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Laws,andofaRiseorFallinthePriceofCornontheAgricultureandGeneralWealthoftheCountry,byThomasMalthus

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Title:ObservationsontheEffectsoftheCornLaws,andofaRiseorFallinthePriceofCornontheAgricultureandGeneralWealthoftheCountry

Author:ThomasMalthus

PostingDate:July25,2009[EBook#4334]
ReleaseDate:August,2003
FirstPosted:January11,2002

Language:English

Charactersetencoding:ISO88591

***STARTOFTHISPROJECTGUTENBERGEBOOKEFFECTSOFTHECORNLAWS***

ProducedbyCharlesAldarondo.HTMLversionbyAlHaines.

ObservationsontheEffectsoftheCornLaws,
andofaRiseorFallinthePriceofCornontheAgriculture
andGeneralWealthoftheCountry
bytheRev.T.R.Malthus,

ProfessorofPoliticalEconomyattheEastIndiaCollege,Hertfordshire.

London:PrintedforJ.JohnsonandCo.,St.Paul'sChurchYard.
1814.

Observations,&c.&c.

Arevisionofthecornlaws,itisunderstood,isimmediatelytocomeundertheconsiderationofthelegislature.Thatthedecisionon
such a subject, should be founded on a correct and enlightened view of the whole question, will be allowed to be of the utmost
importance,bothwithregardtothestabilityofthemeasurestobeadopted,andtheeffectstobeexpectedfromthem.

Foranattempttocontributetothestockofinformationnecessarytoformsuchadecision,noapologycanbenecessary.Itmayseem
indeedprobable,thatbutlittlefurtherlightcanbethrownonasubject,which,owingtothesystemadoptedinthiscountry,hasbeenso
frequentlythetopicofdiscussionbut,afterthebestconsiderationwhichIhavebeenabletogiveit,Iown,itappearstome,thatsome
importantconsiderationshavebeenneglectedonbothsidesofthequestion,andthattheeffectsofthecornlaws,andofariseorfallinthe
priceofcorn,ontheagricultureandgeneralwealthofthestate,havenotyetbeenfullylaidbeforethepublic.

If this be true, I cannot help attributing it in some degree to the very peculiar argument brought forward by Dr Smith, in his
discussionofthebountyupontheexportationofcorn.ThosewhoareconversantwiththeWealthofnations,willbeaware,thatitsgreat
author has, on this occasion, left entirely in the background the broad, grand, and almost unanswerable arguments, which the general
principlesofpoliticaleconomyfurnishinabundanceagainstallsystemsofbountiesandrestrictions,andhasonlybroughtforwards,ina
prominentmanner,onewhich,itisintended,shouldapplytocornalone.Itisnotsurprisingthatsohighanauthorityshouldhavehadthe
effectofattractingtheattentionoftheadvocatesofeachsideofthequestion,inanespecialmanner,tothisparticularargument.Those
whohavemaintainedthesamecausewithDrSmith,havetreateditnearlyinthesamewayand,thoughtheymayhavealludedtothe
othermoregeneralandlegitimateargumentsagainstbountiesandrestrictions,havealmostuniversallyseemedtoplacetheirchiefreliance
ontheappropriateandparticularargumentrelatingtothenatureofcorn.

On the other hand, those who have taken the opposite side of the question, if they have imagined that they had combated this
particularargumentwithsuccess,havebeentooapttoconsiderthepointasdetermined,withoutmuchreferencetothemoreweightyand
importantarguments,whichremainedbehind.
 AmongthelatterdescriptionofpersonsImustrankmyself.Ihavealwaysthought,andstillthink,thatthispeculiarargumentofDr
Smith, is fundamentally erroneous, and that it cannot be maintained without violating the great principles of supply and demand, and
contradictingthegeneralspiritandscopeofthereasonings,whichpervadetheWealthofnations.

ButIammostreadytoconfess,that,onaformeroccasion,whenIconsideredthecornlaws,myattentionwastoomuchengrossed
bythisonepeculiarviewofthesubject,togivetheotherarguments,whichbelongtoit,theirdueweight.

Iamanxioustocorrectanerror,ofwhichIfeelconscious.Itisnothowevermyintention,onthepresentoccasion,toexpressan
opiniononthegeneralquestion.Ishallonlyendeavourtostate,withthestrictestimpartiality,whatappeartometobetheadvantagesand
disadvantagesofeachsystem,intheactualcircumstancesofourpresentsituation,andwhatarethespecificconsequences,whichmaybe
expectedtoresultfromtheadoptionofeither.Mymainobjectistoassistinaffordingthematerialsforajustandenlighteneddecision
and, whatever that decision may be, to prevent disappointment, in the event of the effects of the measure not being such as were
previouslycontemplated.Nothingwouldtendsopowerfullytobringthegeneralprinciplesofpoliticaleconomyintodisrepute,andto
prevent their spreading, as their being supported upon any occasion by reasoning, which constant and unequivocal experience should
afterwardsprovetobefallacious.

We must begin, therefore, by an inquiry into the truth of Dr Smith's argument, as we cannot with propriety proceed to the main
question,tillthispreliminarypointissettled.

Thesubstanceofhisargumentis,thatcornisofsopeculiaranature,thatitsrealpricecannotberaisedbyanincreaseofitsmoney
priceandthat,asitisclearlyanincreaseofrealpricealonewhichcanencourageitsproduction,theriseofmoneyprice,occasionedbya
bounty,canhavenosucheffect.

It is by no means intended to deny the powerful influence of the price of corn upon the price of labour, on an average of a
considerablenumberofyearsbutthatthisinfluenceisnotsuchastopreventthemovementofcapitalto,orfromtheland,whichisthe
precisepointinquestion,willbemadesufficientlyevidentbyashortinquiryintothemannerinwhichlabourispaidandbroughtintothe
market,andbyaconsiderationoftheconsequencestowhichtheassumptionofDrSmith'spropositionwouldinevitablylead.

Inthefirstplace,ifweinquireintotheexpenditureofthelabouringclassesofsociety,weshallfind,thatitbynomeansconsists
whollyinfood,andstillless,ofcourse,inmerebreadorgrain.Inlookingoverthatmineofinformation,foreverythingrelatingtoprices
andlabour,SirFrederickMortonEden'sworkonthepoor,Ifind,thatinalabourer'sfamilyofaboutanaveragesize,thearticlesofhouse
rent,fuel,soap,candles,tea,sugar,andclothing,aregenerallyequaltothearticlesofbreadormeal.Onaveryroughestimate,thewhole
maybedividedintofiveparts,ofwhichtwoconsistofmealorbread,twoofthearticlesabovementioned,andoneofmeat,milk,butter,
cheese,andpotatoes.These divisions are, of course, subject to considerable variations,arisingfromthenumberofthefamily,andthe
amountoftheearnings.Butiftheymerelyapproximatetowardsthetruth,ariseinthepriceofcornmustbebothslowandpartialinits
effectsuponlabour.Meat,milk,butter,cheese,andpotatoesareslowlyaffectedbythepriceofcornhouserent,bricks,stone,timber,
fuel,soap,candles,andclothing,stillmoreslowlyand,asfarassomeofthemdepend,inpartorinthewhole,uponforeignmaterials(as
isthecasewithleather,linen,cottons,soap,andcandles),theymaybeconsideredasindependentofitlikethetworemainingarticlesof
teaandsugar,whicharebynomeansunimportantintheiramount.

