CHAPTER Xi.

SIR ROBERT PEEL'S NEW POLICY.

1848.
Hr. 38.

Per new Corn Bill was the first of three acts in the great
drama which Peel now unfolded to Parliament and the natio?
Things looked es if the country were slowly sinking int
decay. The revenue, which had been exhibiting deficits for
several years, now fell short of the expenditure for the yet
current by two millions and a half. The working classes all
over the land were suffering severe and undeniable distres®
Population had increased to an extent at which it seemed 2°
longer possible to find employment for them. To invite all
the world fo become our customers, by opening our ports
their products in exchange, ‘was the Msachester remedy:
It would bring both work snd food. The Priree Minister
believed that the revenue could be repaired, and the spring?
of industry relieved, without that great change in our eco”
nomic policy. But he knew that the crisis was too deep f°
half-measures, and he produced by far the most momentos?
budget of the century.
The Report of the Committee of 1840 on Import Dutié®
wag, as I have already mentioned, the starting-point of th0
revolution to which Peel now proceeded. It passed a strong
condemnation on the existing tariff, as presenting neither
congruity nor anity of purpose, and conforming to 70
general principles. Eleven hundred and fifty rates of duty
were enumerated as chargeable on imported articles, and all