TOPICS OF THE DAY.
THE AGRICULTURAL DILEMMA: CURRENCY AND CORN.
WE foresee that the "Farmer's Friends" will give Lord MEL- BOURNE little trouble in the next session of Parliament. By re- pealing the Malt-tax, they might embarrass his finance; but that is out of the question—by common consent the Malt-tax is to re- main undisturbed. Two other modes of proceeding have been laid before the agriculturists. The first is recommended by Lord CHANDOS; who proposes to more for a Committee to inquire into the causes of the alleged distress among the owners and occupiers of land. The Ministry would make no opposition to such a motion ; the Committee would not report till the end of the session ; and thus for another year the question would remain in statu quo,— to the comfort of Lord CHANDOS and those who act and think with him, quite as much as to that of Lord MELBOURNE and Mr. SPRING Rms. But there is a stirring portion of the agricultu- rists who by no means relish this mode of quietly avoiding prac- tical measures ; and they are resolved to mix up the state of the currency with the subject of landed distress. Here again Ministers are safe. They would strenuously oppose any attempt to procure directly or indirectly the sanction of Parliament to the depreciation of the currency ; and they would be supported by Sir ROBERT PEEL, by a considerable section of the agriculturists of all parties, by the monied interest, and the sound political economists : they . would have an immense majority. So the factious may rely on their inability to injure the Ministry through the agricultural question.
As to the landed gentlemen themselves, they are by no means so pleasantly situated. They had a great meeting at the Free- masons' Tavern on Tuesday, where the Currency-doctors carried the day. All went on smoothly as long as the routine business of the meeting (assembled to form a Central Association) was in progress ; but that having been concluded, Lord STANHORE, who has retired from Parliament in disgust at finding his crotchets laughed at, spoke a long rigmarole in favour of raising the price of corn by depreciating the currency, and moved the following
resolution- " That nothing can remove the present overwhelming distress, but the adoption of some measure which will either raise the price II produce to the level of the burdens im- posed, or bring down the burdens to the level of the present prices."
This "some measure "was thus explained by Lord STANHOPE-
"He would propose not to alter the standard to the extent of 50 per cent, or to any indefinite amount, but to replenish the country with paper—paper of a valid description. On a former occasion he had proposed the establishment of a silver standard of value, which he believed would be sufficient to give great relief. He would not now propose to make any alteration in the paper of private banks; but he would propose the establishment of a new medium of circulation in paper, so secured that the holders of it should not be exposed not only to any subsequent loss, but to any present inconvenience.He would pro-. pose also the issue to an immense extent of the lowest denomination of Ex- chequer Bills. In effecting this change in the currency, they would be greatly raising the nominal, though not the real, price of corn, and, consequently, anless a corresponding alteration were made in the present Corn-laws, they would greatly facilitate the importation of foreign corn."
Mark this, ye over-rented farmers! Lord STANHOPE says—and he says truly—that his scheme would only raise the nominal, not the real value of corn. Therefore it would have no effect what- ever in relieving that very considerable class of tenants who pay a corn-rent,—that is, whose money payments to their landlords rise and fall with the price of corn. All the tenants from year to year would be in the same predicament as respects rent, next year per- haps, certainly very soon, as they are now ; for with the nominal rise in corn, there would be an equivalent augmentation of rent : the landlords would not allow them to profit by the fraud for any long period. The price of corn alone would not be raised ; every other cort5umeable article would feel the effects of the proposed deluge of paper : so that, after his debts contracted previously to the " replenishment " of the country with paper had been dis- charged, the farmer would be in the same predicament as he is now—he would apparently get more for his produce, but his rent and other expenses of every description would be proportionally higher. He would transfer a portion of the property of his credi- tors into his own pocket, and thus be relieved from immediate embarrassment ; but the permanent causes of his distress would not oe in the least degree removed.
It is apart from our purpose to show the effect of Lord STAN- Bores scheme on the country at large : it would lead us over the old beaten ground of the currency question, on which his Lord- ship has thrown no new light. But we may remark, that as Lord STANHOPE seems to understand perfectly well that the prices of foreign corn would not be even nominally raised by the profuse issue of paper in England, it is strange that be should not have considered the effect of his plan on the exchanges, and on the prospects of the British manufacturer in the Continental and American markets.
Notwithstanding the disapprobation of Lord CHANDOS and Lord WYNFORD, and the more direct opposition of Mr. HERBERT CUR- rais,—whose beating at agricultural meetings is always manly and becoming an English gentleman and Member of Parlia- ment,—Lord STANHOPE'S resolution found favour with a large majority of the four or five hundred noblemen and gentlemen assembled on Tuesday. Miserable infatuation I—but the drown- ing catch at any straw. The farmers, however, now know what they have to expect. Their professed "friends" have combined to make what th allow will be an unsuccestful attempt to raise,
not the real, but the nowinal price of grain, 1 by a fraud on the creditor portion of the community ; which will also operate to the serious loss of all tenants who have leases on corn-rents, and can- not by possibility give more than a temporary relief to the tenants- at-will.
Since so many lose, somebody must gain : who is to pocket the winnings ?—The landlords,ito be sure 1—Thank you for the infor- mation, my Lord STANHOPE!
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