Itismanifestthereforethatthewholeofthewagesoflabourcanneverriseandfallinproportiontothevariationsinthepriceof
grain.Andthattheeffectproducedbythesevariations,whatevermaybeitsamount,mustbeveryslowinitsoperation,isprovedbythe
mannerinwhichthesupplyoflabourtakesplaceapoint,whichhasbeenbynomeanssufficientlyattendedto.

Everychangeinthepricesofcommodities,iflefttofindtheirnaturallevel,isoccasionedbysomechange,actualorexpected,inthe
stateofthedemandorsupply.Thereasonwhytheconsumerpaysataxuponanymanufacturedcommodity,oranadvanceinthepriceof
anyofitscomponentparts,isbecause,ifhecannotorwillnotpaythisadvanceofprice,thecommoditywillnotbesuppliedinthesame
quantityasbeforeandthenextyeartherewillonlybesuchaproportioninthemarket,asisaccommodatedtothenumberofpersonswho
will consent to pay the tax. But, in the case of labour, the operation of withdrawing the commodity is much slower and more painful.
Althoughthepurchasersrefusetopaytheadvancedprice,thesamesupplywillnecessarilyremaininthemarket,notonlythenextyear,
butforsomeyearstocome.Consequently,ifnoincreasetakeplaceinthedemand,andtheadvancedpriceofprovisionsbenotsogreat,
astomakeitobviousthatthelabourercannotsupporthisfamily,itisprobable,thathewillcontinuetopaythisadvance,tillarelaxation
intherateoftheincreaseofpopulationcausesthemarkettobeundersuppliedwithlabourandthen,ofcourse,thecompetitionamong
thepurchaserswillraisethepriceabovetheproportionoftheadvance,inordertorestorethesupply.Inthesamemanner,ifanadvancein
the price of labour has taken place during two or three years of great scarcity, it is probable that, on the return of plenty, the real
recompenseoflabourwillcontinuehigherthantheusualaverage,tillatoorapidincreaseofpopulationcausesacompetitionamongthe
labourers,andaconsequentdiminutionofthepriceoflabourbelowtheusualrate.

Thisaccountofthemannerinwhichthepriceofcornmaybeexpectedtooperateuponthepriceoflabour,accordingtothelaws
whichregulatetheprogressofpopulation,evidentlyshows,thatcornandlabourrarelykeepanevenpacetogetherbutmustoftenbe
separatedatasufficientdistanceandforasufficienttime,tochangethedirectionofcapital.

As a further confirmation of this truth, it may be useful to consider, secondly, the consequences to which the assumption of Dr
Smith'spropositionwouldinevitablylead.

Ifwesuppose,thattherealpriceofcornisunchangeable,ornotcapableofexperiencingarelativeincreaseordecreaseofvalue,
comparedwithlabourandothercommodities,itwillfollow,thatagricultureisatonceexcludedfromtheoperationofthatprinciple,so
beautifullyexplainedandillustratedbyDrSmith,bywhichcapitalflowsfromoneemploymenttoanother,accordingtothevariousand
necessarily fluctuating wants of society. It will follow, that the growth of corn has, at all times, and in all countries, proceeded with a
uniformunvaryingpace,occasionedonlybytheequableincreaseofagriculturalcapital,andcanneverhavebeenaccelerated,orretarded,
by variations of demand. It will follow, that if a country happened to be either overstocked or understocked with corn, no motive of
interestcouldexistforwithdrawingcapitalfromagriculture,intheonecase,oraddingtoitintheother,andthusrestoringtheequilibrium
betweenitsdifferentkindsofproduce.Buttheseconsequences,whichwouldincontestablyfollowfromthedoctrine,thatthepriceofcorn
immediatelyandentirelyregulatesthepricesoflabourandofallothercommodities,aresodirectlycontrarytoallexperience,thatthe
doctrine itself cannot possibly be true and we may be assured, that, whatever influence the price of corn may have upon other
commodities,itisneithersoimmediatenorsocomplete,astomakethiskindofproduceanexceptiontoallothers.

That no such exception exists with regard to corn, is implied in all the general reasonings of the Wealth of nations. Dr Smith
evidently felt this and wherever, in consequence, he does not shift the question from the exchangeable value of corn to its physical
properties, he speaks with an unusual want of precision, and qualifies his positions by the expressions much, and in any considerable
degree.Butitshouldberecollected,that,withthesequalifications,theargumentisbroughtforwardexpresslyforthepurposeofshowing,
thattheriseofprice,acknowledgedtobeoccasionedbyabounty,onitsfirstestablishment,isnominalandnotreal.Now,whatismeant
tobedistinctlyassertedhereis,thatariseofpriceoccasionedbyabountyupontheexportationorrestrictionsupontheimportationof
corn,cannotbelessrealthanariseofpricetothesameamount,occasionedbyacourseofbadseasons,anincreaseofpopulation,the
rapidprogressofcommercialwealth,oranyothernaturalcauseandthat,ifDrSmith'sargument,withitsqualifications,bevalidforthe
purposeforwhichitisadvanced,itappliesequallytoanincreasedpriceoccasionedbyanaturaldemand.

Letussuppose,forinstance,anincreaseinthedemandandthepriceofcorn,occasionedbyanunusuallyprosperousstateofour
manufacturesandforeigncommerceafactwhichhasfrequentlycomewithinourownexperience.Accordingtotheprinciplesofsupply
anddemand,andthegeneralprinciplesoftheWealthofnations,suchanincreaseinthepriceofcornwouldgiveadecidedstimulusto
agricultureandamorethanusualquantityofcapitalwouldbelaidoutupontheland,asappearsobviouslytohavebeenthecaseinthis
countryduringthelasttwentyyears.AccordingtothepeculiarargumentofDrSmith,however,nosuchstimuluscouldhavebeengiven
toagriculture.Theriseinthepriceofcornwouldhavebeenimmediatelyfollowedbyaproportionateriseinthepriceoflabourandofall
othercommoditiesand,thoughthefarmerandlandlordmighthaveobtained,onanaverage,seventyfiveshillingsaquarterfortheircorn,
insteadofsixty,yetthefarmerwouldnothavebeenenabledtocultivatebetter,northelandlordtolivebetter.Andthusitwouldappear,
thatagricultureisbeyondtheoperationofthatprinciple,whichdistributesthecapitalofanationaccordingtothevaryingprofitsofstock
indifferentemploymentsandthatnoincreaseofpricecan,atanytimeorinanycountry,materiallyacceleratethegrowthofcorn,or
determineagreaterquantityofcapitaltoagriculture.

The experience of every person, who sees what is going forward on the land, and the feelings and conduct both of farmers and
landlords,abundantlycontradictthisreasoning.

