The Life of Thomas, Lord Cochrane by Earl of Dundonald Thomas Barnes Cochrane (best classic books to read .TXT) 📕

About half-past one o'clock the Duke of York entered and took the chair, supported on his right by the Duke of Kent, and on his left by the Duke of Cambridge. He was accompanied on his entrance by the Archbishop of Canterbury, the Bishop of London, the Duke of Rutland, Lord Manvers, the Chancellor of the Exchequer, Mr. Wilberforce, and other distinguished individuals.

His Royal Highness the Duke of York immediately proceeded to open the business of the day, by observing that the present meeting had been called to consider and, as far as possible, to alleviate the present distress and sufferings of the labouring classes of the community. These distresses were, he feared, too well known to all who heard him to require any description; and all he had to add to the bare statement of them was the expression of his confidence that the liberality which had been so signally manifested in the course of foreign distress would not be found wanting when the direction of it was to be towards the comfort and relief of our own countrymen at home.

THE DUKE OF KENT, after alluding to the exertions of the Committee of 1812, observed that the immediate object was to raise a fund, in the subsequent accumulation and management of which many ulterior arrangements might be projected, and from which charity might soon emanate in a thousand directions. He doubted not that every county and every town would be quick to imitate the example of the metropolis. The association of 1812 had at least the merit of producing this effect, and had spread through the whole land that spirit of active benevolence which he was feebly invoking on this occasion. He trusted that it was necessary for him to say but little more to insure the adoption of the resolution which he should have the honour to propose. He confessed he felt gratified when he saw so great a concourse of his countrymen assembled together for such a purpose, and additional gratification at seeing by whom they were supported. He was sure, then, that he should not plead in vain to the national liberality; but that the remedy would be promptly afforded to an evil which he trusted would be found but temporary. If they should be so happy as but to succeed in discovering new sources of employment to supply the place of those channels which had been suddenly shut up, he should indeed despond if we did not soon restore the country to that same flourishing condition which had long made her the envy of the world. The royal Duke then moved the first resolution, as follows:—"That the transition from a state of extensive warfare to a system of peace has occasioned a stagnation of employment and a revulsion of trade, deeply affecting the situation of many parts of the community, and producing many instances of great local distress."

The resolution was seconded by Mr. Harman.

Lord Cochrane offered himself to the attention of the meeting, but was for some time unable to proceed, his voice being lost in the huzzas and hisses which his presence called forth. Silence being at length in some measure obtained, his lordship said he would not have addressed the meeting but that, having received a circular letter from the committee, and feeling the importance of the subject, he would have thought it a dereliction of his duty if he refrained from attending. He rose thus early because the observations he had to submit would not be suitable if made when the other resolutions were put. The first resolution was, in his opinion, founded on a gross fallacy; and this was his reason for saying so. The existing distresses could not be truly ascribed to any sudden transition from war to peace. Could it be pretended that it was peace which had occasioned the fall in the value of all agricultural produce? Or could any man venture to assert that the difficulties and sufferings of the manufacturing classes had any other cause than a prodigious and enormous burthen of taxation? He was much gratified at seeing the royal Dukes so active in promoting a generous and laudable undertaking, and he hoped he should not be understood as treating them with disrespect when he repeated that the resolution was founded on an entire fallacy. But, not to content himself with a mere assertion of his own belief, he had brought official documents to prove the correctness of his statements; and if he should be wrong, he saw the Chancellor of the Exchequer near him, who would have the opportunity of correcting his misrepresentation. This brief statement, he believed, would be quite sufficient to show that the financial situation of the country was such as to render any attempts of that meeting for the purpose of extending general relief utterly ineffectual. The whole revenue of the kingdom was 62,267,450_l._, deducting the property-tax, and the revenue was thus expended. The interest of the national debt, including the interest of unfunded exchequer bills, was upwards of 40,300,000_l._, leaving to support the expenses of Government only about 22,000,000_l._ It was this enormous sum which now hung round our necks—it was this, which unnecessary extravagance had caused to increase from year to year to its present terrible amount, which was the cause of all the evils of the country at this moment. This taxation, and extravagance, for which the country was now suffering, was supported and sanctioned by those who had derived and still derived large emoluments from them. These were truths that the people ought to know; for they were the source of their burthens, and the origin of all the mischief. It was this profuse expenditure of the public money, to say no worse of it, that occasioned the present calamities. It was the lavish expenditure to meet a compliant list of placemen that brought the country to its present state. The deficiency in the revenue occasioned by the enormous interest of the national debt, which ministers would have to supply, would, according to the present disbursements and receipts, amount to 11,578,000_l._ unless that expenditure were reduced, every such attempt as they were at present making would, he was convinced, prove abortive: it was a mere topical application while a mortal distemper was raging within. He had taken no notice in his estimate of the charges for sinecures or the bounties on exports and imports: and yet the returns upon which he went, exclusive of these charges, showed a deficit for the ensuing year of 3,500,000_l._ Were those who heard him prepared to make this good? It was, he believed, undeniable that nothing could equalize our revenue with our expenditure, but the putting down entirely the army and navy, or the extinction of one half of the national debt; but when he looked to the actual receipt of the last quarter and found a falling off of 2,400,000_l._, which, with a corresponding decrease in the three succeeding quarters, must create a new deficit of 10,000,000_l._, and, added to the 3,500,000_l._ to which he had alluded, would form a sum equal to the whole amount of the boasted sinking-fund, he felt that it was worse than trifling to suppose we could go on upon the present system. Were they prepared to make up this enormous deficiency? [A voice from the crowd cried "Yes."] He was happy to hear it: he supposed it was some fund-holder who answered, and if any class could do so, it was the fund-holders. They alone had the ability, they alone now derived any returns from their property; but even if they should be both able and willing, still it would only remain a positive deficit made good, and no new facility would be derived for alleviating the existing burthens. The burthens and distresses must still remain what they were before. He spoke not now upon conjecture, or loose calculation, he had brought his authority with him. These were the records from which he derived his statements—the official returns of the Treasury; and if false, the Chancellor of the Exchequer was present to contradict them. He was glad, he confessed, to see him, for those who heard him were, no doubt, aware that it was not always in the House of Commons that a minister could discover the genuine sentiments of the people. If, therefore, no other person should move an amendment, he should feel it his duty to propose an omission of that part of the resolution which ascribed the distressed state of the country to the transition from a state of war to a state of peace, and to state the cause to be an enormous debt, and a lavish expenditure. He had come there with the expectation of seeing the Duke of Rutland in the chair; and with some hopes, as he took the lead upon this occasion, that it was his intention to surrender that sinecure of 9,000_l._ a-year which he was now in the habit of putting in his pocket. He still trusted that all who were present and were also holders of sinecures had it in their intention to sacrifice them to their liberality and their justice; and that they did not come there to aid the distresses of their country by paying half-a-crown per cent, out of the hundreds which they took from it. If they did not, all he could say was, that to him their pretended charity was little better than a fraud. Without, however, taking up more of their time, he should move his amendment, with this one additional observation, that it would be a disgrace to