Page:Dictionary of National Biography volume 62.djvu/107

 Classes of the Community,’ came out in the spring of 1839, and its third edition was issued in the next year. Its object was to show that the duty on corn did not benefit the agricultural interest any more than that of the manufacturers. The argument was clearly threshed out, and he followed it up by frequent speeches in the same sense. His reasoning had considerable influence over the mind of Cobden, and, by removing from the agitation the stigma that its object was to promote the interests of one class at the expense of another, had much effect on the success of the anti-cornlaw movement.

In the second of these pamphlets, that on the ‘Fluctuations of Currency, Commerce, and Manufactures’ (1840), Wilson traced their rise and fall to the artificial operation of the corn laws. The third of them, ‘The Revenue, or what shall the Chancellor do?’ 1841, was all but written in a ‘single night,’ and it contained an outline of the changes subsequently introduced by Sir Robert Peel and his follower in finance, Gladstone. He urged the increase of direct taxation through the medium of the assessed taxes and the reduction of the tariff regulating the custom and excise duties, as these had largely diminished in yield from the decreased resources of the mass of the people. He showed in detail how the consumption of coffee and sugar had been augmented by the diminution of the duties thereon.

Wilson about 1843 wrote the city article and occasional leaders for the ‘Morning Chronicle.’ For several years he contributed letters and articles to the ‘Examiner,’ and he was desirous of increasing his papers in its columns, but the space was denied him. He thereupon, after consultation with Cobden and Villiers, as the spokesmen of the Anti-Cornlaw League (, Cobden, i. 291–2), determined on establishing a weekly paper for financial and commercial men. He invested in it most of his capital and obtained some help from Lord Radnor, an ardent free-trader. ‘The Economist,’ which appeared for the first time on 2 Sept. 1843, at once became a recognised power in the newspaper world, and has maintained its position ever since. It advocated the repeal of the corn laws, and strenuously upheld the principles of free trade. In the early stages of its existence Wilson wrote nearly the whole of the paper. It was as a practical man, writing for those engaged in the daily routine of business life, that he primarily expounded his views, but the effect of his opinions was not limited to any single section in society. Under the title of ‘Capital Currency and Banking’ he published in 1847 a volume containing ‘his articles in “The Economist” in 1845 on the Bank Act of 1844, and in 1847 on the crisis. With a plan for a secure and economical currency.’ A second edition came out in 1859; it was issued in 1857 in the ‘Biblioteca dell' Economista’ (2nd ser. vi. 455–662); and a translation was published at Rio de Janeiro in 1860. It embodied his criticisms on the currency acts of Peel, with an analysis of the panic of 1847 and of the railway mania which preceded it. He was a strenuous advocate for the sure convertibility of the banknote, but ‘opposed to the technical restrictions of the act of 1844.’ He also advocated the repeal of the navigation laws, regarding them as ‘restrictions on our commerce.’ A pamphlet by him on the ‘Cause of the present Commercial Distress, and its Bearings on Shipowners,’ was printed at Liverpool in 1843, and he printed in 1849 a speech on ‘The Navigation Laws.’

A chance conversation at Lord Radnor's table induced Wilson to become a candidate for parliament at the general election of 1847 for the borough of Westbury in Wiltshire. He was returned by 170 votes against 149 given to his tory opponent, Matthew James Higgins [q. v.], well known as ‘Jacob Omnium.’ He was re-elected in 1852, when he won by six votes only. From 1857 until his departure for India he represented Devonport. Wilson's first speech in parliament was on the motion for a committee to inquire into the commercial depression which then existed, and he soon obtained considerable influence as a speaker. Within six months of the date on which he took his seat office was offered to him, and from 16 May 1848 to the dissolution of Lord John Russell's ministry he was one of the joint secretaries to the board of control.

On the formation of the Aberdeen ministry Wilson was offered the important post of financial secretary to the treasury, and he remained in this place, dealing ably with the vexed questions daily referred to the holder of that position, from January 1853 until the defeat of Lord Palmerston's administration in 1858. During his tenure of this office he was offered, but declined, first the vice-presidency of the board of trade in 1855, secondly the chairmanship of inland revenue in 1856. This was ‘a good pillow,’ he said, ‘but he did not wish to lie down.’

Lord Palmerston returned to power in June 1859, when Wilson accepted the vice-presidency of the board of trade, coupled with that of paymaster-general, and was created a privy councillor. He had scarcely been seated in office when he was offered the