drawn into the rain which, undeservedly, rectly after the receipt of a note, he fully exI am still willing to hope, has befallen the pected to have met an Officer from abroad, with others. The artifices which have been intelligence of his brother, who had by letter to used to excite so much prejudice against this deponent, received on the Friday before, me, I unfeignedly despise, in spite of the communicated his being confined to his bed, injury they have done me. I know it must and severely afficted by a dangerous illness, subside, and I look forward to justice being and about whom this deponent was extremely rendered my character sooner or later. It anxions; but this deponent found Captain De will come most speedily, as well as most Berenger at his house, in a grey coat and a gratefully, if I shall receive it at your green jacket. That this deponent never saw Lordships hands. I am not unused to the defendants Ralph Sandom, Alex. M'Rae, injury, of late I have known persecution: John Peter Holloway, and Henry Lyte, or any the indignity of compassion I am not yet or either of them, nor ever had any communicaable to bear. To escape what is vulgarly tion or correspondence with them, or any or called punishment, would have been an easy either of them, directly or indirectly. That this thing; but I must have belied my feelings by deponent, in pursuance of directions from the acting as if I were conscious of dishonour. Admiralty, proceeded to Chatham, to join his There are ways even of removing beyond the Majesty's ship" The Tonnant," to which he had reach of ignominy, but I cannot feel dis-been appointed on the 8th day of February graced while I know that I am guiltless. Under the influence of this sentiment, I persist in the defence of my character. I have often been a situations where I had an opportunity of shewing it. This is the first time, thank God, that I was ever called upon to defend it."The Noble Lord then handed in several affidavits. The first was one from himself; it was as follows: Sir Thomas Cochrane, commonly called Lord Cochrane, one of the above named Defendants, maketh oath and saith, that the several facts and circumstances stated in his affi lavit, sworn on the 11th day of March last, before Mr. Graham, the Magistrate, are true. And this deponent further saith, that, in addition to the several facts and circumstances stated in his said.affidavit, he deposeth as follows, that is to say, That he had not, directly or indirectly, any concern whatever in the formation, or any knowledge of the existence of an intention to form the plot charged in the Indictment, or any other scheme or design for affecting the public funds. That the sale of the pretended Omnium, on the 21st day of February, was made in pursuance of orders given to his broker, at the time of the purchase thereof, on or about the 14th of that month, to sell the same whenever a profit of one per cent. could be realized; and that those directions were given, and the sale thereof took place without any knowledge, information, hint, or surmise, on the part of this deponent, of any concern or attempt whatever, to alter the price of the funds; and the said sale on the 21st. took place entirely without this deponent's knowledge-that when this deponent returned home from Mr. King's manufactory, on the 21st of February, which he did di last. That the ship was then lying at Chatham, That previous to the eighth day of February, this deponent applied to the Admiralty for leave of absence, which was refused, until this deponent had joined the said ship, and had removed her down to Long Reach; that this deponent in pursuance of those directions removed the said ship from Chatham to Long Reach; and after that was done, viz. on Saturday the 12th day of the said month, this deponent wrote to the Admiralty to apply for leave of absence for a fortnight, for the purpose of lodging a specification for a patent, as had been previously communicated by this deponent to their Lordships; that leave of absence was accordingly granted for 14 days, commencing on the 14th of the said month; that this deponent was engaged in London, expecting the said specification til 1 the 28th of the said month, when the said specification was completed, and this deponent left town about one o'clock on the morning of the 1st of March, and arrived at Chatham about daylight on the same morning; that on the 8th or 9:h of the same month of March, this deponent received an intimation that placards were posted in several of the streets, stating that a pretended Col. de Bourg had gone to this deponent's house in Green-street; that at the time this deponent received this intimation he was on board the said ship at Long Reach, and in consequence weat to Admiral Surridge, the Port Admiral at Chatham, to obtain leave of absence, which was granted; previous to the receipt of the leave forwarded by the Lords Commissioners of the Admiralty, this deponent arrived in London, on the 10th of that month, to the best of his belief; and that after his arrival, he himself, conscious of his own innocence, and fearing no consequences from a development of his own conduct, and de sustaining herself, without refreshment and repose, that justice could not be done to this deponent. siring only to rescue his character from errone- | public character; that he never asked the said ous impressions, made by misrepresentations in De Berenger to his house, nor did he ever the public prints, without any communica-breakfast or dine with this deponent therein, on tion whatever with any other person, and with- any occasion whatsoever; and further this deout any assistance, on the impulse of the moment, ponent saith, that he hath been informed and prepared the before-mentioned affidavit, which verily believes that the Jury who tried the said he swore before Mr. Graham the Magistrate, on indictment, and the Counsel for the defence, the 11th; that at the time he swore such affidavit, were so completely