Lords Sitting of 21 February 1822

AGRICULTURAL DISTRESS.
Earl Stanhopesaid, he held in his hand a petition from 1,100 owners and occupiers of land in Kent, complaining of Agricultural distress. The petitioners considered the distress the more to be regretted, as it appeared to them that it did not result from temporary causes; and they complained that nothing had been done by parliament for their relief. They were convinced that their distress did not proceed from over production. They regarded over taxation as the real cause; and were further of opinion, that the pressure of that taxation was greatly aggravated by the alteration which had been made in the value of the currency. The distress had been attributed to foreign importations; but it was to him utterly incredible, that the reduction of price produced by any importation could be felt through a series of years. He could form some idea of this being the cause where the depression was confined to corn only; but it was well known that cattle and all other articles of agricultural produce were affected. He
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should be glad to know whether it could be said that foreign cattle had been imported. [The earl of Liverpool said across the table, "No; they cannot by law."] This, then, was one reason more for doubting the effect attributed to importation. The noble earl opposite regarded a great increase of production in one year, as the main cause of the distress; but this was surely the first time in the history of this country, that anybody had thought of making abundance a subject of regret. The real cause was one much more natural, but one which ministers found it far more difficult to remove; namely, excessive taxation. It would become those who asserted that taxation was not the cause, to explain how it happened that the country was now distressed by prices of agricultural produce, which were not lower than the prices of 1792. What was the real cause of the different state of the country then and now, it required no tedious research to discover. The same objects of expenditure which then required only 15 or 16 millions of taxation, now required 56 millions. One of those great luminaries of political economy, who were considered as oracles, had lately asked in another place, how it was possible that taxation could cause low prices? Now it was possible that the wonder of this economist would cease, if he reflected, that the farmer was often obliged to sell at an unfavourable moment, to pay the heavy burthens imposed upon him. In this way it would appear, that taxation had some effect in producing low prices, as well as rendering it more difficult for the farmer to carry on his cultivation. The only cure for the distress was a reduction of the public expenditure including the interest of the debt in proportion to the rate in which the value of the currency had been increased. The depreciation during the war, when loans were made was generally estimated at not less than 30 per cent. Some persons made it 50 per cent; but to whatever extent it went to diminish the interest of the national debt, in the same proportion would be no breach of public faith; and some measure of that kind was indispensable. But it was not the public debt alone which ought to be taken into consideration; for all contracts had been affected by the alteration, of the currency. This was a matter which required redress; for what could be more unjust than to call upon a person

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to pay in one currency a debt which he had contracted in another? He must contend, in common with the petitioners, that at no distant date it would be found impracticable to collect the taxes. The ultimum supplicium would then be inflicted on the cultivators of the soil: for their corn and cattle would be taken from them in discharge of the heavy burthens under which they labour. In addition to the great remedy of reduction, he thought it would be advisable to take into consideration the effect of certain municipal regulations respecting the sale of corn which were in use on the continent, and were alluded to in the petition. The resumption of cash payments, without proper precautionary measures, was fraught with great danger to the country. If the execution of that measure was forced on without any means being adopted to guard against its natural consequences, he could contemplate nothing short of a national bankruptcy. He conjured their lordships to look at the state of Ireland. In justice to themselves, in justice to the people for whom they legislated, he called upon them to avert the ruin that threatened them. They stood now on the brink of a precipice, and could not advance without destruction, nor draw back without difficulty.—The noble earl handed the petition to the clerk for the purpose of its being read; but on examination, it was discovered that there were no signatures on the first sheet. It was consequently rejected on account of this informality.