DrSmithwasevidentlyledintothistrainofargument,fromhishabitofconsideringlabourasthestandardmeasureofvalue,and
corn as the measure of labour. But, that corn is a very inaccurate measure of labour, the history of our own country will amply
demonstratewherelabour,comparedwithcorn,willbefoundtohaveexperiencedverygreatandstrikingvariations,notonlyfromyear
toyear,butfromcenturytocenturyandforten,twenty,andthirtyyearstogether(1*)andthatneitherlabournoranyothercommodity
can be an accurate measure of real value in exchange, is now considered as one of the most incontrovertible doctrines of political
economy,andindeedfollows,asanecessaryconsequence,fromtheverydefinitionofvalueinexchange.Buttoallowthatcornregulates
thepricesofallcommodities,isatoncetoerectitintoastandardmeasureofrealvalueinexchangeandwemusteitherdenythetruthof
Dr Smith's argument, or acknowledge, that what seems to be quite impossible is found to exist and that a given quantity of corn,
notwithstandingthefluctuationstowhichitssupplyanddemandmustbesubject,andthefluctuationstowhichthesupplyanddemandof
all the other commodities with which it is compared must also be subject, will, on the average of a few years, at all times and in all
countries,purchasethesamequantityoflabourandofthenecessariesandconveniencesoflife.

Therearetwoobvioustruthsinpoliticaleconomy,whichhavenotinfrequentlybeenthesourcesoferror.

Itisundoubtedlytrue,thatcornmightbejustassuccessfullycultivated,andasmuchcapitalmightbelaidoutupontheland,atthe
priceoftwentyshillingsaquarter,asatthepriceofonehundredshillings,providedthateverycommodity,bothathomeandabroad,were
preciselyproportionedtothereducedscale.Inthesamemannerasitisstrictlytrue,thattheindustryandcapitalofanationwouldbe
exactlythesame(withtheslightexceptionatleastofplate),if,ineveryexchange,bothathomeorabroad,oneshillingonlywereused,
wherefiveareusednow.

Buttoinfer,fromthesetruths,thatanynaturalorartificialcauses,whichshouldraiseorlowerthevaluesofcornorsilver,mightbe
consideredasmattersofindifference,wouldbeanerrorofthemostseriousmagnitude.Practically,nomaterialchangecantakeplacein
thevalueofeither,withoutproducingbothlastingandtemporaryeffects,whichhaveamostpowerfulinfluenceonthedistributionof
property,andonthedemandandsupplyofparticularcommodities.ThediscoveryoftheminesofAmerica,duringthetimethatitraised
thepriceofcornbetweenthreeandfourtimes,didnotnearlysomuchasdoublethepriceoflabourand,whileitpermanentlydiminished
thepowerofallfixedincomes,itgaveaprodigiousincreaseofpowertoalllandlordsandcapitalists.Inasimilarmanner,thefallinthe
priceofcorn,fromwhatevercauseittookplace,whichoccurredtowardsthemiddleofthelastcentury,accompaniedasitwasbyarise,
ratherthanafallinthepriceoflabour,musthavegivenagreatrelativechecktotheemploymentofcapitalupontheland,andagreat
relativestimulustopopulationastateofthingspreciselycalculatedtoproducethereactionafterwardsexperienced,andtoconvertus
fromanexportingtoanimportingnation.

ItisbynomeanssufficientforDrSmith'sargument,thatthepriceofcornshoulddeterminethepriceoflabourunderpreciselythe
samecircumstancesofsupplyanddemand.Tomakeitapplicabletohispurpose,hemustshow,inaddition,thatanaturalorartificialrise
inthepriceofcorn,orinthevalueofsilver,willmakenoalterationinthestateofproperty,andinthesupplyanddemandofcornand
labourapositionwhichexperienceuniformlycontradicts.

Nothingthencanbemoreevidentbothfromtheoryandexperience,thanthatthepriceofcorndoesnotimmediatelyandgenerally
regulatethepricesoflabourandallothercommoditiesandthattherealpriceofcorniscapableofvaryingforperiodsofsufficientlength
togiveadecidedstimulusordiscouragementtoagriculture.Itis,ofcourse,onlytoatemporaryencouragementordiscouragement,that
any commodity, where the competition is free, can be subjected. We may increase the capital employed either upon the land or in the
cottonmanufacture,butitisimpossiblepermanentlytoraisetheprofitsoffarmersorparticularmanufacturersabovethelevelofother
profitsand,aftertheinfluxofacertainquantityofcapital,theywillnecessarilybeequalized.Corn,inthisrespect,issubjectedtothe
samelawsasothercommodities,andthedifferencebetweenthemisbynomeanssogreatasstatedbyDrSmith.

Indiscussingthereforethepresentquestion,wemustlayasidethepeculiarargumentrelatingtothenatureofcornandallowingthat
itispossibletoencouragecultivationbycornlaws,wemustdirectourchiefattentiontothequestionofthepolicyorimpolicyofsucha
system.

While our great commercial prosperity continues, it is scarcely possible that we should become again an exporting nation with
regardtocorn.Thebountyhaslongbeenadeadletterandwillprobablyremainso.Wemayatpresentthenconfineourinquirytothe
restrictionsupontheimportationofforeigncornwithaviewtoanindependentsupply.

Thedeterminationofthequestion,respectingthepolicyorimpolicyofcontinuingthecornlaws,seemstodependuponthethree
followingpoints:

First,Whether,uponthesuppositionofthemostperfectfreedomofimportationandexportation,itisprobablethatGreatBritainand
Irelandwouldgrowanindependentsupplyofcorn.

Secondly, Whether an independent supply, if it do not come naturally, is an object really desirable, and one which justifies the
interferenceofthelegislature.

And, Thirdly, If an independent supply be considered as such an object, how far, and by what sacrifices, are restrictions upon
importationadaptedtoattaintheendinview.
 Ofthefirstpoint,itmaybeobserved,thatitcannot,inthenatureofthings,bedeterminedbygeneralprinciples,butmustdepend
uponthesize,soil,facilitiesofculture,anddemandforcorninthecountryinquestion.Weknowthatitanswerstoalmostallsmallwell
peopledstates,toimporttheircornandthereiseveryreasontosuppose,thatevenalargelandednation,aboundinginamanufacturing
population, and having cultivated all its good soil, might find it cheaper to purchase a considerable part of its corn in other countries,
wherethesupply,comparedwiththedemand,wasmoreabundant.IftheintercoursebetweenthedifferentpartsofEuropewereperfectly
easyandperfectlyfree,itwouldbebynomeansnaturalthatonecountryshouldbeemployingagreatcapitalinthecultivationofpoor
lands, while at no great distance, lands comparatively rich were lying very ill cultivated, from the want of an effectual demand. The
progressofagriculturalimprovementoughtnaturallytoproceedmoreequably.Itistrueindeedthattheaccumulationofcapital,skill,and
populationinparticulardistricts,mightgivesomefacilitiesofculturenotpossessedbypoorernationsbutsuchfacilitiescouldnotbe
expectedtomakeupforgreatdifferencesinthequalityofthesoilandtheexpensesofcultivation.Anditisimpossibletoconceivethat
underverygreatinequalitiesinthedemandforcornindifferentcountries,occasionedbyaverygreatdifferenceintheaccumulationof
mercantileandmanufacturingcapitalandinthenumberoflargetowns,anequalizationofpricecouldtakeplace,withoutthetransferofa
partofthegeneralsupplyofEurope,fromplaceswherethedemandwascomparativelydeficient,tothosewhereitwascomparatively
excessive.