exhausted and worn out by he had not seen or heard the contents of the Reextreme fatigue, owing to the Court having (ontinued the trial without intermission for many port published by the Committee of the Stock Exchange, except partial extracts in the News-hours beyond that time which nature is capable of papers; that when the deponent understood that the prosecution was to be instituted against him, he wrote to Admiral Fleming, in whose service Isaac Davis, formerly this deponent's servant, then was, under cover to Admiral Bickerton, at Portsmouth, and that Admiral Bickerton returned the letter, saying that Admiral Fleming had sailed for Gibraltar; that this deponent sent his servants Thomas Dewman, Elizabeth Rush, and Mary Turpen, on the trial of his indictment, to prove that an Officer came to this deponent's house on the morning of the said 21st of February, and to prove the dress that he came in ; but that the said Thomas Dew-amined, were likewise attempted to be read, man only was called; and, as this deponent has been informed, he was not interrogated as to the dress in which the said Officer came to his house; and this deponent further says, that had the said witnesses been examined according to the directions of this deponent, and who were in attendance on the Court for that express purpose, they would, as he verily believes, have removed every unfavourable conclusion respecting this deponent's conduct, drawn from the supposed dress in which the said De Berenger appeared before this deponent on the 21st of February, and on which circumstances much stress was laid in the charge to the Jury, the said De Berenger's dress being exactly as stated in this deponent's former affidavit herein-before mentioned; and this deponent solemnly and positively denies, that he ever saw the said De Berenger in a scarlet uniform decorated by medals, or other insignia; and he had not the least sus picion of the said De Berenger being engaged in any plot respecting the funds, but merely believed he wished, for the reasons stated in deponent's former affidavit, to go on board this deponent's ship, with a view to obtain some military employment in America; and this depopent declined complying with his request to send him on board his ship without permission, or an order from the Lords of the Admiralty: and this deponent further saith, that he was in no degree intimate with the said Berenger; that he had no personal knowledge of his private or The next affidavit proposed to be read was one from Thomas' Dewman.---Lord Ellenborough remarked that this affidavit could not be read, inasmuch as the person who had made it had been examined on the trial, and might have been then questioned upon the subject, if the Counsel of the defendants had thought proper. Several other affidavits from witnesses who had attended the trial, but who had not been ex but Lord Ellenborough said there was no instance on record in which such affidavits were permitted to be read.-Lord Cochrane said his object was, if possible, to obtain a new trial, so that these witnesses might be examined, as they would have been, but for an error in his Counsel's brief, over which he had not looked, from a perfect consciousness of his own innocence.-Sir Simon Le Blanc- observed, it was quite without precedent to have the affidavit of a witness read, who had been at the trial, but who had not been called. An affidavit of the Hon. W. E. Cochrane, brother of Lord Cochrane, was then read, for the purpose of shewing the existence of his illness in the month of February last, and the consequent anxiety with which Lord Cochrane went home to his house from Snow-hill, when he heard that a stranger, whose name he could not decipher from his note, awaited his arrival. "The Honourable William Erskine Cochrane, Major in the 15th Regiment of Dragoons, now residing in Portman-square, in the County of Middlesex, on his oath saith, that he was seized with a violent and alarming illness on the 1st of January, 1814, at Cambo, in the south of France; and that this Deponent remained in a state of dangerous illness until the 18th of the following mouth; that early in February last he wrote ta his brother, Lord Cochrane, to acquaint his Lordship with this Deponent's situation, as De by the community in general as consumers. Upon this I must pause; for here I find, that all are producers and all consumers; and the question may therefore be put into a more simple form, recollecting that our present enquiry is, as to the cause of high prices generally; and here, Mr. Cobbett, ponent had then very little hope of recovery, and telling him that he had received a notification that he would be ordered to England, where he should proceed, if ever able to undertake the journey. And this Deponent further saith, that the annexed certificate was given to him for the purpose of being laid officially before a Board of Medical Officers at St. Jean de Luz, by the Sur-I must assert, in opposition to what you geon of this Deponent's regiment, and is in the said Surgeon's hand writing.” have said in your Letter to the Southampton Petitioners, that taxes cannot cause a geThis was accompanied by a confirmation neral rise in prices; nor will you, I believe, from the Surgeon, who attended this gal-persist in it, when you review the subject. lant Officer, and a statement of the particulars of the discase by which he was at tacked. CORN LAWS. Mr. Huskisson, whose opinions you say are. the same as yours on this subject, puts it in a shape that admits of a cooler ́argument, when he states, that in 1792, all our Government establishments required but MR. COBBETT.