Louie on the State of England. 619 
siderable proportion of our manufacturers, 
perhaps not less than one hundred. thou- 
sand, ceased to receive employment in 
preparing clothing, arms, and other mili- 
tary stores, Hence a rapid overstock of 
manufactures, and ano less rapid: fall: of 
wages. Acrticulture, though resting, appa- 
rently on a firmer basis, received an early 
shock, in consequence of the extravagant 
expectations of certain landholders, who, 
by urging a corn law such as government 
could not grant, caused a year to elapse 
without an alteration in the existing limit. 
Imports accordingly took place on a large 
scale, and our farmers, instead of descend- 
ing gradually, were exposed to all the evils 
of sankdién depression. On the other hand, 
our Gonsumption, whether of agricultural 
or manufactured produce, experienced no 
absolute diminution ; for our numbers, as 
was shewn by the extent of new buildings, 
were annually on the increase; but partly 
from the economy introduced by altered 
circumstances, partly from other causes, 
the increase of consumption did not equal 
the increase of supply, anda general fall 
of prices became unavoidable. 
_. To shew the magnitude of the transi- 
‘tion from war to peace, we add a brief 
‘comparison of the sums expended by go- 
vernment in the five last years of the war, 
and the five first years of peace. 
Years of War. 
PUM Nb: Drivel: ar: 87 (ia t-4 - £92,200,000 
1812). ce “ener ttn 8 . 103,400,000 
y hog bs fe Sides Seah oa - 121,000,000 
WA gry Vie Fie! punae y's . 117,000,000 
1815... . npernan 
Average. . . . « ~ ~ 108,720,000 
Years of Peace. 
1816... . «+ + « « £72,000,000 
WALT eo, us 66,300,000 
TREES: Aaa 67,000,000 
SAMMI plac. 9 Zp vie! 59,000,0U0 
ne 7 a aeteaed 61,000,000 
Average . 64,660,000 
Peace thus caused an immediate reduc- 
tion of nearly fifty millions in the amount 
of the money distributed by government 
to. pay employment, or, as it is termed by 
political economists, to stimulate produc- 
tive industry, During the war, all our es- 
tablishments, private as well as public, had 
heen formed on a large scale, a scale that 
supposed a power of demand, a capacity 
of payment, much greater than was found 
to exist after the peace. ope was pe case 
in regard: not only to great offices, but. pri- 
vetelbupblishinents OF t the most Mester 
character; manufactures, mercantile houses, 
seminaries of education, and a variety of 
undertakings, almost all of which, whether 
_in the metropolis or provincial towns, 
were adapted’ to. a community increasing 
not only in numbers, but: in-its means of 
expenditure,* eee 
The only ‘persons precluded from, this 
advantage were the fixed annuitants, land- 
holders whose property was let-on lease, 
and, for a time, the military,and civil. ser- 
vants of government. Since the peace, all 
has been reversed; agriculturists, _mer- 
chants, manufacturers, mechanics, have all 
fallen from their ‘vantage ground, and_pros- 
perity has been confined to the compara- 
tively small number of persons with fixed 
incomes, the persons who had experienced 
privations during the war. 
Computed Amount of the:Taxable Income 
of the Nation, at two distinct Periods. of 
War and Peace. 
Great Britain, distinct from. Ireland. 
1813. 1822, 
Rent ofland £43,000,000. £30,600,000 
Tithe . .-+. . 4,703,000 . 4,000,000 
Annual income . 
or profit of far- 
mers subject to 
property-tax . 
This was ex- 
clusive of near- 
ly 20,000,009/. 
exempted from 
the tax, (see the 
returns for1812) 
so that the re- 
duction to far- 
mers is very 
great. 
Rent of houses 
Annual profit of - 
trades and pro- 
fessions 
Wages in a- 
griculture, ma- 
nufacture, and 
every depart- 
ment of indus- 
EY wits - 100,000,000 
Interest of the 
public funds. . 
Conjectural 
amount of inte- 
rest of money 
lent on, private 
securities. , 
Government 
21,000,000 . 12,000,000 
16,000,000. 16,000,000 
30,000,000 22,000,000 
80,000,000 
31,300,000 30,000,000 
20,000,000. 20,000,000 
expenditure at 
home, — exclu- 
Carry forward £197,300,000 168,000,000 
* Here Mr Lowe: is clear and: rational, 
but he makes no further application ofthis 
own deduction.—-Ep. EG 
Brought 