AccordingtoOddy'sEuropeancommerce,thePolescanaffordtobringtheircorntoDanzigatthirtytwoshillingsaquarter.The
Baltic merchants are said to be of opinion that the price is not very different at present and there can be little doubt, that if the corn
growersintheneighbourhoodoftheBalticcouldlookforwardtoapermanentlyopenmarketintheBritishports,theywouldraisecorn
expressly for the purpose. The same observation is applicable to America and under such circumstances it would answer to both
countries,formanyyearstocome,toaffordussuppliesofcorn,inmuchlargerquantitiesthanwehaveeveryetreceivedfromthem.

Duringthefiveyearsfrom1804to1808,bothinclusive,thebullionpriceofcornwasaboutseventyfiveshillingsperquarteryet,at
thisprice,itansweredtousbettertoimportsomeportionofoursuppliesthantobringourlandintosuchastateofcultivationastogrow
ourownconsumption.Wehavealreadyshownhowslowlyandpartiallythepriceofcornaffectsthepriceoflabourandsomeoftheother
expensesofcultivation.Isitcrediblethenthatifbythefreedomofimportationthepricesofcornwereequalized,andreducedtoabout
fortyfiveorfiftyshillingsaquarter,itcouldanswertoustogoonimprovingouragriculturewithourincreasingpopulation,orevento
maintainourproduceinitsactualstate?

Itisagreatmistaketosupposethattheeffectsofafallinthepriceofcornoncultivationmaybefullycompensatedbyadiminution
of rents. Rich land which yields a large net rent, may indeed be kept up in its actual state, notwithstanding a fall in the price of its
produce:asadiminutionofrentmaybemadeentirelytocompensatethisfallandalltheadditionalexpensesthatbelongtoarichand
highlytaxedcountry.Butinpoorland,thefundofrentwilloftenbefoundquiteinsufficientforthispurpose.Thereisagooddealofland
inthiscountryofsuchaqualitythattheexpensesofitscultivation,togetherwiththeoutgoingsofpoorrates,tithesandtaxes,willnot
allowthefarmertopaymorethanafifthorsixthofthevalueofthewholeproduceintheshapeofrent.Ifweweretosupposetheprices
ofgraintofallfromseventyfiveshillingstofiftyshillingsthequarter,thewholeofsucharentwouldbeabsorbed,evenifthepriceofthe
wholeproduceofthefarmdidnotfallinproportiontothepriceofgrain,andmakingsomeallowanceforafallinthepriceoflabour.The
regularcultivationofsuchlandforgrainwouldofcoursebegivenup,andanysortofpasture,howeverscanty,wouldbemorebeneficial
bothtothelandlordandfarmer.

Butadiminutionintherealpriceofcornisstillmoreefficient,inpreventingthefutureimprovementofland,thaninthrowingland,
whichhasbeenalreadyimproved,outofcultivation.Inallprogressivecountries,theaveragepriceofcornisneverhigherthanwhatis
necessary to continue the average increase of produce.And though, in much the greater part of the improved lands of most countries,
thereiswhattheFrencheconomistscalladisposableproduce,thatis,aportionwhichmightbetakenawaywithoutinterferingwithfuture
production, yet, in reference to the whole of the actual produce and the rate at which it is increasing, there is no part of the price so
disposable. In the employment of fresh capital upon the land to provide for the wants of an increasing population, whether this fresh
capital be employed in bringing more land under the plough or in improving land already in cultivation, the main question always
dependsupontheexpectedreturnsofthiscapitalandnopartofthegrossprofitscanbediminishedwithoutdiminishingthemotiveto
this mode of employing it. Every diminution of price not fully and immediately balanced by a proportionate fall in all the necessary
expensesofafarm,everytaxontheland,everytaxonfarmingstock,everytaxonthenecessariesoffarmers,willtellinthecomputation
and if, after all these outgoings are allowed for, the price of the produce will not leave a fair remuneration for the capital employed,
accordingtothegeneralrateofprofitsandarentatleastequaltotherentofthelandinitsformerstate,nosufficientmotivecanexistto
undertaketheprojectedimprovement.

ItwasafatalmistakeinthesystemoftheEconomiststoconsidermerelyproductionandreproduction,andnottheprovisionforan
increasingpopulation,towhichtheirterritorialtaxwouldhaveraisedthemostformidableobstacles.

Onthewholethenconsideringthepresentaccumulationofmanufacturingpopulationinthiscountry,comparedwithanyotherin
Europe, the expenses attending enclosures, the price of labour and the weight of taxes, few things seem less probable, than that Great
Britainshouldnaturallygrowanindependentsupplyofcornandnothingcanbemorecertain,thanthatifthepricesofwheatinGreat
BritainwerereducedbyfreeimportationnearlytoalevelwiththoseofAmericaandthecontinent,andifourmanufacturingprosperity
weretocontinueincreasing,itwouldincontestablyanswertoustosupportapartofourpresentpopulationonforeigncorn,andnearlythe
wholeprobablyoftheincreasingpopulation,whichwemaynaturallyexpecttotakeplaceinthecourseofthenexttwentyortwentyfive
years.

Thenextquestionforconsiderationis,whetheranindependentsupply,ifitdonotcomenaturally,isanobjectreallydesirableand
onewhichjustifiestheinterferenceofthelegislature.

Thegeneralprinciplesofpoliticaleconomyteachustobuyallourcommoditieswherewecanhavethemthecheapestandperhaps
thereisnogeneralruleinthewholecompassofthesciencetowhichfewerjustifiableexceptionscanbefoundinpractice.Inthesimple
viewofpresentwealth,population,andpower,threeofthemostnaturalandjustobjectsofnationalambition,Icanhardlyimaginean
exception as it is only by a strict adherence to this rule that the capital of a country can ever be made to yield its greatest amount of
produce.

ItisjustlystatedbyDrSmiththatbymeansoftradeandmanufacturesacountrymayenjoyamuchgreaterquantityofsubsistence,
and consequently may have a much greater population, than what its own lands could afford. If Holland, Venice, and Hamburg had
declined a dependence upon foreign countries for their support, they would always have remained perfectly inconsiderable states, and
nevercouldhaverisentothatpitchofwealth,power,andpopulation,whichdistinguishedthemeridianoftheircareer.

Althoughthepriceofcornaffectsbutslowlythepriceoflabour,andneverregulatesitwholly,yetithasunquestionablyapowerful
influence upon it. A most perfect freedom of intercourse between different nations in the article of corn, greatly contributes to an
equalizationofpricesandalevelinthevalueofthepreciousmetals.Anditmustbeallowedthatacountrywhichpossessesanypeculiar
facilitiesforsuccessfulexertioninmanufacturingindustry,cannevermakeafullandcompleteuseofitsadvantagesunlessthepriceof
itslabourandothercommoditiesbereducedtothatlevelcomparedwithothercountries,whichresultsfromthemostperfectfreedomof
thecorntrade.

Ithasbeensometimesurgedasanargumentinfavourofthecornlaws,thatthegreatsumswhichthecountryhashadtopayfor
foreigncornduringthelasttwentyyearsmusthavebeeninjurioustoherresources,andmighthavebeensavedbytheimprovementofour
agricultureathome.Itmightwithjustasmuchproprietybeurgedthatweloseeveryyearbyourfortymillionsworthofimports,andthat
weshouldgainbydiminishingtheseextravagantpurchases.Suchadoctrinecannotbemaintainedwithoutgivingupthefirstandmost
fundamentalprinciplesofallcommercialintercourse.Nopurchaseisevermade,eitherathomeorabroad,unlessthatwhichisreceived
is,intheestimateofthepurchaser,ofmorevaluethanthatwhichisgivenandwemayrestquiteassured,thatweshallneverbuycornor
anyothercommoditiesabroad,ifwecannotbysodoingsupplyourwantsinamoreadvantageousmanner,andbyasmallerquantityof
capital,thanifwehadattemptedtoraisethesecommoditiesathome.

It may indeed occasionally happen that in an unfavourable season, our exchanges with foreign countries may be affected by the
necessityofmakingunusuallylargepurchasesofcornbutthisisinitselfaneviloftheslightestconsequence,whichissoonrectified,and
inordinarytimesisnotmorelikelytohappen,ifouraverageimportsweretwomillionsofquarters,thanif,onanaverage,wegrewour
ownconsumption.

The unusual demand is in this case the sole cause of the evil, and not the average amount imported. The habit on the part of
foreignersofsupplyingthisamount,wouldonthecontraryratherfacilitatethanimpedefurthersuppliesandasalltradeisultimatelya
tradeofbarter,andthepowerofpurchasingcannotbepermanentlyextendedwithoutanextensionofthepowerofselling,theforeign
countries which supplied us with corn would evidently have their power of purchasing our commodities increased, and would thus
contributemoreeffectuallytoourcommercialandmanufacturingprosperity.

Ithasfurtherbeenintimatedbythefriendsofthecornlaws,thatbygrowingourownconsumptionweshallkeepthepriceofcorn
within moderate bounds and to a certain degree steady. But this also is an argument which is obviously not tenable as in our actual
situation,itisonlybykeepingthepriceofcornup,veryconsiderablyabovetheaverageoftherestofEurope,thatwecanpossiblybe
madetogrowourownconsumption.

Abountyuponexportationinonecountry,maybeconsidered,insomedegree,asabountyuponproductioninEuropeandifthe
growingpriceofcorninthecountrywherethebountyisgrantedbenothigherthaninothers,suchapremiummightobviouslyaftera
timehavesometendencytocreateatemporaryabundanceofcornandaconsequentfallinitsprice.Butrestrictionsuponimportation
cannothavetheslightesttendencyofthiskind.Theirwholeeffectistostintthesupplyofthegeneralmarket,andtoraise,nottolower,
thepriceofcorn.

Norisitintheirnaturepermanentlytosecurewhatisofmoreconsequence,steadinessofprices.Duringtheperiodindeed,inwhich
thecountryisobligedregularlytoimportsomeforeigngrain,ahighdutyuponitiseffectualinsteadilykeepingupthepriceofhome
corn,andgivingaverydecidedstimulustoagriculture.Butassoonastheaveragesupplybecomesequaltotheaverageconsumption,this
steadinessceases.Aplentifulyearwilloccasionasuddenfallandfromtheaveragepriceofthehomeproducebeingsomuchhigherthan
intheothermarketsofEurope,suchafallcanbebutlittlerelievedbyexportation.Itmustbeallowed,thatafreetradeincornwouldin
allordinarycasesnotonlysecureacheaper,butamoresteady,supplyofgrain.

Tocounterbalancethesestrikingadvantagesofafreetradeincorn,whataretheevilswhichareapprehendedfromit?

Itisalleged,first,thatsecurityisofstillmoreimportancethanwealth,andthatagreatcountrylikelytoexcitethejealousyofothers,
ifitbecomedependentforthesupportofanyconsiderableportionofpeopleuponforeigncorn,exposesitselftotheriskofhavingits
mostessentialsuppliessuddenlyfailatthetimeofitsgreatestneed.Thatsuchariskisnotverygreatwillbereadilyallowed.Itwouldbe
as much against the interest of those nations which raised the superabundant supply as against the one which wanted it, that the
intercourseshouldatanytimebeinterruptedandarichcountry,whichcouldaffordtopayhighforitscorn,wouldnotbelikelytostarve,
whiletherewasanytobepurchasedinthemarketofthecommercialworld.

Atthesametimeitshouldbeobservedthatwehavelatterlyseenthemoststrikinginstancesinallquarters,ofgovernmentsacting
frompassionratherthaninterest.Andthoughtherecurrenceofsuchastateofthingsishardlytobeexpected,yetitmustbeallowedthat
ifanythingresemblingitshouldtakeplaceinfuture,when,insteadofverynearlygrowingourownconsumption,wewereindebtedto
foreigncountriesforthesupportoftwomillionsofourpeople,thedistresseswhichourmanufacturerssufferedin1812wouldbenothing
comparedwiththewidewastingcalamitywhichwouldbethenexperienced.

AccordingtothereturnsmadetoParliamentinthecourseofthelastsession,thequantityofgrainandflourexportedin1811rather
exceeded, than fell short of, what was imported and in 1812, although the average price of wheat was one hundred and twenty five
shillingsthequarter,thebalanceoftheimportationsofgrainandflourwasonlyaboutonehundredthousandquarters.From1805,partly
fromtheoperationofthecornlawspassedin1804,butmuchmorefromthedifficultyandexpenseofimportingcornintheactualstateof
Europe and America, the price of grain had risen so high and had given such a stimulus to our agriculture, that with the powerful
assistanceofIreland,wehadbeenrapidlyapproachingtothegrowthofanindependentsupply.Thoughthedangerthereforemaynotbe
greatofdependingforaconsiderableportionofoursubsistenceuponforeigncountries,yetitmustbeacknowledgedthatnothinglikean
experimenthasyetbeenmadeofthedistressesthatmightbeproduced,duringawidelyextendedwar,bytheunitedoperation,ofagreat
difficulty in finding a market for our manufactures, accompanied by the absolute necessity of supplying ourselves with a very large
quantityofcorn.

2dly. It may be said, that an excessive proportion of manufacturing population does not seem favourable to national quiet and
happiness.Independentlyofanydifficultiesrespectingtheimportofcorn,variationsinthechannelsofmanufacturingindustryandinthe
facilitiesofobtainingaventforitsproduceareperpetuallyrecurring.Notonlyduringthelastfourorfiveyears,butduringthewhole
courseofthewar,havethewagesofmanufacturinglabourbeensubjecttogreatfluctuations.Sometimestheyhavebeenexcessivelyhigh,
andatothertimesproportionablylowandevenduringapeacetheymustalwaysremainsubjecttothefluctuationswhicharisefromthe
capricesoftasteandfashion,andthecompetitionofothercountries.Thesefluctuationsnaturallytendtogeneratediscontentandtumult
andtheevilswhichaccompanythemandiftothisweadd,thatthesituationandemploymentofamanufacturerandhisfamilyareeven
intheirbeststateunfavourabletohealthandvirtue,itcannotappeardesirablethataverylargeproportionofthewholesocietyshould
consist of manufacturing labourers. Wealth, population and power are, after all, only valuable, as they tend to improve, increase, and
securethemassofhumanvirtueandhappiness.