- -Having been from 16 millions a year; and that a peace home some time past, on my return establishment, at present, will probably be found your Register, containing your Let-between 50 and 60 millions. Now, Sir, ter to the People of Southampton, with supposing the taxes to have increased in those that have been since published, con- precisely the same proportion, has the taining further remarks on the Corn Bill. quartern loaf done the same? According In the last number you say, that instead of to your statement, on the peace which tersending abuse in anonymous letters, they minated in 1792, the loaf was at 7d. 5-10 ; should have answered you; but you and, during 1803-4, it averaged 9d.; and could scarcely expect that. You have so now, I suppose, is nearly 1s. But, Sir, if completely exposed their gross ignorance, the taxes were added to the original cost exhibited them in so contemptible a light, of the article, must not the rise have been that their rage must be almost boundless. much greater? We will take the differBut, Mr. Cobbett, is there not a danger ence between the taxes of 1792, and the of falling into error ourselves, when the present period, at 60 millions. Is it poserrors of others are of so gross a nature as sible, Mr. Cobbett, that the producers of to make it an easy task to expose them? the taxed articles could reimburse themWe re apt to go on with confidence, in a selves by increasing the prices of the artibasty careless manner, and, satisfied with cles, until they obtained 60 millions more having done what we proposed, send the than their former prices? The thing is article to the press, without that minute impossible: if we consider the effect of revision which a cooler state of mind would taxation, by itself, on prices, we must supinduce us to give. These remarks are drawn pose, that in 1792, there was 20 millions from me, by a belief, that you you, Sir, of currency in England. Had the curare wrong in your supposition; that the rency not increased, how would it have increase in the price of the quartern loaf is been possible for the prices of last year to attributable to the weight of taxes which the have been paid? Had we only the same landlord and farmer has to pay. You 20 millions of currency, that sum would certainly do couple another cause with have been equal to all the sales made in taxation; namely, the alteration in the the country, and the price of every par currency; but you have not attempted to ticular article would have held a due proshow what share taxes have had, and what portion. Food, clothing, furniture, labelongs to the alteration in the currency.bour; every thing must have continued the When two causes are assigned for one effect, it is desirable that each should be traced in its operation; this you have attempted to do, with taxes. In page 740 of your Register, you enumerate many of the taxes paid by the land-owner and farmer, and contend, that those taxes must be paid by the consumer of the produce of the land. You also enumerate many other taxes paid same in price. For, could any one article have risen, without others being lowered, if we imagine quantities to continue the same? Suppose the seller of food to ask a higher price, whatever excuse he might have for the alteration, a consumer would say, "Mr. Farmer, I have only so much money; if you persist in your demand, I certainly must pay you as far as my means will go; a tax, will not let for the sum it did formery. The farmer will, at last, pay a part of his rent to Government, and the remainder to the owner of the land. The same takes place with the owners of houses: if a house be liable to the payment of a tax, it will bring less rent. This will appear very evident if we imagine one house to be offered for 100%. a year, which is liable to the payment of 50% in taxes; and another equally good is offered for 150l. per year, but liable to no tax. Is it not evident, I say, that the owner is the loser? Precisely the same thing takes but I shall have less money to expend in other things, and those other things must consequently fall in price. I shall have less money to pay to my draper, tailor, shoemaker, to my brewer, and all those who furnish me with the comforts of life. Now, Mr. Farmer, these good people are all your customers, as well as I am, and in proportion to the increase in your charge to me, you lessen their means of purchasing from you. They of course will eat less, and you will be at last obliged to come down to the means which the consumer has of paying you for your produce. If you cannot afford to pay your rent and taxes, with-place with all property that yields a reveout raising your prices, I am sorry for you; nue to the proprietor; and how can the for you really cannot get more money from owners of property indemnify themselves us than we have; if you get more from by high prices, if it were possible, which it one, you will have less from another; so is not, from the limited ability of the other that at last it will be the same." I willparts of the community, it would re-act not say, that such reasoning would con- upon themselves. If the farmer and land vince the farmer; but I will assert, that proprietor charged higher for their goods, such would be the effect of any demand for they in their turn would be charged higher higher prices, if the quantities of goods and for every thing they had to purchase; so money continued the same. The farmer, that at last they would have precisely the however, has the tax to pay; that is im- same quantity of clothing, furniture, and perative upon him; there is no bargain in other means of enjoyment which they that business; the Government will be would have had, without any rise in price paid, or they will seize. What is to be having taken place; the only difference done? The farmer cannot obtain higher being, that there must be more money in prices, because money, which measures circulation; for without that a general rise the price of every thing, has not in- in prices is impossible, supposing the vari creased; he must, therefore, pay a ous articles brought to market in the same smaller rent to the owner of the farm. quantities as before. Although I think Disguise it as we may, it is the owner-the that what has been said, is sufficient to person in the receipt of the revenue