The following are a few satirical poems by Irish poet Thomas Moore on the subject of the Bullionist Controversy, Public Debt, the Corn Laws and other economic subjects of the day. Thomas Moore was one of the more revelrous poets of English Romantic era (1790s-1830s), composer of the orientalist epic poem "Lalla Rookh", translator of the "Odes" of Anacreon, and an early rival and then close friend, executor and biographer of Lord Byron. Although his stock has fallen somewhat since his day, Johann Wolfgang von Goethe considered him to be one of the three best living poets of that time (the other two being Lord Byron and Sir Walter Scott).
Thomas Moore was a Catholic Irish activist, liberal Whig and close friend of Lord John Russell. Thomas Moore was often quite provocative in political matters: for instance, his beautiful "Irish Melodies" are seeped in Irish nationalist lore, and his numerous tweaking satires on all sorts of traditional British mores and institutions, even when characteristically good-humored, still carry a sting. Unlike his literary brother, Thomas de Quincey, Thomas Moore was not an economist, but wrote several amusing pieces which touched on the economic debates of the day.
Most of the poems reproduced here were originally written by Thomas Moore for The Times and published in his 1828 book, Cash, Corn and Catholics. Economic debates in Britain at the time swirled around the Bullionist controversy, the National Debt and the Corn Laws, and Moore touches on many of the same topics that agitated contemporary Classical Ricardian economists.
At the time, a Tory government was in power with Robert Banks Jenkinson, Earl of Liverpool as Prime Minister. Liverpool's economic guru was Frederick J. Robinson, who was appointed President of the Board of Trade in 1818, and became Chancellor of the Exchequer in 1823. Moore refers to the former repeatedly as "Jenky" or "Jenkin" and to the latter as "Freddy" or "Robin".
The early 1800s were the years of the great
Bullionist Debate involving Ricardo, Thornton, Malthus, Torrens and others. At issue the proposed resumption of payment in specie (i.e. to legally force banks pay note bearers with gold bullion on demand). In 1797, the threat of a French invasion had led to a run on the Bank of England and other banks. This prompted the government to suspend the requirement that banks to honor their notes on demand with payment in gold. During the remainder of the Napoleonic wars, this suspension continued -- partly because it facilitated government borrowing to pay for the war effort. Writers like Ricardo opposed the continuation of the suspension and argued for resumption of payment in specie. They charged that, if suspension continued, banks would wildly issue notes far above their store of gold bullion, which would be inflationary.The "Amatory Colloquy" between the Bank and the Government refers to the issue of resumption of payment in specie -- the Bank being outraged at the Government's requirement that payment be made in gold. The Bank notes that the Government itself had benefited from the suspension of payment as it was therefore able to borrow huge amounts from commercial banks. Coutts was a prominent British bank.
The "Dialogue" between the sovereign (a gold coin) and the banknote is also on this issue. Unbacked during the suspension, the female note feels abandoned by the roaming male gold coin; the male coin, in turns, feels the female note has been "flirtatious" with other precious metals. There is perhaps one too many puns (noted originally in italics by Moore) in this poem.
"Memorabilia of Last Week" is an account of the budget debate in parliament. We leave it here, as opposed to the section on Public Debt, because of the reference to Bullionism in the end. As noted earlier, Frederick Robinson is the Chancellor of the Exchequer.
AMATORY COLLOQUY
BETWEEN
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The "Sinking Fund" was created in 1717 by Sir Robert Walpole in which tax revenues were set aside to paying back the interest and the principal on government debt. It was revived by William Pitt the Younger in 1780s, to handle the increasing public debt after the American war, and subsequently the French Revolutionary Wars. Joseph Hume was a radical MP who, among other things, promoted the setting up of savings banks. Henry Brougham was the founder of the influential Whig journal, Edinburgh Review and a prominent liberal politician. Of course, "R-b-ns-n" refers to Frederick J. Robinson (the contemporary Chancellor the Exchequer) and "Jenky" to Robert Banks Jenkinson (the Tory Prime Minister).
"All in a Family Way" is a satire on the notion of the burden of the public debt. Moore clearly thinks the government debt is bad, and so plays on the "all-in-the-family" argument, made by British Tory politician, Sir Robert Peel. "Freddy", once again, refers to the Chancellor of the Exchequer.
The "Enigma" is not too difficult to figure out: the riddler is the public debt, of course. The "Premier" refers to Arthur Wellesely (Duke of Wellington), the war hero who defeated Napoleon at the Battle of Waterloo in 1815, led the conservative Tory faction in parliament and later succeeded Liverpool as Prime Minister in 1828.