Yetthoughtheconditionoftheindividualemployedincommonmanufacturinglabourisnotbyanymeansdesirable,mostofthe
effects of manufactures and commerce on the general state of society are in the highest degree beneficial. They infuse fresh life and
activityintoallclassesofthestate,affordopportunitiesfortheinferiororderstorisebypersonalmeritandexertion,andstimulatethe
higherorderstodependfordistinctionuponothergroundsthanmererankandriches.Theyexciteinvention,encouragescienceandthe
usefularts,spreadintelligenceandspirit,inspireatasteforconveniencesandcomfortsamongthelabouringclassesand,aboveall,givea
newandhappierstructuretosociety,byincreasingtheproportionofthemiddleclasses,thatbodyonwhichtheliberty,publicspirit,and
goodgovernmentofeverycountrymustmainlydepend.

Ifwecomparesuchastateofsocietywithastatemerelyagricultural,thegeneralsuperiorityoftheformerisincontestablebutit
doesnotfollowthatthemanufacturingsystemmaynotbecarriedtoexcess,andthatbeyondacertainpointtheevilswhichaccompanyit
may not increase further than its advantages. The question, as applicable to this country, is not whether a manufacturing state is to be
preferredtoonemerelyagriculturalbutwhetheracountrythemostmanufacturingofanyeverrecordedinhistory,withanagriculture
however as yet nearly keeping pace with it, would be improved in its happiness, by a great relative increase to its manufacturing
populationandrelativechecktoitsagriculturalpopulation.

Manyofthequestionsbothinmoralsandpoliticsseemtobeofthenatureoftheproblemsdemaximisandminimisinfluxionsin
whichthereisalwaysapointwhereacertaineffectisthegreatest,whileoneithersideofthispointitgraduallydiminishes.

Withaviewtothepermanenthappinessandsecurityfromgreatreversesofthelowerclassesofpeopleinthiscountry,Ishouldhave
littlehesitationinthinkingitdesirablethatitsagricultureshouldkeeppacewithitsmanufactures,evenattheexpenseofretardinginsome
degree the growth of manufactures but it is a different question, whether it is wise to break through a general rule, and interrupt the
naturalcourseofthings,inordertoproduceandmaintainsuchanequalization.

3dly.Itmaybeurged,thatthoughacomparativelylowvalueofthepreciousmetals,orahighnominalpriceofcornandlabour,
tendsrathertocheckcommerceandmanufactures,yetitseffectsarepermanentlybeneficialtothosewholivebythewagesoflabour.

If the labourers in two countries were to earn the same quantity of corn, yet in one of them the nominal price of this corn were
twentyfivepercenthigherthanintheother,theconditionofthelabourerswherethepriceofcornwasthehighest,wouldbedecidedly
thebest.Inthepurchaseofallcommoditiespurelyforeigninthepurchaseofthosecommodities,therawmaterialsofwhicharewholly
orinpartforeign,andthereforeinfluencedinagreatdegreebyforeignprices,andinthepurchaseofallhomecommoditieswhichare
taxed,andnottaxedadvalorem,theywouldhaveanunquestionableadvantage:andthesearticlesaltogetherarenotinconsiderableeven
intheexpenditureofacottager.

Asoneoftheevilsthereforeattendingthethrowingopenourports,itmaybestated,thatifthestimulustopopulation,fromthe
cheapnessofgrain,shouldinthecourseoftwentyortwentyfiveyearsreducetheearningsofthelabourertothesamequantityofcornas
atpresent,atthesamepriceasintherestofEurope,theconditionofthelowerclassesofpeopleinthiscountrywouldbedeteriorated.
Andiftheyshouldnotbesoreduced,itisquiteclearthattheencouragementtothegrowthofcornwillnotbefullyrestored,evenafter
thelapseofsolongaperiod.

4thly.Itmaybeobserved,thatthoughitmightbynomeansbeadvisabletocommenceanartificialsystemofregulationsinthetrade
ofcornyetif,bysuchasystemalreadyestablishedandotherconcurringcauses,thepricesofcornandofmanycommoditieshadbeen
raisedabovetheleveloftherestofEurope,itbecomesadifferentquestion,whetheritwouldbeadvisabletorisktheeffectsofsogreat
and sudden a fall in the price of corn, as would be the consequence of at once throwing open our ports. One of the cases in which,
accordingtoDrSmith,"itmaybeamatterofdeliberationhowfaritispropertorestorethefreeimportationofforeigngoodsafterithas
beenforsometimeinterrupted,is,whenparticularmanufactures,bymeansofhighdutiesandprohibitionsuponallforeigngoodswhich
cancomeintocompetitionwiththem,havebeensofarextendedastoemployagreatmultitudeofhands.(2*)"

Thattheproductionofcornisnotexemptedfromtheoperationofthisrulehasalreadybeenshownandtherecanbenodoubtthat
theinterestsofalargebodyoflandholdersandfarmers,theformertoacertainextentpermanently,andthelattertemporarily,wouldbe
deeplyaffectedbysuchachangeofpolicy.Thesepersonstoomayfurtherurge,withmuchappearanceofjustice,thatinbeingmadeto
sufferthisinjury,theywouldnotbetreatedfairlyandimpartially.Byprotectingdutiesofvariouskinds,anunnaturalquantityofcapitalis
directedtowardsmanufacturesandcommerceandtakenfromthelandandwhile,onaccountoftheseduties,theyareobligedtopurchase
bothhomemadeandforeigngoodsatakindofmonopolyprice,theywouldbeobligedtoselltheirownatthepriceofthemostenlarged
competition. It may fairly indeed be said, that to restore the freedom of the corn trade, while protecting duties on various other
commoditiesareallowedtoremain,isnotreallytorestorethingstotheirnaturallevel,buttodepressthecultivationofthelandbelow
otherkindsofindustry.Andthough,eveninthiscase,itmightstillbeanationaladvantagetopurchasecornwhereitcouldbehadthe
cheapestyetitmustbeallowedthattheownersofpropertyinlandwouldnotbetreatedwithimpartialjustice.

If under all the circumstances of the case, it should appear impolitic to check our agriculture and so desirable to secure an
independent supply of corn, as to justify the continued interference of the legislature for this purpose, the next question for our
considerationis

Fifthly,howfarandbywhatsacrifices,restrictionsupontheimportationofforeigncornarecalculatedtoattaintheendinview.

