters of wheat, besides other grain, to make up for the deficiency of our own crops, if in addition to the effect on prices, of the extra charges enumerated attending a foreign supply, there had been the certainty, as there was in 1811 and 1812, that we could not obtain a sufficient quantity (allowing for the utmost retrenchment of consumption) on any terms, the average price of the five years ending in 1832 would have been decidedly higher than that of the five years ending in 1813; or, conversely, that the price in the five years ending in 1813, would not, but for the extra charges, and the uncertainty of any supply, have been so high as the average prices were in the five years ending in 1832.

The argument then seems to be complete, as derived from the price of wheat in the period

* By the alteration in the mode of taking the averages introduced by the corn bill of 1828, it has been computed that, supposing the state of markets the same, the aggregate returns are lower by 5s. the quarter than under the former mode. The returns formerly were confined to corn, the produce of England and Wales; they now include Scotch and Irish corn. The average price therefore of the five years ending in 1832, would, according to the mode of making returns between 1808 and 1813, be 5s. higher, namely,

to which adding

would make the cost, with the war charges

66s. 2d.

44s. Od.

110s. 2d.

which has passed under review, against any inference of increased value of money beyond the difference between paper and gold, in the five years ending in 1832, as compared with the five years ending in 1813. Or, conversely, that in the five years ending in 1813, the average price of wheat affords no ground of inference of depreciation beyond the difference between paper and gold.

The ground thus failing of any charge against the operation of Peel's bill, in the interval between 1827 and 1832, from a reference to the price of wheat, the impugners of that measure have confined themselves to observing upon the considerable fall of prices which occurred in a great majority of other articles in that interval, in proof, as they allege, of the still increasing value of money, and according to their doctrine, of the increasing pressure, or, in the peculiar language of their theory, the greater stringency of the act of 1819.

SECTION 2. State of Markets for Produce and Commodities other than Corn from 1828 to 1832.

It will be seen, by a reference to the tables of prices in the Appendix, that, during the greater part of this interval, while corn had been rising, and was at a comparatively high range, the prices of most other descriptions of produce were falling, and some of them experienced a lower point of depression than is observable in any other part of the period embraced by those tables. The following are some of the principal instances of the greatest depression, and the dates of the lowest quotations:

added to 61s. 2d., would bring the average of the five years ending in 1832, to 105s. 2d.*, without taking into consideration the further indefinite but necessarily very great effect which would be produced by the uncertainty of obtaining a sufficient supply on any terms. The alarm attending that uncertainty, does not, as before observed, admit of a precise measure in price; but I am perfectly persuaded that, considering the greatly increased density of population in the five years ending in 1832, requiring a foreign supply of nearly six millions of quarters of wheat, besides other grain, to make up for the deficiency of our own crops, if in addition to the effect on prices, of the extra charges enumerated attending a foreign supply, there had been the certainty, as there was in 1811 and 1812, that we could not obtain a sufficient quantity (allowing for the utmost retrenchment of consumption) on any terms, the average price of the five years ending in 1832 would have been decidedly higher than that of the five years ending in 1813; or, conversely, that the price in the five years ending in 1813, would not, but for the extra charges, and the uncertainty of any supply, have been so high as the average prices were in the five years ending in 1832.

The argument then seems to be complete, as derived from the price of wheat in the period

* By the alteration in the mode of taking the averages introduced by the corn bill of 1828, it has been computed that, supposing the state of markets the same, the aggregate returns are lower by 5s. the quarter than under the former mode. The returns formerly were confined to corn, the produce of England and Wales; they now include Scotch and Irish corn. The average price therefore of the five years ending in 1832, would, according to the mode of making returns between 1808 and 1813, be 5s. higher, namely,

to which adding

would make the cost, with the war charges

66s. 2d.

44s. Od.

110s. 2d.

which has passed under review, against any inference of increased value of money beyond the difference between paper and gold, in the five years ending in 1832, as compared with the five years ending in 1813. Or, conversely, that in the five years ending in 1813, the average price of wheat affords no ground of inference of depreciation beyond the difference between paper and gold.

The ground thus failing of any charge against the operation of Peel's bill, in the interval between 1827 and 1832, from a reference to the price of wheat, the impugners of that measure have confined themselves to observing upon the considerable fall of prices which occurred in a great majority of other articles in that interval, in proof, as they allege, of the still increasing value of money, and according to their doctrine, of the increasing pressure, or, in the peculiar language of their theory, the greater stringency of the act of 1819.

SECTION 2. State of Markets for Produce and Commodities other than Corn from 1828 to 1832.

It will be seen, by a reference to the tables of prices in the Appendix, that, during the greater part of this interval, while corn had been rising, and was at a comparatively high range, the prices of most other descriptions of produce were falling, and some of them experienced a lower point of depression than is observable in any other part of the period embraced by those tables. The following are some of the principal instances of the greatest depression, and the dates of the lowest quotations: