DEPRESSION 265 



The persistent cries of distress produced a Bill giving still 

 further protection to corn-growers, which was fortunately not 

 carried into effect. There was no doubt, however, about the 

 reality of the crisis through which the landed classes were 

 passing. Many of the landowners were heavily in debt. 

 Mortgages had been multiplied during the war, and while prices 

 were high payn:ient of interest was easy ; but when prices fell 

 and the tenant threw up his farm, the landlord could not 

 throw over the mortgage, and the interest hung like a dead 

 weight round his neck.^ 



The price to which wheat fell at the end of 182a was to be 

 the lowest for some years ; it soon recovered, and until 1834 

 the average annual prices ranged from ^^s. to 6Ss. 6d., while 

 in 1825 beef at Smithfield was ^s. and mutton ^s. 4^. a stone. 



In 1823 there was a marked improvement, and the king's 

 speech congratulated the country on * the gradual abatement 

 of those difficulties under which agriculture has so long 

 suffered.^ In 1824 'agriculture was recovering from the 

 depression under which it laboured.'^ In 1825 it was said, 

 ' there never was a period in the history of this country when 

 all the great interests of the nation were in so thriving a con- 

 dition.'* In that year over-speculation produced a panic and 

 agricultural distress was again evident. In 1826 Cobbett 

 said, ' the present stock of the farms is not in one-half the 

 cases the property of the farmer, it is borrowed stock.' ^ In 

 1828 all the farmers in Kent were said to be insolvent.^ 



At the meeting of Parliament in 1830 the king lamented 

 the state of affairs^ and ascribed it to unfavourable seasons 

 and other causes beyond the reach of legislative remedy. 

 Many had learnt that high protection was no protection 



^ Walpole, History of England^ ii, 23. 



"^ Hansard, ix. 1544. * Ibid. x. I, 2. 



^ Ibid. xii. I. ^ Rural Rides, ii. 199. 



'"' Walpole, History of England, ii. 526. The distress was aggravated 

 by rot among sheep, which is said to have destroyed one-fourth of those in 

 the kingdom. See Parliamentary Reports, Commissioners (1836), viii (2), 

 p. 198. 