Withregardtothemerepracticabilityofeffectinganindependentsupply,itmustcertainlybeallowedthatforeigncornmaybeso
prohibitedascompletelytosecurethisobject.Acountrywithalargeterritory,whichdeterminesnevertoimportcorn,exceptwhenthe
priceindicatesascarcity,willunquestionablyinaverageyearssupplyitsownwants.Butalawpassedwiththisviewmightbesoframed
as to effect its object rather by a diminution of the people than an increase of the corn: and even if constructed in the most judicious
manner,itcanneverbemadeentirelyfreefromobjectionsofthiskind.

Theevilswhichmustalwaysbelongtorestrictionsupontheimportationofforeigncorn,arethefollowing:

1.Acertainwasteofthenationalresources,bytheemploymentofagreaterquantityofcapitalthanisnecessaryforprocuringthe
quantityofcornrequired.

2.Arelativedisadvantageinallforeigncommercialtransactions,occasionedbythehighcomparativepricesofcornandlabour,and
thelowvalueofsilver,asfarastheyaffectexportablecommodities.

3.Somechecktopopulation,occasionedbyachecktothatabundanceofcorn,anddemandformanufacturinglabours,whichwould
betheresultofaperfectfreedomofimportation.

4.Thenecessityofconstantrevisionandinterference,whichbelongstoalmosteveryartificialsystem.

Itistrue,thatduringthelasttwentyyearswehavewitnessedaverygreatincreaseofpopulationandofourexportedcommodities,
underahighpriceofcornandlabourbutthismusthavehappenedinspiteofthesehighprices,notinconsequenceofthemandistobe
attributedchieflytotheunusualsuccessofourinventionsforsavinglabourandtheunusualmonopolyofthecommerceofEuropewhich
hasbeenthrownintoourhandsbythewar.WhentheseinventionsspreadandEuroperecoversinsomedegreeherindustryandcapital,
we may not find it so easy to support the competition.The more strongly the natural state of the country directs it to the purchase of
foreigncorn,thehighermustbetheprotectingdutyorthepriceofimportation,inordertosecureanindependentsupplyandthegreater
consequently will be the relative disadvantage which we shall suffer in our commerce with other countries. This drawback may, it is
certain,ultimatelybesogreatastocounterbalancetheeffectsofourextraordinaryskill,capitalandmachinery.

Thewhole,therefore,isevidentlyaquestionofcontendingadvantagesanddisadvantagesand,asinterestsofthehighestimportance
areconcerned,themostmaturedeliberationisrequiredinitsdecision.

Inwhicheverwayitissettled,somesacrificesmustbesubmittedto.Thosewhocontendfortheunrestrainedadmissionofforeign
corn,mustnotimaginethatthecheapnessitwilloccasionwillbeanunmixedgoodandthatitwillgiveanadditionalstimulustothe
commerceandpopulationofthecountry,whileitleavesthepresentstateofagricultureanditsfutureincreaseundisturbed.Theymustbe
preparedtoseeasuddenstopputtotheprogressofourcultivation,andevensomediminutionofitsactualstateandtheymustbeready
toencountertheasyetuntriedrisk,ofmakingaconsiderableproportionofourpopulationdependentuponforeignsuppliesofgrain,and
ofexposingthemtothosevicissitudesandchangesinthechannelsofcommercetowhichmanufacturingstatesareofnecessitysubject.

Ontheotherhand,thosewhocontendforacontinuanceandincreaseofrestrictionsuponimportation,mustnotimaginethatthe
presentstateofagricultureanditspresentrateofeminencecanbemaintainedwithoutinjuringotherbranchesofthenationalindustry.It
iscertainthattheywillnotonlybeinjured,butthattheywillbeinjuredrathermorethanagricultureisbenefitedandthatadetermination
atalleventstokeepupthepricesofourcornmightinvolveusinasystemofregulations,which,inthenewstateofEuropewhichis
expected,mightnotonlyretardinsomedegree,ashitherto,theprogressofourforeigncommerce,butultimatelybegintodiminishitin
whichcaseouragricultureitselfwouldsoonsuffer,inspiteofalloureffortstopreventit.

If,onweighingfairlythegoodtobeobtainedandthesacrificestobemadeforit,thelegislatureshoulddeterminetoadheretoits
presentpolicyofrestrictions,itshouldbeobserved,inreferencetothemodeofdoingit,thatthetimechosenisbynomeansfavourable
for the adoption of such a system of regulations as will not need future alterations. The state of the currency must throw the most
formidableobstaclesinthewayofallarrangementsrespectingthepricesofimportation.

Ifwereturntocashpayments,whilebullioncontinuesofitspresentvaluecomparedwithcorn,labour,andmostothercommodities
littlealterationwillberequiredintheexistingcornlaws.Thebullionpriceofcornisnowveryconsiderablyundersixtythreeshillings,
thepriceatwhichthehighdutyceasesaccordingtotheActof1804.

Ifourcurrencycontinuesatitspresentnominalvalue,itwillbenecessarytomakeveryconsiderablealterationsinthelaws,orthey
willbeameredeadletterandbecomeentirelyinefficientinrestrainingtheimportationofforeigncorn.

If,ontheotherhand,weshouldreturntoouroldstandard,andatthesametimethevalueofbullionshouldfallfromtherestoration
ofgeneralconfidence,andtheceasingofanextraordinarydemandforbullionanintermediatesortofalterationwillbenecessary,greater
thaninthecasefirstmentioned,andlessthaninthesecond.

Inthisstateofnecessaryuncertaintywithregardtoourcurrency,itwouldbeextremelyimpolitictocometoanyfinalregulation,
foundedonanaveragewhichwouldbeessentiallyinfluencedbythenominalpricesofthelastfiveyears.

To these considerations it may be added, that there are many reasons to expect a more than usual abundance of corn in Europe
duringthereposetowhichwemaynowlookforward.Suchanabundance(3*)tookplaceaftertheterminationofthewarofLouisXIV,
andseemsstillmoreprobablenow,ifthelatedevastationofthehumanraceandinterruptiontoindustryshouldbesucceededbyapeace
offifteenortwentyyears.

Theprospectofanabundanceofthiskind,maytosomeperhapsappeartojustifystillgreatereffortstopreventtheintroductionof
foreigncornandtosecureouragriculturefromtoosuddenashock,itmaybenecessarytogiveitsomeprotection.Butif,undersuch
circumstanceswithregardtothepriceofcorninEurope,weweretoendeavourtoretainthepricesofthelastfiveyears,itisscarcely
possible to suppose that our foreign commerce would not in a short time begin to languish. The difference between ninety shillings a
quarterandthirtytwoshillingsaquarter,whichissaidtobethepriceofthebestwheatinFrance,isalmosttoogreatforourcapitaland
machinerytocontendwith.Thewagesoflabourinthiscountry,thoughtheyhavenotriseninproportiontothepriceofcorn,havebeen
beyondalldoubtconsiderablyinfluencedbyit.

IfthewholeofthedifferenceintheexpenseofraisingcorninthiscountryandinthecorncountriesofEuropewasoccasionedby
taxation,andthepreciseamountofthattaxationasaffectingcorn,couldbeclearlyascertainedthesimpleandobviouswayofrestoring
thingstotheirnaturallevelandenablingustogrowcorn,asinastateofperfectfreedom,wouldbetolaypreciselythesameamountof
taxonimportedcornandgrantthesameamountinabountyuponexportation.DrSmithobserves,thatwhenthenecessitiesofastate
have obliged it to lay a tax upon a home commodity, a duty of equal amount upon the same kind of commodity when imported from
abroad,onlytendstorestorethelevelofindustrywhichhadnecessarilybeendisturbedbythetax.

