The average price of wheat for the year 1814 was about 34s. per quarter lower than the average of the preceding year, though the harvest had not been an abundant one. In the month of February, 1815, the average price was under 60s., and before harvest it might rise to 66s., when under the act of 1804 the ports would be open and prices again be de pressed, and it was thought to a very low point, in consequence of the obstacles to free intercourse with the continent being removed. Early in the session of 1815, therefore, a bill was brought in, giving effect to the recommendation of the com mittee of the previous year, and fixing 80s. as the lowest point at which importa tion should take place. The measure produced great excitement throughout the country, particularly in the manufac turing districts and in all the large towns. In the House of Commons, at an early period, a division took place in favour of 72s. being substituted for 80s., with the following result :—For the motion, 35 ; against it, 154 ; majority, 119. On the 3rd of March an attempt was made to throw out the bill :—For the motion, 56 ; against it, 218 ; majority, 162. On the 6th of March the vicinity of the House of Com mons was thronged by an excited multi tude, and several members were stopped, some of them roughly handled, and they were questioned by the mob as to the vote which they intended to give. Ultimately the military were called out, and, with the civil force, kept the streets clear. This evening the gallery of the House of Com mons was closed. An attempt was made to render the bill more favourable by substituting 74s. instead of 80s. as the pivot price ; and the motion was sup ported by 77 against 208, being a majority of 131. On the 8th of May, on bringing up the report, an amendment was moved, that the bill be read that day six months, when there voted 50 in its favour, and 168 against it ; majority, 118. A final attempt was made to substitute a lower rate than 80s., leaving it to the House to determine the exact price at which pro hibition ceased ; but only 78 voted for the motion, and 184 in favour of the measure as originally proposed. On the 10th of March, on the third reading, an amend ment was moved, that the bill be thrown out, but it was only supported by 77 against 245 ; majority 168. On the 20th of March the bill passed the Lords by a majority of 107 :-128 contents, and 21 non-contents. The measure was opposed with great force and acuteness by several of the most eminent statesmen of the day ; and Lord Grenville drew up an excellent protest embodying the views of the minority.
The 23rd of March, 1815, the bill re ceived the Royal assent.
Until the average price of wheat rose to 80s. the ports were now to be effectu ally closed. Colonial wheat was admitted when the average prices reached 67s. per quarter. Such was the leading feature of the new act (55 Geo. III. c. 26). But the mode in which the average prices were determined greatly increased its stringency. A new average was to be struck quarterly, on the 15th of February, May, August, and November, from the aggregate prices of the six preceding weeks ; but it was provided that, if dur ing the six weeks subsequent to any of these dates the average prices, which might be at 80s., fell below that price, no supplies should be admitted for home consumption from any ports between the rivers Eyder and the Bidassoa,—that is, from Denmark to Spain.
It was the general expectation of the farmers that the act of 1815 would main tain the prices of their produce at a rate somewhat under that of the scale which the legislature had adopted ; and which, for wheat, was 80s. ; barley 40s.; oats 278. ; and rye, beans and peas, 538. They entered into contracts with their landlords and others with this conviction. But, as in every measure passed since 1773 prices had risen above the scale which I had been fixed as the prohibitive rate, it happened that they now sunk below it. In 1816, 1817, and 1818, three deficient harvests occurred, that of the former year being below an average crop to a greater extent than in any year since the periods of scarcity at the close of the last century. Prices rose above the rate at which foreign supplies were admitted, and in 1817 and 1818 above 2,600,000 quarters of wheat were imported. In 1821 and 1822 the agriculturists endured the severest distress, and the engagements which they had been induced to make under the fallacious hopes excited by the last Corn Act and the range of high prices during the war occasioned them to he swept from the land by thousands. In the week ending December 21st, 1822, the average prices of corn and grain were as follow :— Wheat. Barley. Oata. Rye. Beans. Peas.
