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FORE:Sir Robert Peel then rose. He said that the immediate cause which had led to the dissolution of the Government was "that great and mysterious calamity which caused a lamentable failure in an article of food on which great numbers of the people in this part of the United Kingdom and still larger numbers in the sister kingdom depended mainly for their subsistence." But he added, "I will not assign to that cause too much weight. I will not withhold the homage which is due to the progress of reason, and to truth, by denying that my opinions on the subject of Protection have undergone a change." This announcement was received in profound silence from the Ministerial benches, but with triumphant cheering from the Opposition. Protection, he said, was not a labourer's question. High prices did not produce high wages, nor vice versa. In the last three years, with low prices and abundance of food, wages were comparatively high, and labour was in demand. In the three years preceding, with high[522] prices and scarcity, wages were low and employment was scarce. Experience thus proved that wages were ruled by abundance of capital and demand for labour, and did not vary with the price of provisions. Again, increased freedom of trade was favourable to the prosperity of our commerce. In three scarce and dear years, namely, from 1839 to 1841, our foreign exports fell off from 53,000,000 in value to 47,000,000. But in three years of reduction of duties and low prices, namely, from 1842 to 1844, the value of our exports rose from 47,000,000 to 58,000,000. Even deducting the amount of the China trade, a similar result was shown. Nor was the reduction in the customs duties unfavourable to the revenue. In 1842 there was an estimated loss of 1,500,000; in 1843 a smaller one of 273,000; but in 1845 there was a reduction at an estimated loss to the revenue of no less than 2,500,000. The total amount of the various reductions effected in three years exceeded 4,000,000; and many of the duties were totally abolished; the loss, therefore, not being compensated by any increased consumption. Had 4,000,000 been lost to the revenue? He believed that on the 5th of April next the revenue would be found to be more buoyant than ever. Sir Robert Peel referred to other proofs of prosperity resulting from reduced import duties, and then adverted to his own position, and declared that "he would not hold office on a servile tenure."[See larger version]
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