"The Periwinkles and the Locusts" is taken from a passage in Rabelais (Book III, Ch. 2) and refers, again, to the unsustainability of public debt (incidentally, the subsequent debate in Rabelais between Panurge on Pantagruel on the merits of debt are very much worth reading on their own). The country is essentially run on debt on the promise of Periwinkle revenue - but when the books are laid open, not only is there little revenue, but the Locusts (i.e. the Lords) have taken much of what there was. Moore's note on the expensive feeding of the Locusts refers to the Corn Laws - which are more extensively discussed below. The Laird of Salmagundi is, of course, Wellesley.
His later "Translation from the Gull Language" describes how the public debt prevented English military intervention abroad (probably in reference to Greece, who had recently been struggling in their war of independence against the Ottoman Turks. cf. with the "Ghost of Miltiades" below.)
THE SINKING FUND CRIED["Now what, we ask, is become of this Sinking Fund - these eight millions of surplus above expenditure, which were to reduce the interest of the national debt by the amount of four hundred thousand pounds annually? Where, indeed, is the Sinking Fund itself?" - The Times] Take your bell, take your bell, O yes! O yes! Folks well knew what We are come, alas! Stop thief! stop thief! -- Whoever will bring O yes! O yes! (Thomas Moore, 1826) [1] In 1824, when the Sinking Fund was raised by the imposition of new taxes to the sum of five millions. ALL IN A FAMILY WAYA New Pastoral Ballad(Sung in the character of "Britannia") ["The Public Debt is owed from ourselves to ourselves and resolves itself into a Family Account" - Sir Robert Peel's Letter] (Tune -- My banks are all furnish'd with bees) My banks are all furnished with rags, My Debt not a penny takes from me, My senators vote away millions, My labourers used to eat mutton, My rich manufacturers tumble, I have found out a secret for Freddy, (Thomas Moore, 1826) ENIGMA[Monstrum nulla virtute redemptum] Come riddle-me-ree, come riddle-me-ree, When the lord of the counting-house bends o'er his book, (Thomas Moore, 1827) THE PERIWINKLES AND THE LOCUSTSA Salmagundian Hymn["To Panurge was assigned the Lairdship of Salmagundi, which was yearly worth 6,789,106,789 ryals, besides the revenue of the Locusts and the Periwinkles, amounting one year with another to the value of 2,435,768, &c. &c. - Rabelais] "Hurra! hurra!" I heard them say, The Salmagundians once were rich, "Hurra! hurra!" I heard them say, But folks at length began to doubt (Thomas Moore, 1827) [1] Accented as in Swift's line - "Not so a nation's revenues are paid." TRANSLATION FROM THE GULL LANGUAGE[Scripta manet] 'Twas grav'd on the Stone of Destiny,[1] Some thought them Hebrew, -- such as Jews, Hark! - it is struggling Freedom's cry; Out fly their flashing swords in the air! - At sight thereof, each lifted brand In short, the whole Gull nation feels (Thomas Moore, 1833) [1] Linfail, or the Stone of Destiny, -- for which, see Westminster Abbey. |
The " Corn Laws" were instituted in 1815 by the British parliament prohibiting the import of corn (i.e. a generic British term for small grains like wheat, oats, barley, etc.) until the home price became eighty shillings a quarter. A more flexible set of Corn Laws were instituted in 1828 with a sliding scale of import duties rather than outright prohibition. This price-support scheme at a rather high level had benefited the landed gentry tremendously by assuring them a steady, artificially-inflated income from their lands. Rallied against the Corn Laws were the populations in the cities, faced with higher food costs, and, consequently, industrial manufacturers, faced with higher wage bills. Some of them organized themselves into a "free trade" movement for the repeal of the Corn Laws. However, the British government, in particular the House of Lords, was dominated by landlords and gentlemen and thus defended the Corn Laws assiduously.
Paradoxically, it was the Corn Laws that propelled David Ricardo, himself a landlord, into theoretical economics in order to set up the basis for an argument for its repeal. In contrast, his poorer friend Thomas Malthus was a defender of the laws. It seems throughout that Moore himself was against the Corn Laws - even though he parodied his own interest in it (cf. "Corn and Catholics" below).
The poem "Cotton to Corn: A dialogue" is self-evident. Cotton manufacturers want the Corn Laws repealed to enable corn-exporting countries to pay for British cloth exports. References are also made to the mechanical advances of the industrial revolution -- to the Spinning Jenny and to Richard Arkwright, textile manufacturer and inventor of the water-frame.
"An Expostulation to Lord King", refers to a proceedings in the House of Lords when a particular Lord King was reprimanded by other Peers for having "made so many speeches against the Corn Laws". In the process, Lord King brought several petitions against the Corn Laws by various groups, such as weavers and shoemakers, to the attention of Parliament. "No bread and the treadmill" refers to the workhouse, the horrible 19th Century way of dealing with the hungry and unemployed throughout Britain.
