Note 82 — Chapter III · LABOUR—“YOUNG ENGLAND”—“FREE TRADE”

The rise in wages and prices about 1851 was mainly due not to “Free Trade,” but to the influx of newly discovered gold. In 1842, when Peel was revising the tariff, bread was actually cheaper than it had been for many years previously, or till 1849 afterwards. In 1851 corn had sunk to about 40s., nearly 8s. lower than Peel had contemplated as possible. The immediate results of repeal were not the cheapening of bread; but the sudden cheapening of commodities was effected by Peel’s revision of the tariff. In 1851, however, all other agricultural produce but wheat was at fair prices, and Disraeli then wrote, “It is possible that agriculture may flourish without a high price of wheat or without producing any” (Correspondence, p. 262).