effects of the new
tariff and its counterbalancing income-tax, the results of Sir Robert
Peel's policy are such as may stagger and confound the boldest of his
opponents.

Now, however, for the two great objects of the new tariff, which were
declared by Sir Robert Peel[23] to be "the revival of commerce, and
such an improvement in the manufacturing interest, as would react on
every other interest in the country; and diminishing the prices of the
articles of consumption and the cost of living."

[23] Hansard, Vol. lxi. Col. 439.

With respect to the first of these objects, we had prepared a copious
explanation of the highly satisfactory working of one great portion of
the machine of the new tariff, viz. _the relaxation of the taxes on
the raw materials of manufacture_; but it has occurred to us, that the
necessity of our doing so has been entirely superseded by the
following very remarkable admission, contained in a number of the
_Morning Chronicle_ newspaper, published towards the close of
September last; an invaluable admission, tending to prove, out of the
mouth of the bitterest opponent of the present Ministry, the general
success of their domestic policy:--"Notwithstanding insurrection in
Wales and agitation in Ireland, there are various circumstances in the
present aspect of our national affairs of an encouraging and cheering
nature. The first and most prominent thing which strikes an observer,
is, the undoubted general revival of trade and commerce. Every thing
seems to indicate that the morning is breaking; that the dreary night
of disaster and suffering, through which all our material interests
have been passing since 1836, is now well-nigh over. The hum of busy
industry is once more heard throughout our manufacturing districts;
our seaports begin once more to stir with business; merchants on
'Change have smiling faces; and the labouring population are once more
finding employment easier of access; and wages are gently, slowly
rising. This has not come upon us suddenly; it has been in operation
since the end of last year; but so terrible was the depression, so
gradual the improvement, that the effects of the revival could not be
perceptible till within a recent period. Our exports of cotton and
wool, during the present year, very considerably exceed those of a
similar period in the preceding; and though there might be increase of
export without increase of profit, the simple fact that the districts
of our