Butthefactisthatthewholedifferenceofpricedoesnotbyanymeansarisesolelyfromtaxation.Apartofit,andIshouldthink,no
inconsiderablepart,isoccasionedbythenecessityofyearlycultivatingandimprovingmorepoorland,toprovideforthedemandsofan
increasing population which land must of course require more labour and dressing, and expense of all kinds in its cultivation. The
growingpriceofcorntherefore,independentlyofalltaxation,isprobablyhigherthanintherestofEuropeandthiscircumstancenot
onlyincreasesthesacrificethatmustbemadeforanindependentsupply,butenhancesthedifficultyofframingalegislativeprovisionto
secureit.

Whentheformerveryhighdutiesupontheimportationofforeigngrainwereimposed,accompaniedbythegrantofabounty,the
growingpriceofcorninthiscountrywasnothigherthanintherestofEuropeandthestimulusgiventoagriculturebytheselawsaided
by other favourable circumstances occasioned so redundant a growth, that the average price of corn was not affected by the prices of
importation.Almosttheonlysacrificemadeinthiscasewasthesmallriseofpriceoccasionedbythebountyonitsfirstestablishment,
which,afterithadincreasedoperatedasastimulustocultivation,terminatedinaperiodofcheapness.

Ifweweretoattempttopursuethesamesysteminaverydifferentstateofthecountry,byraisingtheimportationpricesandthe
bountyinproportiontothefallinthevalueofmoney,theeffectsofthemeasuremightbearverylittleresemblancetothosewhichtook
place before. Since 1740 Great Britain has added nearly four millions and a half to her population, and with the addition of Ireland
probablyeightmillions,agreaterproportionIbelievethaninanyothercountryinEuropeandfromthestructureofoursocietyandthe
greatincreaseofthemiddleclasses,thedemandsfortheproductsofpasturehaveprobablybeenaugmentedinastillgreaterproportion.
Underthesecircumstancesitisscarcelyconceivablethatanyeffectscouldmakeusagainexportcorntothesamecomparativeextentas
in the middle of the last century. An increase of the bounty in proportion to the fall in the value of money, would certainly not be
sufficientandprobablynothingcouldaccomplishitbutsuchanexcessivepremiumuponexportation,aswouldatoncestoptheprogress
ofthepopulationandforeigncommerceofthecountry,inordertolettheproduceofcorngetbeforeit.
 Inthepresentstateofthingsthenwemustnecessarilygiveuptheideaofcreatingalargeaveragesurplus.Andyetveryhighduties
uponimportation,operatingalone,arepeculiarlyliabletooccasiongreatfluctuationsofprice.Ithasbeenalreadystated,thatafterthey
havesucceededinproducinganindependentsupplybysteadyhighprices,anabundantcropwhichcannotberelievedbyexportation,
mustoccasionaverysuddenfall.(4*)Shouldthiscontinueasecondorthirdyear,itwouldunquestionablydiscouragecultivation,andthe
country would again become partially dependent. The necessity of importing foreign corn would of course again raise the price of
importation,andthesamecausesmightmakeasimilarfallandasubsequentriserecurandthuspriceswouldtendtovibratebetweenthe
high prices occasioned by the high duties on importation and the low prices occasioned by a glut which could not be relieved by
exportation.

Itisunderthesedifficultiesthattheparliamentiscalledupontolegislate.Onaccountofthedeliberationwhichthesubjectnaturally
requires,butmoreparticularlyonaccountofthepresentuncertainstateofthecurrency,itwouldbedesirabletodelayanyfinalregulation.
Shouldithoweverbedeterminedtoproceedimmediatelytoarevisionofthepresentlaws,inordertorenderthemmoreefficacious,there
wouldbesomeobviousadvantages,bothasatemporaryandpermanentmeasure,ingivingtotherestrictionstheformofaconstantduty
uponforeigncorn,nottoactasaprohibition,butasaprotecting,andatthesametime,profitabletax.Andwithaviewtopreventthe
greatfallthatmightbeoccasionedbyaglut,underthecircumstancesbeforeadvertedto,butnottocreateanaveragesurplus,theold
bountymightbecontinued,andallowedtooperateinthesamewayasthedutyatalltimes,exceptinextremecases.

Theseregulationswouldbeextremelysimpleandobviousintheiroperations,wouldgivegreatercertaintytotheforeigngrower,
afford a profitable tax to the government, and would be less affected even by the expected improvement of the currency, than high
importationpricesfoundeduponanypastaverage.(5*)

NOTES:
1.FromthereignofEdwardIIItothereignofHenryVII,aday'searnings,incorn,rosefromapacktonearhalfabushel,andfrom
HenryVIItotheendofElizabeth,itfellfromnearhalfabusheltolittlemorethanhalfapeck.

2.WealthofNations,b.iv,c.2,p.202.

3.Thecheapnessofcorn,duringthefirsthalfofthelastcentury,wasratheroddlymistakenbyDr.Smithforariseinthevalueofsilver.
Thatitwasowingtopeculiarabundancewasobvious,fromallothercommoditiesrisinginsteadoffalling.

4. The sudden fall of the price of corn this year seems to be a case precisely to point. It should be recollected however that quantity
alwaysinsomedegreebalancescheapness.

5.SincesendingtheabovetothepressIhaveheardofthenewresolutionsthataretobeproposed.Themachineryseemstobealittle
complicated,butifitwillworkeasilyandwell,theyaregreatlypreferabletothosewhichweresuggestedlastyear.

To the free exportation asked, no rational objection can of course be made, though its efficiency in the present state of things may be
doubted.Withregardtotheduties,ifanybeimposed,theremustalwaysbeaquestonofdegree.TheprincipalobjectionwhichIseetothe
presentscale,isthatwithanaveragepriceofcornintheactualstateofthecurrency,therewillbeaprettystrongcompetitionofforeign
grainwhereaswithanaveragepriceontherestorationofthecurrency,foreigncompetitionwillbeabsolutelyandentirelyexcluded.

[Transcriber'snote:Thesentence

Itisalleged,first,thatsecurityisofstillmoreimportancethanwealth,andthatagreatcountrylikelytoexcitethejealousyofothers,ifit
becomedependentforthesupportofanyconsiderableportionofpeopleuponforeigncorn,exposesitselftotheriskofhavingitsmost
essentialsuppliessuddenlyfailatthetimeofitsgreatestneed.

originallyread:

Itisalleged,first,thatsecurityisofstillmoreimportancethanwealth,andthatagreatcountrylikelytoexcitethejealousyofothers,ifits
itbecomedependentforthesupportofanyconsiderableportionofpeopleuponforeigncorn,exposesitselftotheriskofhavingitsmost
essentialsuppliessuddenlyfailatthetimeofitsgreatestneed.

Thiswasprobablyaprinter'serror.]

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