s. d. s. d. s. d. s. d. s. d. s. d 38 8 29 4 18 9 23 6 28 10 29 4 Being 41 4 10 8 8 3 29 6 24 2 23 8 lower than the scale which was framed for the farmer's protection. The harvest of 1820 was estimated as one-fourth above an average crop. and by some, who in cluded the extended breadth of wheat under cultivation in consequence of the high prices of 1816-17-18, the surplus was computed at about one-third above the average,—that is, there was a surplus of between 3 and 4million quarters of wheat, for which there was no demand. The crop of 1821 was large, but of inferior quality ; that of 1822 was above an aver age, and the harvest was unusually early. The cause of the great fall of prices and of its distressing effects on the farmers was sufficiently obvious. They were under leases and rents founded upon an extraordinary conjuncture of bad seasons with a state of war, and upon an act which promised to keep up high prices by excluding supplies of foreign grain.
The fluctuations in price under the corn-law of 1915 were as extraordinary as they were unexpected, and amounted to 199i per cent.
The cry of agricultural distress never ceased to ring in the ears of the legisla ture during the years 1820-1-2. Com mittees of the House of Commons were appointed to inquire into the condition of agriculture. In Parliament Sir Thomas Lethbridge proposed a permanent duty on foreign wheat of 40s. per quarter. Mr. Benett's plan was a permanent duty of 24s. per quarter after the averages had again reached 808., and a drawback of 18s. per quarter to be allowed on the ex portation of wheat of marketable quality. Mr. Curwen suggested that when the average price of wheat reached 80s. the ports should be opened for the admission of 400,000 quarters of foreign wheat, at a duty of 10s. ; and if, six weeks after this quantity had been admitted, the average price should still continue above 808., then to allow of the importation of an additional 400.000 quarters, at a duty of 58. The late Mr. Ricardo moved resolutions to the effect that when the averages rose to 65s. per quarter all the foreign wheat then in bond should be liberated at a duty of 15s.; and that afterwards, whenever the aver ages exceeded 70s. the trade in wheat should be free, at a permanent duty of 208.: one year from that time the duty to be reduced to 198., and a similar reduction to be made each year until the duty was 10s., at which it should be permanently fixed ; at the same time allowing a draw back or bounty on exportation of 78. per quarter. On the 29th of April, during the agricultural panic of 1822, Mr. Has kisson moved a series of resolutions, the first and second of which affirmed that prices had fallen, although the quantity of corn imported was trifling, and the third resolution showed—" That the ex cess of the supply above the demand must have arisen either from an extent of corn tillage more than commensurate to the average consumption of the country, or from a succession of abundant harvests upon the same extent of tillage, or from the coincident effect of both these causes." To prevent the alternate evils of scarcity and redundance. Mr. Huskisson proposed that the trade should be permanently free at a duty of 15s. per quarter, when the averages were under 808.; and when above 8Us. the duty to be 5s. ; and above 85s. a nominal duty of Is. only to be im Vise& The Select Committee of the House of Commons had a still greater variety of projects offered for its consideration. One plan proposed to the Committee of 1821 was to withdraw the permission to ware house foreign wheat or any other foreign grain in England. The Committee of 1822 had under its serious consideration two plans for the alleviation of agricul tural distress ;-1. The application of 1,000,000/. in Exchequer bills, to be employed through the agency of govern, ment in buying up a certain quantity of British wheat to be placed in store. 2. Advances to be made to individuals on produce deposited in warehouses, to pre vent them coming into the market simul taneously. The first plan was rejected by the Committee, but they considered the second was feasible, and were of opi nion that " The sum of 1,000,000/. so employed (in loans on stock) would pro bably be fully adequate to give a tempo rary check to the excess which is conti nually poured into the overstocked mar ket." In the House of Lords, the Mar quis of Londonderry, on the 29th of April, moved that 1,000,000/. be advanced in Exchequer bills, when the average price of wheat was under 60s.