the truth was, Sir Robert Peel in his reductions had dealt only with
little more than ten millions sterling of the revenue of the country,
and had left the remaining thirty-seven millions untouched. Now on
that portion of the revenue with which alone he had dealt, there was
a deficiency, through his changes, to the amount of five millions
sterling, which loss was compensated by the increase on those very
articles which Sir Robert had left untouched. It was the opinion of Lord
George Bentinck that the conclusion which Sir Robert Peel had drawn
from the comparatively barren results of the increased duties on imports
carried by the Whigs in 1840, viz., that indirect taxation had reached
its limit, and which was indeed the basis of his new system, was a
fallacy, and that the anticipated increase of import duties had not
accrued in 1840 in consequence of our having had three successive bad
harvests, 'and a bad cotton crop to boot,' all of which had checked the
consuming power of the community. Sir Robert Peel had been favoured by
three successive good harvests and nearly L100,000,000 invested in six
years in domestic enterprise. 'The interposition of Providence,' said
Lord George, 'is never a part of our debates.'

Under these circumstances, Lord George took occasion to review the
commercial policy of Sir Robert Peel, on the 20th July, in the House of
Commons, only three days before the prorogation, and in one of his most
successful speeches. He was much assisted by the fact that the exports
of all our staple manufactures had then greatly diminished, and of
course he urged this point triumphantly. 'If we had been indemnified for
the dead loss of L650,000 on cotton wool by any great impulse given
to our manufacturers, it would be a consolation which unfortunately we
could not enjoy.' He traced all the consumption to railway enterprise,
and showed that it alone had compensated for the fruitless loss of
revenue which we had incurred in vainly stimulating the exports of our
manufactures, which had actually diminished. He was so impressed with
the importance that, 'on the eve of a dissolution, such a statement
as that of Sir Robert Peel should not go forth to the country
uncontroverted, as in that case the necessary result would be that
the people would come to the opinion that they might abolish taxes
altogether and yet maintain the revenue,' that he sat up all night
writing an address to his constituents, the electors of King's