"Ode to the Goddess Ceres" takes a satirical swipe at the landed interests behind the Corn Laws - with Moore taking on the role of Sir Th-m-s L-thbr-e, a landed gentleman in the House of Lords. Ceres, recall, is the Graeco-Roman goddess of earth and harvest. "B-nth-m", naturally, is Jeremy Bentham, the "philosophical radical" of whom, it seems, Moore was never fond. The two M--lls are James Mill and his son John Stuart Mill, both of them Ricardian economists and Benthamite reformers. His reference to an "war on all breeding whatever" refers to J.S. Mill's advocacy of contraception.
"The Donkey and his Panniers" is an interesting fable. The Donkey is obviously the British economy while the "panniers", we suspect, are the "Corn Laws" by which the Donkey is burdened and collapses. Note the reference to the General Glut Controversy when one of the donkey's drivers figures he collapsed due to an "overproduction of thistles". Note also that Moore alleges that the Bullionist Resumption Act is not the cure either. Nor, in his mind, does he think that the post-war depression Britain fell into was merely a natural outcome of the "transition to peace". It takes the passerby to note that, first of all, one needs to remove the panniers (i.e. repeal the Corn Laws).
"Corn and Catholics" is a partly self- directed jab regarding the two hotly-debated issues of the day: the repeal of the Corn Laws and the Catholic Emancipation Act, both of which Moore supported and wrote much about. Alternatively, it could be interpreted as a parody against British apathy to the Corn Laws and the Catholic situation.
COTTON AND CORNA DialogueSaid Cotton to Corn, t'other day, "Great Squire, if it isn't uncivil Quoth Corn, then, in answer to Cotton, To expect that we, Peers of high birth, That Biships to hobbins should bend -- "No -- vile Manufacture! ne'er harbour "No -- thanks to the taxes and debt, So saying -- whip, crack and away (Thomas Moore, 1826) AN EXPOSTULATION TO LORD KING("Quem das dinem, Rex magne, laborum?" - Virgil) How can you, my Lord, thus delight to torment all Why bore them so rudely, each night of your life, As to weavers, no matter how poorly they feast; You might see, my dear Baron, how bor'd and distrest Bright Peer! to whom Nature and Berwickshire gave And then, those unfortunate weavers of Perth - "To talk now of starving!" - as great Ath-l said --[3] It follows from hence - and the Duke's very words When Rome was uproarious, her knowing patricians So cease, my dear Baron of Ockham, your prose, (Thomas Moore, 1826) [1] See the proceedings of Lords, Wednesday, March 1, 1826, when Lord King was severely reproved by several of the noble Peers, for making so many speeches against the Corn Laws. [2] The noble Earl said that "when he heard the petition came from ladies' boot and shoe-makers, he thought it must be against the "corns" which they inflicted on the fair sex". [3] The Duke of Athol said that "at a former period, when these weavers were in great distress, the landed interest of Perth had supported 1500 of them. It was a poor return for these very men now to petition against the persons who had fed them". [4] An improvement, we flatter ourselves, on Lord L.'s joke. ODE TO THE GODDESS CERESBy Sir Th-m-s L-thbr-e["Legiferae Cereri Phoeboque" - Virgil] Dear Goddess of Corn, whom the ancients we know, Behold in his best, shooting-jacket, before thee, Ah! Ceres, thou know'st not the slander and scorn In speeches, in books, in all shapes they attack us -- There's B-nth-m, whose English is all his own making -- There are two Mr. M---lls, too, whom those that love reading In short, my dear Goddess, Old England's divided For therein I've prov'd, to my own satisfaction, On the contrary, such the "chaste notions"[3]
of food And, oh! for Monopoly what a blest day, Long life to the Minister! -- no matter who, And, as for myself, who've like Hannibal, sworn (Thomas Moore, 1826) [1] - A sort of "breakfast-powder" composed of roasted corn, was about this time introduced by Mr. Hunt, as a substitute for coffee. [2] - The venerable Jeremy's phrase for his after-dinner walk. [3] - A phrase in one Sir T-m-s's last speeches. [4] - Great efforts were, at that time, making for the exclusion of foreign silk. [6] - This is meant not so much for a pun, as in allusion to the natural history of the Unicorn, which is supposed to be something between the Bos and Asinus, and, as Rees's Cyclopaedia assures us, has a particular liking for every thing "chaste". THE DONKEY AND HIS PANNIERSA Fable["...fessus jam sudat asellus, A Donkey, whose talent for burdens was wondrous, His owners and drivers stood round in amaze -- One driver (whom Ned might have "hail'd" as a "brother"[1]) But, how to upraise him? - one shouts, t'other whistles, Another wise Solomon cries, as he passes -- Some look'd at his hoofs, and with learned grimaces, Meanwhile, the poor Neddy, in torture and fear, At length, a plain rustic, whose wit went so far (Thomas Moore, 1826) [1] Alluding to an early poem of Mr. Coleridge's, addressed to an Ass, and beginning, "I hail thee, brother!" [2] A certain country gentleman having said in the House, "that we must return at last to the food of our ancestors", somebody asked Mr. T. "what food the gentlemean meant?" -- "Thistles, I suppose," answered Mr. T. CORN AND CATHOLICS[Ultrum horum "What! still those two infernal questions, Gods! were there ever two such bores? Never was such a brace of pests -- So addled in my cranium meet Here, landlords, here, polemics nail you, And when you sleep, with head still torn Now, Dantzic wheat before you floats -- Oft, too, the Corn grows animate, In short, these torments never cease; Yes, waft me, Parry, to the Pole, (Thomas Moore, 1826) [1] Author of the late Report on Foreign Corn. [2] The Horn Gate, through which the ancients supposed all true dreams (such as those of the Popish Plot, &tc.) to pass. |
The first poem, "An Incantation: Sung by the Bubble Spirit" is probably about the sustainability of public debt and thus might properly be grouped with the earlier ones. However, it can also be seen as speculative bubbles in general, thus we keep it separate.