which shew, that taxes, without an increase in is left, after paying for the labour expend-the money of the country, cannot raise ed! It is the proprietor of property that really pays all the taxes; and every tax laid on the cultivator of the soil, or on the produce, is deducted at last from the rent. This, certainly, does not take place where leases are held; because here is a positive engagement to pay a stipulated sum, which may not be altered in consequence of a heavy tax; when the farmer, having to pay all the rent which the land will fairly afford, after supporting himself and family, and in addition, a tax to the Government not contemplated when he made his lease, he may be ruined: for observe, if by increased exertion he should produce more food, this only makes it cheaper, and will not enable him to pay the additional demand with greater ease. -We know well, that if the farmer be ruined under such circumstances, the owner of the property will also be injured; his land will be exhausted; and, being liable to the payment of prices, yet I will venture to risk the taking up of a little more room in your admirable thought of selling his wheat, or letting bis and as taxes are increased, Government land, at one half their present price, be- comes in for a greater and a greater procause he could afford to live at the rate of portion; they may at last take nearly all, 900/ a year, as well as the owner and cul- and make the owners mere funnels, as you tivator you have imagined? Does not the strongly expressed it. But this has noowner, in fact, take, in the shape of rent, thing to do with prices. Prices are deterall, or nearly all, that the farmer has left, mined by the proportion which exists beafter supporting himself and paying the tween the saleable goods and the currency various expences attending cultivation, of a country. In the supposition of cantaxes, &c. and does not the farmer al- dles paying 6d. per pound duty, you say, ways take as high a price as he can get for that the duty being added to the original his food? You imagined that wheat was cost 6d. the candles are sold at 1s. per lb. at 4. a quarter instead of 37. on account It is here that nearly every one is misled of the tax: I should say, that the quantity by appearances-it is so obvious it strikes of currency in the country had brought so plainly the dullest mind, that taxes may things gencrally to certain prices, and and do increase the prices of some things, among other things, wheat, to the price of that they take it as a proof of taxes having 4l. a quarter. Well, supposing the same a power to produce that effect generally; money to continue in the country, would whereas, if we suppose, before a tax were the farmer take 17. a quarter less because laid on candles, and when they were sixhe could afford it?-is it likely? Do you pence a pound, that 100,000% of the curexpect that he would do it voluntarily; rency of the country was employed in the and why should he be compelled by the sale and purchase of candles, and after the consumer. Even supposing, for the sake of tax, and the consequent rise to 1s. per lb. argument, that the farmer were to lower 200,000% of the currency must be kept in his price, the rest of the community would employment by them. Is it not clear, that have one-fourth more money to expend on there being less money left for the purchase other things, which must, of course, make of other articles, they must all fall in price other articles rise: and thus the fall in the equal to the rise in candles, thus estaprice of food would cause other things to blishing the equilibrium. Government he dear, unless, indeed, we could imagine may by a tax divert a larger proportion of that a greater part of the money of the the currency to one article, but it must be people remained unemployed, and thus less taken from the other articles; if one be come into the market. This would be dearer, others must be cheaper-- always equal to taking a part of the currency out of supposing no additional currency thrown circulation, which is certainly a sufficient into circulation. The same reasoning apcause for lowering the price. But again, plies to beer, to spirits, to salt, in fact, to the farmer and owner would have only the every thing in vain might Government same money to lay out he had before the tax every article equally with a view to tax was taken off, and the rest of the raise prices-they would remain stationipeople would have the 37. per acre, which ary, there would not be money to pay an formerly passed through the hands of increase in price. The real cause of the Government. Why should this be? the general rise in prices is to be found. Why should not the farmer charge as in the increase in the quantity of circuhigh prices as he did before, if others lating money. This cause may be dido not alter their prices? and how,vided into two branches: the first, is the how can prices be altered, if there be the same goods and the same quantity of money as before, seeing that in the nature of things one is the measure of the other. Increase the quantity of goods, whether food, clothing, or any other, or all saleable things, and let the money remain the same in quantity, and each particular quantity must fall in price, as the whole of the goods is equal to the whole of the money. When a tax is laid on, the Government receives a part of the revenue arising from property (after supporting the labourer), increase in the quantity, which naturally results from successful commerce. The second, from swelling up our currency by Threadneedle-street, and other substitutes for metallic money. With respect to the former cause, it has happened to us, in common with other nations that have had a commerce, flourishing and highly profitable to those engaged in it; an accumulation of the precious metals has always been the consequence of prosperous trading, unless where they have been banished by similar means to those which we have used to send |