The Currency : Speech of the Right Honourable Sir Robert Peel, Bart., M.P., in the House of Commons, On Tuesday, April 23, 1833 : On the Motion of Mr. M. Attwood, for a Committee to Inquire Into Our Present Monetary System 32

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He selected three places in order to prove, from the distress there pre- vailing, the general suffering of the country ; and the three fair criteria which he assumed were Oldham and the dis- tricts near it, Macclesfield and Whitby. Admirable selec- tions for the purpose ! The first is a district in which there are probably more hand-loom weavers than in any other, and was therefore wisely selected as affording in- stances of individual distress. Macclesfield, it is well known, has been greatly ...injured by the establishment of the silk manufacture in Manchester. The greater amount of capital, and the larger command over labour and improved machinery which Lancashire possesses, must necessarily render it a very formidable competitor with other places, and Macclesfield among the rest. The rapid progress of civilization, and the development of mechanical skill, have, I fear, a tendency to produce cases of local distress, by attracting manufacturing industry from places where it has heretofore flourished to more favoured spots ; but these vicissitudes (lamentable as their effects are in particular cases) may be indications of general prosperity and im- provement, rather than of general suffering and decline.

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