58
The Anti-Corn-Law League was a capitalist movement, emanat-ing from the cotton manufacturers and the Manchester Chamberof Commerce, after a forward movement by the London tradesmenin 1820 had remained without success. At its head stood thespinner and weaver, John Bright, and the calico-printer, RichardCobden . The large sums which were used for the agitation—nearly £500,000, including the princely reward of Cobden for hisservices—are alone a proof of the capitalistic character of themovement. The immediate factor of the movement was thedepression in trade from 1839 to 1813. In 1812 ten per cent, ofall cotton mills stood idle part of the time (19). The manu-facturers, so says Cobden distinctly, had invested a portion oftheir capital in the movement in order to save the remainder (50).
The working classes, up to then the most earnest opponents ofthe Corn-Laws, turned their backs to the movement as soon asit had got into the hands of the employers. Again and againthey dispersed meetings' of the League, so that Martineau thinksthey went lnind-in-hand with the supporters of the Corn-Laws.This is assuredly incorrect; shortsighted as they were, theyturned themselves against their nearest opponents.
We need not here go further into the movement, which underthe name of Cobden is known all over the world. On the otherhand it is necessary to make clear the inner moving reasonswhich drove the English cotton industry on to the politicalplatform. These are to be separated from the arguments broughtforward, which mostly predominate in the speeches.
The cotton manufacturers of Lancashire fought, in the expensiveand wearisome agitation against the Corn-Laws, in the firstinstance in the interest of export. Export was only possible byimport, because cash payments between economical nations playan exceedingly small part. If a nation was paid in cash for itsexports, the store of precious metals must soon rise above theusual level, and this at once result in a raising of prices, facilita-tion of imports, and making exports more difficult. Furtherconsequences must be the lowering of the rate of interest and theflowing away of cash reserves. In the stores of the preciousmetals of the world, such a levelling-up would follow of itself.