they would not pledge themselves to adhere to all the
details of that scale. And they said well
and wisely, for there were grave objections to some
of those details. These objections they have
removed, and infinitely added to the efficiency of
the sliding-scale; but in removing the principal objections,
they stirred a hornet’s nest—they
rendered furious a host of sleek gamblers in grain,
who found their “occupation gone” suddenly!
On the other hand, the Government conferred a great
substantial benefit upon the country, by securing
a just balance between protection to the British corn
consumer and producer; removing, at the same time,
from the latter, a long-existing source of jealousy
and prejudice. A few words will suffice to explain
the general scope of those alterations. Under
they system established by statute 9 Geo. IV. c. 60,
in the year 1828, the duty on foreign corn, up to
the price of 68s. per quarter, was so high, and declined
so very slowly, (L.1, 5s. 8d., L.1. 4s. 8d., L.1,
3s. 8d., L.1, 2s. 8d., L.1, 1s. 8d., L.1, 0s. 8d.,
18s. 8d.,) as to amount to a virtual prohibition against
importation. But when the price mounted from
68s. to 72s. per quarter, the duty declined with such
great rapidity. (16s 8d., 13s. 8d., 10s. 8d., 6s. 8d.,
2s. 8d.,) as to occasion the alarming and frequently
recurring evils of glut and panic. Now the following
was the mode in which these serious defects in the
law of 1828 were taken advantage of by the aforesaid
desperate and greedy “rogues in grain,”
who are utterly prostrated by the new system; they
entered into a combination, for the purpose of raising
the apparent average price of corn, and forcing it
up to the point at which they could import vast quantities
of foreign corn at little or no duty. Thus the
price of corn was rising in England—the
people were starving—and turned with execration
against those into whose pockets the high prices were
supposed to go, viz., the poor farmers; whereas
those high prices really were all the while flowing
silently but rapidly into the pockets of the aforesaid
“rogues in grain”—the gamblers
of the Corn Exchange!—Ministers effected
their salutary alterations, by statute 5 and 6 Vict.
c. 14, in the following manner:—They substituted
for the former duties of 10s. 8d. per quarter, when
the price of corn was 70s. per quarter, and 1s. when
the price was 73s.; a duty of 4s. when the price of
corn is 70s. per quarter, and made the duty fall gradually,
shilling by shilling, with the rise of price, to 3s.,
2s., and 1s. Thus are at one blow destroyed all
the inducements formerly existing for corn-dealers
to “hold” their foreign corn, in the hopes
of forcing up the price of corn to starvation-point,
viz., the low duty, every inducement being now
given them to sell, and none to speculate.
Another important provision for preventing fraudulent
combinations to raise the price of corn, was that
of greatly extending the averages, and placing them
under regulations of salutary stringency.