WCP2653

[1]¹

Hammersmith. W.,

3, Andover Road

8, March 1884

My dear Sir,

I forward, as you request, Wade’s History of the Middle and Working Classes² prior to 50 years ago.

You will probably find something useful there.

I think M^r. Giffen³ in error in saying the Mechanics of 50 years ago eat no meat. The price of good joints was about 8^d p. lb. [2] Inferior pieces of beef could be had by late attendance at Markets @ 5^d or 6^d per pound.

Among the Agricultural labouring Class work on the whole was [illeg.] as Machinery had not then superseded hard labour.

There is one fact which the Statisticians overlook, namely the panics periodically arising out of our pernicious, blundering system of currency. There was a panic in 1826-7. Another in 1837. Another in 1841 when trade was paralized by the action of the Bank directors [3] who had run up the interest to 6, 7, 8, 9, and 10 per cent for accommodation in solvent Cases, ruinous to Manufacturers and checking trade, caused by the sale of Bullion to the Bank of France. At the same time Lord Overston⁴ received some £250,000 in interest for his share.

The bank making great profits out of the necessities created by their own policy of selfishness.

Trade was of course irregular. Houses are somewhat better but the necessities of the artizan are causing overcrowding in flats or tenements not built for seperate families.

At Ralahine we fixed prices [4] of meat at half the usual charge. We charged for beef 4^d per lb Pork 2 1/2 per lb New milk per Qart 1^d

Clothing was more durable as there was little or no shoddy (waste cotton) then.

The great advantage to the Artizan Class in towns of late years arises from better sanitary arrangements. and facilities for the Education of Children, although the system is very defective as it Makes Clerks & Counter [illeg.] instead of handy artizans and producers.

From contrast see Financial Reform for this year on the list of Millionaires dying possessed of £250,000 personality and over[.]

Yours faithfully | E T Craig.⁵ [signature]