e prices in
those foreign countries, of necessity, govern the prices in this
country. Here again is a cause of the existing distress, over which it
will be admitted, that the Legislature can have no control. Nothing that
it is in our power to do, will raise prices abroad; and till these
prices shall be raised, the prices of our produce must continue low, and
profits and wages must be low likewise.

But, my Lords, low as the prices of our produce are, compared with those
of former years, those of other countries have fallen in a still greater
proportion. My Lords, I will read, from a paper I hold in my hand, a few
extracts of prices in different parts of the country, since the peace of
1814. Raw cotton in England, in 1814 and 1815, sold at 2s. 2d. the
pound, or with duty included at 2s. 4d. In 1816 and 1817 it sold at 1s.
8d1/2., and in 1829, at 6d. This was a fall in price greater than had
taken place in any other article. Silk, in 1814, sold for 1l. 4s., or
with duty included, 1l. 9s.; whilst in 1829 it sold for 8s. 10d., or
with the duty, 8s. 11d. the pound. Spanish wool, in 1814, sold for 8s.
2d., or with the duty, at 8s. 3d.; whilst in 1829 it sold for only 2s.
3d., or with the duty at 2s. 4d. Another article, that of fir-timber,
fell in proportion. It was then 3l. 14s. 11d. the load, and with the
duty, 10l. 5s.; it is now 2l. 5s., and with the duty, 4l. 19s. This fall
in the price of foreign produce, and in our domestic manufactures, added
to the advantage which the master manufacturers derived from the use of
machinery moved by steam, and from the lowness of wages, have given them
a greater advantage; and have enabled them to make a profit,
notwithstanding the fall of prices of the produce of their manufactures
since the war.

On articles of manufacture the prices are still lower than those of corn
and other agricultural produce. Cotton yarn, which sold for 4s. 4-1/2d.
the pound in 1814, in 1830 sells for 1s. 5-1/2d.; and cotton
manufactured goods have altered in price within the same period from 1s.
5d. to 1s. 8d. and 2s. 0-1/2d., to 6-1/4d., 8-3/4d., and 8-1/2d., or
nearly a third. Irish linens have fallen from 1s. 7d. to 1s. 0-3/4d.;
woollen cloths in the same proportion. Other articles have been reduced
enormously in price by the competition with foreigners. In those
articles in which there is no competition with foreigners, prices have
been reduced, but not in the same proportion; such, for instance, as in