In short, the paper age, while it lasted, transcended, in so far as Britain was concerned, the dreams of a golden era. Those who suffered from the suspension of cash payments were the _original_ fundholders, annuitants, and such landlords as had previously let their properties upon long leases. But the distress of such parties was little heard, and less heeded, amid the hum of the multitudes who were profiting by the change. The creditor might be injured, but the debtor was largely benefited. One immediate effect of this rise in prices was, a corresponding rise in fixed salaries and the expenses of government. Hence, the domestic expenditure of the country was greatly increased; new taxes were levied, and the permanent burden of the National Debt augmented to an amount which, sixty years ago, would have been reckoned entirely fabulous. As a specimen of the increased expense of cultivating arable land, it may here be worth while to insert the following comparative table, calculated by Mr Arthur Young, and laid before a committee of the House of Lords. The extent is one hundred acres:--
COMPARATIVE TABLE OF THE EXPENSES OF ARABLE LAND.
| | 1790. | 1803. | 1813. | | +---------------+---------------+---------------+ |Rent, | £88 6 3-1/4 |£121 2 7-1/4 |£161 12 7-1/4 | |Tithe, | 20 14 1-3/4 | 26 8 0-1/4 | 38 17 3-1/4 | |Rates, | 17 13 10 | 31 7 7-3/4 | 38 19 2-3/4 | |Wear and tear, | 15 13 5-1/4 | 22 14 10-1/4 | 31 2 10-3/4 | |Labour, | 85 5 4 | 118 0 4 | 161 12 11-1/4 | |Seed, | 46 4 10-1/4 | 49 2 7 | 98 17 10 | |Manure, | 48 0 3 | 68 6 2 | 37 7 0-1/4 | |Team, | 67 4 10 | 80 8 0-1/4 | 134 19 8-1/2 | |Interest, | 22 11 11-1/2 | 30 3 8-1/2 | 50 5 6 | |Taxes, | 0 0 0 | 0 0 0 | 18 1 4 | | +---------------+---------------+---------------+ | Total, |£411 15 11-3/4 |£547 10 11-1/2 |£771 16 4-1/2 | | Deduct rent, | 88 6 3-1/4 | 121 2 7-1/4 | 161 12 7-1/4 | | +---------------+---------------+---------------+ | Nett expenses, |£323 9 8-1/2 |£426 8 4-1/2 |£610 3 9-1/4 | | +---------------+---------------+---------------+ |Price of wheat | | | | | per quarter, | 46s. | 56s. 9d. | 108s. 9d. |
So long as the war lasted, the import of corn from abroad into this country was insignificant in amount. In 1814 the amount of wheat and wheat flour brought in amounted to only 681,333 quarters, being considerably above the average of years since the commencement of the century. In fact, Britain was then self-supporting. In time of war it is plain that, from our insular position, we cannot trust to any supplies beyond those which are raised at home, and there cannot be any doubt of the capability of the land to support a much larger population than that which presently exists. To those who glance superficially at the above table, the price of wheat in the year 1813 will appear monstrous, even when the great increase in the cost of cultivation is taken into account. This is the error, and it is a gross one, which has been studiously perpetuated by our statists, and even by some eminent writers on political economy. True, the price of wheat was then 108s. 9d., _but it was estimated in a depreciated currency_. Owing to various causes which it would be tedious to explain, the apparent difference between the value of the pound note and the guinea was far slighter than might have been expected, not amounting to more than seven or eight shillings, and actual depreciation, by sale of the notes for less than their nominal value, was by statute made penal. The price of gold and silver bullion never rose to an extent commensurate with the depreciation of the paper: in fact the coinage, as must be in the recollection of many, almost entirely disappeared, and was replaced by tokens of little intrinsic value, which served as the medium of interchange. In this depreciated and fluctuating currency commodities were valued, and by far the greater part of our National Debt was contracted. The paper pound in 1813 was probably, we may almost say certainly, not worth more than 10s. of metallic currency. In this view the quarter, estimated according to the present standard, was sold for 54s. 4-1/2d--a price which modern statesmen allow to be barely remunerative.