"The Ghost of Miltiades" is about Greek war bonds. As noted earlier, Greece had been fighting for independence from the Ottoman Turks since 1821. In 1824-5, the fledgling Greek government obtained two large, high-interest from English banks, which were then turned and floated as bonds on the London market. Andreas Luriottis was the Greek agent in London. The whole thing did not end well and the value of the Greek bonds collapsed accordingly -- ending with the "Benthamite" trader wailing about his subsequent losses and trying to sell them back to the Greeks. "Jerry" is Jeremy Bentham, of course.
The last poem, "Ode to the Sublime Porte", is not about economics at all, but an all-too-Moore-like jab at some female friend of his, a confirmed "Benthamite" who tiresomely raves endlessly on about the articles in the "Westminster Review". Consequently, he petitions the Sultan for her death by being sown up in a sack and thrown into the ocean (the legendary Ottoman treatment of unwanted harem women) -- albeit with the review tied around her neck. The articles in one copy of the Benthamite journal are read out, which, apparently, include James Mill on the General Glut Controversy. I have no idea who Mr. "Fun-Blank" is (possibly Edwin Chadwick). The "celebrated political tailor" is Francis Place. "Old Jeremy" is obviously Bentham himself. The young Mr. M--- is John Stuart Mill. [It might be useful to compare this poem with Moore's "Blue Love-Song" and "Proposals for a Gynaecocracy" for some of his not-so-gracious-but-still-amusing thoughts on females in politics and intellectual affairs.]
AN INCANTATIONSung by the Bubble Spirit[Air: Come with me, and we will go, Come with me, and we will blow For the frothy charm is ripe, Bravo, bravo, Peter M--re! Now's the moment -- who shall first [Here the stage darkens - a discordant crash is heard from the orchestra - the broken bubbles descend in a saponaceous but uncleanly mist over the heads of the Dramatis Personae, and the scene drops, leaving the bubble-hunters -- all in the suds] (Thomas Moore, 1826) [1] Strong indications of character may be sometimes traced in the rhymes to names. Marvell thought so, when he wrote "Sir Edward Sutton, The foolish Knight, who rhymes to mutton." [2] The member, during a long period, for Coventry. [3] An humble imitation of one of our modern poets, who, in a poem against the War, after describing the splendid habilements of the soldier, thus apostrophizes him "thou rainbow ruffian!" [4] "Lovely Thais sits beside thee: [5] So called by a sort of Tuscan dulcification of the ch in the word "Chairman". THE GHOST OF MILTIADES[Ah quoties dubius Scriptis exarsit amator! - Ovid] The Ghost of Miltiades came at night, The Benthamite, yawning, left his bed -- The Benthamite hears -- amaz'd that ghosts "Who'll buy my Scrip! Who'll buy my Scrip?" (Thomas Moore, 1828?) ODE TO THE SUBLIME PORTEGreat Sultan, how wise are thy state compositions! 'Tis my fortune to know a lean Benthamite spinster -- Who tells you how clever one Mr. Fun-blank is, To see her, ye Gods, a new number perusing -- Art. 3 -"Upon Fallacies", Jeremy's own -- Oh, Sultan, oh, Sultan, though oft for the bag And, lest she should ever again lift her head (Thomas Moore, 1826) [1] A celebrated political tailor. [2] This pains-taking gentleman has been at the trouble of counting, with the assistance of Corker, the number of metaphors in Moore's "Life of Sheridan" and found them to amount, as nearly as possible, to 2,235 and some fractions. |
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