in 1848 it was 21,000,000 (hear). But it may be said that 

 this was a " fictitious price " that it was only a paper-money 

 price. But, in a highly taxed country like ours, the price, 

 to be remunerative, must be comparatively high ; for this 

 reason that the farmer, and every producer, to get a remuner- 

 ative price, ought to be able to add the amount of taxation to 

 the cost of production (hear). If you can produce any article 

 at a cost represented by 4, and an amount equal to 2 be added 

 by taxation, your price must become 6 to make it remunerative 

 (hear). 



But high prices, as was before said, can only exist with an 

 abundant circulating medium. The system of paper money, 

 in operation during the war, supplied this abundant circulation; 

 and therefore enabled the country to bear its heavy burdens, 

 arid to prosper in spite of them (hear, hear). What happened 

 when our efforts were at last crowned with an universal peace ? 

 The nation's rejoicings were scarcely over, before a period 

 commenced of dreadful distress (hear). How was this brought 

 about ? Immediately after peace was proclaimed, the Bank 

 was informed that its notes must be paid in gold at a fixed 

 price (viz. 3. 17s. lO^d. an oz.) Accordingly the Bank pro- 

 ceeded forthwith to draw in its notes. The circulation, which,, 

 according to Mr. Loyd, was at its highest in 181.3 and 1814, 

 was diminished nearly one half in 1816 and 1817. The 

 country bankers were forced to do the same. Prices declined 

 immediately ruin followed. In March, 1815, the Corn Law 

 passed which was to secure the farmer 80s. a quarter for his 

 wheat; in the following December, the monthly average was 

 55s. 9d. a quarter, or 30 per cent, less than the law of March 

 had fixed as a remunerative price (hear, hear). The distress 

 of 1816 was terrific. This is the description of it given in 

 January, 1817, by Mr. Tierney : "Each succeeding year 

 since the war ended" said he, " has only made things worse ; 

 " the distress, at first confined principally to our agriculture, 

 " has spread to every branch of trade and industry, and the 

 " national misery has reached a point wholly without a precedent 

 " since the Norman Conquest " (hear). The people were 

 aghast, and asked the cause of all this. They were told by 

 their rulers that it was the sudden transition from war to peace 

 which was ruining the country (hear) ! How was this distress 

 removed ? That question was answered by the Bank Directors 

 in their evidence before the committee of 1819 : " Was not 



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